LEO - BNY Mellon Strategic Municipals
A closed-end fund run by BNY Mellon. Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor is pushing for changes at this fund.
- Saba owns 9.8% and has said it may push for changes. Since June 12, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Saba has 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.
What happened, and when
-
May 7, 2026
Saba started a fight over the shareholder vote.
Original document → -
April 30, 2026
Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.
Original document → -
April 29, 2026
Saba started a fight over the shareholder vote. The meeting is on June 11, 2026.
Original document → -
April 16, 2026
Saba started a fight over the shareholder vote.
Original document → -
April 15, 2026
Saba started a fight over the shareholder vote.
Original document →
Show all 12 events
-
Dec 31, 2025
Saba filed an updated notice; it still owns 9.8%. It has said it may push for changes.
Original document → -
Dec 17, 2025
Saba raised its stake to 9.8% (from 9.6%). It has said it may push for changes.
Original document → -
Dec 15, 2025
Saba raised its stake to 9.6% (from 8.5%). It has said it may push for changes.
Original document → -
April 15, 2025
Saba raised its stake to 8.5% (from 7.3%). It has said it may push for changes.
Original document → -
Dec 30, 2024
Saba raised its stake to 7.3% (from 6.3%). It has said it may push for changes.
Original document → -
June 28, 2024
Saba raised its stake to 6.3% (from 5.3%). It has said it may push for changes.
Original document → -
June 12, 2024
Saba now owns 5.3%. 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 →
- Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $0.24 a share, all of it income. 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. Over the last 12 months: +9.9%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the share price did: the shares returned -0.1% over the last fiscal year (ended Sept 30, 2025), counting payouts and the change in the market price. As of Sept 30, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.
- South Carolina Pub Svc Auth, Obligs 2024B (Tobs) - 3.6%
- Massachusetts St Transn Fd, Comwlth Bds 2023 A (Tobs) - 3.4%
- Miami-Dade (FL), County of, FL Miautl 4 10/01/2049 (Tobs) - 2.7%
- Michigan St Univ, Gen Bds 2024A (Tobs) - 2.5%
- Rev Bds 2013A, Private Colleges & Univs Auth GA (Tobs) - 2.3%
- North Carolina Med Care Commn, Bds 2019A (Tobs) - 2.1%
- Buckeye Tobacco Settlement Financing Authority (OH), OH Bucgen 5 06/01/2055 - 2%
- Trans Fund Bds 2018 A, Hampton Rds VA Transn Accountability Commn (Tobs) - 1.8%
- Medina Valley Independent School (TX), TX Mnvscd 4 02/15/2053 (Tobs) - 1.6%
- Children's Healthcare of Atlanta, GA Brkdev 4 07/01/2044 (Tobs) - 1.6%
Show all 25
- Philadelphia (PA), City of, PA Phiutl 5.5 09/01/2053 (Tobs) - 1.4%
- Chicago Transit Authority (Il), Il Chitrn 5 12/01/2049 (Tobs) - 1.4%
- Birmingham Special Care Facilities Financing (Al), Al Birmed 6 06/01/2050 - 1.4%
- Rhode Island Infrastucture Bank, Bds 2023A (Tobs) - 1.3%
- Black Belt Energy Gas District (Al), Al Bbeutl 06/01/2049 - 1.3%
- Metropolitan Transportation Authority (NY), NY Mtatrn 4 11/15/2047 (Tobs) - 1.3%
- Atlanta GA (Tobs) - 1.3%
- Metropolitan Pier & Exposition Authority (Il), Il Mpnfac 0 12/15/2054 - 1.3%
- High Star Ranch Infrastructure Fing Dist Utah, Ut Hsrfac 6.25 12/01/2055 - 1.2%
- Atlanta (GA), City of, GA Atlapt 5.25 07/01/2050 (Tobs) - 1.2%
- California Mun Fin Auth, CA Casfin 5.25 07/01/2045 - 1.2%
- Colorado Health Facilities Authority (Co), Co Cosmed 4 08/01/2044 (Tobs) - 1.2%
- Public Finance Authority (Wi), Wi Pubtrn 6.5 12/31/2065 - 1.2%
- Washington St Hsg Fin Commn (Tobs) - 1.2%
- Power County Industrial Development Corp (Id), Id Powpol 6.45 08/01/2032 - 1.2%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Dec 31, 2025 | Saba | 9.8% | Updated notice |
| Dec 17, 2025 | Saba | 9.8% | Updated notice |
| Dec 15, 2025 | Saba | 9.6% | Updated notice |
| April 15, 2025 | Saba | 8.5% | Updated notice |
| Dec 30, 2024 | Saba | 7.3% | Updated notice |
| June 28, 2024 | Saba | 6.3% | Updated notice |
| June 12, 2024 | Saba | 5.3% | May push for changes |
| Date | What | Deadline | Document |
|---|---|---|---|
| May 7, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| April 30, 2026 | Fight over the shareholder vote with Saba | June 11, 2026 | Original document → |
| April 29, 2026 | Fight over the shareholder vote with Saba | June 11, 2026 | Original document → |
| April 16, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
| April 15, 2026 | Fight over the shareholder vote with Saba | none | Original document → |
- Run by
- BNY Mellon Investment Adviser, Inc.
- Fund family
- BNY Mellon Family of Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-05245
- Auditor
- Ernst & Young LLP
- Fiscal year end
- Sept 30, 2025
- Number of holdings
- 264
- Preferred share classes
- 1
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