BNY Mellon Strategic Municipals (NYSE: LEO) sees 9.56% stake by Saba

Rhea-AI Filing Summary

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.

Insights

Closed-end fund and ownership filings analyst

Saba discloses a near-10% stake in BNY Mellon Strategic Municipals without stating specific plans in this amendment.

Saba Capital Management, L.P., its general partner, and Boaz R. Weinstein report beneficial ownership of 5,955,945 common shares of BNY Mellon Strategic Municipals, Inc. This equals 9.56% of the fund’s outstanding shares, based on 62,290,854 shares outstanding as of 9/30/25. All reported voting and dispositive power is shared, with no sole authority listed for any reporting person.

The filing states that approximately $35,231,909 was paid to acquire the position, funded by investor subscriptions, capital appreciation, and margin borrowings in the ordinary course. Item 4, which would describe the purpose of the transaction, is marked not applicable, and no contracts or special arrangements regarding the shares are disclosed in Item 6. Overall, this is a sizeable institutional stake disclosure rather than a statement of specific strategic intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

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)

12/12/2025

(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 5,955,945.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,955,945.00

11

Aggregate amount beneficially owned by each reporting person

5,955,945.00

12

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

13

Percent of class represented by amount in Row (11)

9.56 %

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 5,955,945.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,955,945.00

11

Aggregate amount beneficially owned by each reporting person

5,955,945.00

12

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

13

Percent of class represented by amount in Row (11)

9.56 %

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 5,955,945.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,955,945.00

11

Aggregate amount beneficially owned by each reporting person

5,955,945.00

12

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

13

Percent of class represented by amount in Row (11)

9.56 %

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. 4 amends Items 3, 5, and 7.
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 $35,231,909 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
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)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 12/12/25, the date of the event which required filing of this Schedule 13D/A, are set forth in Schedule A and are incorporated herein by reference. Unless otherwise indicated, all trades were effected in the open market.
(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.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - Schedule A

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:	12/15/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/15/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/15/2025

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

FAQ

What stake does Saba Capital hold in BNY Mellon Strategic Municipals (LEO)?

Saba Capital Management and its affiliates report beneficial ownership of 5,955,945 common shares of BNY Mellon Strategic Municipals, representing 9.56% of the outstanding shares.

How much did Saba Capital pay to acquire its LEO shares?

The reporting persons state that a total of approximately $35,231,909 was paid to acquire the BNY Mellon Strategic Municipals common shares reported in this filing.

How was Saba Capitals 9.56% ownership in LEO calculated?

The 9.56% ownership figure is based on 62,290,854 shares of common stock outstanding as of 9/30/25, as disclosed in BNY Mellon Strategic Municipals N-CSR filed on 12/2/25.

Who are the reporting persons in this BNY Mellon Strategic Municipals (LEO) ownership filing?

The filing is jointly made by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, collectively referred to as the reporting persons.

Does Saba Capital disclose any specific plans or proposals for its LEO stake?

In this amendment, the Purpose of Transaction section (Item 4) is marked Not Applicable, and no specific plans or proposals regarding BNY Mellon Strategic Municipals are described.

When did the event occur that triggered this amended LEO ownership filing?

The date of the event requiring this amended ownership statement is listed as 12/12/2025.

What voting and dispositive powers does Saba Capital report over its LEO shares?

The reporting persons list 0 shares with sole voting or dispositive power and 5,955,945 shares with shared voting and shared dispositive power.