# EDGAR Filing Document

**Accession Number:** 0000818972
**File Stem:** 0001062993-25-017380
**Filing Date:** 2025-12
**Character Count:** 16231
**Document Hash:** c856263ae83f8fc71f22be89903c63f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-017380.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001062993-25-017380

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNY MELLON STRATEGIC MUNICIPALS, INC.
- **CENTRAL INDEX KEY:** 0000818972

**ORGANIZATION NAME:**
- **EIN:** 133426554
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84574
- **FILM NUMBER:** 251580404

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS STRATEGIC MUNICIPALS, INC.
- **DATE OF NAME CHANGE:** 20181030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS STRATEGIC MUNICIPALS INC
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saba Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001510281

**ORGANIZATION NAME:**
- **EIN:** 800361690
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174
- **BUSINESS PHONE:** 212-542-4635

**MAIL ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174

## Ex-5

------

![](exhibit5x1x1.jpg)

December 17, 2025

Mr. Joseph S. DiMartino, Chairman of the Board

BNY Mellon Municipal Bond Infrastructure Fund

BNY Mellon Strategic Municipal Bond Fund

BNY Mellon Strategic Municipals

240 Greenwich Street, 18th Floor, New York, New York 10286

Dear Chairman DiMartino,

I hope this message finds you well. We are reaching out on behalf of Saba Capital - and, in our view, all shareholders - to express serious concerns regarding the long-term viability of the following funds (collectively, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BNY Mellon Municipal Bond Infrastructure Fund (DMB)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BNY Mellon Strategic Municipal Bond Fund (DSM)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• BNY Mellon Strategic Municipals (LEO)**

As you know, Saba holds significant positions in each fund: 7.3% of DMB, 10.3% of DSM, and 9.8% of LEO. With stakes of this size, we believe we have a responsibility to advocate for changes that will benefit all shareholders by using our platform to amplify their concerns to you.

For months, it has been evident to us that the Funds' shareholders are dissatisfied with the current status quo - and the recent shareholders votes only further underscored this:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At DSM's most recent meeting, the proposal to convert the fund to an open-end structure nearly passed, with more than 45% of shares cast in favor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At DMB's meeting shortly thereafter, the proposal to declassify the board passed with minimal opposition.

Despite the votes cast for these proposals, shareholders in each of the Funds remain trapped because the Funds persistently trade at steep discounts to NAV. In fact, over the past year, all three Funds have traded at average discounts of around -10%.

Beyond that, the Funds' expense ratios - which range from 0.97% to 1.68% - are also materially higher than similar open-ended municipal bond funds offered by BNY Mellon. As a comparison, the BNY Mellon's AMT-Free Municipal Bond Fund (DMUAX) charges 0.70%.

From our vantage point, the path forward here is clear and simple: if BNY Mellon reorganized the Funds into DMUAX, it would deliver a meaningful and immediate cost savings to shareholders in each fund. For DMB shareholders alone, the reorganization into DMUAX would deliver nearly 1% annually - a stark contrast to the current situation.

------

For these reasons, we intend to nominate new directors at the Funds' upcoming general meeting so that shareholders can finally regain their voice. However, while we believe our nominees have a strong likelihood of being elected based on the recent voting outcomes and the Funds' shareholder base, we want to be clear that we believe the conversion into DMUAX would be the easiest path forward. Not only would it be in the best interest of all parties - including shareholders and BNY Mellon - but it would also enable unnecessary legal and administrative expenses to be avoided.

As a result, we encourage the boards to proactively consider merging the Funds into DMUAX. Fortunately, you already know this process works effectively given your experience overseeing the very similar reorganization of DMF into DMUAX earlier this year. At DMF, you were able to witness firsthand the associated cost reductions and discount compression that you can easily unlock for shareholders.

We trust your leadership will guide an equally constructive outcome here so that shareholders in DSM, DMB and LEO can benefit just like those in DMF did.

Pursuing a conversion of each fund is a prudent fiduciary step to maximize value for all investors.

I look forward to discussing this further.

Best regards,

Paul Kazarian

------

## Exhibit 99.6

------

<u>EXHIBIT 6</u>

<u>Schedule A</u>

This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 12/15/25. All transactions were effectuated in the open market through a broker.

---

| | | | |
|:---|:---|:---|:---|
| **Trade Date** | **Buy/Sell** | **Shares** | **Price** |
| 12/15/2025 | Buy | 79,446 | 6.30 |
| 12/16/2025 | Buy | 41,429 | 6.30 |

---

------

### UNITED STATES 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.**<br>405 Lexington Avenue, 58th Floor<br>Attention: Michael D'Angelo<br>New York NY 10174<br>(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)*

| **CUSIP No.** | **05588W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Saba Capital Management, L.P.** | Name of reporting person<br>**Saba Capital Management, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6076820.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6076820.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.76%** | Percent of class represented by amount in Row (11)<br>**9.76%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for 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.

| **CUSIP No.** | **05588W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Boaz R. Weinstein** | Name of reporting person<br>**Boaz R. Weinstein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6076820.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6076820.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.76%** | Percent of class represented by amount in Row (11)<br>**9.76%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for 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.

| **CUSIP No.** | **05588W108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Saba Capital Management GP, LLC** | Name of reporting person<br>**Saba Capital Management GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6076820.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6076820.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | Aggregate amount beneficially owned by each reporting person<br>**6076820.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.76%** | Percent of class represented by amount in Row (11)<br>**9.76%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for 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.

**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, NY, 10286

This Amendment No. 5 amends Items 3, 4, 5, and 7.

**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.

### 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.

**Reporting Person:** Saba Capital Management, L.P.

**Signature:** /s/ Michael D'Angelo

**Name/Title:** General Counsel

**Date:** 12/17/2025

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.

**Reporting Person:** Boaz R. Weinstein

**Signature:** /s/ Michael D'Angelo

**Name/Title:** Authorized Signatory

**Date:** 12/17/2025

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.

**Reporting Person:** Saba Capital Management GP, LLC

**Signature:** /s/ Michael D'Angelo

**Name/Title:** Attorney-in-fact*

**Date:** 12/17/2025