DMB - BNY Mellon Municipal Bond Infrastructure Fund
A closed-end fund run by BNY Mellon. Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor is pushing for changes at this fund.
- Saba owns 8.5% and has said it may push for changes. Since June 12, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
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.
What happened, and when
-
July 17, 2026
Saba started a fight over the shareholder vote. The meeting is on Aug 27, 2026.
Original document → -
July 15, 2026
Saba started a fight over the shareholder vote. The meeting is on Aug 27, 2026.
Original document → -
July 1, 2026
Saba started a fight over the shareholder vote.
Original document → -
June 30, 2026
Saba started a fight over the shareholder vote.
Original document → -
April 14, 2026
Saba raised its stake to 8.5% (from 8.4%). It has said it may push for changes.
Original document →
Show all 10 events
-
Dec 30, 2025
Saba raised its stake to 8.4% (from 7.3%). It has said it may push for changes.
Original document → -
Dec 17, 2025
Saba raised its stake to 7.3% (from 6.8%). It has said it may push for changes.
Original document → -
March 6, 2025
Saba raised its stake to 6.8% (from 6.6%). It has said it may push for changes.
Original document → -
Jan 2, 2025
Saba raised its stake to 6.6% (from 5.6%). It has said it may push for changes.
Original document → -
June 12, 2024
Saba now owns 5.6%. 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 $216 million of holdings, as of May 31, 2026. As of May 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 May 31, 2026. Borrowed money makes gains and losses bigger. About 60% of that is money the fund has borrowed by selling preferred shares. As of May 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 →
- Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.46 a share, all of it income. 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 5.4% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +8.3%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- How the share price did: the shares returned +6.9% over the last fiscal year (ended Feb 28, 2026), counting payouts and the change in the market price. As of Feb 28, 2026, from the fund's annual report. Original document →
- Shares outstanding: 75 million. As of Feb 28, 2026, from the fund's annual report. Original document →
- First reported to the regulator in 2012.
What the fund holds
Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.
- Muskingum County Hospital Facilities (OH), OH Musmed 5 02/15/2048 - 2.9%
- Long Beach Bond Finance Authority (CA), CA Lonutl 5.5 11/15/2037 - 2.6%
- Buckeye Tobacco Settlement Financing Authority (OH), OH Bucgen 5 06/01/2055 - 2.5%
- Salt Verde Financial Corp (AZ), AZ Sltpwr 5 12/01/2037 - 2.4%
- Maryland Economic Development Corp (MD), MD Mdsdev 5.25 06/30/2055 - 1.9%
- Medina Valley Independent School (TX), TX Mnvscd 4 02/15/2053 - 1.9%
- Montana Fac Fin Auth, Mt Mtsfin 5.5 02/15/2055 - 1.9%
- Rhode Island Infrastucture Bank, Bds 2023A (Tobs) - 1.8%
- Children's Healthcare of Atlanta, GA Brkdev 4 07/01/2044 (Tobs) - 1.8%
- Birmingham Special Care Facilities Financing (Al), Al Birmed 6 06/01/2050 - 1.7%
Show all 25
- Clairton PA Mun Auth, PA Clrutl 4 12/01/2038 - 1.7%
- Atlanta (GA), City of, GA Atlapt 5.25 07/01/2050 (Tobs) - 1.7%
- Arkansas Development Finance Authority (Ar), Ar Arsdev 5.7 05/01/2053 - 1.7%
- Collier County Industrial Development Authority (FL), FL Coldev 5 10/01/2049 - 1.6%
- Louisiana Public Facilities Authority (La), La Lasfac 5.5 05/15/2055 - 1.6%
- Salt Riv Proj Ariz Agric Impt & Pwr Dist, AZ Salagr 5.25 01/01/2054 (Tobs) - 1.6%
- Oklahoma City Okla Wtr Utils Tr (Tobs) - 1.6%
- University Cincinnati Ohio, OH Ucohgr 5 06/01/2049 (Tobs) - 1.5%
- Atlanta GA (Tobs) - 1.5%
- Washington St Hsg Fin Commn (Tobs) - 1.5%
- Metropolitan Transportation Authority (NY), NY Mtatrn 4 11/15/2047 (Tobs) - 1.4%
- Arizona Industrial Development Authority (AZ), AZ Azsedu 4 11/01/2050 - 1.4%
- High Star Ranch Infrastructure Fing Dist Utah, Ut Hsrfac 6.25 12/01/2055 - 1.4%
- North Carolina Medical Care Commission (NC), NC Ncsmed 5.25 12/01/2054 - 1.4%
- Public Finance Authority (Wi), Wi Pubtrn 6.5 12/31/2065 - 1.4%
As of May 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| April 14, 2026 | Saba | 8.5% | Updated notice |
| Dec 30, 2025 | Saba | 8.4% | Updated notice |
| Dec 17, 2025 | Saba | 7.3% | Updated notice |
| March 6, 2025 | Saba | 6.8% | Updated notice |
| Jan 2, 2025 | Saba | 6.6% | Updated notice |
| June 12, 2024 | Saba | 5.6% | May push for changes |
| Date | What | Deadline | Document |
|---|---|---|---|
| July 17, 2026 | Fight over the shareholder vote with Saba | Aug 27, 2026 | Original document → |
| July 15, 2026 | Fight over the shareholder vote with Saba | Aug 27, 2026 | Original document → |
| July 1, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| June 30, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
- Run by
- BNY Mellon Investment Adviser, Inc.
- Fund family
- BNY Mellon Family of Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-22784
- Auditor
- Ernst & Young LLP
- Fiscal year end
- Feb 28, 2026
- Number of holdings
- 203
- Preferred share classes
- 1
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