BNY Mellon funds reject Saba Capital board nominees in stockholder vote

BNY Mellon Investment Adviser, Inc. announced that incumbent board nominees for BNY Mellon Strategic Municipals, Inc. (NYSE: LEO) and BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE: DSM) retained their seats following preliminary voting results from each fund's annual stockholder meeting held on June 11, 2026.

Dissident stockholder Saba Capital Management, L.P. had put forth its own nominee for election at each fund's meeting. The incumbent nominees prevailed in both contests.

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis had recommended that stockholders vote in favor of each fund's three incumbent nominees. In their recommendations, both firms rejected Saba Capital's nominees, stating that a review of each fund's performance had shown that a compelling case for change had not been made.

The voting results are preliminary, according to the press release issued by BNY Mellon Investment Adviser, Inc. BNY Mellon Investment Adviser, Inc. is part of BNY Investments, a division of The Bank of New York Mellon Corporation (NYSE: BNY).

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