DMB - BNY Mellon Municipal Bond Infrastructure Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 14, 2026

   First Trust Portfolios L.P. cut its stake to 8.4% (from 10.1%), as a passive investor.

   Original document →

2. Oct 2, 2026

   Sit Investment now owns 6.6%, as a passive investor.

   Original document →

3. July 15, 2026

   Saba started a fight over the shareholder vote. The meeting is on Aug 27, 2026.

   Original document →

4. June 30, 2026

   Saba started a fight over the shareholder vote. The meeting is on Aug 27, 2026.

   Original document →

5. April 14, 2026

   Saba raised its stake to 8.5% (from 8.4%). It has said it may push for changes.

   Original document →

About this fund

• Run by BNY Mellon Investment Adviser, Inc. Part of the BNY Mellon Family of Funds fund family. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $208 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 62% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 4.1% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 69 charge a lower management fee and 68 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.46 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $11.96. The shares traded at $11.11, about 7.1% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2012.

How this has changed

• Payouts per share: $0.46 in the fiscal year ended Feb 28, 2026; $0.36 in the year ended Feb 28, 2025; $0.44 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.19% a year in the fiscal year ended Feb 28, 2026; 3.26% a year in the year ended Feb 28, 2025; 3.53% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $220 million at Feb 28, 2026; $223 million at Feb 28, 2025; $297 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 36% on top of its own money at Feb 28, 2026; 35% at Feb 28, 2025; none at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 18.4 million shares at Feb 28, 2026, about the same as at Feb 28, 2025.As of Feb 28, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +6.9%, counting payouts. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +8.7%, counting payouts. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned -1.8%, counting payouts. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -12.4%, counting payouts. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -1.3%, counting payouts. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -1.4%. $10,000 of shares bought at the start (March 1, 2021) would have become about $9,860 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +5.9%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 65 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 34 reported a higher share return for that year and 30 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Muskingum County Hospital Facilities (OH), OH Musmed 5 02/15/2048 - 2.9%
2. Long Beach Bond Finance Authority (CA), CA Lonutl 5.5 11/15/2037 - 2.6%
3. Buckeye Tobacco Settlement Financing Authority (OH), OH Bucgen 5 06/01/2055 - 2.4%
4. Salt Verde Financial Corp (AZ), AZ Sltpwr 5 12/01/2037 - 2.4%
5. Maryland Economic Development Corp (MD), MD Mdsdev 5.25 06/30/2055 - 2%
6. Montana Fac Fin Auth, Mt Mtsfin 5.5 02/15/2055 - 1.9%
7. Medina Valley Independent School (TX), TX Mnvscd 4 02/15/2053 - 1.9%
8. Rhode Island Infrastucture Bank, Bds 2023A (Tobs) - 1.8%
9. Children's Healthcare of Atlanta, GA Brkdev 4 07/01/2044 (Tobs) - 1.8%
10. Birmingham Special Care Facilities Financing (AL), Al Birmed 6 06/01/2050 - 1.8%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →