BNY Mellon Strategic Municipal Bond Fund (DSM) holder Saba discloses 10.31% stake, eyes 2026 board seat

Rhea-AI Filing Summary

Saba Capital Management and affiliates have disclosed a significant ownership position in BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) and outlined an activist step toward board representation. The group reports beneficial ownership of 5,179,441 common shares, representing 10.31% of the fund’s outstanding common stock, based on 50,247,708 shares outstanding as of August 22, 2025. Approximately $28,937,208 was paid to acquire these shares using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings.

On December 30, 2025, a Saba-advised fund notified the fund of its intention to nominate Paul Kazarian as an independent director candidate for election at the 2026 annual shareholder meeting. The filing clarifies that Saba Capital, its general partner entity, and Boaz R. Weinstein share voting and dispositive power over the reported shares, and that there have been no reported transactions in the stock since a prior amendment filed on December 17, 2025.

Insights

Closed-end fund governance analyst

Saba discloses a 10.31% DSM stake and plans a board nomination.

Saba Capital, its general partner, and Boaz R. Weinstein report beneficial ownership of 5,179,441 common shares of BNY Mellon Strategic Municipal Bond Fund, Inc., or 10.31% of shares outstanding, based on 50,247,708 shares as of August 22, 2025. The position cost roughly $28,937,208, funded by investor capital, appreciation, and ordinary-course margin borrowings.

The filing states that a Saba-advised fund submitted a notice on December 30, 2025 of its intent to nominate Paul Kazarian as an independent director candidate at the fund’s 2026 annual meeting. That step signals an interest in influencing board composition, though any outcome depends on shareholder voting and subsequent processes described in future company communications.

The reporting group indicates shared voting and dispositive power over the same share block and confirms no transactions in the common shares since the prior amendment dated December 17, 2025. Future disclosures from the fund and the reporting holders may clarify how this ownership and nomination intention evolve around the 2026 meeting.

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Accepted by SEC EDGAR 12/31/2025 - 03:37 PM Learn about SEC filing dates

FAQ

What stake does Saba Capital report in BNY Mellon Strategic Municipal Bond Fund (DSM)?

Saba Capital, Saba Capital Management GP, LLC and Boaz R. Weinstein report beneficial ownership of 5,179,441 common shares of BNY Mellon Strategic Municipal Bond Fund, Inc., representing 10.31% of the fund’s common stock based on 50,247,708 shares outstanding as of August 22, 2025.

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

The filing states that a total of approximately $28,937,208 was paid to acquire the BNY Mellon Strategic Municipal Bond Fund, Inc. common shares reported as beneficially owned.

What action is Saba Capital planning regarding DSM’s board of directors?

On December 30, 2025, a Saba-advised fund submitted a notice of intent to nominate Paul Kazarian as an independent director for election to BNY Mellon Strategic Municipal Bond Fund, Inc.’s board at the 2026 annual meeting of shareholders.

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

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They report shared voting and dispositive power over the same block of BNY Mellon Strategic Municipal Bond Fund, Inc. common shares.

How was the purchase of DSM shares financed by Saba Capital?

Funds for purchasing BNY Mellon Strategic Municipal Bond Fund, Inc. common shares were derived from subscription proceeds from investors, capital appreciation, and margin account borrowings made in the ordinary course of business, with positions in margin accounts pledged as collateral.

Have there been recent DSM share transactions by Saba Capital before this amendment?

The filing states that there have been no transactions in the BNY Mellon Strategic Municipal Bond Fund, Inc. common shares since the prior Schedule 13D/A filed on December 17, 2025.

What rights do Saba-advised funds have regarding DSM share proceeds?

According to the filing, the funds and accounts advised by Saba Capital have the right to receive dividends and proceeds of sales from the BNY Mellon Strategic Municipal Bond Fund, Inc. common shares they beneficially own.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

BNY Mellon Strategic Municipal Bond Fund, Inc.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

09662E109

(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)

12/30/2025

(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. 09662E109

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 5,179,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,179,441.00

11

Aggregate amount beneficially owned by each reporting person

5,179,441.00

12

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

13

Percent of class represented by amount in Row (11)

10.31 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 50,247,708 shares of common stock outstanding as of 8/22/25, as disclosed in the company's DEF 14A filed 9/26/25.

SCHEDULE 13D

CUSIP No. 09662E109

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 5,179,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,179,441.00

11

Aggregate amount beneficially owned by each reporting person

5,179,441.00

12

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

13

Percent of class represented by amount in Row (11)

10.31 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 50,247,708 shares of common stock outstanding as of 8/22/25, as disclosed in the company's DEF 14A filed 9/26/25.

SCHEDULE 13D

CUSIP No. 09662E109

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 5,179,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,179,441.00

11

Aggregate amount beneficially owned by each reporting person

5,179,441.00

12

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

13

Percent of class represented by amount in Row (11)

10.31 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 50,247,708 shares of common stock outstanding as of 8/22/25, as disclosed in the company's DEF 14A filed 9/26/25.

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 Strategic Municipal Bond Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: 240 Greenwich Street, New York, NEW YORK , 10286.
Item 1 Comment: This Amendment No. 6 amends Items 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 $28,937,208 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On December 30, 2025, 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 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 50,247,708 shares of common stock outstanding as of 8/22/25, as disclosed in the company's DEF 14A filed 9/26/25.
(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 since the filing of the Schedule 13D/A on 12/17/25.
(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:	12/31/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/31/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/31/2025

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