BNY Mellon Strategic Municipals (LEO) holder Saba reports 9.76% stake

Rhea-AI Filing Summary

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.

Insights

Equity Analyst – Shareholder Activism & Funds

Saba holds a 9.76% stake in BNY Mellon Strategic Municipals and is pressing for board and strategic changes.

Saba Capital Management, its general partner and Boaz R. Weinstein collectively report beneficial ownership of 6,076,820 common shares of BNY Mellon Strategic Municipals, Inc., equal to 9.76% of the common stock based on 62,290,854 shares outstanding as of September 30, 2025. The position was acquired for about $35,993,261 using investor capital, related gains and margin borrowings, with the shares held in margin accounts alongside other securities.

The group reports shared voting and dispositive power over these shares and has sent a letter to the board chair expressing concerns about the company’s long-term viability. They also state an intention to nominate trustee candidates at the 2026 annual meeting of shareholders and urge the board to consider a value-enhancing merger, indicating a proactive approach to influencing governance and strategy.

These disclosures highlight a sizeable shareholder seeking changes at the board and strategic level. Any ultimate impact on the company will depend on how the board responds and how other shareholders vote on potential trustee nominees and any merger proposals that may emerge.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

12/17/2025

(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. 5 amends Items 3, 4, 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 $35,993,261 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On December 17, 2025, Saba Capital sent a letter (the "Letter") to the Issuer's Chairman of the Board of Trustees (i) expressing concerns with the long-term viability of the Issuer, (ii) disclosing Saba Capital's intent to nominate trustee candidates at the Issuer's 2026 annual meeting of shareholders, and (iii) encouraging the Issuer's board of trustees to proactively consider a value-enhancing merger. The foregoing summary of the Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter, a copy of which is attached as Exhibit 5 and incorporated by reference herein.
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 since the filing of the Schedule 13D/A on 12/15/25 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 5 - The Letter Exhibit 6 - 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:	12/17/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/17/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/17/2025

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 and related reporting persons 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.

How much did Saba Capital pay for its LEO common shares?

The reporting persons state that a total of approximately $35,993,261 was paid to acquire the BNY Mellon Strategic Municipals, Inc. common shares reported in this Schedule 13D/A.

What is Saba Capital’s stated purpose for its investment in BNY Mellon Strategic Municipals (LEO)?

According to the filing, Saba Capital sent a letter to the company’s board chair expressing concerns about the company’s long-term viability, stating an intent to nominate trustee candidates at the 2026 annual meeting of shareholders and encouraging the board to consider a value-enhancing merger.

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

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Together they are referred to as the reporting persons in the document.

How were the funds sourced for Saba’s investment in BNY Mellon Strategic Municipals (LEO)?

The filing states that funds for purchasing the common shares came from subscription proceeds from investors, the capital appreciation on those investments, and margin account borrowings made in the ordinary course of business, with positions in margin accounts pledged as collateral.

What voting and dispositive power does Saba have over its LEO shares?

Each reporting person reports 0 shares with sole voting or dispositive power and 6,076,820 shares with shared voting and shared dispositive power, reflecting joint control over how these BNY Mellon Strategic Municipals, Inc. shares are voted and disposed of.

Who receives dividends and sale proceeds from the LEO shares held by Saba?

The filing states that the funds and accounts advised by Saba Capital have the right to receive dividends and the proceeds of any sales from the BNY Mellon Strategic Municipals, Inc. common shares reported.