BNY Mellon Strategic Municipal Bond Fund (DSM) draws 10.31% Saba stake

Rhea-AI Filing Summary

Saba Capital Management, L.P. and affiliated reporting persons filed Amendment No. 5 to their Schedule 13D on BNY Mellon Strategic Municipal Bond Fund, Inc., reporting beneficial ownership of 5,179,441.00 common shares, equal to 10.31% of the outstanding shares, based on 50,247,708 shares outstanding as of 8/22/25.

The disclosure notes that approximately $28,937,208 was paid to acquire these shares, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings secured by portfolio positions.

On 12/17/2025, Saba sent a letter to the fund’s chairman expressing concerns about the fund’s long-term viability, stating its intent to nominate trustee candidates at the 2026 annual meeting of shareholders, and encouraging the board to proactively consider a value‑enhancing merger. The amendment primarily updates source of funds, purpose of transaction, ownership details and related exhibits.

Insights

Activist investing and closed-end fund analyst

Saba’s 10.31% stake and activist letter signal potential governance and strategic changes at DSM, but outcomes depend on future board and shareholder decisions.

Saba Capital, its general partner and Boaz R. Weinstein together report beneficial ownership of 5,179,441.00 common shares of BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM), representing 10.31% of the fund, calculated against 50,247,708 shares outstanding as of 8/22/25. This size makes Saba a significant holder with shared voting and dispositive power over the entire position.

The filing states that approximately $28,937,208 was paid to build this stake, funded through investor capital, resulting appreciation and margin borrowings. That level of committed capital, combined with the explicit statement that Saba intends to nominate trustee candidates at the fund’s 2026 annual meeting and is urging the board to consider a value‑enhancing merger, aligns with a typical activist strategy in closed-end funds.

The impact for shareholders will depend on how the board responds to Saba’s concerns about long-term viability and to its merger encouragement, as well as how other investors vote on any trustee nominees at the 2026 meeting. Subsequent company and shareholder communications will clarify whether governance changes or strategic transactions actually proceed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

12/17/2025

(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. 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. 5 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 $28,937,208 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 3 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 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)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days are set forth in Schedule A and are incorporated herein by reference. Unless otherwise indicated, all trades were effected in the open market.
(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.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - The Letter Exhibit 4 - 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

FAQ

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

Saba Capital and related reporting persons report beneficial ownership of 5,179,441.00 common shares of BNY Mellon Strategic Municipal Bond Fund, Inc., representing 10.31% of the fund’s common shares, based on 50,247,708 shares outstanding as of 8/22/25.

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

The disclosure states that a total of approximately $28,937,208 was paid to acquire the DSM common shares reported. The funds came from investor subscription proceeds, capital appreciation and ordinary-course margin borrowings.

What is Saba Capital’s stated purpose for its investment in DSM?

On 12/17/2025, Saba sent a letter to DSM’s chairman (i) expressing concerns with the long-term viability of the fund, (ii) disclosing its intent to nominate trustee candidates at the 2026 annual meeting of shareholders, and (iii) encouraging the board to consider a value-enhancing merger.

Who are the reporting persons on the DSM Schedule 13D/A Amendment No. 5?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital is the investment manager, Saba GP is its general partner, and Mr. Weinstein is managing member of the general partner of Saba Capital and other affiliated entities.

How is Saba Capital’s DSM position funded and held?

The filing explains that DSM common shares were purchased using subscription proceeds from investors, capital appreciation, and margin account borrowings in the ordinary course of business. Positions in these margin accounts, including DSM and other securities, are pledged as collateral for any debit balances.

What type of security is covered by this DSM Schedule 13D/A?

The Schedule 13D/A relates to Common Shares, $0.001 par value, of BNY Mellon Strategic Municipal Bond Fund, Inc., a municipal bond closed-end fund.

Does Saba Capital claim sole or shared voting and dispositive power over its DSM shares?

The reporting persons list 0.00 shares with sole voting and dispositive power and 5,179,441.00 shares with shared voting and shared dispositive power, reflecting coordinated control over the entire reported position.