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Saba Capital has submitted a preliminary proxy statement seeking election of Paul Kazarian to the board of BNY Mellon Strategic Municipals, Inc. at the upcoming 2026 Annual Meeting. Saba states it and affiliated parties beneficially own 6,076,820 Common Shares, representing 9.76% of outstanding Common Shares based on 62,290,854 shares outstanding as of September 30, 2025. The filing cites the Fund’s discount to NAV at -6.43% and a three‑year average discount of -11.33% (Morningstar, as of April 14, 2026), and solicits GOLD proxy cards to elect the Nominee as a Class II director for a three‑year term to 2029.
The proxy is a contested solicitation: Saba will solicit votes and has retained InvestorCom; Saba will bear solicitation costs. The Nominee is experienced in closed‑end fund strategies and would, if elected, serve as one of ten directors (a minority). Voting and revocation instructions are provided on the GOLD proxy card.
BNY Mellon Strategic Municipals, Inc. urges stockholders to vote on the enclosed WHITE proxy card to elect three Class II directors and to oppose an activist nomination by an investment firm managed by Saba Capital Master Fund, Ltd. The Board unanimously recommends reelecting Alan H. Howard, Robin A. Melvin and Bradley J. Skapyak and states the Saba nominee would be disruptive to the Fund's investment objective. The proxy is for a virtual annual meeting; holders of VMTP Shares vote separately on Ms. Melvin's VMTP designee seat. The Board highlights six of ten years outperforming the Bloomberg U.S. Municipal Bond Index on a net asset value basis and notes a temporary investment advisory fee waiver of .10 until May 31, 2027.
BNY Mellon Strategic Municipals, Inc. director Andrew J. Donohue filed an initial ownership report stating that, as of 01/01/2026, he beneficially owns 0 shares of the company’s common stock, par value $0.001 per share. The filing shows no derivative securities and lists his holdings as directly owned.
BNY Mellon Strategic Municipals, Inc. filed an initial insider ownership report for a board director of the fund. As of the event date of 01/01/2026, the director reported beneficial ownership of 0 shares of the company’s common stock, par value $0.001 per share, held in direct form. The report is filed as a single-person filing, indicating only this director’s position and current lack of share ownership.
BNY Mellon Investment Adviser, Inc. filed an initial statement of beneficial ownership as a director of BNY Mellon Strategic Municipals, Inc. (LEO). As of the event date of 01/01/2026, the filing reports beneficial ownership of 0 shares of common stock, par value $0.001 per share, and shows no derivative securities. The form is filed by one reporting person and reflects the firm’s director role rather than an ownership stake.
BNY Mellon Strategic Municipals, Inc. reported an initial statement of beneficial ownership for a director of the fund. As of 01/01/2026, the reporting person disclosed beneficial ownership of 0 shares of the company’s common stock, par value $0.001 per share, held directly. The filing also shows no derivative securities, such as options or warrants, held by this director.
The form is filed as an individual reporting person filing and is signed by Amanda Quinn as attorney-in-fact on 01/05/2026, documenting that this director currently does not own shares or derivatives of BNY Mellon Strategic Municipals, Inc. under the applicable reporting rules.
Saba Capital Management and related reporting persons disclosed a significant stake in BNY Mellon Strategic Municipals, Inc., holding 6,076,820 common shares. This represents 9.76% of the fund’s common shares, based on 62,290,854 shares outstanding as of September 30, 2025. The group reports shared voting and dispositive power over all of these shares and indicates that approximately $35,993,261 was paid to acquire them, using investor subscription proceeds, capital appreciation, and margin borrowings.
The amendment states that the group’s current purpose includes an intention to nominate Paul Kazarian as an independent director for election to the board at the issuer’s 2026 annual shareholder meeting, signaling an active governance interest in the closed-end fund.
Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein report beneficial ownership of 6,076,820 common shares of BNY Mellon Strategic Municipals, Inc., representing 9.76% of the company’s common stock based on 62,290,854 shares outstanding as of September 30, 2025.
The reporting persons state that approximately $35,993,261 was used to acquire these shares, funded by investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. They sent a letter to the company’s board chair expressing concerns about the company’s long-term viability, stating an intention to nominate trustee candidates at the 2026 annual meeting of shareholders and encouraging the board to consider a value-enhancing merger.
Saba Capital Management and affiliates filed an amended ownership report disclosing a significant stake in BNY Mellon Strategic Municipals, Inc. They report beneficial ownership of 5,955,945 common shares, representing 9.56% of the outstanding stock, with shared power to vote and dispose of all these shares.
The ownership percentage is based on 62,290,854 shares outstanding as of 9/30/25, as reported in the company’s N-CSR filed 12/2/25. Saba states that approximately $35,231,909 was paid to acquire the reported shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. The amendment does not list a specific purpose for the transaction, and items on contracts or special arrangements regarding the shares are marked not applicable.