Saba reveals 7.27% stake in BNY Mellon Municipal Bond fund

Rhea-AI Filing Summary

Saba Capital Management and related entities filed an amended beneficial ownership report on BNY Mellon Municipal Bond Infrastructure Fund, Inc. They report holding 1,337,952 common shares, representing 7.27% of the fund’s outstanding shares, based on 18,405,973 shares outstanding as of August 31, 2025.

The filing states that approximately $13,764,992 was paid to acquire these shares using investor subscription capital, related appreciation and ordinary-course margin borrowings. On December 17, 2025, Saba Capital sent a letter to the fund’s chairman expressing concerns about the fund’s long-term viability, declaring its intent to nominate trustee candidates at the 2026 annual meeting, and encouraging the board to consider a value-enhancing merger.

Insights

Closed-end fund governance analyst

Saba’s 7.27% stake and letter signal an activist campaign focused on governance and potential strategic alternatives at this municipal bond fund.

Saba Capital, its general partner, and Boaz Weinstein together report beneficial ownership of 1,337,952 common shares of BNY Mellon Municipal Bond Infrastructure Fund, equal to 7.27% of shares outstanding, using a base of 18,405,973 shares as of August 31, 2025. The position was funded with investor capital, related gains and margin borrowings, with about $13,764,992 paid in total.

On December 17, 2025, Saba sent a letter to the fund’s chairman raising concerns about the fund’s long-term viability, stating its intent to nominate trustee candidates at the 2026 annual meeting, and encouraging consideration of a value-enhancing merger. The actual impact on the fund will depend on how the board and shareholders respond to these proposals and any subsequent steps described in future communications.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Saba Capital disclose in its latest filing about BNY Mellon Municipal Bond Infrastructure Fund (DMB)?

Saba Capital and related reporting persons disclosed a beneficial ownership stake in BNY Mellon Municipal Bond Infrastructure Fund, Inc. and outlined activist intentions regarding the fund’s governance and strategy.

How much of BNY Mellon Municipal Bond Infrastructure Fund (DMB) does Saba Capital own?

The reporting persons state they beneficially own 1,337,952 common shares of BNY Mellon Municipal Bond Infrastructure Fund, representing 7.27% of the outstanding shares.

What is Saba Capital’s purpose in holding DMB shares according to the filing?

The filing explains that on December 17, 2025, Saba Capital sent a letter expressing concerns about the fund’s long-term viability, declaring its intent to nominate trustee candidates at the 2026 annual meeting, and encouraging the board to consider a value-enhancing merger.

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

The filing states that a total of approximately $13,764,992 was paid to acquire the common shares reported, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings.

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

The filing is jointly submitted by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, collectively referred to as the reporting persons.

On what share count is Saba’s 7.27% DMB ownership percentage based?

The 7.27% ownership figure is calculated using 18,405,973 shares outstanding as of August 31, 2025, as disclosed in the fund’s N-CSRS filed on October 28, 2025.

What future actions does Saba Capital indicate it may take regarding DMB?

Saba Capital indicates it intends to nominate trustee candidates at the fund’s 2026 annual meeting of shareholders and has encouraged the board to consider a value-enhancing merger, as described in its December 17, 2025 letter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 12/17/2025 - 05:37 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

12/17/2025

(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).

SCHEDULE 13D

CUSIP No. 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 1,337,952.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,337,952.00

11

Aggregate amount beneficially owned by each reporting person

1,337,952.00

12

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

13

Percent of class represented by amount in Row (11)

7.27 %

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 No. 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 1,337,952.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,337,952.00

11

Aggregate amount beneficially owned by each reporting person

1,337,952.00

12

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

13

Percent of class represented by amount in Row (11)

7.27 %

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 No. 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 1,337,952.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,337,952.00

11

Aggregate amount beneficially owned by each reporting person

1,337,952.00

12

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

13

Percent of class represented by amount in Row (11)

7.27 %

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. 3 amends Items 3, 4, 5, and 7.
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 $13,764,992 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On December 17, 2025, Saba Capital sent a letter (the "Letter") to the Issuer's Chairman of the Board of Trustees (i) expressing concerns with the long-term viability of the Issuer, (ii) disclosing Saba Capital's intent to nominate trustee candidates at the Issuer's 2026 annual meeting of shareholders, and (iii) encouraging the Issuer's board of trustees to proactively consider a value-enhancing merger. The foregoing summary of the Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter, a copy of which is attached as Exhibit 5 and incorporated by reference herein.
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)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 5 - The Letter Exhibit 6 - Schedule A

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:	12/17/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/17/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/17/2025

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