DSM - BNY Mellon Strategic Municipal Bond 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 - 2 large investors hold stakes in this fund, and 1 of them is pushing for changes.
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
-
May 7, 2026
Saba started a fight over the shareholder vote.
Original document → -
April 30, 2026
Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.
Original document → -
April 29, 2026
Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.
Original document → -
April 16, 2026
Saba started a fight over the shareholder vote.
Original document → -
April 15, 2026
Saba started a fight over the shareholder vote.
Original document →
Show all 14 events
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Feb 13, 2026
Bulldog raised its stake to 6.7% (from 5.1%), as a passive investor.
Original document → -
Dec 31, 2025
Saba filed an updated notice; it still owns 10.3%. It has said it may push for changes.
Original document → -
Dec 17, 2025
Saba cut its stake to 10.3% (from 10.4%). It has said it may push for changes.
Original document → -
April 30, 2025
The fund proposed becoming a regular mutual fund. Holders vote on June 11, 2025.
Original document → -
April 24, 2025
Bulldog now owns 5.1%, as a passive investor.
Original document → -
April 15, 2025
Saba raised its stake to 10.4% (from 8.4%). It has said it may push for changes.
Original document → -
July 9, 2024
Saba raised its stake to 8.4% (from 7.3%). It has said it may push for changes.
Original document → -
June 3, 2024
Saba raised its stake to 7.3% (from 6.2%). It has said it may push for changes.
Original document → -
March 18, 2024
Saba now owns 6.2%. 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 Nov 30, 2025, from the fund's yearly report. Original document →
- Size: about $322 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 35% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. About 29% 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: 0.6% a year in management fees; 2.7% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.25 a share, all of it income. As of Nov 30, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Nov 30, 2025): $6.55. The shares traded at $5.89, about 10.1% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
- How the holdings did: down 5.2% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +9.4%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- How the share price did: the shares returned +0.1% over the last fiscal year (ended Nov 30, 2025), counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.
0.6% of holdings are in default.
- Chicago Ill, Il Chiutl 5.25 01/01/2058 (Tobs) - 3.4%
- South Carolina Pub Svc Auth, Obligs 2024B (Tobs) - 3.3%
- Oklahoma St Wtr Res Brd, Bds 2023 B (Tobs) - 2.9%
- New York N Y City Transitional Fin Auth, Future Tax Secd Sub Bds Fiscal 2021 Sub E-1 (Tobs) - 2.8%
- Pennsylvania St Tpk Commn, PA Pastrn 4 12/01/2051 (Tobs) - 2.8%
- Trans Fund Bds 2018 A, Hampton Rds VA Transn Accountability Commn (Tobs) - 2.4%
- Miami-Dade (FL), County of, FL Miautl 4 10/01/2049 (Tobs) - 2.1%
- Buckeye Tobacco Settlement Financing Authority (OH), OH Bucgen 5 06/01/2055 - 2%
- Massachusetts St Transn Fd, Comwlth Bds 2023 A (Tobs) - 1.9%
- Rev Bds 2013A, Private Colleges & Univs Auth GA (Tobs) - 1.9%
Show all 25
- Long Beach Calif Fing Auth, Bds 2023 (Tobs) - 1.8%
- Rhode Island Infrastucture Bank, Bds 2023A (Tobs) - 1.8%
- Jackson Cnty Mo, Bds 2032 A (Tobs) - 1.8%
- Medina Valley Independent School (TX), TX Mnvscd 4 02/15/2053 (Tobs) - 1.7%
- Colorado Health Facs Auth, Hosp Bds 2018A (Tobs) - 1.5%
- Metropolitan Transportation Authority (NY), NY Mtatrn 4 11/15/2047 (Tobs) - 1.5%
- Southeast Energy Authority (Al), Al Seepwr 05/01/2055 - 1.5%
- Black Belt Energy Gas District (Al), Al Bbeutl 06/01/2049 - 1.5%
- Salt Verde Financial Corp (AZ), AZ Sltpwr 5 12/01/2037 (Tobs) - 1.5%
- Philadelphia (PA), City of, PA Phiutl 5.5 09/01/2053 (Tobs) - 1.5%
- Children's Healthcare of Atlanta, GA Brkdev 4 07/01/2044 (Tobs) - 1.4%
- Reno (NV), City of, NV Rengen 4 06/01/2058 - 1.4%
- Chicago Transit Authority (Il), Il Chitrn 5 12/01/2049 (Tobs) - 1.3%
- Atlanta GA (Tobs) - 1.3%
- St. Louis City Land Clearance for Redevelopment Authority (Mo), Mo Stlmfh 5.12 06/01/2046 - 1.3%
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 |
|---|---|---|---|
| Feb 13, 2026 | Bulldog | 6.7% | Updated notice |
| Dec 31, 2025 | Saba | 10.3% | Updated notice |
| Dec 17, 2025 | Saba | 10.3% | Updated notice |
| April 24, 2025 | Bulldog | 5.1% | Passive investor |
| April 15, 2025 | Saba | 10.4% | Updated notice |
| July 9, 2024 | Saba | 8.4% | Updated notice |
| June 3, 2024 | Saba | 7.3% | Updated notice |
| March 18, 2024 | Saba | 6.2% | Updated notice |
| Date | What | Deadline | Document |
|---|---|---|---|
| May 7, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| April 30, 2026 | Fight over the shareholder vote with Saba | June 11, 2026 | Original document → |
| April 29, 2026 | Fight over the shareholder vote with Saba | June 11, 2026 | Original document → |
| April 16, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| April 15, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| April 30, 2025 | Vote on becoming a regular mutual fund | June 11, 2025 | 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
- 811-05877
- Auditor
- Ernst & Young LLP
- Fiscal year end
- Nov 30, 2025
- Number of holdings
- 231
- Preferred share classes
- 1
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