[Form 4] BNY Mellon Strategic Municipal Bond Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) shows that activist investor Saba Capital Management, L.P. and its founder Boaz Weinstein—already 10% owners—purchased an additional 6,350 common shares on 06/26/2025 at $5.55 per share.

The new trade lifts their indirect holding to 5,152,591 shares. The incremental buy represents roughly 0.12% of Saba’s existing position and keeps the group well above the 10% ownership threshold that triggers Section 16 reporting. No derivative positions were reported, and there were no dispositions.

Given the modest size relative to the overall stake, the transaction is chiefly a routine position-tuning disclosure rather than a transformational move. Nonetheless, insider purchases—however small—can be interpreted as a sign of continued confidence in the closed-end fund’s valuation.

Positive

• Insider purchase—management-level investor added shares rather than selling, suggesting continued confidence.
• Stake remains >10%, preserving Saba’s activist leverage to advocate for discount-narrowing actions.

Negative

• Transaction size is immaterial—only 6,350 shares, unlikely to change ownership economics or market sentiment.
• No new strategic information provided; filing offers little insight into future fund actions.

Insights

Securities Analyst

TL;DR — Small top-up purchase; immaterial to valuation, mildly positive signal.

The 6,350-share purchase adds only about 0.12% to Saba’s >5.1 million-share stake, leaving ownership comfortably above 10%. Dollar value (~$35k) is negligible versus fund assets, so the filing does not affect intrinsic value, leverage, or distribution capacity. Still, the direction of trade is positive—activist holder adds, not trims—confirming Saba’s ongoing constructive stance toward DSM, which it has historically pushed to narrow discounts. Overall impact on market price should be minimal unless traders extrapolate a broader accumulation campaign.

Corporate Governance Expert

TL;DR — Governance status quo; disclosure keeps Saba above 10% for influence.

Saba Capital and Boaz Weinstein remain significant insiders with potential to influence board composition and strategic actions such as tender offers typical for CEF activists. Maintaining >10% signals ongoing engagement but the tiny incremental buy does not materially shift governance dynamics. No 10b5-1 plan indicated, and the group filing underscores collective responsibility under Section 16. From a governance perspective, the event is neutral yet reaffirms Saba’s monitoring role.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BNY MELLON STRATEGIC MUNICIPAL BOND FUND, INC. [ DSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2025		P		6,350	A	$5.55	5,152,591	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/30/2025
	Boaz Weinstein	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many DSM shares did Saba Capital buy on 06/26/2025?

They purchased 6,350 common shares at $5.55 each.

What is Saba Capital’s total ownership in DSM after the transaction?

Saba now holds 5,152,591 shares of DSM, remaining above the 10% threshold.

Did the Form 4 report any share sales or derivative transactions?

No. The filing shows only a purchase of common stock; no sales or derivatives were disclosed.

Why is Saba Capital considered an insider of DSM?

Because it owns more than 10% of DSM’s outstanding shares, triggering insider reporting obligations under Section 16.

Is the 6,350-share purchase materially significant to DSM?

No. It represents about 0.12% of Saba’s existing position and is unlikely to impact fund operations or valuation.