<SEC-DOCUMENT>0000818972-21-000014.txt : 20211202
<SEC-HEADER>0000818972-21-000014.hdr.sgml : 20211202
<ACCEPTANCE-DATETIME>20211202163133
ACCESSION NUMBER:		0000818972-21-000014
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211202
DATE AS OF CHANGE:		20211202
EFFECTIVENESS DATE:		20211202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BNY MELLON STRATEGIC MUNICIPALS, INC.
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		211467016

	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
</SEC-HEADER>
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        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare, Inc.</transferAgentName>
            <transferAgentFileNo>84-05579</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NJ" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
          <transferAgent>
            <transferAgentName>Deutsche Bank Trust Company America</transferAgentName>
            <transferAgentFileNo>84-00000</transferAgentFileNo>
            <transferAgentLei>8EWQ2UQKS07AKK8ANH81</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN: 13-3668779</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-IL" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-05579</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NJ" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>BNY Mellon Investment Adviser, Inc.</adminName>
            <adminLei>54930067A504FBYASH16</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Capital Markets, LLC</brokerDealerName>
            <brokerDealerFileNo>008-35255</brokerDealerFileNo>
            <brokerDealerCrdNo>000017454</brokerDealerCrdNo>
            <brokerDealerLei>VJW2DOOHGDT6PR0ZRO63</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Hedgemark Securities, LLC</brokerDealerName>
            <brokerDealerFileNo>008-69106</brokerDealerFileNo>
            <brokerDealerCrdNo>000164503</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Securities Corporation</brokerDealerName>
            <brokerDealerFileNo>008-13801</brokerDealerFileNo>
            <brokerDealerCrdNo>000000231</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Advisor Solutions LLC</brokerDealerName>
            <brokerDealerFileNo>008-47425</brokerDealerFileNo>
            <brokerDealerCrdNo>000036671</brokerDealerCrdNo>
            <brokerDealerLei>549300KTC63JRN36GZ84</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NJ" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing LLC</brokerDealerName>
            <brokerDealerFileNo>008-17574</brokerDealerFileNo>
            <brokerDealerCrdNo>000007560</brokerDealerCrdNo>
            <brokerDealerLei>ZI8Q1A8EI8LQFJNM0D94</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NJ" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Asset Management Canada Ltd.</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>CA</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Capital Markets EMEA Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>213800O5FBGOWU89LN14</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Investment Management Australia Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>2ZQTMYGDRJZ57CRSPU33</brokerDealerLei>
            <brokerDealerCountry>AU</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Investment Management EMEA Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>213800X5NCNIAF9USD75</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Investment Management Hong Kong Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>000169689</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>HK</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY MELLON SERVICOS FINACEIROS DISTRIBUIDORA DE TITULOS E VALORES MOBILIARIOS (DTVM) S.A</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>BR</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Wealth Management, Advisory Services, Inc.</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>CA</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing (Channel Islands) Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>2138009CM5DCI2OQW132</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>213800R6YVGU4VP7XK84</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Securities Australia Pty Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>5493008201YNLL3CPG58</brokerDealerLei>
            <brokerDealerCountry>AU</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Securities Canada Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>5493000WV47FDC28QG89</brokerDealerLei>
            <brokerDealerCountry>CA</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Securities International Limited</brokerDealerName>
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            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300PPJGN9E26TI110</brokerDealerLei>
            <brokerDealerCountry>IE</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Securities Limited</brokerDealerName>
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            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300NC3GURN0AEZU06</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>The Bank of New York Mellon Securities Company Japan Limited</brokerDealerName>
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            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>JP</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>The Bank of New York Mellon, S.A., Institucion de Banca Multiple</brokerDealerName>
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            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>MX</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>BNY Mellon Fund Management (Luxemboug), S.A.</brokerDealerName>
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            <brokerDealerCrdNo>000283267</brokerDealerCrdNo>
            <brokerDealerLei>5N2ES2M2WGR2TO0Q5G40</brokerDealerLei>
            <brokerDealerCountry>LU</brokerDealerCountry>
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          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Pershing Securities Singapore Private Limited</brokerDealerName>
            <brokerDealerFileNo>008-00000</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>SG</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.00</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS INC.</principalName>
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          <principalTransaction>
            <principalName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</principalName>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
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            <principalTotalPurchaseSale>10828132.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>B. C. ZIEGLER AND COMPANY</principalName>
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            <principalCrdNo>000000061</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>8940886.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL INC.</principalName>
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            <principalTotalPurchaseSale>7882291.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS, LLC</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO CLEARING SERVICES, LLC</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES LLC</principalName>
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        </principalTransactions>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>542036311.00</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>BNY Mellon Strategic Municipals, Inc. - Common Stock</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XASE" commonStockTickerSymbol="LEO"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>BNY Mellon Strategic Municipals, Inc. - Series M,T,W,Th and F Auction Preferred Stock</securityClassTitle>
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      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.86</managementFee>
      <netOperatingExpenses>1.12</netOperatingExpenses>
      <marketPricePerShare>8.70</marketPricePerShare>
      <netAssetValuePerShare>8.71</netAssetValuePerShare>
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    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isNewOrAmendedInvAdvContracts>true</isNewOrAmendedInvAdvContracts>
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    <signature registrantSignedName="BNY Mellon Strategic Municipals, Inc." signedDate="2021-12-02" signature="Sarah Kelleher" title="Vice President and Assistant Secretary"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>eyconsent853-11222021.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: center">Report of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 186.6pt">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">To the Shareholders and Board of Directors of</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">BNY Mellon Strategic Municipals, Inc.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">In planning and performing our audit of the financial statements
of BNY Mellon Strategic Municipals, Inc. (the &ldquo;Company&rdquo;) as of and for the year ended September 30, 2021, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Company&rsquo;s internal control
over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing
an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">The management of the Company is responsible for establishing
and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. generally accepted accounting principles. A company&rsquo;s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company&rsquo;s annual
or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">Our consideration of the Company&rsquo;s internal control over
financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the
Company&rsquo;s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider
to be a material weakness as defined above as of September 30, 2021.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">This report is intended solely for the information and use of
management and the Board of Directors of BNY Mellon Strategic Municipals, Inc. and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate; margin: 0 0 0 4in; text-align: justify">/s/ ERNST &amp; YOUNG LLP</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">New York, New York</P>

<P STYLE="font: 9pt EYInterstate Light; margin: 0">November 22, 2021</P>


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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>subadvagrment853-912021.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SUB-INVESTMENT ADVISORY AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BNY MELLON INVESTMENT ADVISER, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: right">September 1, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Insight North America LLC<BR>
200 Park Avenue<BR>
New York, New York 10166</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">BNY Mellon Strategic Municipals,
Inc. (the &quot;Fund&quot;) desires to employ its capital by investing and reinvesting the same in investments of the type and in accordance
with the limitations specified in the Fund's Prospectus as from time to time in effect, copies of which have been or will be submitted
to you, and in such manner and to such extent as from time to time may be approved by the Fund's Board. The Fund employs BNY Mellon Investment
Adviser, Inc. (the &quot;Adviser&quot;) to act as the Fund's investment adviser pursuant to a written agreement (the &quot;Management
Agreement&quot;), a copy of which has been furnished to you. The Adviser is authorized to and desires to retain you, and you hereby agree
to accept such retention, to act as the Fund's sub-investment adviser with respect to that portion of the Fund's assets which may be assigned
to you from time to time (the &quot;sub-advised assets&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with your
serving as sub-investment adviser to the Fund, it is understood that from time to time you will employ or associate with yourself such
person or persons as you may believe to be particularly fitted to assist you in the performance of this Agreement. The compensation of
such person or persons shall be paid by you and no obligation may be incurred on the Fund's behalf in any such respect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the supervision
and approval of the Adviser and the Fund's Board, you will provide investment management of the sub-advised assets. Your advisory duties
and responsibilities hereunder shall pertain only to the sub-advised assets. You will provide such investment management subject to and
in accordance with (i) the Fund's investment objective(s), policies and limitations as stated in the Fund's Prospectus as from time to
time in effect, or in any supplements thereto, and provided to you; (ii) any applicable procedures or policies adopted by the Adviser
or the Fund's Board with respect to the Fund as from time to time in effect and furnished in writing to you; (iii) the requirements applicable
to registered investment companies under applicable laws, including without limitation the Investment Company Act of 1940, as amended
(the &quot;Investment Company Act&quot;), and the rules and regulations thereunder, and the Internal Revenue Code of 1986, as amended
(the &quot;Internal Revenue Code&quot;), and the rules and regulations thereunder applicable to qualification as a &quot;regulated investment
company&quot;; and (iv) any written instructions which the Adviser or the Fund's Board may issue to you from time to time; provided, however,
that you shall not be bound by any update, modification or amendment of such documents or other policies of the Fund or the Adviser unless
and until you have been given notice thereof in accordance with this Agreement and have been provided with a copy of such update, modification
or amendment. In connection therewith, you (a) will obtain and provide investment research and supervise the Fund's investments with respect
to the sub-advised assets and (b) will conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment
of the sub-advised assets, including the placing of portfolio transactions for execution either directly with the issuer or with any broker
or dealer, foreign currency dealer, futures commission merchant, counterparty or others. You agree that, in</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">the placing of portfolio transactions for execution,
you will attempt to obtain the best net result in terms of price and execution. Consistent with this obligation and in accordance with
applicable securities laws, you, in your discretion, may purchase and sell portfolio securities from and to brokers and dealers who provide
you with research, analysis, advice and similar services. You may pay to brokers and dealers, in return for such research and analysis,
a higher commission than may be charged by other brokers and dealers, subject to your good faith determination that such commission is
reasonable in terms either of the particular transaction or of your overall responsibility to the Fund and your other clients and that
the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term and, if applicable,
subject to compliance with Section 28(e) of the Securities Exchange Act of 1934, as amended. Such authorization is subject to termination
at any time by the Fund's Board for any reason. In addition, you are authorized to allocate purchase and sale orders for portfolio securities
to brokers and dealers that are affiliated with you, the Adviser, the Fund's principal underwriter or any other sub-investment adviser
to the Fund if you believe that the quality of the transaction and the commission are comparable to what they would be with other qualified
firms, and provided that the transactions are consistent with the Fund's Rule 17e-1 procedures. In no instance may portfolio securities
be purchased from or sold to you, the Adviser, the Fund's principal underwriter, any other sub-investment adviser to the Fund or any person
affiliated with you, the Adviser, the Fund's principal underwriter, any other sub-investment adviser to the Fund or the Fund, except in
accordance with the applicable securities laws and the rules and regulations thereunder, including Rules 17a-7 and 17a-10 under the Investment
Company Act, and any exemptive order then currently in effect. The Adviser will periodically provide you with a list of the affiliates
of the Adviser, the Fund or the Fund's principal underwriter to which investment or trading restrictions apply, and will specifically
identify in writing (x) all publicly traded companies in which the Fund may not invest, together with ticker symbols for all such companies,
and (y) any affiliated brokers and any restrictions that apply to the use of those brokers by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You shall be deemed to
be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the
Adviser or the Fund in any way or otherwise be deemed an agent of the Adviser or the Fund, and nothing in this Agreement shall be construed
as making the Adviser or the Fund a partner or co-venturer with you or any of your affiliates. You shall utilize counterparties for brokerage,
futures and options clearing, ISDA purposes and trade execution under agreements set up in the name of the Fund. You shall be responsible
for managing any collateral and margin requirements associated with investments made for the sub-advised assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Proxies of companies whose
shares are part of the sub-advised assets shall be voted as described in the Fund's Prospectus, and you shall assume responsibility for
the voting of such proxies pursuant to proxy voting procedures approved by the Adviser. You are authorized and agree to act on behalf
of the Fund with respect to any reorganizations, exchange offers and other voluntary corporate actions in connection with securities held
in the sub-advised assets in such manner as you deem advisable, unless the Fund or the Adviser otherwise specifically directs in writing.
You shall have no responsibility with respect to the collection of income, physical acquisition or the safekeeping of the sub-advised
assets. You also shall have no obligation to initiate any legal proceeding (including, without limitation, class actions and bankruptcies)
with respect to the securities constituting the sub-advised assets and you shall not file proofs of claims relating to the sub-advised
assets. The Adviser shall furnish you with copies of the Fund's Prospectus and shareholder reports. You will be provided the opportunity
to review and approve any description of you and your investment process set forth in the Fund's Prospectus and/or shareholder reports.
The Adviser also will furnish you with copies of press releases and shareholder reports that disclose any changes to the Fund's investment
objective, policies, strategies or restrictions and you will have a reasonable period of time to implement such changes with respect to
the sub-advised assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-2-</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You will furnish to the
Adviser or the Fund such information, with respect to the investments which the Fund may hold or contemplate purchasing in connection
with the sub-advised assets, as the Adviser or the Fund may reasonably request. The Fund and the Adviser wish to be informed of important
developments materially affecting the management of the sub-advised assets and shall expect you, on your own initiative, to furnish to
the Fund or the Adviser from time to time such information as you may believe appropriate for this purpose. Upon reasonable request, you
will make available your officers and employees to meet with the Fund's Board and/or the Adviser to review the sub-advised assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You will maintain all required
books and records with respect to the securities transactions of the Fund for the sub-advised assets, and will furnish the Fund's Board
and the Adviser with such periodic and special reports as the Fund's Board or the Adviser reasonably may request. You hereby agree that
all records which you maintain for the Fund or the Adviser are the property of the Fund or the Adviser, and agree to preserve for the
periods prescribed by applicable law any records which you maintain for the Fund or the Adviser and which are required to be maintained,
and further agree to surrender promptly to the Fund or the Adviser any records which you maintain for the Fund or the Adviser upon request
by the Fund or the Adviser, provided that you shall have reasonable opportunity to create and maintain copies of applicable records.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser and you each
agree to comply with applicable laws, rules and regulations, including the Investment Advisers Act of 1940, as amended (the &quot;Investment
Advisers Act&quot;), and the Investment Company Act. You will promptly notify the Fund's Chief Compliance Officer (a) in the event the
Securities and Exchange Commission or other governmental authority has censured you, placed limitations upon your activities, functions
or operations, suspended or revoked your registration, as an investment adviser, or has commenced proceedings or an investigation that
may result in any of these actions; or (b) upon becoming aware of any material fact relating to you that is not contained in the Fund's
Prospectus, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement contained
therein that becomes untrue in any material respect. Upon request, and in accordance with the scope of your obligations and responsibilities
contained in this Agreement, you will provide reasonable assistance to the Fund in connection with the Fund's compliance with applicable
provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder, and Rule 38a-1 under the Investment Company Act.
Such assistance shall include, but not be limited to, (i) certifying periodically, upon the request of the Fund's Chief Compliance Officer,
that you are in compliance with all applicable &quot;federal securities laws,&quot; as required by Rule 38a-1 under the Investment Company
Act, and Rule 206(4)-7 under the Investment Advisers Act; (ii) facilitating and cooperating with the Fund's Chief Compliance Officer to
evaluate the effectiveness of your compliance controls; (iii) providing the Fund's Chief Compliance Officer with direct access to your
compliance personnel; (iv) providing the Fund's Chief Compliance Officer with periodic reports; and (v) promptly providing the Fund's
Chief Compliance Officer with special reports in the event of material compliance violations. Upon request, you will provide certifications
to the Fund, in a form satisfactory to the Fund, to be relied upon by the Fund's officers certifying the Fund's periodic reports on Form
N-CSR pursuant to Rule 30a-2 under the Investment Company Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In consideration of services
rendered pursuant to this Agreement, the Adviser will pay you on the first business day of each month, out of the management fee it receives
and only to the extent thereof, a fee at the annual rate set forth on Schedule 1 hereto. If the Adviser waives all or a portion of the
management fee it is entitled to receive from the Fund, the fee payable to you pursuant to this Agreement may be reduced as you and the
Adviser mutually agree. The fee for the period from the effective date of this Agreement to the end of the month thereof shall be pro-rated
according to the proportion which such period bears to the full monthly period, and upon any termination of this Agreement before the
end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-3-</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">bears to the full monthly period and shall
be payable within 10 business days of the date of termination of this Agreement. For the purpose of determining fees payable to you, the
value of the Fund's net sub-advised assets shall be computed in the manner specified in the Fund's then-current Prospectus for the computation
of the value of the Fund's net assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Net asset value shall be
computed on such days and at such time or times as described in the Fund's then-current Prospectus. You agree to monitor the sub-advised
assets and to notify the Adviser on any day that you determine that a significant event has occurred with respect to one or more securities
held in the sub-advised assets that would materially affect the value of such securities (provided that you shall not be responsible for
providing information based on valuations provided by third party services which value securities based upon changes in one or more broad-based
indices). At the request of the Adviser or the Fund's Valuation Committee, you agree to provide additional reasonable assistance to the
Adviser, the Fund's Valuation Committee and the Fund's pricing agents in valuing the sub-advised assets, including in connection with
fair value pricing of the sub-advised assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You will bear all expenses
in connection with the performance of your services under this Agreement. All other expenses to be incurred in the operation of the Fund
(other than those borne by the Adviser) will be borne by the Fund, except to the extent specifically assumed by you. The expenses to be
borne by the Fund include, without limitation, the following: taxes, interest, loan commitment fees, interest and distributions paid on
securities sold short, brokerage fees and commissions, if any, and other expenses in any way related to the execution, recording and settlement
of portfolio securities transactions, fees of Board members who are not the Adviser's or your officers, directors or employees or holders
of 5% or more of the outstanding voting securities of you or the Adviser or any affiliate of you or the Adviser, Securities and Exchange
Commission fees and state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend paying agents' fees,
certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs
of maintaining the Fund's existence, expenses of reacquiring shares, expenses in connection with the Fund's Dividend Reinvestment and
Cash Purchase Plan, costs of maintaining the required books and accounts (including the costs of calculating the net asset value of the
Fund's shares), costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing,
printing and mailing share certificates, proxy statements and prospectuses, costs of stockholders' reports and meetings, and any extraordinary
expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser understands
that in entering into this Agreement you have relied upon the inducements made by the Fund to you under the Management Agreement. The
Adviser also understands that you now act, and that from time to time hereafter you may act, as investment adviser or sub-investment adviser
to one or more investment companies and fiduciary or other managed accounts, and the Adviser has no objection to your so acting, provided
that when the purchase or sale of securities of the same issuer is suitable for the investment objectives of two or more companies or
accounts managed by you and which have available funds for investment in the case of a purchase, the available securities will be allocated
in a manner believed by you to be equitable to each company or account. It is recognized that in some cases this procedure may adversely
affect the price paid or received by the Fund or the size of the position obtainable for or disposed of by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is also understood that
(i) you shall be prohibited from consulting with any other sub-investment adviser to the Fund (including, in the case of an offering of
securities subject to Section 10(f) of the Investment Company Act, any sub-investment adviser that is a principal underwriter or an affiliated
person of a principal underwriter of such offering) concerning transactions for the Fund in securities or other assets, except, in the
case of transactions involving securities of persons engaged in securities-related businesses, for purposes of complying with the conditions
of paragraphs (a) and (b) of Rule 12d3-</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-4-</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1 under the Investment Company Act, and (ii)
your responsibility regarding investment advice hereunder is limited to the sub-advised assets of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, it is understood
that the persons employed by you to assist in the performance of your duties hereunder will not devote their full time to such services
and nothing contained herein shall be deemed to limit or restrict your right or the right of any of your affiliates to engage in and devote
time and attention to other businesses or to render services of whatever kind or nature.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You shall exercise your
best judgment in rendering the services to be provided hereunder, and the Adviser agrees as an inducement to your undertaking the same
that you shall not be liable hereunder for any error of judgment or mistake of law or for any loss suffered by the Fund, the Fund's security
holders, or the Adviser, provided that nothing herein shall be deemed to protect or purport to protect you against any liability to the
Adviser, the Fund or the Fund's security holders to which you would otherwise be subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of your duties hereunder, or by reason of your reckless disregard of your obligations and duties under
this Agreement. You shall indemnify and hold harmless the Adviser and the Fund against any and all losses, claims, damages, liabilities
or litigation (including legal and other expenses) (&quot;Losses&quot;) to which the Adviser or the Fund become subject arising out of
or based on any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature,
or other materials pertaining to the Fund or the omission to state therein a material fact known to you that was required to be stated
therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information
furnished by you to the Adviser or the Fund for use therein. The Adviser shall indemnify you and hold you harmless against any and all
Losses to which you may become subject arising out of or based on any untrue statement of a material fact contained in the Prospectus,
proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein
a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading,
unless such statement or omission was made in reliance upon information furnished by you to the Adviser or the Fund for use therein. In
no event will you have any responsibility for any portion of the Fund's assets not managed by you or for the acts or omissions of any
other sub-investment adviser to the Fund. In particular, in the event that you manage only a segment of the Fund's assets, you shall have
no responsibility for the Fund being in violation of any applicable law or regulation or investment policy or restriction applicable to
the Fund as a whole, or for the Fund failing to qualify as a regulated investment company under the Internal Revenue Code, if the securities
and other holdings of the segment of the Fund's assets managed by you are such that your segment would not be in such violation or fail
to so qualify if such segment were deemed a separate regulated investment company under the Internal Revenue Code, unless such violation
was due to your failure to comply with written guidelines adopted by the Fund or the Adviser and provided to you.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may delegate some of
your duties under this Agreement to one or more of your affiliates; provided, however, that (i) you shall provide prior notice to the
Adviser of any such delegation and the Adviser consents to such delegation, (ii) any delegation of investment advisory duties within the
definition of &quot;investment adviser&quot; under the Investment Company Act is subject to and conditioned on the approval of the Fund's
Board and/or the Fund's shareholders as may be required pursuant to Section 15 of the Investment Company Act, (iii) you at all times shall
supervise and oversee the performance of any such services delegated by you to your affiliate, (iv) no additional charges, fees or other
compensation shall be paid by the Adviser or the Fund for any such services delegated by you to your affiliate, and (v) you at all times
shall remain liable to the Adviser and the Fund for your obligations under this Agreement regardless of whether services hereunder are
provided by you or any of your affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-5-</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement shall continue
until the date set forth on Schedule 1 hereto (the &quot;Reapproval Date&quot;), and thereafter shall continue automatically for successive
annual periods ending on the day of each year set forth on Schedule 1 hereto (the &quot;Reapproval Day&quot;), provided such continuance
is specifically approved at least annually by (i) the Fund's Board or (ii) vote of a majority (as defined in the Investment Company Act)
of the Fund's outstanding voting securities, provided that in either event its continuance also is approved by a majority of the Fund's
Board members who are not &quot;interested persons&quot; (as defined in the Investment Company Act) of the Fund or any party to this Agreement,
by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is terminable without penalty (i)
by the Adviser on not more than 60 days' notice to you, (ii) by the Fund's Board or by vote of the holders of a majority of the Fund's
outstanding voting securities on not more than 60 days' notice to you, or (iii) by you on not less than 90 days' notice to the Fund and
the Adviser. This Agreement also will terminate automatically in the event of its assignment (as defined in the Investment Company Act
or the Investment Advisers Act) and you shall be notified by the Fund and the Adviser, or you shall notify the Fund and the Adviser, as
applicable, as soon as possible before any such assignment occurs. In addition, notwithstanding anything herein to the contrary, if the
Management Agreement terminates for any reason, this Agreement shall terminate effective upon the date the Management Agreement terminates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser acknowledges
that it has received and has had an opportunity to read a copy of your Form ADV Part 2A (the &quot;Brochure&quot;) and a copy of the Form
ADV Part 2B with respect to your personnel with the most significant responsibility for providing advisory services to the Fund (the &quot;Brochure
Supplement&quot;). The Adviser agrees that the Brochure and Brochure Supplement, as well as other client communications, may be transmitted
to the Adviser electronically.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless indicated on Schedule
1 hereto, the Fund has claimed an exclusion from the definition of a Commodity Pool Operator pursuant to CFTC Rule 4.5 (the &quot;CPO
Exclusion&quot;) and you shall not manage the Fund's assets in a manner that would cause the Fund to not qualify for the CPO Exclusion
until otherwise indicated for the Fund on such Schedule. If the Fund is identified on Schedule 1 as not claiming the CPO Exclusion and
you intend to rely on CFTC Rule 4.7, unless Schedule 1 states to the contrary, the Adviser represents that the Fund is a &quot;qualified
eligible person&quot; under the rule, consents to the Fund being treated as an exempt account under the rule, and acknowledges the legend
set forth above its signature below. In addition, the Adviser represents to you that it is registered as a Commodity Pool Operator and
is a member of the National Futures Association in such capacity, to the extent required by the nature of its activities, and you represent
to the Adviser that you are registered as a Commodity Trading Advisor and are a member of the National Futures Association in such capacity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No provision of this Agreement
may be changed, waived or discharged unless signed in writing by the parties hereto. This Agreement shall be governed by the laws of the
State of New York, without regard to the conflict of law principles thereof, provided that nothing herein shall be construed in a manner
inconsistent with the Investment Company Act or the Investment Advisers Act. This Agreement may be executed in several counterparts, each
of which shall be deemed an original for all purposes, including judicial proof of the terms hereof, and all of which together shall constitute
and be deemed one and the same agreement. Nothing in this Agreement shall be deemed a limitation or waiver of any obligation or duty that
may not by law be limited or waived. If any one or more of the provisions of this Agreement shall be held contrary to express law or against
public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remainder of
this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. The rights of indemnification
herein shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise by law and shall
survive termination of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-6-</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Fund is expressly made
a third party beneficiary of this Agreement with rights as respect to the Fund to the same extent as if it had been a party hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise provided
herein or agreed to in writing by the parties, all notices or instructions permitted or required under this Agreement shall be deemed
to have been properly given if sent by regular first-class mail, registered mail, private courier, facsimile or electronically and addressed
to (or delivered to) the respective party at the address set forth above or at such other address or addresses as shall be specified,
in each case, in a notice similarly given. Each party may rely upon any notice from the other party or other communication reasonably
believed by the receiving party to be genuine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">PURSUANT TO AN EXEMPTION
FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT
IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS
OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY
FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing is in
accordance with your understanding, will you kindly so indicate by signing and returning to us the enclosed copy hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BNY MELLON INVESTMENT ADVISER, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 17.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: _______________________<BR>
    Name: James Bitetto</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Title: Secretary</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Accepted:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt; text-transform: uppercase">INSIGHT NORTH AMERICA LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: ________________________<BR>
    Name: Danielle Pagano</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title: Chief Operating Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 17.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-7-</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Fee as a Percentage of</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Average Daily Net Sub-Advised Assets</U></P></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Reapproval Date</U></P></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Reapproval Day</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">0.36%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">November 30, 2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">November 30<SUP>th</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">-8-</P>
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