BNY Mellon Strategic Municipals (NYSE: LEO) gets 9.76% Saba stake and planned board nominee

Rhea-AI Filing Summary

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.

Insights

Closed-end fund & governance analyst

Saba discloses a near-10% LEO stake and plans a 2026 board nomination.

Saba Capital, its general partner, and Boaz Weinstein report beneficial ownership of 6,076,820 BNY Mellon Strategic Municipals common shares, equal to 9.76% of shares outstanding as of September 30, 2025. All voting and dispositive rights are reported as shared, reflecting coordinated control across Saba-managed funds.

The filing notes that about $35,993,261 was used to acquire these shares, funded by investor capital, appreciation, and margin borrowings. That size and financing approach is typical for an activist position in a closed-end fund, where investors often focus on discounts to net asset value and governance dynamics.

The stated intent to nominate Paul Kazarian as an independent director at the issuer’s 2026 annual meeting of shareholders indicates an active role in board composition. How the fund’s board and other shareholders respond to this proposed nomination, as reflected in future company and shareholder communications, will shape the governance outcome.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 12/31/2025 - 03:39 PM Learn about SEC filing dates

FAQ

What percentage of BNY Mellon Strategic Municipals (LEO) does Saba Capital currently own?

Saba Capital and related reporting persons beneficially own 6,076,820 common shares of BNY Mellon Strategic Municipals, Inc., representing 9.76% of the fund’s common shares based on 62,290,854 shares outstanding as of September 30, 2025.

How many BNY Mellon Strategic Municipals (LEO) shares did Saba Capital acquire and at what total cost?

The reporting persons acquired 6,076,820 common shares of BNY Mellon Strategic Municipals, Inc. and state that approximately $35,993,261 was paid in total to acquire these shares.

What is Saba Capital’s stated purpose in this Schedule 13D/A regarding BNY Mellon Strategic Municipals (LEO)?

The filing states that the reporting persons’ purpose includes an intention to nominate Paul Kazarian as an independent director for election to the board at the issuer’s 2026 annual meeting of shareholders.

Who are the reporting persons in this Schedule 13D/A for BNY Mellon Strategic Municipals (LEO)?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They jointly file the statement and report shared voting and dispositive power over the same block of common shares.

How did Saba Capital finance its investment in BNY Mellon Strategic Municipals (LEO)?

The filing explains that funds for purchasing the common shares came from subscription proceeds from investors, capital appreciation, and margin account borrowings made in the ordinary course of business.

Has Saba Capital reported any recent transactions in BNY Mellon Strategic Municipals (LEO) shares?

The document states that there have been no transactions in the common shares since the prior amendment filed on December 17, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

BNY MELLON STRATEGIC MUNICIPALS, INC.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

05588W108

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/30/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 05588W108

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,076,820.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,076,820.00

11

Aggregate amount beneficially owned by each reporting person

6,076,820.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.76 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 62,290,854 shares of common stock outstanding as of 9/30/25, as disclosed in the company's N-CSR filed 12/2/25.

SCHEDULE 13D

CUSIP No. 05588W108

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,076,820.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,076,820.00

11

Aggregate amount beneficially owned by each reporting person

6,076,820.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.76 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 62,290,854 shares of common stock outstanding as of 9/30/25, as disclosed in the company's N-CSR filed 12/2/25.

SCHEDULE 13D

CUSIP No. 05588W108

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,076,820.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,076,820.00

11

Aggregate amount beneficially owned by each reporting person

6,076,820.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.76 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 62,290,854 shares of common stock outstanding as of 9/30/25, as disclosed in the company's N-CSR filed 12/2/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: BNY MELLON STRATEGIC MUNICIPALS, INC.
(c)	Address of Issuer's Principal Executive Offices: C/O BNY MELLON INVESTMENT ADVISER, INC., 240 GREENWICH STREET, New York, NEW YORK , 10286.
Item 1 Comment: This Amendment No. 6 amends Items 4 and 5.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $35,993,261 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	ion to nominate Paul Kazarian as an independent director for election to the Board at the Issuer's 2026 annual meeting of shareholders.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 62,290,854 shares of common stock outstanding as of 9/30/25, as disclosed in the company's N-CSR filed 12/2/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	No transactions in the Common Shares since the filing of the Schedule 13D/A on 12/17/25.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	12/31/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/31/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/31/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823