Saba targets DMB board with 8.5% stake in BNY Mellon fund (NYSE: DMB)

Rhea-AI Filing Summary

Saba Capital Management and affiliates report an 8.5% stake in BNY Mellon Municipal Bond Infrastructure Fund, Inc. and update their intentions. They collectively beneficially own 1,565,216 common shares, based on 18,405,973 shares outstanding as of 8/31/25.

The group states approximately $16,214,218 was paid to acquire these shares using investor subscription proceeds, capital appreciation, and margin borrowings. On April 10, 2026, a Saba-advised fund notified the fund of its intention to nominate Paul Kazarian as an independent director candidate at the 2026 annual shareholder meeting.

Insights

Closed-end fund governance analyst

Saba reports an 8.5% DMB stake and signals board-level activism.

Saba Capital and related entities disclose beneficial ownership of 1,565,216 common shares, or 8.5% of BNY Mellon Municipal Bond Infrastructure Fund, Inc., acquired for about $16,214,218. This size makes Saba a significant shareholder with meaningful voting influence.

The filing also notes that on April 10, 2026, a Saba-advised fund informed the fund of its intention to nominate Paul Kazarian as an independent director candidate at the 2026 annual meeting. That step indicates an activist posture focused on board composition and oversight.

No transactions in the common shares occurred within the 60 days before the filing, suggesting the current 1,565,216-share position has been stable over that period. Future company communications about the 2026 annual meeting may clarify how the board responds to this nomination effort.

Key Figures

Beneficial ownership: 1,565,216 shares Ownership percentage: 8.5% Acquisition cost: $16,214,218 +2 more

5 metrics

Beneficial ownership 1,565,216 shares Common shares of BNY Mellon Municipal Bond Infrastructure Fund, Inc.

Ownership percentage 8.5% Portion of common shares outstanding based on 18,405,973 shares as of 8/31/25

Acquisition cost $16,214,218 Total consideration paid to acquire reported common shares

Shares outstanding 18,405,973 shares Common stock outstanding as of 8/31/25 per N-CSRS filed 10/28/25

Event date 04/10/2026 Date triggering this Schedule 13D/A amendment

Key Terms

beneficial owner, margin account borrowings, Schedule 13D, independent director, +1 more

5 terms

beneficial owner regulatory

"The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

margin account borrowings financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business."

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this , and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

independent director financial

"intention to nominate Paul Kazarian as an independent director candidate for election to the Board at the Issuer's 2026 annual meeting of shareholders."

An independent director is a member of a company's board of directors who is not involved in the company's day-to-day operations and has no significant relationships with the company that could influence their judgment. Their role is to provide unbiased oversight and ensure the company is managed in the best interests of all shareholders. This helps build trust and confidence among investors by promoting transparency and accountability.

N-CSRS regulatory

"The percentages used herein are calculated based upon 18,405,973 shares of common stock outstanding as of 8/31/25, as disclosed in the company's N-CSRS filed 10/28/25."

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

BNY Mellon Municipal Bond Infrastructure Fund, Inc.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

09662W109

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/10/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 09662W109

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,565,216.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,565,216.00

11

Aggregate amount beneficially owned by each reporting person

1,565,216.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.5 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,405,973 shares of common stock outstanding as of 8/31/25, as disclosed in the company's N-CSRS filed 10/28/25.

SCHEDULE 13D

CUSIP Number(s): 09662W109

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,565,216.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,565,216.00

11

Aggregate amount beneficially owned by each reporting person

1,565,216.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,405,973 shares of common stock outstanding as of 8/31/25, as disclosed in the company's N-CSRS filed 10/28/25.

SCHEDULE 13D

CUSIP Number(s): 09662W109

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,565,216.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,565,216.00

11

Aggregate amount beneficially owned by each reporting person

1,565,216.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,405,973 shares of common stock outstanding as of 8/31/25, as disclosed in the company's N-CSRS filed 10/28/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: BNY Mellon Municipal Bond Infrastructure Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: C/O BNY MELLON INVESTMENT ADVISER, INC., 240 GREENWICH STREET, New York, NEW YORK , 10286.
Item 1 Comment: This Amendment No. 5 amends Items 3, 4, and 5.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $16,214,218 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On April 10, 2026, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice of intent informing the Issuer of its intention to nominate Paul Kazarian as an independent director candidate for election to the Board at the Issuer's 2026 annual meeting of shareholders.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 18,405,973 shares of common stock outstanding as of 8/31/25, as disclosed in the company's N-CSRS filed 10/28/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	No transactions in the Common Shares within the past sixty days.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	04/14/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/14/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/14/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

What stake does Saba Capital report in BNY Mellon Municipal Bond Infrastructure Fund (DMB)?

Saba Capital and related reporting persons disclose beneficial ownership of 1,565,216 common shares of BNY Mellon Municipal Bond Infrastructure Fund, Inc., representing 8.5% of the fund’s outstanding shares, based on 18,405,973 shares outstanding as of August 31, 2025, per the fund’s N-CSRS.

How much did Saba Capital pay to acquire its DMB shares?

The filing states that approximately $16,214,218 was paid to acquire the common shares reported. Funds came from investor subscription proceeds, capital appreciation on those investments, and margin account borrowings where positions, including these shares, may be pledged as collateral.

What governance action is Saba taking at BNY Mellon Municipal Bond Infrastructure Fund (DMB)?

On April 10, 2026, a Saba-advised private fund submitted a notice of intent to the fund indicating it plans to nominate Paul Kazarian as an independent director candidate for election to the board at the fund’s 2026 annual meeting of shareholders.

Has Saba traded BNY Mellon Municipal Bond Infrastructure Fund (DMB) shares recently?

The filing states there were no transactions in the common shares within the 60 days prior to the filing. This indicates Saba’s reported beneficial ownership of 1,565,216 shares has remained unchanged over that recent period, based on the information provided.

How is Saba Capital’s ownership percentage in DMB calculated?

The 8.5% ownership figure is calculated using 18,405,973 shares of common stock outstanding as of August 31, 2025. That share count comes from the fund’s N-CSRS filing dated October 28, 2025, which the reporting persons cite as the basis for their percentage.

Who are the reporting persons in this DMB Schedule 13D/A filing?

The joint filers are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and individual Boaz R. Weinstein. Saba Capital acts as investment manager, Saba GP as general partner, and Mr. Weinstein is managing member of the general partner of Saba Capital and affiliated entities.