A closed-end fund is an investment pool that raises a fixed amount of money by issuing a set number of shares, which then trade on an exchange like stocks. Unlike bank-style mutual funds that buy or sell shares on demand, its market price can sit above or below the fund’s per-share value of holdings (like a used-car market price versus the sticker price), so investors should watch both the traded price and the underlying asset value for potential bargains or risks.
net asset valuefinancial
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
assets under managementfinancial
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
proxy advisory firmsregulatory
Firms that research corporate governance issues and tell shareholders how to vote on things like board elections, executive pay and major corporate proposals. Think of them as a trusted review site or advisor that summarizes complex documents and issues clear recommendations; many institutional investors use those recommendations to vote, so their guidance can shape company decisions, governance quality and ultimately a stock’s risk and value.
dissident stockholderregulatory
A dissident stockholder is a shareholder who actively opposes a company’s current leadership or strategy and seeks changes such as board replacements, different management, or altered business plans. Think of a dissident as a concerned homeowner pushing for repairs or new rules for a shared building; their actions can force votes, influence strategy, create uncertainty, or unlock value, so investors watch them because campaigns can change future profits, risk and stock price direction.
annual stockholders meetingsregulatory
A yearly meeting where a company’s owners (stockholders) gather to hear management’s report, vote on key issues like electing the board or approving pay, and ask questions—think of it as an annual town-hall for the owners. It matters to investors because decisions made and information shared there can affect control, future strategy, dividends and risk, so attendance or proxy voting lets shareholders influence the company’s direction and protect their investment.
investment adviserfinancial
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
investment objectivefinancial
An investment objective is the specific financial goal that guides how money is managed—examples include growing capital, generating regular income, or protecting against loss. It matters to investors because it shapes which investments are chosen, how much risk is taken and what time horizon is used; think of it like a travel destination that determines the route, pace and supplies needed to reach a desired outcome.
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NEW YORK--(BUSINESS WIRE)--
BNY Mellon Investment Adviser, Inc. announced today that the three incumbent Board nominees for each of BNY Mellon Strategic Municipals, Inc. (“LEO”) and BNY Mellon Strategic Municipal Bond Fund, Inc. (“DSM”) will continue to steward the Funds, according to preliminary voting results of the Funds’ annual stockholders meetings held on June 11, 2026. A dissident stockholder, Saba Capital Management, L.P. (“Saba”) had put forth its own nominee for election at each Fund’s meeting.
The preliminary voting results follow recommendations from proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis, that stockholders of the Funds vote in favor of each Fund’s three incumbent nominees ahead of the Funds’ annual stockholders meetings. In making their recommendations, ISS and Glass Lewis rejected the dissident’s nominee, noting that a review of performance for each Fund had shown that a compelling case for change had not been made.
BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Investments. BNY Investments is one of the world’s largest asset managers, with $2.1 trillion in assets under management as of March 31, 2026. Through a client-first approach, BNY Investments brings investors specialist expertise through its seven investment firms offering solutions across every major asset class and backed by the breadth and scale of BNY. Additional information on BNY Investments is available on www.bny.com/investments. Follow us on LinkedIn for the latest company news and activity.
BNY Investments is a division of BNY, which has $59.4 trillion in assets under custody and/or administration as of March 31, 2026. Established in 1784, BNY is America's oldest bank. Today, BNY powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BNY). Additional information is available on www.bny.com. Follow us on LinkedIn or visit our newsroom for the latest company news.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.
This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.
