BNY MELLON STRATEGIC MUNICIPALS Business Summary

BNY Mellon Strategic Municipals, Inc. (LEO) is a diversified closed-end management investment company that generates revenue primarily through interest income from a portfolio of municipal obligations and associated management fees. The fund's business model is centered on maximizing current income exempt from federal income tax while preserving capital, typically investing at least 80% of its net assets in municipal bonds. Its primary business segments are categorized by the sectors of its underlying holdings, which include transportation, education, medical, utilities, and multifamily housing. Within the competitive landscape of municipal closed-end funds, LEO competes directly with the BlackRock MuniHoldings Closed Fund (MHD), Invesco Municipal Opportunity Trust (VMO), and DWS Municipal Income Trust (KTF), positioning itself as a small-cap, tax-sensitive investment vehicle focused on high-yield and investment-grade municipal debt. The fund is managed by BNY Mellon Investment Adviser, Inc., with Insight North America LLC (INA) serving as the sub-investment adviser. As of February 2026, the leadership team is headed by David DiPetrillo, who serves as President, and James Windels, the Treasurer and Principal Financial Officer. The investment strategy is executed by senior portfolio managers Jeffrey Burger and Thomas Casey, the latter of whom was recently appointed to the role in February 2026 to enhance the fund's tax-sensitive management capabilities. Governance is overseen by a board of directors led by Chairman Joseph S. DiMartino, alongside independent directors such as Alan H. Howard, Joan L. Gulley, and Robin A. Melvin. The fund benefits from the institutional pedigree of its parent company, BNY, led by CEO Robin Vince and Jose Minaya, the Global Head of BNY Investments and Wealth.