# EDGAR Filing Document

**Accession Number:** 0000855887
**File Stem:** 0000855887-23-000001
**Filing Date:** 2023-1
**Character Count:** 240845
**Document Hash:** 4cac660c62df88b923012c2fae3a385f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000855887-23-000001.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0000855887-23-000001

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**EFFECTIVENESS DATE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON STRATEGIC MUNICIPAL BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000855887
- **IRS NUMBER:** 051287040
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05877
- **FILM NUMBER:** 23553069

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS STRATEGIC MUNICIPAL BOND FUND, INC.
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS STRATEGIC MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-05877 | &nbsp;&nbsp;811-05877 |
| &nbsp;&nbsp;BNY Mellon Strategic Municipal Bond Fund, Inc. | &nbsp;&nbsp;BNY Mellon Strategic Municipal Bond Fund, Inc. | &nbsp;&nbsp;BNY Mellon Strategic Municipal Bond Fund, Inc. | &nbsp;&nbsp;BNY Mellon Strategic Municipal Bond Fund, Inc. |
| &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) | &nbsp;&nbsp;(Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; <br> c/o BNY Mellon Investment Adviser, Inc.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) | &nbsp;&nbsp;(Address of principal executive offices) (Zip code) |
| &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 | &nbsp;&nbsp; Deirdre Cunnane, Esq.<br> 240 Greenwich Street<br> New York, New York 10286 |
| &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) | &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(212) 922-6400 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp; 11/30/22 | &nbsp;&nbsp; 11/30/22 | &nbsp;&nbsp; 11/30/22 |

---

**FORM N-CSR**

**Item 1. Reports to Stockholders.**

## BNY Mellon Strategic Municipal Bond Fund, Inc.
**ANNUAL REPORT**<br>November 30, 2022<br>

![](img_f089ccfddb264.jpg)<br>

&nbsp;&nbsp;**BNY Mellon Strategic Municipal Bond Fund, Inc.**<br>**Protecting Your Privacy<br>Our Pledge to You**<br>**THE FUND IS COMMITTED TO YOUR PRIVACY.** On this page, you will find the fund's policies and practices for collecting, disclosing, and safeguarding "nonpublic personal information," which may include financial or other customer information. These policies apply to individuals who purchase fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the fund's consumer privacy policy, and may be amended at any time. We'll keep you informed of changes as required by law.<br>**YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT.** The fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The fund's agents and service providers have limited access to customer information based on their role in servicing your account.<br>**THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.** The fund collects a variety of nonpublic personal information, which may include:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you, such as your name, address, and social security number.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us, such as the purchase or sale of fund shares.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from agents and service providers, such as proxy voting information.<br>**THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.**<br>***Thank you for this opportunity to serve you.***<br>

---

| |
|:---|
| The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
| Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |

---

## Contents
THE FUND

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Discussion of Fund Performance](#1) | [2](#1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Performance <br> and Distribution Information](#2) | [4](#2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selected Information](#3) | [7](#3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Investments](#4) | [8](#4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#5) | [27](#5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#6) | [28](#6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows](#7) | [29](#7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets](#8) | [30](#8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#9) | [31](#9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#10) | [33](#10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered<br> Public Accounting Firm](#11) | [42](#11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#12) | [43](#12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Tax Information](#13) | [53](#13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information About the Renewal of <br> the Fund's Investment Advisory,<br> Administration and Sub-Investment <br> Advisory Agreements](#14) | [54](#14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Members Information](#15) | [59](#15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers of the Fund](#16) | [62](#16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Officers and Directors](#17) | [65](#17) |

---

FOR MORE INFORMATION

Back Cover

**Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.im.bnymellon.com and sign up for eCommunications. It's simple and only takes a few minutes.**<br>

DISCUSSION OF FUND PERFORMANCE (Unaudited)

*For the period of December 1, 2021, through November 30, 2022, as provided by portfolio managers, Daniel Rabasco and Jeffrey Burger of Insight North America LLC, sub-adviser*

#### Market and Fund Performance Overview
For the 12-month period ended November 30, 2022, BNY Mellon Strategic Municipal Bond Fund, Inc. (the "fund") achieved a total return of -17.33% on a net-asset-value basis and -24.21% on a market-price basis.<sup>1</sup> Over the same period, the fund provided aggregate income dividends of $.352 per share, which reflects a distribution rate of 5.95%. In comparison, the Bloomberg U.S. Municipal Bond Index (the "Index"), the fund's benchmark, posted a total return of -8.64% for the same period.<sup>2</sup>

During the reporting period, municipal bonds lost ground amid inflation fears and rising interest rates. The fund's performance was driven primarily by its duration positioning.

#### The Fund's Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent believed by BNY Mellon Investment Adviser, Inc. to be consistent with the preservation of capital. In pursuing this goal, the fund invests at least 80% of its assets in municipal bonds. Under normal market conditions, the weighted average maturity of the fund's portfolio is expected to exceed 10 years. Under normal market conditions, the fund invests at least 80% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by sub-adviser.

The fund also has issued auction-rate preferred stock (ARPS), a percentage of which remains outstanding from its initial public offering, and has invested the proceeds in a manner consistent with its investment objective. This, along with the fund's participation in secondary, inverse-floater structures, has the effect of "leveraging" the portfolio, which can magnify gain-and-loss potential depending on market conditions.

Over time, many of the fund's older, higher-yielding bonds have matured or were redeemed by their issuers. We have attempted to replace those bonds with investments consistent with the fund's investment policies. We have also sought to invest newly issued bonds that, in our opinion, have better structural or income characteristics than previous holdings. When such opportunities arise, we usually look to sell bonds that are close to their optional redemption date or maturity.

#### Markets Hindered by Volatility and Municipal Bond Fund Outflows
During the reporting period, the municipal bond market continued to experience volatility driven by economic uncertainty, rising inflation and geopolitical risk. While employment remains strong, the outcome of the Federal Reserve's (the "Fed") tightening policy is uncertain, with investors fearing that an economic slowdown is likely.

Inflation measures stayed near multi-decade highs during the reporting period. The Fed initiated increases in the federal funds rate, raising it by 25 basis points (bps) in March 2022 and 50 bps in May 2022. In June, July, September and November rates were again raised by 75 bps each time, bringing the federal funds target rate to between 3.75% and 4.00%.

Fears that the economy could slow were realized when the first-quarter GDP figures were released in April 2022 showing the economy declined somewhat. A still-strong labor market, however, suggested that the economy could rebound. Second-quarter data, however, showed that the economy shrank again, making for two consecutive quarters of decline, a rough indicator of recession.

The persistence of higher-than-expected inflation, combined with measures from the Fed to combat it, have led to significant outflows from municipal bond funds. The need for municipal bond fund managers to meet redemptions has only added to the downward momentum.

While headwinds prevailed over most of the period, credit fundamentals in the municipal market remain strong. In addition, turmoil has resulted in more attractive valuations in many segments of the market, creating the potential for outperformance in the future.

#### 2
In fact, late in the reporting period, attractive values, the prospect of a decline in inflation and an end to the Fed's tightening began to attract some retail and institutional investors back into the market, and municipal bonds rebounded strongly. In addition, the normal seasonal decline in supply, combined with the seasonal reinvestment of maturing bonds, provided some support.

#### Duration Positioning Hindered Results
The fund's performance was driven primarily by its relatively long duration and its positioning at the long end of the municipal bond yield curve. Rising inflation and interest rates hurt these positions more than other portions of the portfolio. Security selection also detracted from performance, especially in the transportation, hospital and special tax segments. Positions in the bonds of the North Texas Tollway and New York's Metropolitan Transportation Authority hampered performance, as did Colorado and Illinois health bonds. An overweight to revenue bonds also hindered returns as well, especially in the long-term care and prepaid gas segments.

On the other hand, the fund's performance was helped by the relatively strong selections in certain segments. Selections in the tobacco-backed segment and among state general obligation bonds were advantageous. Puerto Rico and Illinois bonds in particular were beneficial. The fund did not make use of derivatives during the period.

#### An Optimistic Near-Term Outlook
With signs that inflation may be easing and that the Fed may soon begin to slow the pace of its interest rate increases, the municipal bond market rebounded sharply at the end of the reporting period, fueled by investor inflows. We believe that the Fed will soon reach the end of its tightening cycle, which should benefit the municipal bond market. In addition, if the Fed's actions result in a recession, that is also likely to support municipal bonds, as these are seen as a safe haven. As for technical factors, we also expect that new issuance will be manageable, and that a return of investors will result in healthy inflows to the market. We plan to maintain the current duration positioning as well as the current levels of leverage.

December 15, 2022

*<sup>1</sup> Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share. Past performance is no guarantee of future results. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. Return figures provided reflect the waiver by BNY Mellon Investment Adviser, Inc. of a portion of its management fee pursuant to an undertaking in effect through May 31, 2023, at which time it may be extended, terminated or modified. Had a portion of the management fee not been waived, the fund's returns would have been lower.*

*<sup>2</sup> Source: Lipper, Inc. ---The Bloomberg U.S. Municipal Bond Index (the "Index") covers the U.S. dollar-denominated long-term tax exempt bond market. Unlike a closed-end fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any index. Distribution rate per share is based upon dividends per share paid from net investment income during the period, divided by the market price per share at the end of the period, adjusted for any capital gain distributions.*

*Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.* 

*High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer's perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.*

*The use of leverage may magnify the fund's gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.*

*Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those, companies, industries or sectors.*

#### 3
FUND PERFORMANCE (Unaudited)

![](img_8cebf75269c04.jpg)

Comparison of change in value of a $10,000 investment in BNY Mellon Strategic Municipal Bond Fund, Inc. with a hypothetical investment of $10,000 in the Bloomberg U.S. Municipal Bond Index (the "Index").

*<sup>†</sup> Source: Lipper Inc.*

*Past performance is not predictive of future performance.* 

*The above graph compares a hypothetical $10,000 investment made in BNY Mellon Strategic Municipal Bond Fund, Inc. on 11/30/12 to a hypothetical investment of $10,000 made in the Index on that date. All figures for the fund are based on market price. All dividends and capital gain distributions are reinvested.*

*The fund invests primarily in municipal securities and its performance shown in the line graph takes into account fees and expenses. The Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a closed-end fund, the Index is not subject to fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights within this report and elsewhere in this report.*

#### 4

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 11/30/2022** | **Average Annual Total Returns as of 11/30/2022** | **Average Annual Total Returns as of 11/30/2022** | **Average Annual Total Returns as of 11/30/2022** |
|  | 1 Year | 5 Years | 10 Years |
| **BNY Mellon Strategic Municipal Bond Fund, Inc.-Market Price**  | **-24.21%** | **-1.86%** | **.73%** |
| **BNY Mellon Strategic Municipal Bond Fund, Inc.-Net Asset Value**  | **-17.33%** | **.46%** | **2.31%** |
| **Bloomberg U.S. Municipal Bond Index** | **-8.64%** | **1.40%** | **1.98%** |

---

**The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon sale of the shares. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund's most recent month-end returns.**

*The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares.*

#### 5
FUND PERFORMANCE *(Unaudited) (continued)*

#### DISTRIBUTION INFORMATION
The following information regarding the fund's distributions is current as of November 30, 2022, the fund's fiscal year end. The fund's returns during the period were sufficient to meet fund distributions.

The fund's distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the fund. The fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, in order to try to maintain a level distribution amount, the fund may pay out more or less than its net investment income during the period. As a result, distributions sources may include net investment income, realized gains and return of capital. You should not draw any conclusions about the fund's investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a fund's capital. A return of capital distribution does not necessarily reflect a fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported below are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on the fund's performance, those estimates may differ from both the tax information reported to you in your fund's 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Current Month<br>Percentage of Distributions | Current Month<br>Percentage of Distributions | Current Month<br>Percentage of Distributions | Fiscal Year Ended<br>Per Share Amounts | Fiscal Year Ended<br>Per Share Amounts | Fiscal Year Ended<br>Per Share Amounts | Fiscal Year Ended<br>Per Share Amounts |
|  | Net Investment Income | Realized Gains | Return of Capital | Total Distributions | Net Investment Income | Realized Gains | Return of Capital |
| BNY Mellon Strategic Municipal Bond Fund, Inc.  | 100.00% | .00% | .00% | $.35 | $.35 | $.00 | $.00 |

---

#### 6
SELECTED INFORMATION

November 30, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Market Price per share November 30, 2022  | Market Price per share November 30, 2022  | Market Price per share November 30, 2022  | $5.92 | $5.92 |  |
| Shares Outstanding November 30, 2022 | Shares Outstanding November 30, 2022 | Shares Outstanding November 30, 2022 | 49428691 | 49428691 |  |
| New York Stock Exchange Ticker Symbol | New York Stock Exchange Ticker Symbol | New York Stock Exchange Ticker Symbol | DSM | DSM |  |
| **MARKET PRICE (NEW YORK STOCK EXCHANGE)** | **MARKET PRICE (NEW YORK STOCK EXCHANGE)** | **MARKET PRICE (NEW YORK STOCK EXCHANGE)** | **MARKET PRICE (NEW YORK STOCK EXCHANGE)** | **MARKET PRICE (NEW YORK STOCK EXCHANGE)** | **MARKET PRICE (NEW YORK STOCK EXCHANGE)** |
|  |  | Fiscal Year Ended November 30, 2022 | Fiscal Year Ended November 30, 2022 | Fiscal Year Ended November 30, 2022 |  |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
|  | **Ended** | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **February 28, 2022** | **May 31, 2022** | **May 31, 2022** | **August 31, 2022** | **November 30, 2022** |
| High | $8.40 | $7.51 | $7.51 | $6.72 | $6.37 |
| Low | 7.15 | 6.20 | 6.20 | 6.05 | 5.25 |
| Close | 7.30 | 6.67 | 6.67 | 6.43 | 5.92 |
| **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> | **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> | **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> | **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> | **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> | **PERCENTAGE GAIN (LOSS)** based on change in Market Price<sup>†</sup> |
| November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | 397.73% |
| December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | 7.58 |
| December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | (8.97) |
| December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | (24.21) |
| March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | (15.45) |
| June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | (8.69) |
| September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | (6.59) |
| **NET ASSET VALUE PER SHARE** | **NET ASSET VALUE PER SHARE** | **NET ASSET VALUE PER SHARE** | **NET ASSET VALUE PER SHARE** | **NET ASSET VALUE PER SHARE** |  |
| November 22, 1989 (commencement of operations)  | November 22, 1989 (commencement of operations)  | November 22, 1989 (commencement of operations)  | November 22, 1989 (commencement of operations)  | November 22, 1989 (commencement of operations)  | $9.32 |
| November 30, 2021 | November 30, 2021 | November 30, 2021 | November 30, 2021 | November 30, 2021 | 8.38 |
| February 28, 2022 | February 28, 2022 |  |  |  | 7.90 |
| May 31, 2022 | May 31, 2022 | May 31, 2022 | May 31, 2022 | May 31, 2022 | 7.18 |
| August 31, 2022 | August 31, 2022 | August 31, 2022 | August 31, 2022 | August 31, 2022 | 6.81 |
| November 30, 2022 | November 30, 2022 | November 30, 2022 | November 30, 2022 | November 30, 2022 | 6.57 |
| **PERCENTAGE GAIN (LOSS) based on change in Net Asset Value<sup>†</sup>**  | **PERCENTAGE GAIN (LOSS) based on change in Net Asset Value<sup>†</sup>**  | **PERCENTAGE GAIN (LOSS) based on change in Net Asset Value<sup>†</sup>**  | **PERCENTAGE GAIN (LOSS) based on change in Net Asset Value<sup>†</sup>**  | **PERCENTAGE GAIN (LOSS) based on change in Net Asset Value<sup>†</sup>**  |  |
| November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | November 22, 1989 (commencement of operations) <br>&nbsp;&nbsp;&nbsp;&nbsp;through November 30, 2022 | 492.48% |
| December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | December 1, 2012 through November 30, 2022 | 25.63 |
| December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | December 1, 2017 through November 30, 2022 | 2.32 |
| December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | December 1, 2021 through November 30, 2022 | (17.33) |
| March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | March 1, 2022 through November 30, 2022 | (13.32) |
| June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | June 1, 2022 through November 30, 2022 | (5.89) |
| September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | September 1, 2022 through November 30, 2022 | (2.16) |
| *<sup>†</sup> With dividends reinvested.* | *<sup>†</sup> With dividends reinvested.* | *<sup>†</sup> With dividends reinvested.* | *<sup>†</sup> With dividends reinvested.* | *<sup>†</sup> With dividends reinvested.* |  |

---

#### 7
STATEMENT OF INVESTMENTS

November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description  | Coupon <br>Rate (%) | Maturity<br>Date | Principal<br>Amount ($) | Value ($) |
| **Bonds and Notes - .4%**  | **Bonds and Notes - .4%**  | **Bonds and Notes - .4%**  |  |  |
| **Collateralized Municipal-Backed Securities - .4%**  | **Collateralized Municipal-Backed Securities - .4%**  | **Collateralized Municipal-Backed Securities - .4%**  |  |  |
| Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2<br>(cost $1,349,462) | 3.63 | 5/20/2033 | 1229478 | **1184160** |
| **Long-Term Municipal Investments - 148.9%** | **Long-Term Municipal Investments - 148.9%** | **Long-Term Municipal Investments - 148.9%** |  |  |
| **Alabama - 5.9%**  | **Alabama - 5.9%**  | **Alabama - 5.9%**  |  |  |
| Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 5.50 | 6/1/2030 | 1800000 | 1711900 |
| Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 5.75 | 6/1/2045 | 1250000 | 1109034 |
| Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 6.00 | 6/1/2050 | 1500000 | 1346468 |
| Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2027 | 1000000<br> <sup>a</sup>  | 1004272 |
| Jefferson County, Revenue Bonds, Refunding, Ser. F | 7.75 | 10/1/2046 | 6000000<br> <sup>b</sup>  | 6117644 |
| The Lower Alabama Gas District, Revenue Bonds, Ser. A | 5.00 | 9/1/2046 | 5000000 | 5156290 |
| University of Alabama at Birmingham, Revenue Bonds, Ser. B | 4.00 | 10/1/2036 | 2745000 | 2756097 |
|  |  |  |  | **19201705** |
| **Arizona - 6.2%**  | **Arizona - 6.2%**  | **Arizona - 6.2%**  |  |  |
| Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund LLC Obligated Group) Ser. A | 4.00 | 11/1/2045 | 1500000 | 1363482 |
| Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 7.75 | 7/1/2050 | 4305000<br> <sup>c</sup>  | 3013500 |
| Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | 4.00 | 2/1/2050 | 1500000 | 1334934 |

---

#### 8

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Arizona - 6.2% (continued)** | **Arizona - 6.2% (continued)** | **Arizona - 6.2% (continued)** |  |  |  |
| Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.25 | 7/1/2047 | 1500000 | <sup>c</sup>  | 1435463 |
| Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2048 | 1500000 |  | 1513548 |
| Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project) | 5.00 | 7/1/2049 | 1775000 | <sup>c</sup>  | 1617152 |
| Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 1345000 |  | 1392088 |
| Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 12.08 | 12/1/2037 | 4550000 | <sup>c,d,e</sup>  | 4709272 |
| The Phoenix Industrial Development Authority, Revenue Bonds (Legacy Traditional Schools Project) Ser. A | 6.75 | 7/1/2044 | 1000000 | <sup>c</sup>  | 1023934 |
| The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.00 | 7/1/2046 | 3000000 | <sup>c</sup>  | 2780613 |
|  |  |  |  | **20183986** | **20183986** |
| **California - 8.0%**  | **California - 8.0%**  | **California - 8.0%**  |  |  |  |
| California Municipal Finance Authority, Revenue Bonds, Ser. A | 4.00 | 2/1/2051 | 1500000 |  | 1341131 |
| Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | 4.00 | 8/1/2055 | 1500000 |  | 1432454 |
| San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2051 | 5250000 |  | 5360147 |
| Tender Option Bond Trust Receipts (Series 2016-XM0387), (Los Angeles Department of Airports, Revenue Bonds (Los Angeles International Airport)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.46 | 5/15/2038 | 6000000 | <sup>c,d,e</sup>  | 6015992 |

---

#### 9
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **California - 8.0% (continued)** | **California - 8.0% (continued)** | **California - 8.0% (continued)** |  |  |  |
| Tender Option Bond Trust Receipts (Series 2016-XM0390), (The Regents of the University of California, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.52 | 5/15/2036 | 6260000 | <sup>c,d,e</sup>  | 6332717 |
| Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Franscisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate (%) 5.00 | 12.73 | 5/1/2044 | 5280000 | <sup>c,d,e</sup>  | 5416603 |
|  |  |  |  | **25899044** | **25899044** |
| **Colorado - 4.3%**  | **Colorado - 4.3%**  | **Colorado - 4.3%**  |  |  |  |
| Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health Obligated Group) | 5.25 | 11/1/2052 | 1000000 |  | 1029914 |
| Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A | 4.00 | 12/1/2050 | 4000000 |  | 3273490 |
| Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2048 | 2300000 |  | 2333774 |
| Dominion Water & Sanitation District, Revenue Bonds, Refunding | 5.88 | 12/1/2052 | 2750000 |  | 2668963 |
| Sterling Ranch Community Authority Board, Revenue Bonds (Insured; Municipal Government Guaranteed) Ser. A | 5.00 | 12/1/2047 | 1250000 |  | 1275000 |
| 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 | 11.63 | 8/1/2044 | 3260000 | <sup>c,d,e</sup>  | 3420405 |
|  |  |  |  | **14001546** | **14001546** |
| **Connecticut - .9%**  | **Connecticut - .9%**  | **Connecticut - .9%**  |  |  |  |
| Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2038 | 1000000 |  | 1108863 |
| Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 3.65 | 11/15/2032 | 530000 |  | 508158 |
| University of Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2041 | 1290000 |  | 1414443 |
|  |  |  |  | **3031464** | **3031464** |

---

#### 10

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **District of Columbia - 4.8%**  | **District of Columbia - 4.8%**  | **District of Columbia - 4.8%**  |  |  |  |
| Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2049 | 1000000 |  | 871730 |
| Tender Option Bond Trust Receipts (Series 2016-XM0437), (District of Columbia, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 12.59 | 12/1/2035 | 14834680 | <sup>c,d,e</sup>  | 14834680 |
|  |  |  |  | **15706410** | **15706410** |
| **Florida - 8.6%**  | **Florida - 8.6%**  | **Florida - 8.6%**  |  |  |  |
| Alachua County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital & Clinics Obligated Group) | 4.00 | 12/1/2049 | 1600000 |  | 1418063 |
| Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A | 5.00 | 11/15/2048 | 2500000 |  | 2429150 |
| Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Ringling College Project) | 5.00 | 3/1/2049 | 2000000 |  | 2001931 |
| Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2044 | 1500000 |  | 1388486 |
| Lee County Industrial Development Authority, Revenue Bonds (Shell Point/Waterside Health Project) | 5.00 | 11/15/2049 | 1540000 |  | 1521981 |
| Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Inc. Obligated Group) | 5.00 | 11/15/2045 | 5775000 |  | 5651387 |
| Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Inc. Obligated Group) Ser. B | 4.00 | 5/15/2053 | 2000000 |  | 1338437 |
| Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project) | 5.75 | 11/15/2054 | 1000000 |  | 841204 |
| Tender Option Bond Trust Receipts (Series 2019-XM0782), (Palm Beach County Florida Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)) Recourse, Underlying Coupon Rate (%) 4.00 | 8.77 | 8/15/2049 | 5535000 | <sup>c,d,e</sup>  | 5064189 |
| Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00 | 8.71 | 10/1/2049 | 4065000 | <sup>c,d,e</sup>  | 3696400 |

---

#### 11
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Florida - 8.6% (continued)** | **Florida - 8.6% (continued)** | **Florida - 8.6% (continued)** |  |  |  |
| Tender Option Bond Trust Receipts (Series 2022-XF1385), (Fort Myers FL Utility, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.00 | 7.14 | 10/1/2044 | 2540000 | <sup>c,d,e</sup>  | 2469377 |
|  |  |  |  | **27820605** | **27820605** |
| **Georgia - 6.5%**  | **Georgia - 6.5%**  | **Georgia - 6.5%**  |  |  |  |
| Atlanta Water & Wastewater, Revenue Bonds, Ser. D | 3.50 | 11/1/2028 | 500000 | <sup>c</sup>  | 507832 |
| Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 7/1/2052 | 2500000 |  | 2512091 |
| Tender Option Bond Trust Receipts (Series 2016-XM0435), (Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate (%) 5.00 | 12.59 | 10/1/2043 | 6000000 | <sup>c,d,e</sup>  | 6061245 |
| 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 | 12.41 | 1/1/2056 | 2720000 | <sup>c,d,e</sup>  | 2728356 |
| 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 | 10.08 | 7/1/2044 | 4220000 | <sup>c,d,e</sup>  | 4459610 |
| The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2040 | 1000000 |  | 1034040 |
| The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D | 4.13 | 11/1/2045 | 4200000 |  | 3814072 |
|  |  |  |  | **21117246** | **21117246** |
| **Hawaii - .7%**  | **Hawaii - .7%**  | **Hawaii - .7%**  |  |  |  |
| Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.) | 4.00 | 3/1/2037 | 2500000 |  | **2363719** |
| **Illinois - 12.9%**  | **Illinois - 12.9%**  | **Illinois - 12.9%**  |  |  |  |
| Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2033 | 1250000 |  | 1251280 |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2032 | 400000 |  | 401601 |

---

#### 12

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Illinois - 12.9% (continued)** | **Illinois - 12.9% (continued)** | **Illinois - 12.9% (continued)** |  |  |  |
| Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2031 | 500000 |  | 503614 |
| Chicago II, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 3000000 |  | 3119426 |
| Chicago II, GO, Refunding, Ser. C | 5.00 | 1/1/2024 | 1265000 |  | 1275919 |
| Chicago II, GO, Ser. A | 5.00 | 1/1/2044 | 3000000 |  | 2946115 |
| Chicago II Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2039 | 2330000 |  | 2340747 |
| Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 4000000 |  | 4057181 |
| Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2057 | 1000000 |  | 1023610 |
| Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2045 | 1000000 |  | 1027938 |
| Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1000000 |  | 1049664 |
| Illinois, GO, Ser. A | 5.00 | 5/1/2038 | 2850000 |  | 2904281 |
| Illinois, GO, Ser. B | 5.00 | 11/1/2030 | 1500000 |  | 1585415 |
| Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 3000000 |  | 3129570 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project) | 5.00 | 6/15/2057 | 2500000 |  | 2491736 |
| Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A | 0.00 | 12/15/2036 | 2500000 | <sup>f</sup>  | 1300321 |
| Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2039 | 2250000 |  | 2174068 |
| 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 | 12.52 | 10/1/2040 | 9000000 | <sup>c,d,e</sup>  | 9406076 |
|  |  |  |  | **41988562** | **41988562** |
| **Indiana - 2.1%**  | **Indiana - 2.1%**  | **Indiana - 2.1%**  |  |  |  |
| Indiana Finance Authority, Revenue Bonds (Green Bond) | 7.00 | 3/1/2039 | 4425000 | <sup>c</sup>  | 3337000 |
| Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A | 5.00 | 11/1/2043 | 3500000 |  | 3587495 |
|  |  |  |  | **6924495** | **6924495** |

---

#### 13
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Iowa - 1.9%**  | **Iowa - 1.9%**  | **Iowa - 1.9%**  |  |  |  |
| Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.00 | 12/1/2050 | 2195000 |  | 2081100 |
| Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Inc. Obligated Group) Ser. A | 4.00 | 5/15/2053 | 1000000 |  | 669218 |
| Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | 5.00 | 12/1/2032 | 1000000 |  | 1095997 |
| Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2049 | 1400000 |  | 1181138 |
| Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1 | 4.00 | 6/1/2049 | 945000 |  | 939798 |
|  |  |  |  | **5967251** | **5967251** |
| **Kentucky - 2.0%**  | **Kentucky - 2.0%**  | **Kentucky - 2.0%**  |  |  |  |
| Christian County, Revenue Bonds, Refunding (Jennie Stuart Medical Center Obligated Group) | 5.50 | 2/1/2044 | 2800000 |  | 2851774 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2025 | 2560000 | <sup>a</sup>  | 2544962 |
| Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2030 | 1000000 | <sup>a</sup>  | 972551 |
|  |  |  |  | **6369287** | **6369287** |
| **Louisiana - 3.2%**  | **Louisiana - 3.2%**  | **Louisiana - 3.2%**  |  |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical Project) | 3.50 | 11/1/2032 | 2400000 |  | 2218766 |
| 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 | 12.30 | 7/1/2047 | 8195000 | <sup>c,d,e</sup>  | 8275366 |
|  |  |  |  | **10494132** | **10494132** |
| **Maryland - 3.1%**  | **Maryland - 3.1%**  | **Maryland - 3.1%**  |  |  |  |
| Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners LLC) Ser. B | 5.25 | 6/30/2052 | 1575000 |  | 1635528 |

---

#### 14

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Maryland - 3.1% (continued)** | **Maryland - 3.1% (continued)** | **Maryland - 3.1% (continued)** |  |  |  |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A | 5.50 | 1/1/2046 | 3250000 |  | 3303423 |
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Stevenson University Project) | 4.00 | 6/1/2051 | 1000000 |  | 841011 |
| 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 | 12.52 | 7/1/2042 | 4000000 | <sup>c,d,e</sup>  | 4101846 |
|  |  |  |  | **9881808** | **9881808** |
| **Massachusetts - 5.7%**  | **Massachusetts - 5.7%**  | **Massachusetts - 5.7%**  |  |  |  |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding (UMass Memorial Health Care Obligated Group) Ser. K | 5.00 | 7/1/2038 | 2130000 |  | 2169194 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 1000000 |  | 1063677 |
| Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 4.00 | 7/1/2046 | 1250000 |  | 1111818 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2030 | 1000000 |  | 1090933 |
| Tender Option Bond Trust Receipts (Series 2016-XM0386), (University of Massachusetts Building Authority, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.51 | 5/1/2043 | 7409991 | <sup>c,d,e</sup>  | 7484945 |
| Tender Option Bond Trust Receipts (Series 2018-XF0610), (Massachusetts Transportation Fund, Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.82 | 6/1/2047 | 5250000 | <sup>c,d,e</sup>  | 5526532 |
|  |  |  |  | **18447099** | **18447099** |
| **Michigan - 4.3%**  | **Michigan - 4.3%**  | **Michigan - 4.3%**  |  |  |  |
| Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2036 | 2000000 |  | 2098164 |

---

#### 15
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |
| **Michigan - 4.3% (continued)** | **Michigan - 4.3% (continued)** | **Michigan - 4.3% (continued)** |  |  |
| Michigan Building Authority, Revenue Bonds, Refunding | 4.00 | 10/15/2049 | 2500000 | 2412154 |
| Michigan Finance Authority, Revenue Bonds, Refunding | 4.00 | 4/15/2042 | 1000000 | 939567 |
| Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | 5.00 | 7/1/2036 | 1000000 | 1022511 |
| Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 12/31/2043 | 5000000 | 4921142 |
| Pontiac School District, GO | 4.00 | 5/1/2045 | 2700000 | 2684249 |
|  |  |  |  | **14077787** |
| **Minnesota - 1.2%**  | **Minnesota - 1.2%**  | **Minnesota - 1.2%**  |  |  |
| Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | 5.00 | 2/15/2058 | 4000000 | **4011419** |
| **Missouri - 2.7%**  | **Missouri - 2.7%**  | **Missouri - 2.7%**  |  |  |
| St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds | 5.13 | 6/1/2046 | 4715000 | 4796190 |
| The Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran Senior Services Projects) Ser. A | 5.00 | 2/1/2042 | 1000000 | 974664 |
| The Missouri Health & Educational Facilities Authority, Revenue Bonds (Mercy Health) | 4.00 | 6/1/2053 | 2000000 | 1790286 |
| The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Lutheran Senior Services Projects) | 5.00 | 2/1/2046 | 1200000 | 1124846 |
|  |  |  |  | **8685986** |
| **Multi-State - .6%**  | **Multi-State - .6%**  | **Multi-State - .6%**  |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | 3.15 | 1/15/2036 | 2375000<br> <sup>c</sup>  | **2068957** |
| **Nevada - 2.2%**  | **Nevada - 2.2%**  | **Nevada - 2.2%**  |  |  |
| Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.25 | 6/15/2041 | 2770000 | 2797086 |
| Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 6/1/2058 | 5000000 | 4447165 |
|  |  |  |  | **7244251** |

---

#### 16

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **New Hampshire - .4%**  | **New Hampshire - .4%**  | **New Hampshire - .4%**  |  |  |  |
| New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Springpoint Senior Living Obligated Group) | 4.00 | 1/1/2051 | 1500000 |  | **1187219** |
| **New Jersey - 5.6%**  | **New Jersey - 5.6%**  | **New Jersey - 5.6%**  |  |  |  |
| New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 4.00 | 6/1/2031 | 1100000 |  | 1165885 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D | 4.00 | 10/1/2024 | 2370000 |  | 2384814 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2046 | 1365000 |  | 1390016 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.25 | 6/15/2043 | 1500000 |  | 1558630 |
| New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2048 | 2400000 |  | 2293342 |
| South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 2025000 |  | 2029485 |
| Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.25 | 13.07 | 6/15/2040 | 4250000 | <sup>c,d,e</sup>  | 4349450 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 1500000 |  | 1511381 |
| Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2046 | 1670000 |  | 1616194 |
|  |  |  |  | **18299197** | **18299197** |
| **New York - 7.9%**  | **New York - 7.9%**  | **New York - 7.9%**  |  |  |  |
| Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. A | 4.00 | 7/1/2050 | 500000 |  | 468992 |
| New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B | 0.00 | 11/15/2049 | 5600000 | <sup>f</sup>  | 1456190 |
| New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 3400000 | <sup>c</sup>  | 3213711 |
| New York State Dormitory Authority, Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A | 4.00 | 9/1/2045 | 1000000 |  | 815225 |

---

#### 17
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **New York - 7.9% (continued)** | **New York - 7.9% (continued)** | **New York - 7.9% (continued)** |  |  |  |
| New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | 5.00 | 12/1/2040 | 1200000 |  | 1195736 |
| New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | 5.00 | 12/1/2042 | 1850000 |  | 1822590 |
| New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.25 | 1/1/2050 | 3000000 |  | 3009563 |
| New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal LLC) Ser. A | 5.00 | 12/1/2035 | 1100000 |  | 1117622 |
| Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Holding Project) Ser. A | 4.75 | 11/1/2042 | 1000000 | <sup>c</sup>  | 904265 |
| Port Authority of New York & New Jersey, Revenue Bonds, Ser. 221 | 4.00 | 7/15/2055 | 2250000 |  | 1971901 |
| 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 | 5.54 | 11/15/2047 | 5400000 | <sup>c,d,e</sup>  | 4914633 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 5/15/2051 | 3235000 |  | 3438894 |
| Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group) | 5.00 | 7/1/2056 | 1500000 | <sup>c</sup>  | 1162570 |
|  |  |  |  | **25491892** | **25491892** |
| **North Carolina - .9%**  | **North Carolina - .9%**  | **North Carolina - .9%**  |  |  |  |
| North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Inc. Obligated Group) | 4.00 | 3/1/2051 | 2000000 |  | 1416649 |
| North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 1/1/2055 | 1500000 |  | 1347588 |
|  |  |  |  | **2764237** | **2764237** |

---

#### 18

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |
| **Ohio - 3.7%**  | **Ohio - 3.7%**  | **Ohio - 3.7%**  |  |  |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2048 | 1250000 | 1089119 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 9450000 | 8671577 |
| Centerville, Revenue Bonds, Refunding (Graceworks Lutheran Services Obligated Group) | 5.25 | 11/1/2047 | 1500000 | 1348273 |
| Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1000000 | 1000845 |
|  |  |  |  | **12109814** |
| **Oregon - .6%**  | **Oregon - .6%**  | **Oregon - .6%**  |  |  |
| Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A | 4.00 | 8/15/2039 | 1000000 | 981714 |
| Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Manor Obligated Group) Ser. A | 5.00 | 11/15/2056 | 1000000 | 775484 |
|  |  |  |  | **1757198** |
| **Pennsylvania - 6.6%**  | **Pennsylvania - 6.6%**  | **Pennsylvania - 6.6%**  |  |  |
| Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 2/1/2031 | 1510000 | 1677746 |
| Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A | 6.00 | 6/1/2046 | 1000000 | 1018635 |
| Franklin County Industrial Development Authority, Revenue Bonds (Menno-Haven Project) | 5.00 | 12/1/2054 | 1000000 | 795676 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Presbyterian Senior Living) | 4.00 | 7/1/2046 | 1000000 | 827300 |
| Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2033 | 2805000 | 2896224 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 4.00 | 12/1/2051 | 1500000 | 1339145 |
| Philadelphia Water & Wastewater, Revenue Bonds, Ser. A | 5.00 | 11/1/2050 | 1500000 | 1578517 |

---

#### 19
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Pennsylvania - 6.6% (continued)** | **Pennsylvania - 6.6% (continued)** | **Pennsylvania - 6.6% (continued)** |  |  |  |
| Tender Option Bond Trust Receipts (Series 2022-XF1408), (Pennsylvania State Turnpike Commission, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.00 | 5.65 | 12/1/2051 | 10000000 | <sup>c,d,e</sup>  | 9434187 |
| The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2039 | 2000000 |  | 1964774 |
|  |  |  |  | **21532204** | **21532204** |
| **Rhode Island - .2%**  | **Rhode Island - .2%**  | **Rhode Island - .2%**  |  |  |  |
| Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/15/2037 | 500000 |  | **540453** |
| **South Carolina - 4.0%**  | **South Carolina - 4.0%**  | **South Carolina - 4.0%**  |  |  |  |
| South Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group) | 5.00 | 4/1/2054 | 1000000 |  | 882376 |
| South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2055 | 2000000 |  | 1698279 |
| 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 | 10.15 | 12/1/2043 | 10200000 | <sup>c,d,e</sup>  | 10239259 |
|  |  |  |  | **12819914** | **12819914** |
| **South Dakota - 1.0%**  | **South Dakota - 1.0%**  | **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 | 13.01 | 7/1/2046 | 3200000 | <sup>c,d,e</sup>  | **3203587** |
| **Tennessee - .9%**  | **Tennessee - .9%**  | **Tennessee - .9%**  |  |  |  |
| Tender Option Bond Trust Receipts (Series 2016-XM0388), (Metropolitan Government of Nashville & Davidson County, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.19 | 7/1/2040 | 3000000 | <sup>c,d,e</sup>  | **3042330** |

---

#### 20

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Texas - 12.7%**  | **Texas - 12.7%**  | **Texas - 12.7%**  |  |  |  |
| Central Texas Regional Mobility Authority, Revenue Bonds | 5.00 | 1/1/2048 | 2500000 |  | 2566850 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2025 | 600000 | <sup>g</sup>  | 635657 |
| Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A | 4.00 | 8/15/2047 | 2000000 |  | 1829846 |
| Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas Inc.) Ser. A | 5.75 | 8/15/2045 | 2500000 |  | 2517134 |
| Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas Inc.) Ser. D | 6.13 | 8/15/2048 | 3000000 |  | 3052220 |
| Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 4.50 | 12/1/2044 | 2500000 |  | 2366303 |
| Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2045 | 2000000 |  | 1870288 |
| Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 11/15/2051 | 7500000 | <sup>f</sup>  | 1775189 |
| Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co. Project) | 5.00 | 11/1/2028 | 1000000 |  | 1001021 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor Scott & White Health Obligated Group) | 5.00 | 11/15/2051 | 1500000 |  | 1583078 |
| Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (MRC Stevenson Oaks Project) | 6.75 | 11/15/2051 | 1000000 |  | 932924 |
| Tender Option Bond Trust Receipts (Series 2016-XM0377), (San Antonio, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 12.52 | 2/1/2043 | 12450000 | <sup>c,d,e</sup>  | 12500671 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | 5.00 | 6/30/2058 | 6150000 |  | 6109245 |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group LLC) | 4.00 | 6/30/2040 | 1350000 |  | 1222665 |

---

#### 21
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Texas - 12.7% (continued)** | **Texas - 12.7% (continued)** | **Texas - 12.7% (continued)** |  |  |  |
| Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group LLC) | 4.00 | 6/30/2039 | 1500000 |  | 1374706 |
|  |  |  |  | **41337797** | **41337797** |
| **U.S. Related - 1.3%**  | **U.S. Related - 1.3%**  | **U.S. Related - 1.3%**  |  |  |  |
| Puerto Rico, GO, Ser. A | 0.00 | 7/1/2024 | 73499 | <sup>f</sup>  | 67542 |
| Puerto Rico, GO, Ser. A | 0.00 | 7/1/2033 | 284274 | <sup>f</sup>  | 156044 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 220898 |  | 192477 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 170415 |  | 142428 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 231699 |  | 186223 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 198557 |  | 169331 |
| Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 240964 |  | 186108 |
| Puerto Rico, GO, Ser. A1 | 5.25 | 7/1/2023 | 123351 |  | 123892 |
| Puerto Rico, GO, Ser. A1 | 5.38 | 7/1/2025 | 246018 |  | 249570 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 243790 |  | 249698 |
| Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 239835 |  | 245845 |
| Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 232950 |  | 239283 |
| Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC | 5.25 | 7/1/2034 | 2000000 |  | 1985273 |
|  |  |  |  | **4193714** | **4193714** |
| **Utah - 1.1%**  | **Utah - 1.1%**  | **Utah - 1.1%**  |  |  |  |
| Salt Lake City, Revenue Bonds, Ser. A | 5.00 | 7/1/2042 | 1565000 |  | 1593815 |
| Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2037 | 2000000 |  | 2015115 |
|  |  |  |  | **3608930** | **3608930** |
| **Virginia - 5.9%**  | **Virginia - 5.9%**  | **Virginia - 5.9%**  |  |  |  |
| Henrico County Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 9.26 | 8/23/2027 | 3900000 | <sup>d</sup>  | 4544358 |
| Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.50 | 14.86 | 7/1/2057 | 7500000 | <sup>c,d,e</sup>  | 8510477 |
| Virginia College Building Authority, Revenue Bonds (Green Bond) (Marymount University Project) | 5.00 | 7/1/2045 | 1000000 | <sup>c</sup>  | 965114 |

---

#### 22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) |  | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |  |
| **Virginia - 5.9% (continued)** | **Virginia - 5.9% (continued)** | **Virginia - 5.9% (continued)** |  |  |  |
| Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2052 | 4350000 |  | 4343095 |
| Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express Lanes LLC) | 4.00 | 1/1/2048 | 1000000 |  | 835829 |
|  |  |  |  | **19198873** | **19198873** |
| **Washington - 4.6%**  | **Washington - 4.6%**  | **Washington - 4.6%**  |  |  |  |
| King County Federal Way School District No. 210, GO (Insured; School Bond Guaranty) | 4.00 | 12/1/2034 | 2000000 |  | 2062368 |
| Port of Seattle, Revenue Bonds | 4.00 | 4/1/2044 | 1000000 |  | 893100 |
| Tender Option Bond Trust Receipts (Series 2018-XM0680), (Washington Convention Center Public Facilities District, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 7.27 | 7/1/2058 | 10000000 | <sup>c,d,e</sup>  | 9795172 |
| Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | 4.00 | 5/1/2050 | 1200000 |  | 1071285 |
| Washington Housing Finance Commission, Revenue Bonds (Transforming Age Project) Ser. A | 5.00 | 1/1/2055 | 1465000 | <sup>c</sup>  | 1141235 |
|  |  |  |  | **14963160** | **14963160** |
| **Wisconsin - 3.7%**  | **Wisconsin - 3.7%**  | **Wisconsin - 3.7%**  |  |  |  |
| Public Finance Authority, Revenue Bonds (Appalachian State University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/1/2055 | 1750000 |  | 1481539 |
| Public Finance Authority, Revenue Bonds (CHF - Wilmington LLC) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2058 | 3665000 |  | 3719090 |
| Public Finance Authority, Revenue Bonds (EMU Campus Living LLC) (Insured; Build America Mutual) Ser. A1 | 5.50 | 7/1/2052 | 1500000 |  | 1570958 |
| Public Finance Authority, Revenue Bonds (EMU Campus Living LLC) (Insured; Build America Mutual) Ser. A1 | 5.63 | 7/1/2055 | 1650000 |  | 1730808 |
| Public Finance Authority, Revenue Bonds (Gannon University Project) | 5.00 | 5/1/2042 | 750000 |  | 746350 |

---

#### 23
*STATEMENT OF INVESTMENTS (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Coupon <br>Rate (%) | Maturity Date | Principal Amount ($) | Value ($) |
| **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** | **Long-Term Municipal Investments - 148.9% (continued)** |  |  |
| **Wisconsin - 3.7% (continued)** | **Wisconsin - 3.7% (continued)** | **Wisconsin - 3.7% (continued)** |  |  |
| Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project) | 5.25 | 5/15/2042 | 750000<br> <sup>c</sup>  | 672435 |
| Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2052 | 1000000 | 1035649 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group) | 5.00 | 11/1/2054 | 1250000 | 1020327 |
|  |  |  |  | **11977156** |
| **Total Long-Term Municipal Investments**<br> (cost $507,721,426) | **Total Long-Term Municipal Investments**<br> (cost $507,721,426) | **Total Long-Term Municipal Investments**<br> (cost $507,721,426) | **483514434** | **483514434** |
| **Total Investments** (cost $509,070,888) | **Total Investments** (cost $509,070,888) | **Total Investments** (cost $509,070,888) | **149.3%** | **484698594** |
| **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **Liabilities, Less Cash and Receivables** | **(34.1%)** | **(110735394)** |
| **Preferred Stock, at redemption value** | **Preferred Stock, at redemption value** | **Preferred Stock, at redemption value** | **(15.2%)** | **(49300000)** |
| **Net Assets Applicable to Common Shareholders** | **Net Assets Applicable to Common Shareholders** | **Net Assets Applicable to Common Shareholders** | **100.0%** | **324663200** |

---

*<sup>a</sup> 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.*

*<sup>b</sup> Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.*

*<sup>c</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities were valued at $189,837,158 or 58.47% of net assets.*

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

*<sup>e</sup> Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.*

*<sup>f</sup> Security issued with a zero coupon. Income is recognized through the accretion of discount.*

*<sup>g</sup> 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.*

#### 24

---

| | |
|:---|:---|
| Portfolio Summary (Unaudited) <sup>†</sup> | Value (%) |
| General | 25.7 |
| Transportation | 19.1 |
| Education | 19.1 |
| Medical | 17.5 |
| Nursing Homes | 12.4 |
| Airport | 11.4 |
| Water | 8.0 |
| Power | 6.5 |
| General Obligation | 6.0 |
| Development | 5.7 |
| Tobacco Settlement | 4.6 |
| School District | 4.1 |
| Utilities | 3.8 |
| Housing | 2.6 |
| Multifamily Housing | 1.0 |
| Single Family Housing | .9 |
| Student Loan | .7 |
| Prerefunded | .2 |
|  | 149.3 |

---

*<sup>†</sup> Based on net assets.*

*See notes to financial statements.*

#### 25

---

| | | | |
|:---|:---|:---|:---|
| **Summary of Abbreviations** (Unaudited) | **Summary of Abbreviations** (Unaudited) | **Summary of Abbreviations** (Unaudited) | **Summary of Abbreviations** (Unaudited) |
| **ABAG** | Association of Bay Area Governments | **AGC** | ACE Guaranty Corporation |
| **AGIC** | Asset Guaranty Insurance Company | **AMBAC** | American Municipal Bond Assurance Corporation |
| **BAN** | Bond Anticipation Notes | **BSBY** | Bloomberg Short-Term Bank Yield Index |
| **CIFG** | CDC Ixis Financial Guaranty | **COP** | Certificate of Participation |
| **CP** | Commercial Paper | **DRIVERS** | Derivative Inverse Tax-Exempt Receipts |
| **EFFR** | Effective Federal Funds Rate | **FGIC** | Financial Guaranty Insurance Company |
| **FHA** | Federal Housing Administration | **FHLB** | Federal Home Loan Bank |
| **FHLMC** | Federal Home Loan Mortgage Corporation | **FNMA** | Federal National Mortgage Association |
| **GAN** | Grant Anticipation Notes | **GIC** | Guaranteed Investment Contract |
| **GNMA** | Government National Mortgage Association | **GO** | General Obligation |
| **IDC** | Industrial Development Corporation | **LIBOR** | London Interbank Offered Rate |
| **LOC** | Letter of Credit | **LR** | Lease Revenue |
| **NAN** | Note Anticipation Notes | **MFHR** | Multi-Family Housing Revenue |
| **MFMR** | Multi-Family Mortgage Revenue | **MUNIPSA** | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
| **OBFR** | Overnight Bank Funding Rate | **PILOT** | Payment in Lieu of Taxes |
| **PRIME** | Prime Lending Rate | **PUTTERS** | Puttable Tax-Exempt Receipts |
| **RAC** | Revenue Anticipation Certificates | **RAN** | Revenue Anticipation Notes |
| **RIB** | Residual Interest Bonds | **SFHR** | Single Family Housing Revenue |
| **SFMR** | Single Family Mortgage Revenue | **SOFR** | Secured Overnight Financing Rate |
| **TAN** | Tax Anticipation Notes | **TRAN** | Tax and Revenue Anticipation Notes |
| **U.S. T-BILL** | U.S. Treasury Bill Money Market Yield | **XLCA** | XL Capital Assurance |

---

*See notes to financial statements.*

#### 26
STATEMENT OF ASSETS AND LIABILITIES

November 30, 2022

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):**  |  |  |
| Investments in securities—See Statement of Investments | 509070888  | 484698594  |
| Cash |  | 333817  |
| Interest receivable | Interest receivable | 7661541  |
| Prepaid expenses |  | 16605  |
|  |  | **492710557**  |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b) | Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b) | 196130  |
| Payable for inverse floater notes issued—Note 3 | Payable for inverse floater notes issued—Note 3 | 116414671  |
| Dividends payable to Common Shareholders | Dividends payable to Common Shareholders | 1087430  |
| Interest and expense payable related to <br> inverse floater notes issued—Note 3 | Interest and expense payable related to <br> inverse floater notes issued—Note 3 | 865347  |
| Directors' fees and expenses payable | Directors' fees and expenses payable | 33340  |
| Dividends payable to Preferred Shareholders | Dividends payable to Preferred Shareholders | 20716  |
| Commissions payable—Note 1 | Commissions payable—Note 1 | 4500  |
| Other accrued expenses |  | 125223  |
|  |  | **118747357**  |
| **Auction Preferred Stock, Series A, B and C, par value $.001 per share <br> (1,972 shares issued and outstanding at $25,000 per share <br> liquidation value)—Note 1** | **Auction Preferred Stock, Series A, B and C, par value $.001 per share <br> (1,972 shares issued and outstanding at $25,000 per share <br> liquidation value)—Note 1** | **49300000**  |
| **Net Assets Applicable to Common Shareholders ($)** |  | **324663200**  |
| **Composition of Net Assets ($):** |  |  |
| Common Stock, par value, $.001 per share <br> (49,428,691 shares issued and outstanding) |  | 49429  |
| Paid-in capital  |  | 368386722  |
| Total distributable earnings (loss) |  | (43772951) |
| **Net Assets Applicable to Common Shareholders ($)** |  | **324663200**  |

---

---

| | | |
|:---|:---|:---|
| **Shares Outstanding** |  |  |
| (110 million shares authorized) | (110 million shares authorized) | 49428691  |
| **Net Asset Value Per Share of Common Stock ($)** |  | 6.57 |
| *See notes to financial statements.* |  |  |

---

#### 27
STATEMENT OF OPERATIONS

Year Ended November 30, 2022

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | **21584398**  |
| **Expenses:** |  |
| Management fee—Note 2(a) | 2026042  |
| Interest and expense related to inverse <br> floater notes issued—Note 3 | 1984732  |
| Administration fee—Note 2(a) | 1013021  |
| Professional fees | 118012  |
| Directors' fees and expenses—Note 2(c) | 85465  |
| Commission fees—Note 1 | 84062  |
| Prospectus and shareholders' reports | 61936  |
| Registration fees | 44135  |
| Shareholder servicing costs | 19691  |
| Chief Compliance Officer fees—Note 2(b) | 10216  |
| Custodian fees—Note 2(b) | 1698  |
| Miscellaneous | 37915  |
| **Total Expenses** | **5486925**  |
| Less—reduction in expenses due to undertaking—Note 2(a) | (405292) |
| Less—reduction in fees due to earnings credits—Note 2(b) | (676) |
| **Net Expenses** | **5080957**  |
| **Net Investment Income** | **16503441**  |
| **Realized and Unrealized Gain (Loss) on Investments—Note 3 ($):** |  |
| Net realized gain (loss) on investments | (12630458) |
| Net change in unrealized appreciation (depreciation) on investments | (75322418) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(87952876)** |
| **Dividends to Preferred Shareholders** | **(810577)** |
| **Net (Decrease) in Net Assets Applicable to Common <br> Shareholders Resulting from Operations** | **(72260012)** |
| *See notes to financial statements.* |  |

---

#### 28
STATEMENT OF CASH FLOWS

Year Ended November 30, 2022

---

| | | |
|:---|:---|:---|
| **Cash Flows from Operating Activities ($):**  |  |  |
| Purchases of portfolio securities | (146000774) |  |
| Proceeds from sales of portfolio securities | 168213657  |  |
| Dividends paid to Preferred Shareholders | (790669) |  |
| Interest income received | 22050244  |  |
| Interest and expense related to inverse floater notes issued | (1516991) |  |
| Expenses paid to BNY Mellon Investment <br> Adviser, Inc. and affiliates | (2699018) |  |
| Operating expenses paid | (429517) |  |
| **Net Cash Provided (or Used) in Operating Activities** |  | **38826932**  |
| **Cash Flows from Financing Activities ($):** |  |  |
| Dividends paid to Common Shareholders | (16251226) |  |
| Decrease in payable for inverse floater notes issued | (22290000) |  |
| **Net Cash Provided (or Used) in Financing Activities** | **Net Cash Provided (or Used) in Financing Activities** | **(38541226)** |
| **Net Increase (Decrease) in Cash** | **Net Increase (Decrease) in Cash** | **285706**  |
| Cash at beginning of period | Cash at beginning of period | 48111  |
| **Cash at End of Period** | **Cash at End of Period** | **333817**  |
| **Reconciliation of Net Increase (Decrease) in Net Assets Applicable to** | **Reconciliation of Net Increase (Decrease) in Net Assets Applicable to** |  |
| **Common Shareholders Resulting from Operations to** | **Common Shareholders Resulting from Operations to** |  |
| **Net Cash Provided (or Used) in Operating Activities ($):** | **Net Cash Provided (or Used) in Operating Activities ($):** |  |
| Net (Decrease) in Net Assets Resulting From Operations | Net (Decrease) in Net Assets Resulting From Operations | (72260012) |
| **Adjustments to Reconcile Net Increase (Decrease) in Net Assets** | **Adjustments to Reconcile Net Increase (Decrease) in Net Assets** |  |
| **Applicable to Common Shareholders Resulting from** | **Applicable to Common Shareholders Resulting from** |  |
| **Operations to Net Cash Provided (or Used) in Operating Activities ($):** | **Operations to Net Cash Provided (or Used) in Operating Activities ($):** |  |
| Decrease in investments in securities at cost | Decrease in investments in securities at cost | 34843341  |
| Decrease in interest receivable | Decrease in interest receivable | 465846  |
| Increase in prepaid expenses | Increase in prepaid expenses | (3978) |
| Decrease in Due to BNY Mellon Investment Adviser, Inc. and affiliates | Decrease in Due to BNY Mellon Investment Adviser, Inc. and affiliates | (54009) |
| Increase in interest and expense payable related to inverse floater notes issued | Increase in interest and expense payable related to inverse floater notes issued | 467741  |
| Increase in dividends payable to Preferred Shareholders | Increase in dividends payable to Preferred Shareholders | 19908  |
| Increase in Directors' fees and expenses payable | Increase in Directors' fees and expenses payable | 30667  |
| Decrease in commissions payable and other accrued expenses | Decrease in commissions payable and other accrued expenses | (4990) |
| Net change in unrealized (appreciation) depreciation on investments | Net change in unrealized (appreciation) depreciation on investments | 75322418  |
| **Net Cash Provided (or Used) in Operating Activities** | **Net Cash Provided (or Used) in Operating Activities** | **38826932**  |
| **Supplemental Disclosure Cash Flow Information ($):** | **Supplemental Disclosure Cash Flow Information ($):** |  |
| Non-cash financing activities: | Non-cash financing activities: |  |
| Reinvestment of dividends | Reinvestment of dividends | 60028  |
| *See notes to financial statements.* |  |  |

---

#### 29
STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended November 30,  |
|  | 2022 | 2021 |
| **Operations ($):** |  |  |
| Net investment income | 16503441  | 18221657  |
| Net realized gain (loss) on investments | (12630458) | (936258) |
| Net change in unrealized appreciation <br> (depreciation) on investments | (75322418) | 7729741  |
| Dividends to Preferred Shareholders | (810577) | (50742) |
| **Net Increase (Decrease) in Net Assets Applicable<br> to Common Shareholders Resulting from <br> Operations** | **(72260012)** | **24964398**  |
| **Distributions ($):** | **Distributions ($):** | **Distributions ($):** |
| **Distributions to Common Shareholders** | **(17398684)** | **(17791743)** |
| **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** | **Capital Stock Transactions ($):** |
| Distributions reinvested | 60028  | -  |
| **Increase (Decrease) in Net Assets <br> from Capital Stock Transactions** | **60028**  | **-**  |
| **Total Increase (Decrease) in Net Assets <br> Applicable to Common Shareholders** | **(89598668)** | **7172655**  |
| **Net Assets Applicable to Common Shareholders ($):** | **Net Assets Applicable to Common Shareholders ($):** | **Net Assets Applicable to Common Shareholders ($):** |
| Beginning of Period | 414261868  | 407089213  |
| **End of Period** | **324663200**  | **414261868**  |
| **Capital Share Transactions (Common Shares):** | **Capital Share Transactions (Common Shares):** | **Capital Share Transactions (Common Shares):** |
| Shares issued for distributions reinvested | 7180  | -  |
| *See notes to financial statements.* |  |  |

---

#### 30
FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. These figures have been derived from the fund's financial statements, and with respect to common stock, market price data for the fund's common shares.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, |
| | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | 8.38 | 8.24 | 8.30 | 7.91 | 8.29 |
| Investment Operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> | .33 | .37 | .40 | .41 | .47 |
| Net realized and unrealized <br>gain (loss) on investments | (1.77) | .13 | (.09) | .43 | (.43) |
| Dividends to Preferred Shareholders <br>from net investment income | (.02) | (.00)<sup>b</sup> | (.01) | (.03) | (.03) |
| Total from Investment Operations | (1.46) | .50 | .30 | .81 | .01 |
| Distributions to Common Shareholders: |  |  |  |  |  |
| Dividends from net investment <br>income | (.35) | (.36) | (.36) | (.42) | (.43) |
| Net asset value resulting from Auction <br>Preferred Stock tender as a discount | - | - | - | - | .04 |
| Net asset value, end of period | 6.57 | 8.38 | 8.24 | 8.30 | 7.91 |
| Market value, end of period | 5.92 | 8.24 | 7.66 | 8.19 | 7.13 |
| **Market Price Total Return (%)** | (24.21) | 12.46 | (1.87) | 21.12 | (10.14) |

---

#### 31
*FINANCIAL HIGHLIGHTS (continued)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, | Year Ended November 30, |
| | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Ratios/Supplemental Data (%):** |  |  |  |  |  |
| Ratio of total expenses to <br>average net assets <br>applicable to Common Stock<sup>c</sup> | 1.54 | 1.20 | 1.56 | 1.86 | 1.73 |
| Ratio of net expenses to <br>average net assets <br>applicable to Common Stock<sup>c</sup> | 1.43 | 1.09 | 1.44 | 1.75 | 1.62 |
| Ratio of interest and expense related to <br>floating rate notes issued to average net <br>assets applicable to Common Stock<sup>c</sup> | .56 | .25 | .60 | .90 | .72 |
| Ratio of net investment income to <br>average net assets <br>applicable to Common Stock<sup>c</sup> | 4.64 | 4.39 | 4.98 | 5.05 | 5.78 |
| Ratio of total expenses to <br>total average net assets | 1.35 | 1.07 | 1.38 | 1.66 | 1.51 |
| Ratio of net expenses to <br>total average net assets | 1.25 | .97 | 1.28 | 1.56 | 1.41 |
| Ratio of interest and expense related to <br>floating rate notes issued to <br>total average net assets | .49 | .23 | .53 | .80 | .63 |
| Ratio of net investment income to <br>total average net assets | 4.07 | 3.92 | 4.43 | 4.50 | 5.02 |
| Portfolio Turnover Rate | 30.58 | 9.10 | 26.56 | 41.28 | 24.57 |
| Asset Coverage of Preferred Stock,<br>end of period | 759 | 940 | 926 | 932 | 892 |
| Net Assets, applicable to <br>Common Shareholders, <br>end of period ($ x 1,000) | 324663 | 414262 | 407089 | 409972 | 390350 |
| Preferred Stock Outstanding, <br>end of period ($ x 1,000) | 49300 | 49300 | 49300 | 49300 | 49300 |
| Floating Rate Notes Outstanding, <br>end of period ($ x 1,000) | 116415 | 138705 | 152185 | 182074 | 162357 |

---

*<sup>a</sup> Based on average common shares outstanding.*

*<sup>b</sup> Amount represents less than $.01 per share.*

*<sup>c</sup> Does not reflect the effect of dividends to Preferred Shareholders.*

*See notes to financial statements.*

#### 32
NOTES TO FINANCIAL STATEMENTS

#### NOTE 1—Significant Accounting Policies:
BNY Mellon Strategic Municipal Bond Fund, Inc. (the "fund"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), is a diversified closed-end management investment company. The fund's investment objective is to seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the fund's sub-adviser. The fund's Common Stock trades on the New York Stock Exchange (the "NYSE") under the ticker symbol DSM.

The fund has outstanding 698 Series A shares, 662 Series B shares and 612 Series C shares, Auction Preferred Stock ("APS"), with a liquidation preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquidation). APS dividend rates are determined pursuant to periodic auctions or by reference to a market rate. Deutsche Bank Trust Company America, as the Auction Agent, receives a fee from the fund for its services in connection with such auctions. The fund also compensates broker-dealers generally at an annual rate of .15%-.25% of the purchase price of shares of APS.

The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to shareholders of Common Stock ("Common Shareholders") or repurchasing shares of Common Stock and/or could trigger the mandatory redemption of APS at liquidation value. Thus, redemptions of APS may be deemed to be outside of the control of the fund.

The holders of APS, voting as a separate class, have the right to elect at least two directors. The holders of APS will vote as a separate class on certain other matters, as required by law. The fund's Board of Directors (the "Board") has designated Joni Evans and Robin A. Melvin as directors to be elected by the holders of APS.

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

#### 33
NOTES TO FINANCIAL STATEMENTS *(continued)*

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 fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

**(a) Portfolio valuation:** 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:

#### 34
The Board has designated 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.

The following is a summary of the inputs used as of November 30, 2022 in valuing the fund's investments:

#### 35
NOTES TO FINANCIAL STATEMENTS *(continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | **Total** |
| **Assets ($)** | **Assets ($)** | **Assets ($)** | **Assets ($)** |  |
| Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> | Investments in Securities:<sup>†</sup> |  |
| Collateralized Municipal-Backed Securities | - | 1184160 | - | **1184160** |
| Municipal Securities | - | 483514434 | - | **483514434** |
| **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** | **Liabilities ($)** |  |
| Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: | Other Financial Instruments: |  |
| Inverse Floater Notes<sup>††</sup> | - | (116414671) | - | **(116414671)** |

---

*<sup>†</sup> See Statement of Investments for additional detailed categorizations, if any.*

*<sup>††</sup> Certain of the fund's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.*

**(b) Securities transactions and investment income:** Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

**(c) Market Risk:** The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally.

Additional Information section within this report provides more details about the fund principal risk factors.

**(d) Dividends and distributions to Common Shareholders:** Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code

#### 36
of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Common Shareholders will have their distributions reinvested in additional shares of the fund, unless such Common Shareholders elect to receive cash, at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent for the fund's Common Stock, will buy fund shares in the open market and reinvest those shares accordingly.

On November 29, 2022, the Board declared a cash dividend of $.022 per share from net investment income, payable on December 30, 2022 to Common shareholders of record as of the close of business on December 14, 2022. The ex-dividend date was December 13, 2022.

**(e) Dividends and distributions to shareholders of APS:** Dividends, which are cumulative, are generally reset every seven days for each series of APS pursuant to a process specified in related fund charter documents. Dividend rates as of November 30, 2022, for each series of APS were as follows: Series A-4.304%, Series B-4.404% and Series C-4.304%. These rates reflect the "maximum rates" under the governing instruments as a result of "failed auctions" in which sufficient clearing bids are not received. The average dividend rates for the period ended November 30, 2022 for each series of APS were as follows: Series A-1.651%, Series B-1.650% and Series C-1.630%.

**(f) Federal income taxes:** It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended November 30, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended November 30, 2022, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended November 30, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

#### 37
NOTES TO FINANCIAL STATEMENTS *(continued)*

At November 30, 2022, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $2,518,726, accumulated capital losses $21,258,601 and unrealized depreciation $23,924,930.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to November 30, 2022. The fund has $14,677,345 of short-term capital losses and $6,581,256 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to Common Shareholders during the fiscal years ended November 30, 2022 and November 30, 2021 were as follows: tax-exempt income $18,209,261 and $17,842,485, respectively.

**(g) New accounting pronouncements:** In 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024 ("FASB Sunset Date"), after which entities will no longer be permitted to apply the relief in Topic 848.

#### 38
Management had evaluated the impact of Topic 848 on the fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the Reference Rate Reform. Management has no concerns in adopting Topic 848 by FASB Sunset Date. Management will continue to work with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines. As of November 30, 2022, management believes these accounting standards have no impact on the fund and does not have any concerns of adopting the regulations by FASB Sunset Date.

#### NOTE 2—Management Fee, Sub-Advisory Fee, Administration Fee, and Other Transactions with Affiliates:
**(a)** Pursuant to an investment advisory agreement with the Adviser, the management fee is computed at the annual rate of .50% of the value of the fund's average weekly net assets, inclusive of the outstanding APS, and is payable monthly. The fund also has an administration agreement with the Adviser and a custody agreement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY Mellon and an affiliate of the Adviser. The fund pays in the aggregate for administration, custody and transfer agency services, a monthly fee based on an annual rate of .25% of the value of the fund's average weekly net assets, inclusive of the outstanding APS. All out-of-pocket transfer agency and custody expenses, including custody transaction expenses, are paid separately by the fund.

The Adviser has undertaken, from December 1, 2022 through May 31, 2023, to waive receipt of a portion of the fund's management fee, in the amount of .10% of the value of the fund's average weekly net assets (including net assets representing APS outstanding). The reduction in expenses, pursuant to the undertaking, amounted to $405,292 during the period ended November 30, 2022.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .24% of the value of the fund's average weekly net assets, (including net assets representing APS outstanding).

**(b)** The fund has an arrangement with the Custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates the Custodian under a custody agreement for providing custodial services for the fund. These fees are determined based

#### 39
NOTES TO FINANCIAL STATEMENTS *(continued)*

on transaction activity. During the period ended November 30, 2022, the fund was charged $1,698 for out-of-pocket and custody transaction expenses, pursuant to the custody agreement. These fees were partially offset by earnings credits of $676.

During the period ended November 30, 2022, the fund was charged $10,216 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $148,859, Administration fee of $74,430, Custodian fees of $912 and Chief Compliance Officer fees of $1,633, which are offset against an expense reimbursement currently in effect in the amount of $29,704.

**(c)** Each Board Member also serves as a Board Member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

#### NOTE 3—Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended November 30, 2022, amounted to $125,156,558 and $122,765,378, respectively.

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.

#### 40
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.

The average amount of borrowings outstanding under the inverse floater structure during the period ended November 30, 2022 was approximately $122,693,246, with a related weighted average annualized interest rate of 1.62%.

At November 30, 2022, the cost of investments for federal income tax purposes was $392,208,853; accordingly, accumulated net unrealized depreciation on investments was $23,924,930, consisting of $5,841,837 gross unrealized appreciation and $29,766,767 gross unrealized depreciation.

#### 41

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of BNY Mellon Strategic Municipal Bond Fund, Inc.

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of BNY Mellon Strategic Municipal Bond Fund, Inc. (the "Fund"), including the statement of investments, as of November 30, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_c92d227731c94.jpg)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York<br>January 23, 2023

#### 42
ADDITIONAL INFORMATION (Unaudited)

#### Dividend Reinvestment Plan
Under the fund's Dividend Reinvestment Plan (the "Plan"), a Common Shareholder who has fund shares registered in his or her name will have all dividends and distributions reinvested automatically by Computershare Trust Company, N.A., as Plan administrator (the "Administrator"), in additional shares of the fund at the lower of prevailing market price or net asset value (but not less than 95% of market value at the time of valuation) unless such Common Shareholder elects to receive cash as provided below. If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price or if a cash dividend only is declared, the Administrator, as agent for the Plan participants, will buy fund shares in the open market. A Plan participant is not relieved of any income tax that may be payable on such dividends or distributions.

A Common Shareholder who owns fund shares registered in nominee name through his or her broker/dealer (i.e., in "street name") may not participate in the Plan, but may elect to have cash dividends and distributions reinvested by his or her broker/dealer in additional shares of the fund if such service is provided by the broker/dealer; otherwise such dividends and distributions will be treated like any other cash dividend.

A Common Shareholder who has fund shares registered in his or her name may elect to withdraw from the Plan at any time for a $5.00 fee and thereby elect to receive cash in lieu of shares of the fund. Changes in elections must be in writing, sent to The Bank of New York Mellon, c/o Computershare Inc., P.O. Box 30170, College Station, TX 77842-3170, should include the Common Shareholder's name and address as they appear on the Administrator's records and will be effective only if received more than fifteen days prior to the record date for any distribution.

The Administrator maintains all Common Shareholder accounts in the Plan and furnishes written confirmations of all transactions in the account. Shares in the account of each Plan participant will be held by the Administrator in non-certificated form in the name of the participant, and each such participant's proxy will include those shares purchased pursuant to the Plan.

The fund pays the Administrator's fee for reinvestment of dividends and distributions. Plan participants pay a pro rata share of brokerage commissions incurred with respect to the Administrator's open market purchases in connection with the reinvestment of dividends or distributions.

The fund reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid subsequent to written notice of the change sent to Plan participants at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by the Administrator on at least 90 days' written notice to Plan participants.

#### Level Distribution Policy
The fund's dividend policy is to distribute substantially all of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more consistent yield to the current trading price of shares of Common Stock of the fund, the fund may at

#### 43
ADDITIONAL INFORMATION (Unaudited) *(continued)*

times pay out less than the entire amount of net investment income earned in any particular month and may at times in any month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the fund for any particular month may be more or less than the amount of net investment income earned by the fund during such month.

#### Investment Objective and Principal Investment Strategies
<u>Investment Objective</u>. The fund's investment objective is to maximize current income exempt from federal income tax to the extent believed by the Adviser to be consistent with the preservation of capital. The fund's investment objective is fundamental and may not be changed without the affirmative vote of the holders of a majority (as defined in the Act) of the fund's outstanding voting securities. No assurance can be given that the fund will achieve its investment objective.

<u>Fundamental Investment Policy</u>. The fund ordinarily invests all of its net assets in municipal obligations that provide income exempt from federal personal income tax, and has adopted a fundamental investment policy to invest, under normal market conditions, at least 80% of its net assets in municipal obligations. As with the fund's investment objective, this investment policy may not be changed without the affirmative vote of the holders of a majority (as defined in the Act) of the fund's outstanding voting securities.

<u>Non-Fundamental Investment Policies</u>. Under normal market conditions, the fund invests at least 80% of its net assets in municipal obligations considered investment grade by Moody's, S&P or Fitch or the unrated equivalent as determined by the Sub-Adviser in the case of bonds, and in the two highest rating categories of Moody's, S&P or Fitch or the unrated equivalent as determined by the Sub-Adviser in the case of short term obligations having or deemed to have maturities of less than one year. The fund may invest the remainder of its assets in municipal obligations considered below investment grade by Moody's, S&P and Fitch, including those rated no lower than C, but it currently is the intention of the fund to invest such remainder of its assets

#### 44
primarily in bonds rated no lower than Ba by Moody's and BB by S&P and Fitch. Bonds rated below investment grade and short term obligations rated below the two highest rating categories of Moody's, S&P and Fitch will be purchased only if the Sub-Adviser determines that the purchase is consistent with the fund's investment objective. Investment grade bonds are those rated in the four highest rating categories of Moody's, S&P or Fitch. The fund also may invest in taxable investments to the extent and of the quality described below. At least 65% of the value of the fund's net assets (except when maintaining a temporary defensive position) will be invested in bonds and debentures.

Under normal market conditions, the weighted average maturity of the fund's portfolio is expected to exceed ten years. The fund emphasizes investments in municipal obligations with long term maturities, but the degree of such emphasis depends upon market conditions existing at the time of investment. Under normal market conditions, long term municipal obligations generally provide a higher yield than short term municipal obligations. The fund, however, may invest in short term municipal obligations when their yields are greater than yields available on long term municipal obligations and for temporary defensive purposes.

From time to time, the fund may invest more than 25% of the value of its total assets in industrial development bonds which, although issued by industrial development authorities, may be backed only by the assets and revenues of the non-governmental users. Interest on certain municipal obligations (including certain industrial development bonds) which are specific private activity bonds, while exempt from federal income tax, is a preference item for the purpose of the federal alternative minimum tax. If the fund, as a regulated investment company, receives such interest, a proportionate share of any exempt-interest dividend paid by the fund will be treated as a preference item to an investor. The fund may invest without limitation in such municipal obligations if the Adviser determines that their purchase is consistent with the fund's investment objective.

<u>Taxable Investments and other Investment Techniques.</u>

The fund may employ, among others, the investment techniques described below. Use of certain of these techniques may give rise to taxable income.

*Temporary Investments*. From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the fund's net assets) or for temporary defensive purposes without limitation, the fund may invest in taxable short term investments ("Taxable Investments") consisting of: notes of issuers having, at the time of purchase, a quality rating within the two highest grades of Moody's, S&P or Fitch; obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated at least P-2 by Moody's or at least A-2 by S&P or Fitch; certificates of deposit of U.S. domestic banks, including foreign branches of domestic banks, with assets of $1 billion or more; bankers' acceptances; time deposits; and repurchase agreements in respect of any of the foregoing. Dividends paid by the fund that are attributable to interest earned from Taxable Investments will be taxable to investors. Under normal

#### 45
ADDITIONAL INFORMATION (Unaudited) *(continued)*

market conditions, the fund anticipates that not more than 5% of its total assets will be invested in any of the foregoing categories of Taxable Investments.

*When-Issued Securities*. New issues of municipal obligations usually are offered on a when-issued basis, which means that delivery and payment for such municipal obligations normally take place within 35 days after the date of the commitment to purchase. The payment obligation and the interest rate that will be received on the municipal obligations are fixed at the time the buyer enters into the commitment. The fund will make commitments to purchase such municipal obligations only with the intention of actually acquiring the securities, but the fund may sell these securities before the settlement date if it is deemed advisable, although any gain realized on such sale would be taxable. The fund will not accrue income with respect to a when-issued security before its stated delivery date. No additional when-issued commitments will be made if more than 20% of the fund's net assets would be so committed.

*Stand-By Commitments*. The fund may acquire "stand-by commitments" with respect to municipal obligations held in its portfolio. Under a stand-by commitment the fund obligates a broker, dealer or bank to repurchase, at the fund's option, specified securities at a specified price and, in this respect, stand-by commitments are comparable to put options. The exercise of a stand-by commitment, therefore, is subject to the ability of the seller to make payment on demand. The fund will acquire stand-by commitments solely to facilitate portfolio liquidity and does not intend to exercise its rights thereunder for trading purposes. The fund anticipates that stand-by commitments will be available from brokers, dealers and banks without the payment of any direct or indirect consideration. The fund may pay for stand-by commitments if such action is deemed necessary, thus increasing to a degree the cost of the underlying municipal obligation and similarly decreasing such security's yield to investors.

*Inverse Floating Rate Securities*. The fund may invest in residual interest municipal obligations whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index ("inverse floaters"). An investment in inverse floaters may involve greater risk than an investment in a fixed-rate bond. Because changes in the interest rate on the other security or index inversely affect the residual interest paid on the inverse floater, the value of an inverse floater is generally more volatile than that of a fixed-rate bond. Inverse floaters have interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest paid to the fund when short term interest rates rise, and increase the interest paid to the fund when short term interest rates fall. Inverse floaters have varying degrees of liquidity, and the market for these securities is relatively volatile. These securities tend to underperform the market for fixed-rate bonds in a rising interest rate environment, but tend to outperform the market for fixed-rate bonds when interest rates decline. Shifts in long term interest rates may, however, alter this tendency. Although volatile, inverse floaters typically offer the potential for yields exceeding the yields available on fixed-rate bonds with comparable credit quality, coupon, call provisions and maturity. These securities usually permit the investor to convert the floating-rate to a fixed-rate (normally adjusted

#### 46
downward), and this optional conversion feature may provide a partial hedge against rising rates if exercised at an opportune time.

<u>Use of Leverage</u>. The fund utilizes leverage to seek to enhance the yield and net asset value of its Common Stock. These objectives cannot be achieved in all interest rate environments. To leverage, the fund issues APS and floating rate certificate securities, which pay dividends or interest at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share net asset value of the fund's Common Stock. In order for either of these forms of leverage to benefit Common Shareholders, the yield curve must be positively sloped: that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change along with other factors that may have an effect on APS dividends or floating rate certificate securities, then the risk of leveraging will begin to outweigh the benefits.

#### Principal Risk Factors
The fund is a diversified, closed-end management investment company designed primarily as a long-term investment and not as a short-term trading vehicle. The fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the fund will achieve its investment objective. Different risks may be more significant at different times depending on market conditions.

*Municipal Obligations Risk.* The amount of public information available about municipal obligations is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal obligations. Other factors include the general conditions of the municipal obligations market, the size of the particular offering, and the maturity of the obligation and the rating of the issue. The municipal obligations market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). During periods of reduced market liquidity, the fund may not be able to readily sell municipal obligations at prices at or near their perceived value. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's net asset value per share of Common Stock. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory or possession of the United States in which the fund invests could affect the market values and marketability of many or all municipal securities of such state, territory or possession.

#### 47
ADDITIONAL INFORMATION (Unaudited) *(continued)*

In addition, the fund may invest up to 20% of its net assets in below investment grade municipal obligations. Below investment grade municipal obligations (commonly referred to as "high yield" or "junk" bonds) involve substantial risk of loss and are considered predominantly speculative with respect to the issuer's or obligor's ability to pay interest and repay principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high yield municipal obligations tend to be very volatile, and those bonds are less liquid than investment grade municipal obligations.

Because there is no established retail secondary market for many of these municipal obligations, it may be anticipated that such obligations could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market for these obligations does exist, it generally is not as liquid as the secondary market for higher-rated municipal obligations. The lack of a liquid secondary market may have an adverse impact on market price and yield and the fund's ability to dispose of particular issues in response to a specific economic event such as a deterioration in the creditworthiness of the issuer. The lack of a liquid secondary market for certain municipal obligations also may make it more difficult for the fund to obtain accurate market quotations for purposes of valuing the fund's portfolio and calculating its net asset value. In such cases, the Sub-Adviser's judgment may play a greater role in valuation because less reliable, objective data may be available.

*Call Risk*. Some municipal obligations give the issuer the option to "call," or prepay, the securities before their maturity date. If interest rates fall, it is possible that issuers of callable bonds with high interest coupons will call their bonds. If a call were exercised by the issuer of a bond held by the fund during a period of declining interest rates, the fund is likely to replace such called bond with a lower yielding bond. If that were to happen, it could decrease the fund's distributions and possibly could affect the market price of the Common Stock. Similar risks exist when the fund invests the proceeds from matured, traded or prepaid bonds at market interest rates that are below the fund's current earnings rate. A decline in income could affect the market price or overall return of the Common Stock. During periods of market illiquidity or rising interest rates, prices of "callable" issues are subject to increased price fluctuation.

*Credit Risk*. Credit risk is the risk that one or more municipal bonds in the fund's portfolio will decline in price, or the issuer or obligor thereof will fail to pay interest or repay principal when due, because the issuer or obligor experiences a decline or there is a perception of a decline in its financial status. Below investment grade municipal obligations involve greater credit risk than investment grade municipal obligations. In addition, sizable investments by the fund in revenue obligations could involve an increased risk to the fund should any of the related facilities experience financial difficulties.

*Interest Rate Risk.* Prices of municipal obligations and other fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause

#### 48
interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the values of already-issued fixed-income securities generally rise. However, when interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. Interest rates in the United States, however, have been rising and are expected to continue to increase in the future. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance.

*Tax Risk.* To be tax-exempt, municipal obligations generally must meet certain regulatory requirements. Although the fund will invest in municipal obligations that pay income that is exempt, in the opinion of counsel to the issuer (or on the basis of other authority believed by the Adviser to be reliable), from regular federal income tax, if any such municipal obligation fails to meet these regulatory requirements, the income received by the fund from its investment in such obligations and distributed by the fund to Common Shareholders will be taxable. Changes or proposed changes in federal tax laws may cause the prices of municipal obligations to fall. In addition, the federal income tax treatment of payments in respect of certain derivatives contracts is unclear. Common Shareholders may receive distributions that are attributable to derivatives contracts that are treated as ordinary income for federal income tax purposes

*Liquidity Risk.* When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's net asset value per share of Common Stock may fall dramatically, even during periods of declining interest rates. Other market developments can adversely affect fixed-income securities markets. Regulations and business practices, for example, have led some financial intermediaries to curtail their capacity to engage in trading (*i.e.*, "market making") activities for certain fixed-income securities, which could have the potential to decrease liquidity and increase volatility in the fixed-income securities markets. The secondary market for certain municipal obligations tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal obligations at attractive prices. Investments that are illiquid or that trade in lower volumes may be more difficult to value. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases

#### 49
ADDITIONAL INFORMATION (Unaudited) *(continued)*

in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates).

*When-Issued Securities Risk.* When purchasing a security on a forward commitment basis, the fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. Because the fund is not required to pay for these securities until the delivery date, these risks are in addition to the risks associated with the fund's other investments. Securities purchased on a forward commitment, when-issued or delayed-delivery basis are subject to changes in value (generally appreciating when interest rates decline and depreciating when interest rates rise) based upon the public's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased on a forward commitment, when-issued or delayed-delivery basis may expose the fund to risks because they may experience such fluctuations prior to their actual delivery.

*Use of Leverage Risk.* Leverage is a speculative technique and there are special risks and costs associated with leveraging. There is no assurance that leveraging strategy will be successful. Leverage involves risks and special considerations for Common Shareholders, including: the likelihood of greater volatility of net asset value, market price and dividend rate of Common Stock than a comparable portfolio without leverage; the risk that fluctuations in the interest or dividend rates that the fund must pay on any leverage will reduce the return to Common Shareholders; the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of Common Stock than if the fund were not leveraged, which may result in a greater decline in the market price of Common Stock.

*Market Risk.* The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. To the extent the fund may overweight its investments in certain

#### 50
regions, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those regions, companies, industries or sectors.

*Risk of Market Price Discount from Net Asset Value.* Shares of closed-end funds, such as the fund, frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that net asset value could decrease as a result of investment activities. The fund cannot predict whether its Common Stock will trade at, above or below net asset value.

*Management Risk.* The fund is subject to management risk because the Adviser actively manages the fund. The Sub-Adviser and the fund's portfolio managers will apply investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that these will produce the desired results.

*Cybersecurity Risk.* The fund and its service providers are susceptible to operational and information security risks due to cybersecurity incidents. In general, cybersecurity incidents can result from deliberate attacks or unintentional events. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g*., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make services unavailable to intended users). Cybersecurity incidents affecting the Adviser or other service providers, as well as financial intermediaries, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the fund's ability to calculate its net asset value; impediments to trading for the fund's portfolio; the inability of Common Shareholders to transact business with the fund; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the fund invests, counterparties with which the fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed which are designed to reduce the risks associated with cybersecurity, there are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

Given the risks described above, an investment in Common Stock may not be appropriate for all investors. You should carefully consider your ability to assume these risks before making an investment in the fund.

#### 51
ADDITIONAL INFORMATION (Unaudited) *(continued)*

#### Recent Changes
During the period ended November 30, 2022, there were: (i) no material changes in the fund's investment objectives or policies that have not been approved by shareholders, (ii) no changes in the fund's charter or by-laws that would delay or prevent a change of control of the fund that have not been approved by shareholders, (iii) no material changes to the principal risk factors associated with investment in the fund, and (iv) no change in the persons primarily responsible for the day-to-day management of the fund's portfolio.

#### 52
IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from net investment income during its fiscal year ended November 30, 2022 as "exempt-interest dividends" (not generally subject to regular federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund's taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2022 calendar year on Form 1099-DIV, which will be mailed in early 2023.

#### 53
INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT ADVISORY, ADMINISTRATION AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund's Board of Directors held on October 31-November 1, 2022, the Board considered the renewal of the fund's Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, respectively, and the Sub-Investment Advisory Agreement (together with the Investment Advisory Agreement and Administration Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

<u>Analysis of Nature, Extent, and Quality of Services Provided to the Fund</u>. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser noted that the fund is a closed-end fund without daily inflows and outflows of capital and provided the fund's asset size.

The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser.

<u>Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio</u>. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the fund's performance with the performance of a group of leveraged closed-end general and insured municipal debt funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all leveraged closed-end general and insured municipal debt funds (the "Performance Universe"), all for various periods ended September 30, 2022, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all leveraged closed-end general and insured municipal debt funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a

#### 54
description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

*Performance Comparisons*. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies and the extent and manner in which leverage is employed that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance, on a net asset value basis, was below the Performance Group median for all periods, except the two-year period when the fund's total return performance was above the Performance Group median, and was below the Performance Universe median for all periods, except the one- and two-years periods when the fund's total return performance was at or above the Performance Universe median. The Board also considered that the fund's total return performance, on a market price basis, was below the Performance Group and Performance Universe medians for all periods, except the one- and two-years periods when the fund's total return performance was at or above the Performance Group median and above the Performance Universe median. The Board also considered that the fund's yield performance, on a net asset value basis, was at or above the Performance Group and Performance Universe medians for nine of the ten one-year periods ended September 30<sup>th</sup> and, on a market price basis, was at or above the Performance Group median for all of the ten one-year periods ended September 30<sup>th</sup> and at or above the Performance Universe median for nine of the ten one-year periods ended September 30<sup>th</sup>. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund's underperformance versus the Performance Group and Performance Universe during certain periods under review and noted that the portfolio managers are very experienced with an impressive long-term track record and continued to apply a consistent investment strategy. The Board also considered the relative proximity of the fund's performance to the relevant Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund's calendar year total returns, on a net asset value basis, to the returns of the fund's benchmark index, and it was noted that the fund's returns were above the returns of the index in seven of the ten calendar years shown.

*Management Fee and Expense Ratio Comparisons*. The Board reviewed and considered the contractual management fee rate (*i.e*., the aggregate of the investment advisory and administration fees pursuant to the Investment Advisory Agreement and Administration Agreement) payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year, which included reductions for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the

#### 55
INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT ADVISORY, ADMINISTRATION AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) *(continued)*

Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that, based on common assets alone, the fund's contractual management fee was higher than the Expense Group median contractual management fee and the fund's actual management fee was lower than the Expense Group median and the Expense Universe median actual management fee and the fund's total expenses were lower than the Expense Group median and Expense Universe median total expenses. The Board also considered that, based on common and leveraged assets together, the fund's actual management fee was higher than the Expense Group median and Expense Universe median actual management fee and the fund's total expenses were higher than the Expense Group median and Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser had agreed, until May 31, 2023, to waive receipt of a portion of its management fee from the fund in the amount of .10% of the value of the fund's average weekly net assets (including net assets representing APS outstanding).

Representatives of the Adviser reviewed with the Board the contractual management fee paid by funds advised by the Adviser that are in the same Lipper category as the fund (the "Similar Funds"), and explained the nature of the Similar Funds. They discussed differences in fees paid in light of any differences in the services provided and other relevant factors, noting that the fund is a closed-end fund. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund's management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.

<u>Analysis of Profitability and Economies of Scale</u>. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund

#### 56
complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were not significant economies of scale at this time to be realized by the Adviser in managing the fund's assets. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;· The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are adequate and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· The Board generally was satisfied with the fund's overall relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;· The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Investment Advisory Agreement and Administration Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-

#### 57
INFORMATION ABOUT THE RENEWAL OF THE FUND'S INVESTMENT ADVISORY, ADMINISTRATION AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) *(continued)*

Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

#### 58
BOARD MEMBERS INFORMATION (Unaudited)

*Independent Board Members*

#### Joseph S. DiMartino (79)

#### Chairman of the Board (1995)
Current term expires in 2024.

*Principal Occupation During Past 5 Years:*

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund's Statement of Additional Information) (1995-Present)

*Other Public Company Board Memberships During Past 5 Years:*

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (1997-Present)

*No. of Portfolios for which Board Member Serves:* 92*

———————

#### Joni Evans (80)

#### Board Member (2006)
Current term expires in 2024.

*Principal Occupation During Past 5 Years:*

· www.wowOwow.com, an online community dedicated to women's conversations and publications, *Chief Executive Officer* (2007-2019)

· Joni Evans Ltd. publishing, *Principal* (2006-2019)

*No. of Portfolios for which Board Member Serves:* 17

———————

#### Joan Gulley (75)

#### Board Member (2017)
Current term expires in 2023.

*Principal Occupation During Past 5 Years:*

· Nantucket Atheneum, public library, *Chair* (2018-June 2021) and *Director* (2015-June 2021)

· Orchard Island Club, golf and beach club, *Governor* (2016-Present)

*No. of Portfolios for which Board Member Serves:* 39*

———————

#### 59
BOARD MEMBERS INFORMATION (Unaudited) (continued)

#### Alan H. Howard (63)

#### Board Member (2018)
Current term expires in 2025.

*Principal Occupation During Past 5 Years:*

· Heathcote Advisors LLC, a financial advisory services firm, *Managing Partner* (2008-Present)

· Dynatech/MPX Holdings LLC, a global supplier and service provider of military aircraft parts, *President* (2012-2019); and *Board Member* of its two operating subsidiaries, Dynatech International LLC and Military Parts Exchange LLC (2012-2019), including *Chief Executive Officer* of an operating subsidiary, Dynatech International LLC (2013-2019)

· Rossoff & Co., an independent investment banking firm, *Senior Advisor* (2013-June 2021)

*Other Public Company Board Memberships During Past 5 Years:*

· Movado Group, Inc., a public company that designs, sources, markets and distributes watches, *Director* (1997-Present)

· Diamond Offshore Drilling, Inc., a public company that provides contract drilling services, *Director* (March 2020-April 2021)

*No. of Portfolios for which Board Member Serves:* 17

———————

#### Robin A. Melvin (59)

#### Board Member (1995)
Current term expires in 2025.

*Principal Occupation During Past 5 Years:*

· Westover School, a private girls' boarding school in Middlebury, Connecticut, *Trustee* (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois. *Co-Chair* (2014–2020); *Board Member*, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, *Board Member* (June 2021-June 2022)

*Other Public Company Board Memberships During Past 5 Years:*

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, *Trustee* (August 2021-Present)

*No. of Portfolios for which Board Member Serves:* 71

———————

#### Burton N. Wallack (72)

#### Board Member (2006)
Current term expires in 2023.

*Principal Occupation During Past 5 Years:*

Wallack Management Company, a real estate management company, *President and Co-owner* (1987-Present)

*Other Public Company Board Memberships During Past 5 Years:*

Mount Sinai Hospital Urology, *Board Member* (2017-Present)

*No. of Portfolios for which Board Member Serves:* 17

———————

#### 60

#### Benaree Pratt Wiley (76)

#### Board Member (1998)
Current term expires in 2023.

*Principal Occupation During Past 5 Years:*

· The Wiley Group, a firm specializing in strategy and business development. *Principal* (2005-Present)

*Other Public Company Board Memberships During Past 5 Years:*

· CBIZ, Inc., a public company providing professional business services, products and solutions, *Director* (2008-Present)

· Blue Cross-Blue Shield of Massachusetts, *Director* (2004-2020)

*No. of Portfolios for which Board Member Serves:* 60*

———————

#### Gordon J. Davis (81)

#### Advisory Board Member (2021)
*Principal Occupation During Past 5 Years:*

· Venable LLP, a law firm, Partner (2012-Present)

*Other Public Company Board Memberships During Past 5 Years:*

· BNY Mellon Family of Funds (53 funds), *Board Member* (1995-August 2021)

*No. of Portfolios for which Advisory Board Member Serves:* 39*

———————

*The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc., 240 Greenwich Street, New York, New York 10286.* 

#### 61
OFFICERS OF THE FUND (Unaudited)

#### DAVID DIPETRILLO, President since January 2021.
Vice President and Director of Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by Adviser or an affiliate of Adviser. He is 44 years old and has been an employee of BNY Mellon since 2005.

#### JAMES WINDELS, Treasurer since November 2001.
Vice President of Adviser since September 2020; and Director–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 64 years old and has been an employee of Adviser since April 1985.

#### PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from March 2009 to December 2020. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 54 years old and has been an employee of BNY Mellon since April 2004.

#### JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of Adviser. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 56 years old and has been an employee of Adviser since December 1996.

#### DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. She is 32 years old and has been an employee of Adviser since August 2018.

#### SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. She is 47 years old and has been an employee of Adviser since March 2013.

#### JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 57 years old and has been an employee of Adviser since October 1990.

#### AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. She is 37 years old and has been an employee of Adviser since June 2019.

#### 62

#### NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. She is 37 years old and has been an employee of BNY Mellon since May 2016.

#### DANIEL GOLDSTEIN, Vice President since March 2022.
Vice President and Head of Product Development of North America Product, BNY Mellon Investment Management since January 2018; Co-Head of Product Management, Development & Oversight of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President, Development & Oversight of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by Adviser or an affiliate of Adviser. He is 53 years old and has been an employee of the Distributor since 1991.

#### JOSEPH MARTELLA, Vice President since March 2022.
Vice President and Head of Product Management of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010. He is an officer of 54 investment companies (comprised of 107 portfolios) managed by Adviser or an affiliate of Adviser. He is 46 years old and has been an employee of the Distributor since 1999.

#### GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 54 years old and has been an employee of Adviser since April 1991.

#### ROBERT SALVIOLO, Assistant Treasurer since May 2007.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 55 years old and has been an employee of Adviser since June 1989.

#### ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager–BNY Mellon Fund Administration. He is an officer of 55 investment companies (comprised of 127 portfolios) managed by Adviser or an affiliate of Adviser. He is 55 years old and has been an employee of Adviser since November 1990.

#### JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of Adviser from 2004 until June 2021. He is the Chief Compliance Officer of 54 investment companies (comprised of 112 portfolios) managed by Adviser. He is 65 years old.

#### 63
This page intentionally left blank.

OFFICERS AND DIRECTORS<br>BNY Mellon Strategic Municipal Bond Fund, Inc.

240 Greenwich Street<br>New York, NY 10286

---

| | |
|:---|:---|
|  **Directors** | **Chief Compliance Officer** |
| Joseph S. DiMartino, Chairman | &nbsp;&nbsp;&nbsp;&nbsp; Joseph W. Connolly |
| Joni Evans<sup>†</sup> | **Portfolio Managers** |
| Joan Gulley | Daniel A. Rabasco |
| Alan H. Howard | Jeffrey B. Burger |
| Robin A. Melvin <sup>†</sup> |  |
| Burton N. Wallack |  |
| Benaree Pratt Wiley | **Investment Adviser and Administrator** |
| Gordon Davis<sup>††</sup> | BNY Mellon Investment Adviser, Inc. |
| <sup>†</sup> Elected by APS Holders | **Sub-Adviser** |
| <sup>††</sup> Advisory Board Member | Insight North America LLC |
| **Officers** | **Custodian** |
| President | The Bank of New York Mellon |
| &nbsp;&nbsp;&nbsp;&nbsp; David DiPetrillo | **Counsel** |
| Chief Legal Officer | Proskauer Rose LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter M. Sullivan | **Transfer Agent,** |
| Vice President and Secretary | **Dividend - Paying Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Bitetto | **Disbursing Agent and Registrar** |
| Vice President and Secretaries | Computershare Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Deirdre Cunnane | (Common Stock) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarah S. Kelleher | Deutsche Bank Trust Company America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Prusnofsky | (Auction Preferred Stock) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amanda Quinn | **Auction Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natalya Zelensky | Deutsche Bank Trust Company America |
| Treasurer | (Auction Preferred Stock) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Windels | **Stock Exchange Listing** |
| Vice Presidents | NYSE Symbol: DSM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Goldstein | **Initial SEC Effective Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph Martella | 11/22/89 |
| Assistant Treasurers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gavin C. Reilly |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Salviolo |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Svagna |  |
| *The fund's net asset value per share appears in the following publications: Barron's, Closed-End Bond Funds section under the heading "Municipal Bond Funds" every Monday; and The Wall Street Journal, Mutual Funds section under the heading "Closed-End Funds" every Monday.* | *The fund's net asset value per share appears in the following publications: Barron's, Closed-End Bond Funds section under the heading "Municipal Bond Funds" every Monday; and The Wall Street Journal, Mutual Funds section under the heading "Closed-End Funds" every Monday.* |
| *Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its Common Stock in the open market when it can do so at prices below the then current net asset value per share.* | *Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its Common Stock in the open market when it can do so at prices below the then current net asset value per share.* |

---

For More Information

#### BNY Mellon Strategic Municipal Bond Fund, Inc.
240 Greenwich Street

New York, NY 10286

#### Adviser and Administrator
BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

#### Sub-Adviser
Insight North America LLC

200 Park Avenue, 7<sup>th</sup> Floor

New York, NY 10166

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Transfer Agent & <br> Registrar (Common Stock)
Computershare Inc.

480 Washington Boulevard

Jersey City, NJ 07310

#### Dividend Disbursing Agent (Common Stock)
Computershare Inc.

P.O. Box 30170

College Station, TX 77842

---

| | |
|:---|:---|
| **Ticker Symbol:** | DSM |

---

For more information about the fund, visit https://im.bnymellon.com/us/en/products/closed-end-funds.jsp. Here you will find the fund's most recently available quarterly fact sheets and other information about the fund. The information posted on the fund's website is subject to change without notice.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The fund's Forms N-PORT are available on the SEC's website at <u>www.sec.gov</u>.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.com and on the SEC's website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

---

| | |
|:---|:---|
| <br>0852AR1122 | ![](img_ffefeff4a87c4.jpg) |

---

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board has determined that Alan H. Howard, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Howard is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $36,686 in 2021 and $37,420 in 2022.

(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $33,760 in 2021 and $34,498 in 2022. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2021 and $0 in 2022.

(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,342 in 2021 and $3,342 in 2022. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $8,158 in 2021 and $8,158 in 2022.

(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2021 and $0 in 2022. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2021 and $0 in 2022.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $2,747,329 in 2021 and $2,144,335 in 2022.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, consisting of all of the non-interested Board members, who are: Joseph S. DiMartino, Joni Evans, Joan Gulley, Alan H. Howard, Robin A. Melvin, Burton N. Wallack and Benaree P. Wiley.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Fund's Board of Directors has adopted the following procedures with respect to proxy voting by the Fund.

**SUMMARY OF THE FUND'S PROXY VOTING POLICY AND PROCEDURES**

The Fund's Board of Directors has adopted the following procedures with respect to proxy voting by the Fund.

<u>Delegation of Proxy Voting Responsibility and Adoption of Proxy Voting Procedures</u>

The Board has delegated the authority to vote proxies of companies held in the Fund's portfolio to Insight North America LLC ("INA"), the Fund's sub-investment adviser, as described below. BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser") serves as the Fund's investment adviser.

In addition, the Board has adopted INA's proxy voting procedures pursuant to which proxies of companies held in the Fund's portfolio will be voted.

<u>Proxy Voting Operations</u>

The Fund has engaged ISS as its proxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. Each fund in the BNY Mellon Family of Funds bears an equal share of ISS's fees in connection with the proxy voting and related services that ISS provides in respect of the funds.

<u>Voting Shares of Certain Registered Investment Companies</u>

Under certain circumstances, when the Fund owns shares of another registered investment company (an "Acquired Fund"), the Fund may be required by the 1940 Act or the rules thereunder, or exemptive relief from the 1940 Act and/or the rules thereunder, to vote such Acquired Fund shares in a certain manner, such as voting the Acquired Fund shares in the same proportion as the vote of all other shareholders of such Acquired Fund.

<u>Policies and Procedures; Oversight</u>

The CCO is responsible for confirming that the Firms have adopted and implemented written policies and procedures that are reasonably designed to ensure that the funds' proxies are voted in the best interests of the funds. In addition, the adequacy of such policies and procedures are reviewed at least annually, and proxy voting for the funds is monitored to ensure compliance with the Firms' procedures, as applicable, such as by sampling votes cast for the funds, including routine proposals as well as those that require more analysis, to determine whether they complied with the applicable Firm's Proxy Voting Procedures.

Oversight of ISS for Voting Proxies for of Designated BHC Securities. For ISS's voting activities in respect of proxies for securities of the Designated BHCs, BNYM Investment Adviser, through its legal, operational and administrative support groups, as well as certain BNY Mellon vendor review groups and engaged external consulting firms, shall provide ongoing oversight of ISS in order to ensure that ISS continues to vote proxies in the best interests of the funds and shall establish and implement measures reasonably designed to identify and address any conflicts involving ISS that can arise on an ongoing basis by requiring ISS to provide updates regarding any changes to its business, including with respect to capacity and competency to provide proxy voting advice, or its conflict policies and procedures.

<u>Review of Proxy Voting</u>

BNYM Investment Adviser reports annually to the boards on the funds' proxy voting, including information regarding: (1) proxy voting proposals that were voted; (2) proxy voting proposals that were voted against the management company's recommended vote, but in accordance with the applicable proxy voting guidelines; and (3) proxy voting proposals that were not voted, including the reasons the proxy voting proposals were not voted.

<u>Availability of Fund Proxy Voting Records</u>

Pursuant to Rule 30b1-4 under the 1940 Act, the funds are required to file their complete proxy voting record with the SEC on Form N-PX not later than August 31<sup>st</sup> of each year for the most recent twelve-month period ended June 30<sup>th</sup>. In addition, this information is available, by August 31<sup>st</sup> of each year, at www.im.bnymellon.com. The funds have delegated the responsibility for gathering this information, filing Form N-PX and posting voting information to the website to BNYM Investment Adviser, with the assistance of ISS.

**SUMMARY OF INA'S PROXY VOTING POLICY AND PROCEDURES**

**1. Introduction**

INA seeks to actively exercise its rights and responsibilities in regard to proxy voting on behalf of Clients and is an essential part of maximizing shareholder value, ensuring good governance and delivering investment performance aligned with our Clients' long-term economic interests.

The Insight Proxy Voting Policy ("Policy") sets out the arrangements employed by Insight Investment Management (Global) Limited, Insight Investment Management (Europe) Limited, Insight North America LLC and Insight Investment International Limited (collectively "Insight"), where Insight has been granted by its Clients the authority to vote the proxies of the securities held in Client portfolios.

**2. Policy Statement**

Insight is committed to integrating governance and voting all our proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight's objective is to vote proxies in the best interests of its Clients.

**3. Scope**

Insight is committed to integrating governance and voting all our proxies where it is deemed appropriate and responsible to do so for the relevant asset class. In such cases, Insight's objective is to vote proxies in the best interests of its Clients.

**4. Proxy Voting Process**

Insight's proxy voting activity adheres to best-practice standards and is a component of Insight's Stewardship and Engagement Policy. In implementing its Voting Policy, Insight will take into account a number of factors used to provide a framework for voting each proxy. These include:

*Leadership: Every company should be led by an effective board whose approach is consistent with creating sustainable long-term growth.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Strategy: Company leadership should define a clear purpose and set long term objectives for delivering value to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Culture: The board should promote a diverse and inclusive culture which strongly aligns to the values of the company. It should seek
to monitor culture and ensure that it is regularly engaging with its workforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engagement with Shareholders: The board and senior management should be transparent and engaged with existing shareholders. The board
should have a clear understanding of the views of shareholders. The board should seek to minimize unnecessary dilution of equity and preserve
the rights of existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustainability: The board should take account of environmental, social and governance risks and opportunities when setting strategy
and in their company monitoring role.

*Structure: The board should have clear division of responsibilities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Chair: The chair of the board should demonstrate objective judgment and promote transparency and facilitate constructive debate
to promote overall effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Board: There should be an appropriate balance of executive and non-executive directors. Non-executive directors should be evaluated
for independence. No one individual should have unfettered decision-making. There should be a clear division, between the board and the
executive leadership of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Resources: The board should ensure it has sufficient governance policies, influence and resources to function effectively. Non-executive
directors should have sufficient time to fulfil their obligations to the company as directors.

*Effectiveness: The board should seek to build strong institutional knowledge to ensure long term efficient and sustainable operations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Appointment: There should be a formal appointment process, which ensures that the most qualified individuals are selected for the
board. This process should be irrespective of bias to ensure appropriate diversity of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Knowledge: The board should be comprised of those with the knowledge, skills and experience to effectively discharge their duties.
The board should have sufficient independence to serve as an effective check on company management and ensure the best outcomes for shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluation: The board should be evaluated for effectiveness on a regular basis. Board member's contributions should be considered
individually.

*Independence: The board should present a fair and balanced view of the company's position and prospects.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Integrity: The board should ensure that all reports produced accurately reflect the financial position, prospects and risks relevant
to the company. The board should ensure the independence and effectiveness of internal and external audit functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Audit: The board should ensure that clear, uncontentious accounts are produced. These should conform to the relevant best accountancy
practices and accurately represent the financial position of the company. Deviations from standard accounting practices should be clearly
documented with a corresponding rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Risk: The board should ensure the company has sound risk management and internal control systems. There should be a regular assessment
and communication of the company's emerging and principal risks.

*Remuneration: Levels of remuneration should be sufficient to attract, retain and motivate talent of the quality required to run the company successfully.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Goal Based: The board should base remuneration on goal- based, qualitative, discretionary cash incentives. Remuneration should consider
underlying industry and macroeconomic conditions and not be structured in a tax oriented manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transparent: Remuneration arrangements should be transparent and should avoid complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustainable: Remuneration should not be excessively share based and should be accurately represented and controlled as an operational
cost. The remuneration of executives should promote long term focus and respect the interests of existing shareholders.

The relevant factors are used by Insight to develop Voting Guidelines enabling a consistent approach to proxy voting, which are reviewed annually by the Proxy Voting Group ("PVG") – (see section 6). Voting Guidelines are available at the following link: www.insightinvestment.com/ri.

Day to day voting activity is performed by the Chair of the PVG, a senior portfolio manager with no investment discretion. This creates an independent governance structure for voting, helping to mitigate actual and potential conflicts of interest (see section 5).

The Chair of the PVG can seek support from portfolio managers, who have active discretion over the securities, to provide additional input into the voting decision such as company background, however the vote will be cast by the Chair of the PVG. Insight seeks to vote on all holdings with associated voting rights in one of three ways: in support of, against, or in abstention. If the chair is unable to cast a vote, the decision will be cast by the deputy chair. Insight uses a Voting Agent to assist in the analysis and administration of the vote (see section 4.1). For contentious issues the rationale for voting for, against, or abstaining is retained on a case-by-case basis as appropriate and reviewed by the PVG on a regular basis.

**4.1 Voting Agent**

To assist Insight professionals with implementing its proxy voting strategy, Insight retains the services of an independent proxy voting service, namely Minerva ("Voting Agent"). Insight provides detailed Voting Guidelines to the Voting Agent on the operational and reporting capacity of the service. The Voting Agent's responsibilities include, but are not limited to, monitoring company meeting agendas and items to be voted on, reviewing each vote against Insight's specific Voting Guidelines and providing a voting analysis based upon the Voting Guidelines. The Voting Agent also identifies contentious issues that represent a significant monetary or strategic decision. This enables Insight to review situations where the Voting Guidelines require additional consideration or assist in the identification of potential conflicts of interest impacting the proxy vote decision. The Chair of the PVG will decide if the issue is contentious or not, and if conflicts are deemed to exist, these will be escalated to the PVG (see section 5.2).

Voting decisions are communicated by Insight to the Voting Agent and submitted to shareholder meetings through a specific proxy.

On a monthly basis the Voting Agent provides reports on voting activity to Insight. Voting data is available to Clients upon request and is posted annually on Insights website (see section 7). Insight conducts an annual due diligence with the Voting Agent to review the Voting Guidelines and related services.

**5. Conflicts of Interest**

Effective stewardship requires protecting our Clients against any potential conflicts of interest and managing them with appropriate governance. To comply with applicable legal and regulatory requirements, Insight believes managing perceived conflicts is as important as managing actual conflicts.

In the course of normal business, Insight and its personnel may encounter situations where it faces a conflict of interest or a conflict of interest could be perceived. A conflict of interest occurs whenever the interests of Insight or its personnel could diverge from those of a Client or when Insight or its personnel could have obligations to more than one party whose interests are different to each other or those of Insight's Clients.

In identifying a potential conflict situation, as a minimum, consideration will be made as to whether Insight, or a member of staff, is likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make a financial gain or avoid a financial loss at the expense of the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material differences in the thoughts of two PM's who own the same security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· benefit if it puts the interest of one Client over the interests of another Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· gain an interest from a service provided to, or transaction carried out on behalf of a Client which may not be in, or which may be
different from, the Client's interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· obtain a higher than usual benefit from a third party in relation to a service provided to the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receive an inducement in relation to a service provided to the Client, in the form of monies, goods or services other than standard
commission or fee for that service or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have a personal interest that could be seen to conflict with their duties at Insight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· creates a conflict where Insight invests in firms which are Clients or potential Clients of Insight. Insight might give preferential
treatment in its research (including external communication of the same) and/or investment management to issuers of publicly traded debt
or equities which are also clients or closely related to clients (e.g. sponsors of pension schemes). This includes financial and ESG considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· creates a conflict between investment teams with fixed income holdings in publicly listed firms or material differences in the thoughts
of two PM's who own the same security

In situations where there is a conflict of interest or perceived conflict of interest that creates a contentious voting issue, as determined by the chair of the PVG, the issue will be escalated to the PVG. A contentious voting issue is a voting decision which would have a detrimental impact to Clients or Insight's reputation. All conflicts are handled in line with the Insight Conflicts of Interest Policy.

**5.2 Escalation of Contentious Voting Issue**

When a contentious voting issue has been identified, the PVG will review, evaluate and determine whether an actual material conflict of interest exist, and if so, will recommend how to vote the proxy. Depending upon the nature of the material conflict of interest, Insight may elect to take one or more of the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· removing certain Insight personnel from the proxy voting process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· walling off personnel with knowledge of the material conflict to ensure that such personnel do not influence the relevant proxy vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· voting in accordance with the applicable Voting Guidelines, if any, if the application of the Voting Guidelines would objectively
result in the casting of a proxy vote in a predetermined manner and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· deferring the vote to the Independent Voting Service, if any, which will vote in accordance with its own recommendation, this may
include an affiliated entity

The resolution of all contentious voting issues, will be documented in order to demonstrate that Insight acted in the best interests of its Clients. Any voting decision not resolved by the PVG will be escalated to the Insight Chief Investment Officer ("CIO") or delegate.

**6. Proxy Voting Group**

The PVG is responsible for overseeing the implementation of voting decisions where Insight has voting authority on behalf of Clients. The PVG meets at least quarterly, or more frequently as required. In ensuring that votes casted are in the best interest of Clients, the PVG will oversee the following proxy voting activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Casting votes on behalf of Client** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Voting Policy:** Oversee and set the Proxy Voting Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Voting Guidelines:** Oversee and set the Voting Guidelines which are reviewed and approved on an annual basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Stewardship Code & Engagement Policy:** Review for consistency with Proxy Voting Policy and Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Conflicts of interest:** Manage conflicts when making voting instructions in line with Insight's Conflict of Interest Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Monitoring:** Review upcoming votes that cannot be made using Voting Guidelines and make voting decisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Voting Agent:** Appoint and monitor third-party proxy agencies, including the services they perform for Insight in implementing
its voting strategy and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reporting:** Ensure voting activity aligns with local regulations and standards

The PVG is chaired by a Senior Portfolio Manager (who has no direct investment discretion) and attended by portfolio management personal, the Head of Responsible Investment Research & Stewardship, Corporate Risk, Compliance, Client Services and Operations personal. The PVG is accountable to and provides biannual updates to the Investment Management Group ("IMG") and Insight Risk Committee ("IROC").

**7. Disclosure and Recording Keeping**

In certain foreign jurisdictions, the voting of proxies can result in additional restrictions that have an economic impact to the security, such as "share-blocking." If Insight votes on the proxy share- blocking may prevent Insight from selling the shares of the security for a period of time. In determining whether to vote proxies subject to such restrictions Insight, in consultation with the PVG, considers whether the vote, either in itself or together with the votes of other shareholders, is expected to affect the value of the security that outweighs the cost of voting. If Insight votes on a proxy and during the "share-blocking period" Insight would like to sell the affected security Insight, in consultation with the PVG, will attempt to recall the shares (as allowable within the market time-frame and practices).

Insight publishes its voting activity in full on its website and annual report. This can be found at www.insightinvestment.com/ri.

**8. Proxy Voting Policy Review**

Insight will review its Proxy Voting arrangements regularly through the PVG. Insight reviews this Policy at least annually or whenever a material change occurs and will notify Clients of any material change that affects our ability to vote in line with the best interests of its Clients.

A material change shall be a significant event that could impact Insight's ability to vote proxies such as a change in voting agent. Notification of changes to the policy will be published at the following link: www.insightinvestment.com/ri.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) The following information is as of November 30, 2022:

Daniel Rabasco and Jeffrey Burger of Insight North America LLC ("INA"), an affiliate of BNYM Investment Adviser, are primarily responsible for the day-to-day management of the registrant's portfolio.

Mr. Burger is a senior portfolio manager for tax-sensitive strategies at INA and has served as a primary portfolio manager of the fund since July 2014. He has been employed as a portfolio manager and analyst at INA or a predecessor company of INA since 2006.

Mr. Rabasco is the head of municipal bond strategies at INA and has served as a primary portfolio manager of the fund since July 2016. He has been employed at INA or a predecessor company of INA since 1998.

(a)(2) Information about the other accounts managed by the fund's primary portfolio managers is provided below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Primary**<br> **Portfolio** <br> **Manager** | &nbsp;&nbsp;**Registered Investment Companies** | &nbsp;&nbsp;**Total Assets Managed** | &nbsp;&nbsp;**Other Pooled Investment Vehicles** | &nbsp;&nbsp; <br> **Total Assets Managed**  | &nbsp;&nbsp; <br> **Other Accounts** | &nbsp;&nbsp; <br> **Total Assets Managed** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey Burger | &nbsp;&nbsp;11 | &nbsp;&nbsp;$3.5 billion |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;400 | &nbsp;&nbsp;$2.1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Rabasco | &nbsp;&nbsp;13 | &nbsp;&nbsp;$5.4 billion |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;60 | &nbsp;&nbsp;$2.2 billion |

---

None of the funds or accounts are subject to a performance-based advisory fee.

Portfolio managers may manage multiple accounts for a diverse client base, including mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies and foundations), bank common trust accounts and wrap fee programs ("Other Accounts").

Potential conflicts of interest may arise because of BNYM Investment Adviser's, INA's or a portfolio manager's management of the Fund and Other Accounts. For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as BNYM Investment Adviser or INA may be perceived as causing accounts it manages to participate in an offering to increase BNYM Investment Adviser's or INA's overall allocation of securities in that offering, or to increase BNYM Investment Adviser's or INA's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as BNYM Investment Adviser or INA may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. Additionally, portfolio managers may be perceived to have a conflict of interest if there are a large number of Other Accounts, in addition to the Fund, that they are managing on behalf of BNYM Investment Adviser or INA. BNYM Investment Adviser and INA periodically reviews each portfolio manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Fund. In addition, BNYM Investment Adviser and INA could be viewed as having a conflict of interest to the extent that BNYM Investment Adviser, INA or their affiliates and/or portfolios managers have a materially larger investment in Other Accounts than their investment in the Fund.

Other Accounts may have investment objectives, strategies and risks that differ from those of the Fund. For these or other reasons, the portfolio manager may purchase different securities for the Fund and the Other Accounts, and the performance of securities purchased for the Fund may vary from the performance of securities purchased for Other Accounts. The portfolio manager may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions.

A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in another account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.

BNY Mellon and its affiliates, including BNYM Investment Adviser, INA and others involved in the management, investment activities or business operations of the Fund, are engaged in businesses and have interests other than that of managing the Fund. These activities and interesting include potential multiple advisory, transactional, financial and other interesting in securities, instruments and companies that may be directly or indirectly purchased or sold by the Fund of the Fund's service providers, which may cause conflicts that could disadvantaged the Fund.

BNYM Investment Adviser's goal is to provide high quality investment services to all of its clients, while meeting BNYM Investment Adviser's fiduciary obligation to treat all clients fairly. BNYM Investment Adviser has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, BNYM Investment Adviser monitors a variety of areas, including compliance with Fund guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics. Furthermore, senior investment and business personnel at BNYM Investment Adviser periodically review the performance of BNYM Investment Adviser's portfolio managers.

(a)(3) Portfolio Manager Compensation. The portfolio managers' compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long-term).

Funding for INA's Incentive Plan is through a pre-determined fixed percentage of overall company profitability. Therefore, all bonus awards are based initially on INA's overall performance as opposed to the performance of a single product or group. All investment professionals are eligible to receive incentive awards. Cash awards are payable in the February month end pay of the following year. Most of the awards granted have some portion deferred for three years in the form of deferred cash, INA equity, interests in investment vehicles (consisting of investments in a range of INA products), or a combination of the above. Individual awards for portfolio managers are discretionary, based on both individual and multi-sector product risk adjusted performance relative to both benchmarks and peer comparisons over one year, three year and five-year periods. Also considered in determining individual awards are team participation and general contributions to INA. Individual objectives and goals are also established at the beginning of each calendar year and are taken into account. Portfolio managers whose compensation exceeds certain levels may elect to defer portions of their base salaries and/or incentive compensation pursuant to INA's Elective Deferred Compensation Plan.

(a)(4) The dollar range of Fund shares beneficially owned by the primary portfolio manager is as follows as of the end of the Fund's fiscal year:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Primary Portfolio Manager** | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Fund Shares Beneficially Owned** |
| Daniel Rabasco | &nbsp;&nbsp;BNY Mellon Strategic Municipals, Inc. | &nbsp;&nbsp;None |
| Jeffrey Burger | &nbsp;&nbsp;BNY Mellon Strategic Municipals, Inc. | &nbsp;&nbsp;None |

---

(b) Not applicable

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.**

None.

**Item 10.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures applicable to Item 10.

**Item 11.** **Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

The fund did not participate in a securities lending program during this period.

**Item 13.** **Exhibits.**

(a)(1) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](exhibit302-852.htm).

(a)(3) Not applicable.

(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](exhibit906-852.htm).

**SIGNATURES<br>** 

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Strategic Municipal Bond Fund, Inc.

By: <u>/s/ David J. DiPetrillo</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. DiPetrillo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)

Date: January 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ David J. DiPetrillo</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. DiPetrillo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President (Principal Executive Officer)

Date: January 21, 2023

By: <u>/s/ James Windels</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Windels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial Officer)

Date: January 20, 2023

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

------

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

------

**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

------

**Exhibit A**

**Persons Covered by the Code of Ethics**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Patrick T. Crowe | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Strategic Municipal Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: January 21, 2023

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Strategic Municipal Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: January 20, 2023

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: January 21, 2023

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: January 20, 2023

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*