LEO - BNY Mellon Strategic Municipals

What this means for you

Bank of America Corp. and Saba have told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   Sit Investment now owns 5.1%, as a passive investor.

   Original document →

2. April 29, 2026

   Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.

   Original document →

3. April 15, 2026

   Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.

   Original document →

4. Dec 31, 2025

   Saba filed an updated notice; it still owns 9.8%. It has said it may push for changes.

   Original document →

5. Dec 17, 2025

   Saba raised its stake to 9.8% (from 9.6%). It has said it may push for changes.

   Original document →

About this fund

• Run by BNY Mellon Investment Adviser, Inc. Part of the BNY Mellon Family of Funds fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $434 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 34% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 36% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 2.6% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 65 charge a lower management fee and 23 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $0.24 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $6.80. The shares traded at $6.25, about 8.1% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.24 in the fiscal year ended Sept 30, 2025; $0.23 in the year ended Sept 30, 2024; $0.28 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.88% a year in the fiscal year ended Sept 30, 2025; 2.99% a year in the year ended Sept 30, 2024; 2.51% a year in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $423 million at Sept 30, 2025; $531 million at Sept 30, 2024; $471 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: about 35% on top of its own money at Sept 30, 2025; 21% at Sept 30, 2024; none at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 62.3 million shares at Sept 30, 2025, about the same as at Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned -0.1%, counting payouts. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +26.9%, counting payouts. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned -8.3%, counting payouts. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -26.5%, counting payouts. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +10.3%, counting payouts. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -5.8%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $9,420 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +9.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 39 reported a higher share return for that year and 6 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. South Carolina Pub Svc Auth, Obligs 2024B (Tobs) - 3.6%
2. Massachusetts St Transn Fd, Comwlth Bds 2023 A (Tobs) - 3.4%
3. Miami-Dade (FL), County of, FL Miautl 4 10/01/2049 (Tobs) - 2.7%
4. Michigan St Univ, Gen Bds 2024A (Tobs) - 2.5%
5. Rev Bds 2013A, Private Colleges & Univs Auth GA (Tobs) - 2.3%
6. North Carolina Med Care Commn, Bds 2019A (Tobs) - 2.1%
7. Buckeye Tobacco Settlement Financing Authority (OH), OH Bucgen 5 06/01/2055 - 2%
8. Trans Fund Bds 2018 A, Hampton Rds VA Transn Accountability Commn (Tobs) - 1.8%
9. Medina Valley Independent School (TX), TX Mnvscd 4 02/15/2053 (Tobs) - 1.6%
10. Children's Healthcare of Atlanta, GA Brkdev 4 07/01/2044 (Tobs) - 1.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →