BNY Mellon Strategic Municipals (NYSE:LEO) is a closed-end management investment company sponsored by The Bank of New York Mellon Corporation. The fund’s primary objective is to provide current income exempt from U.S. federal income tax by investing primarily in municipal securities issued by state and local governments. Leveraging BNY Mellon’s extensive credit research capabilities, LEO seeks to construct a diversified portfolio of revenue bonds, general obligation bonds and other tax-advantaged fixed-income instruments.
The fund’s investment team employs a disciplined, research‐driven process that combines top-down credit analysis with bottom-up security selection. Portfolio managers evaluate issuer creditworthiness, interest-rate risk and market liquidity to identify opportunities across a broad spectrum of municipal sectors—such as transportation, healthcare, education and utility bonds. Active duration management and yield curve positioning are used to help mitigate interest-rate volatility while seeking attractive risk-adjusted returns.
LEO was first listed on the New York Stock Exchange in 2016 and is advised by BNY Mellon Investment Adviser, a subsidiary of BNY Mellon with roots dating back over two centuries. The fund draws on the firm’s global research network and robust technological infrastructure to support its investment operations. Over the years, LEO has navigated multiple market environments, seeking to preserve capital during periods of volatility and capture income opportunities in both primary and secondary municipal bond markets.
Headquartered in New York City, the fund’s day-to-day management rests with a team of seasoned portfolio managers and municipal credit analysts led by Senior Portfolio Manager William Kelly, who has over 20 years of experience in the municipal bond market. Oversight is provided by an independent board of directors that ensures adherence to the fund’s investment policies and regulatory requirements. Through its tax-exempt income focus and active management approach, BNY Mellon Strategic Municipals serves individual and institutional investors seeking a potential supplement to taxable fixed-income allocations.
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