Regulatory Filings • May 15, 2020
Preview not available for this file type.
Download Source FileNPORT-EX 1 c10605bnymellonhig-june20191.htm Untitled Document
STATEMENT OF INVESTMENTS BNY Mellon High Yield Strategies Fund
June 30, 2019 (Unaudited)
| Description | | Maturity Date | Principal Amount
($) | a | Value ($) |
| --- | --- | --- | --- | --- | --- |
| Bonds and Notes - 134.3% | | | | | |
| Aerospace
& Defense - 2.6% | | | | | |
| Bombardier,
Sr. Unscd. Notes | 6.13 | 1/15/2023 | 425,000 | b,c | 431,906 |
| Bombardier, Sr. Unscd. Notes | 7.50 | 3/15/2025 | 2,830,000 | b,c | 2,848,536 |
| Bombardier, Sr. Unscd. Notes | 7.88 | 4/15/2027 | 500,000 | b,c | 501,875 |
| TransDigm, Sr. Scd. Notes | 6.25 | 3/15/2026 | 1,015,000 | b,c | 1,064,481 |
| TransDigm UK Holdings, Gtd. Notes | 6.88 | 5/15/2026 | 1,440,000 | | 1,460,700 |
| | | | | 6,307,498 | |
| Automobiles
& Components - 2.0% | | | | | |
| American
Axle & Manufacturing, Gtd. Notes | 6.25 | 4/1/2025 | 750,000 | c | 749,063 |
| Panther BF Aggregator 2, Gtd. Notes | 8.50 | 5/15/2027 | 3,180,000 | b,c | 3,283,350 |
| Panther BF Aggregator 2, Sr. Scd. Notes | 6.25 | 5/15/2026 | 835,000 | b,c | 869,444 |
| | | | | 4,901,857 | |
| Building
Materials - 1.1% | | | | | |
| Cornerstone
Building Brands, Gtd. Notes | 8.00 | 4/15/2026 | 1,845,000 | b,c | 1,803,487 |
| Griffon, Gtd. Notes | 5.25 | 3/1/2022 | 925,000 | c | 925,574 |
| | | | | 2,729,061 | |
| Chemicals
- 3.4% | | | | | |
| Consolidated
Energy Finance, Gtd. Notes | 6.50 | 5/15/2026 | 915,000 | b,c | 912,713 |
| Consolidated Energy Finance, Sr. Unscd. Notes | 6.88 | 6/15/2025 | 835,000 | b,c | 859,349 |
| CVR Partners, Scd. Notes | 9.25 | 6/15/2023 | 2,320,000 | b,c | 2,434,724 |
| INEOS Group Holdings, Scd. Notes | 5.63 | 8/1/2024 | 905,000 | b,c | 927,625 |
| Kraton Polymers, Gtd. Notes | 7.00 | 4/15/2025 | 1,305,000 | b,c | 1,327,837 |
| The Chemours, Gtd. Notes | 7.00 | 5/15/2025 | 1,025,000 | c | 1,073,688 |
| Venator Finance, Gtd. Notes | 5.75 | 7/15/2025 | 870,000 | b,c | 801,488 |
| | | | | 8,337,424 | |
| Collateralized
Loan Obligations Debt - 5.7% | | | | | |
| Battalion
CLO VII, Ser. 2014-7A, Cl. DRR, 3 Month LIBOR + 6.31% | 8.90 | 7/17/2028 | 750,000 | b,d | 750,661 |
| Chenango Park CLO, Ser. 2018-1A, Cl. D, 3 Month LIBOR + 5.80% | 8.40 | 4/15/2030 | 1,000,000 | b,d | 951,127 |
| CIFC Funding, Ser. 2014-3A, Cl. ER2, 3 Month LIBOR +6.10% | 8.69 | 10/22/2031 | 1,000,000 | b,c,d | 947,471 |
| CIFC Funding, Ser. 2018-1A Cl. E, 3 Month LIBOR +5.00% | 7.60 | 4/18/2031 | 2,000,000 | b,c,d | 1,854,625 |
| Marble Point CLO XII, Ser. 2018-1A, Cl. E, 3 Month LIBOR +6.00% | 8.60 | 7/16/2031 | 750,000 | b,d | 683,499 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Collateralized | ||||||
| Loan Obligations Debt - 5.7% (continued) | ||||||
| OCP CLO, Ser. 2014-6A, Cl. DR, 3 Month LIBOR +6.52% | 9.11 | 10/17/2030 | 1,000,000 | b,c,d | 952,820 | |
| Octagon Investment Partners 33, Ser. 2017-1A, Cl. D, 3 Month LIBOR | ||||||
| +6.30% | 8.89 | 1/20/2031 | 1,525,000 | b,c,d | 1,513,832 | |
| Octagon Investment Partners 39, Ser. 2018-3A, Cl. E, 3 Month LIBOR | ||||||
| +5.75% | 8.34 | 10/20/2030 | 2,000,000 | b,c,d | 1,918,783 | |
| OZLM VI CLO, Ser. 2014-6A, Cl. DS, 3 Month LIBOR +6.05% | 8.64 | 4/17/2031 | 2,000,000 | b,d | 1,891,607 | |
| Rockford Tower CLO, Ser. 2018-1A, Cl. E, 3 Month LIBOR +5.85% | 8.37 | 5/20/2031 | 750,000 | b,d | 706,919 | |
| Sounds Point CLO IV-R, Ser. 2013-3RA, Cl. E, 3 Month LIBOR +6.25% | 8.85 | 4/18/2031 | 750,000 | b,c,d | 711,199 | |
| Vibrant CLO III, Ser. 2015-3A, Cl. DRR, 3 Month LIBOR +6.35% | 8.94 | 10/20/2031 | 1,000,000 | b,c,d | 947,400 | |
| 13,829,943 | ||||||
| Commercial | ||||||
| & Professional Services - 3.1% | ||||||
| Ahern | ||||||
| Rentals, Scd. Notes | 7.38 | 5/15/2023 | 1,800,000 | b,c | 1,606,500 | |
| Harsco, Gtd. Notes | 5.75 | 7/31/2027 | 795,000 | b,c | 829,869 | |
| Prime Security Services Borrower, Scd. Notes | 9.25 | 5/15/2023 | 1,214,000 | b,c | 1,277,219 | |
| Prime Security Services Borrower, Sr. Scd. Notes | 5.25 | 4/15/2024 | 535,000 | b,c | 545,700 | |
| Prime Security Services Borrower, Sr. Scd. Notes | 5.75 | 4/15/2026 | 715,000 | b | 740,025 | |
| Verscend Escrow, Sr. Unscd. Notes | 9.75 | 8/15/2026 | 1,360,000 | b | 1,419,500 | |
| Weight Watchers International, Gtd. Notes | 8.63 | 12/1/2025 | 1,220,000 | b,c | 1,122,400 | |
| 7,541,213 | ||||||
| Consumer | ||||||
| Discretionary - 11.2% | ||||||
| AMC | ||||||
| Entertainment Holdings, Gtd. Bonds | GBP | 6.38 | 11/15/2024 | 580,000 | 721,226 | |
| AMC Entertainment Holdings, | ||||||
| Gtd. Notes | 6.13 | 5/15/2027 | 1,555,000 | c | 1,391,725 | |
| Beazer Homes USA, Gtd. Notes | 8.75 | 3/15/2022 | 1,100,000 | c | 1,148,125 | |
| Cirsa Finance International, Sr. Scd. Notes | 7.88 | 12/20/2023 | 2,005,000 | b,c | 2,130,312 | |
| Core & Main, Sr. Unscd. Notes | 6.13 | 8/15/2025 | 891,000 | b,c | 904,365 | |
| Eldorado Resorts, Gtd. Notes | 6.00 | 4/1/2025 | 520,000 | c | 549,250 | |
| Eldorado Resorts, Gtd. Notes | 7.00 | 8/1/2023 | 725,000 | c | 759,438 | |
| International Game Technology, Sr. Scd. Notes | 6.25 | 1/15/2027 | 1,000,000 | b,c | 1,097,500 | |
| Jack Ohio Finance, Scd. Notes | 10.25 | 11/15/2022 | 1,170,000 | b,c | 1,257,750 | |
| MGM Resorts International, Gtd. Notes | 5.50 | 4/15/2027 | 655,000 | c | 688,569 |
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Consumer | ||||||
| Discretionary - 11.2% (continued) | ||||||
| MGM | ||||||
| Resorts International, Gtd. Notes | 7.75 | 3/15/2022 | 740,000 | c | 826,950 | |
| Scientific Games International, Gtd. Notes | 8.25 | 3/15/2026 | 2,690,000 | b,c | 2,831,198 | |
| Scientific Games International, Gtd. Notes | 10.00 | 12/1/2022 | 2,681,000 | c | 2,821,752 | |
| Stars Group Holdings, Gtd. Notes | 7.00 | 7/15/2026 | 1,715,000 | b,c | 1,817,900 | |
| Taylor Morrison Communities, Gtd. Notes | 5.88 | 6/15/2027 | 545,000 | b | 557,263 | |
| Tempur Sealy International, Gtd. Notes | 5.50 | 6/15/2026 | 955,000 | c | 994,394 | |
| TVL Finance, Sr. Scd. Notes | GBP | 8.50 | 5/15/2023 | 1,244,000 | b | 1,657,150 |
| Univar USA, Gtd. Notes | 6.75 | 7/15/2023 | 1,200,000 | b,c | 1,228,500 | |
| William Lyon Homes, Gtd. Notes | 5.88 | 1/31/2025 | 2,270,000 | c | 2,252,975 | |
| Williams Scotsman International, Sr. Scd. Notes | 6.88 | 8/15/2023 | 1,415,000 | b,c | 1,478,675 | |
| 27,115,017 | ||||||
| Consumer | ||||||
| Staples - 1.1% | ||||||
| Prestige | ||||||
| Brands, Gtd. Notes | 6.38 | 3/1/2024 | 1,730,000 | b,c | 1,818,662 | |
| Spectrum Brands, Gtd. Notes | 5.75 | 7/15/2025 | 720,000 | c | 751,500 | |
| 2,570,162 | ||||||
| Diversified | ||||||
| Financials - 9.2% | ||||||
| Ally | ||||||
| Financial, Gtd. Notes | 7.50 | 9/15/2020 | 860,000 | c | 907,300 | |
| Ally Financial, Gtd. Notes | 8.00 | 11/1/2031 | 1,515,000 | c | 2,009,966 | |
| Bracken MidCo1, Sr. Unscd. Bonds | GBP | 8.88 | 10/15/2023 | 995,000 | b | 1,225,770 |
| Cabot Financial Luxembourg, Sr. Scd. Notes | GBP | 7.50 | 10/1/2023 | 745,000 | b | 981,497 |
| Cabot Financial Luxembourg, Sr. Scd. Notes | GBP | 7.50 | 10/1/2023 | 479,000 | 631,057 | |
| FS Energy & Power Fund, Sr. Scd. Notes | 7.50 | 8/15/2023 | 2,340,000 | b,c | 2,380,950 | |
| Garfunkelux Holdco 2, Scd. Bonds | GBP | 11.00 | 11/1/2023 | 610,000 | b | 643,087 |
| Garfunkelux Holdco 3, Sr. Scd. Notes | GBP | 8.50 | 11/1/2022 | 595,000 | 679,869 | |
| Icahn Enterprises, Gtd. Notes | 6.25 | 2/1/2022 | 1,000,000 | c | 1,030,000 | |
| Icahn Enterprises, Gtd. Notes | 6.25 | 5/15/2026 | 1,220,000 | b,c | 1,236,775 | |
| Icahn Enterprises, Gtd. Notes | 6.75 | 2/1/2024 | 1,075,000 | c | 1,120,688 | |
| Ladder Capital Finance Holdings, Gtd. Notes | 5.25 | 10/1/2025 | 1,925,000 | b,c | 1,934,625 | |
| Nationstar Mortgage Holdings, Gtd. Notes | 8.13 | 7/15/2023 | 1,890,000 | b,c | 1,932,525 | |
| Navient, Sr. Unscd. Notes | 5.88 | 10/25/2024 | 915,000 | c | 929,869 | |
| Navient, Sr. Unscd. Notes | 7.25 | 1/25/2022 | 1,025,000 | c | 1,109,563 | |
| Quicken Loans, Gtd. Notes | 5.75 | 5/1/2025 | 1,710,000 | b,c | 1,769,303 | |
| VHF Parent, Scd. Notes | 6.75 | 6/15/2022 | 1,805,000 | b,c | 1,871,189 | |
| 22,394,033 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Description | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | |||||
| Electronic | |||||
| Components - 1.6% | |||||
| Energizer | |||||
| Holdings, Gtd. Notes | 6.38 | 7/15/2026 | 1,246,000 | b,c | 1,283,380 |
| Energizer Holdings, Gtd. Notes | 7.75 | 1/15/2027 | 1,649,000 | b,c | 1,788,885 |
| TTM Technologies, Gtd. Notes | 5.63 | 10/1/2025 | 920,000 | b,c | 901,839 |
| 3,974,104 | |||||
| Energy | |||||
| - 14.8% | |||||
| Blue | |||||
| Racer Midstream, Sr. Unscd. Notes | 6.63 | 7/15/2026 | 990,000 | b,c | 1,002,375 |
| Brazos Valley Longhorn, Gtd. Notes | 6.88 | 2/1/2025 | 1,080,000 | c | 1,020,600 |
| California Resources, Scd. Notes | 8.00 | 12/15/2022 | 1,060,000 | b,c | 804,275 |
| Carrizo Oil & Gas, Gtd. Notes | 6.25 | 4/15/2023 | 1,115,000 | c | 1,080,156 |
| Centennial Resource Production, Gtd. Notes | 6.88 | 4/1/2027 | 1,230,000 | b,c | 1,248,450 |
| Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 7.00 | 6/30/2024 | 1,630,000 | c | 1,878,738 |
| Chesapeake Energy, Gtd. Notes | 8.00 | 6/15/2027 | 915,000 | c | 804,633 |
| Chesapeake Energy, Gtd. Notes | 8.00 | 1/15/2025 | 975,000 | c | 904,313 |
| CVR Refining, Gtd. Notes | 6.50 | 11/1/2022 | 2,050,000 | c | 2,092,537 |
| DCP Midstream Operating, Gtd. Notes | 5.38 | 7/15/2025 | 1,670,000 | c | 1,763,937 |
| EnLink Midstream Partners, Sr. Unscd. Notes | 4.15 | 6/1/2025 | 1,130,000 | c | 1,111,638 |
| Enviva Partners, Gtd. Notes | 8.50 | 11/1/2021 | 2,970,000 | c | 3,099,937 |
| Genesis Energy, Gtd. Notes | 6.50 | 10/1/2025 | 2,745,000 | c | 2,693,531 |
| Gulfport Energy, Gtd. Notes | 6.00 | 10/15/2024 | 1,545,000 | c | 1,201,238 |
| Matador Resources, Gtd. Notes | 5.88 | 9/15/2026 | 915,000 | c | 928,725 |
| Nabors Industries, Gtd. Notes | 5.50 | 1/15/2023 | 390,000 | c | 366,600 |
| PDC Energy, Gtd. Notes | 6.13 | 9/15/2024 | 905,000 | c | 907,263 |
| Precision Drilling, Gtd. Notes | 7.13 | 1/15/2026 | 700,000 | b,c | 680,750 |
| Precision Drilling, Gtd. Notes | 7.75 | 12/15/2023 | 1,120,000 | c | 1,147,664 |
| Semgroup, Gtd. Notes | 7.25 | 3/15/2026 | 1,100,000 | c | 1,078,000 |
| Shelf Drilling Holdings, Gtd. Notes | 8.25 | 2/15/2025 | 1,855,000 | b,c | 1,721,440 |
| SM Energy, Sr. Unscd. Notes | 5.63 | 6/1/2025 | 925,000 | c | 846,375 |
| Southwestern Energy, Gtd. Notes | 7.50 | 4/1/2026 | 975,000 | c | 928,571 |
| SRC Energy, Gtd. Notes | 6.25 | 12/1/2025 | 825,000 | c | 754,875 |
| Transocean Poseidon, Sr. Scd. Notes | 6.88 | 2/1/2027 | 602,000 | b | 637,744 |
| Transocean Sentry, Sr. Scd. Notes | 5.38 | 5/15/2023 | 615,000 | b | 617,306 |
| Unit, Gtd. Notes | 6.63 | 5/15/2021 | 1,870,000 | c | 1,697,025 |
| USA Compression Partners, Gtd. Notes | 6.88 | 4/1/2026 | 1,118,000 | c | 1,187,763 |
| Whiting Petroleum, Gtd. Notes | 6.63 | 1/15/2026 | 745,000 | c | 722,184 |
| WPX Energy, Sr. Unscd. Notes | 5.25 | 9/15/2024 | 1,070,000 | c | 1,099,425 |
| 36,028,068 | |||||
| Environmental | |||||
| Control - 2.6% | |||||
| Clean | |||||
| Harbors, Sr. Unscd. Notes | 4.88 | 7/15/2027 | 395,000 | 395,000 |
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Environmental | ||||||
| Control - 2.6% (continued) | ||||||
| Covanta | ||||||
| Holding, Sr. Unscd. Notes | 5.88 | 7/1/2025 | 2,270,000 | c | 2,369,312 | |
| GFL Environmental, Sr. Unscd. Notes | 7.00 | 6/1/2026 | 2,660,000 | b,c | 2,729,825 | |
| Waste Pro USA, Sr. Unscd. Notes | 5.50 | 2/15/2026 | 920,000 | b | 945,300 | |
| 6,439,437 | ||||||
| Food | ||||||
| Products - 3.0% | ||||||
| Albertsons, | ||||||
| Gtd. Notes | 6.63 | 6/15/2024 | 2,095,000 | c | 2,181,419 | |
| Albertsons, Gtd. Notes | 7.50 | 3/15/2026 | 495,000 | b,c | 530,888 | |
| New Albertsons, Sr. Unscd. Bonds | 8.00 | 5/1/2031 | 2,390,000 | c | 2,354,150 | |
| Post Holdings, Gtd. Notes | 8.00 | 7/15/2025 | 1,975,000 | b,c | 2,123,125 | |
| 7,189,582 | ||||||
| Forest | ||||||
| Products & Other - 1.2% | ||||||
| Mercer | ||||||
| International, Sr. Unscd. Notes | 7.38 | 1/15/2025 | 2,660,000 | b,c | 2,832,900 | |
| Health Care - 15.4% | ||||||
| Avantor, Sr. Unscd. Notes | 9.00 | 10/1/2025 | 3,340,000 | b,c | 3,732,450 | |
| Bausch Health, Gtd. Notes | 6.13 | 4/15/2025 | 1,340,000 | b,c | 1,370,150 | |
| Bausch Health, Gtd. Notes | 7.25 | 5/30/2029 | 650,000 | b | 677,625 | |
| Bausch Health, Gtd. Notes | 9.00 | 12/15/2025 | 2,420,000 | b,c | 2,712,941 | |
| Bausch Health Americas, Gtd. Notes | 9.25 | 4/1/2026 | 1,850,000 | b,c | 2,074,405 | |
| Eagle Holding Co II, Sr. Unscd. Notes | 7.63 | 5/15/2022 | 2,925,000 | b,c | 2,946,937 | |
| Eagle Holding Co II, Unscd. Notes | 7.75 | 5/15/2022 | 1,050,000 | b | 1,060,500 | |
| Envision Healthcare, Gtd. Notes | 8.75 | 10/15/2026 | 340,000 | b,c | 237,150 | |
| HCA, Gtd. Notes | 7.50 | 2/15/2022 | 3,150,000 | c | 3,480,750 | |
| MEDNAX, Gtd. Notes | 6.25 | 1/15/2027 | 1,925,000 | b,c | 1,898,531 | |
| MPH Acquisition Holdings, Gtd. Notes | 7.13 | 6/1/2024 | 2,065,000 | b,c | 1,946,675 | |
| Nidda BondCo, Sr. Unscd. Bonds | EUR | 7.25 | 9/30/2025 | 1,515,000 | b | 1,815,989 |
| NVA Holdings, Gtd. Notes | 6.88 | 4/1/2026 | 1,090,000 | b,c | 1,144,500 | |
| Ortho-Clinical Diagnostics, Sr. Unscd. Notes | 6.63 | 5/15/2022 | 2,600,000 | b,c | 2,496,000 | |
| Polaris Intermediate, Sr. Unscd. Notes | 8.50 | 12/1/2022 | 4,175,000 | b,c | 3,705,312 | |
| Tenet Healthcare, Scd. Notes | 6.25 | 2/1/2027 | 105,000 | b,c | 108,281 | |
| Tenet Healthcare, Sr. Unscd. Notes | 6.75 | 6/15/2023 | 2,060,000 | c | 2,075,450 | |
| Tenet Healthcare, Sr. Unscd. Notes | 8.13 | 4/1/2022 | 1,930,000 | c | 2,033,737 | |
| West Street Merger Sub, Sr. Unscd. Notes | 6.38 | 9/1/2025 | 1,970,000 | b,c | 1,832,100 | |
| 37,349,483 | ||||||
| Industrials | ||||||
| - 2.5% | ||||||
| Brand | ||||||
| Industrial Services, Sr. Unscd. Notes | 8.50 | 7/15/2025 | 2,340,000 | b,c | 2,132,325 | |
| Frontdoor, Sr. Unscd. Notes | 6.75 | 8/15/2026 | 540,000 | b,c | 576,450 | |
| Stevens Holding, Gtd. Notes | 6.13 | 10/1/2026 | 415,000 | b,c | 438,863 | |
| Titan Acquisition, Sr. Unscd. Notes | 7.75 | 4/15/2026 | 1,320,000 | b,c | 1,191,300 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Industrials | ||||||
| - 2.5% (continued) | ||||||
| Welbilt, | ||||||
| Sr. Unscd. Notes | 9.50 | 2/15/2024 | 1,600,000 | c | 1,738,000 | |
| 6,076,938 | ||||||
| Information | ||||||
| Technology - 7.9% | ||||||
| Ascend | ||||||
| Learning, Sr. Unscd. Notes | 6.88 | 8/1/2025 | 565,000 | b,c | 576,837 | |
| Ascend Learning, Sr. Unscd. Notes | 6.88 | 8/1/2025 | 1,970,000 | b,c | 2,014,325 | |
| CDK Global, Sr. Unscd. Notes | 5.25 | 5/15/2029 | 660,000 | b,c | 684,750 | |
| Change Healthcare Holdings, Sr. Unscd. Notes | 5.75 | 3/1/2025 | 2,400,000 | b,c | 2,445,000 | |
| Genesys Telecommunications Laboratories, Gtd. Notes | 10.00 | 11/30/2024 | 3,590,000 | b,c | 3,908,612 | |
| RP Crown Parent, Gtd. Notes | 7.38 | 10/15/2024 | 1,705,000 | b,c | 1,781,725 | |
| Solera Finance, Sr. Unscd. Notes | 10.50 | 3/1/2024 | 1,940,000 | b,c | 2,107,325 | |
| Sophia, Sr. Unscd. Notes | 9.00 | 9/30/2023 | 2,435,000 | b,c | 2,523,269 | |
| The Dun & Bradstreet, Sr. Scd. Notes | 6.88 | 8/15/2026 | 1,400,000 | b,c | 1,484,000 | |
| The Dun & Bradstreet, Sr. Unscd. Notes | 10.25 | 2/15/2027 | 1,545,000 | b,c | 1,645,425 | |
| 19,171,268 | ||||||
| Insurance | ||||||
| - 3.5% | ||||||
| AmWINS | ||||||
| Group, Gtd. Notes | 7.75 | 7/1/2026 | 1,780,000 | b,c | 1,851,200 | |
| Assuredpartners, Sr. Unscd. Notes | 7.00 | 8/15/2025 | 1,765,000 | b,c | 1,762,794 | |
| GTCR AP Finance, Sr. Scd. Notes | 8.00 | 5/15/2027 | 285,000 | b,c | 287,138 | |
| Hub International, Sr. Unscd. Notes | 7.00 | 5/1/2026 | 1,920,000 | b,c | 1,951,200 | |
| USI, Sr. Unscd. Notes | 6.88 | 5/1/2025 | 1,915,000 | b,c | 1,900,637 | |
| York Risk Services Holding, Gtd. Notes | 8.50 | 10/1/2022 | 870,000 | b,c | 719,925 | |
| 8,472,894 | ||||||
| Internet | ||||||
| Software & Services - .1% | ||||||
| Netflix, | ||||||
| Sr. Unscd. Notes | 5.38 | 11/15/2029 | 260,000 | b,c | 276,819 | |
| Materials - 9.8% | ||||||
| ARD Finance, Sr. Scd. Notes | EUR | 6.63 | 9/15/2023 | 770,000 | 909,386 | |
| ARD Finance, Sr. Scd. Notes | 7.13 | 9/15/2023 | 1,070,000 | c | 1,099,425 | |
| ARD Securities Finance, Sr. Scd. Notes | 8.75 | 1/31/2023 | 2,674,680 | b,c | 2,708,113 | |
| Ardagh Packaging Finance Holdings, Gtd. Notes | 7.25 | 5/15/2024 | 1,990,000 | b,c | 2,104,425 | |
| Bway Holding, Sr. Unscd. Notes | 7.25 | 4/15/2025 | 4,200,000 | b,c | 4,063,500 | |
| Flex Acquisition, Sr. Unscd. Notes | 6.88 | 1/15/2025 | 180,000 | b | 163,800 | |
| Flex Acquisition, Sr. Unscd. Notes | 7.88 | 7/15/2026 | 1,690,000 | b,c | 1,563,250 | |
| Grinding Media, Sr. Scd. Notes | 7.38 | 12/15/2023 | 1,115,000 | b,c | 1,073,188 | |
| LABL Escrow Issuer, Sr. Scd. Notes | 6.75 | 7/15/2026 | 655,000 | b | 663,515 | |
| LABL Escrow Issuer, Sr. Unscd. Notes | 10.50 | 7/15/2027 | 1,000,000 | b | 1,002,500 | |
| Novelis, Gtd. Notes | 5.88 | 9/30/2026 | 665,000 | b,c | 674,975 | |
| Novelis, Gtd. Notes | 6.25 | 8/15/2024 | 840,000 | b,c | 882,806 | |
| Peabody Energy, Sr. Scd. Notes | 6.38 | 3/31/2025 | 2,190,000 | b,c | 2,222,850 |
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Materials | ||||||
| - 9.8% (continued) | ||||||
| Reynolds | ||||||
| Group Issuer, Gtd. Notes | 7.00 | 7/15/2024 | 2,970,000 | b,c | 3,076,608 | |
| W/S Packaging Holdings, Sr. Scd. Notes | 9.00 | 4/15/2023 | 1,430,000 | b,c | 1,556,912 | |
| 23,765,253 | ||||||
| Media | ||||||
| - 8.0% | ||||||
| Altice | ||||||
| Financing, Sr. Scd. Bonds | 7.50 | 5/15/2026 | 730,000 | b,c | 735,548 | |
| Altice Finco, Scd. Notes | 8.13 | 1/15/2024 | 1,440,000 | b,c | 1,490,400 | |
| Altice Luxembourg, Gtd. Notes | 7.75 | 5/15/2022 | 1,091,000 | b,c | 1,111,456 | |
| Altice Luxembourg, Sr. Unscd. Notes | 10.50 | 5/15/2027 | 700,000 | b | 721,000 | |
| CSC Holdings, Sr. Unscd. Notes | 7.50 | 4/1/2028 | 1,700,000 | b,c | 1,874,760 | |
| CSC Holdings, Sr. Unscd. Notes | 7.75 | 7/15/2025 | 1,020,000 | b,c | 1,106,088 | |
| DISH DBS, Gtd. Notes | 5.88 | 11/15/2024 | 1,700,000 | c | 1,615,000 | |
| DISH DBS, Gtd. Notes | 5.88 | 7/15/2022 | 550,000 | c | 560,313 | |
| Entercom Media, Gtd. Notes | 7.25 | 11/1/2024 | 1,795,000 | b,c | 1,900,456 | |
| Gray Television, Sr. Unscd. Notes | 7.00 | 5/15/2027 | 1,485,000 | b,c | 1,614,937 | |
| Midcontinent Communications/Midcontinent Finance, Gtd. Notes | 6.88 | 8/15/2023 | 1,155,000 | b,c | 1,201,200 | |
| Nexstar Escrow, Sr. Unscd. Notes | 5.63 | 7/15/2027 | 1,050,000 | b | 1,078,875 | |
| Radiate Holdco, Sr. Unscd. Notes | 6.63 | 2/15/2025 | 1,085,000 | b,c | 1,055,163 | |
| Radiate Holdco, Sr. Unscd. Notes | 6.88 | 2/15/2023 | 1,016,000 | b | 1,021,080 | |
| Townsquare Media, Gtd. Notes | 6.50 | 4/1/2023 | 980,000 | b,c | 968,975 | |
| Univision Communications, Sr. Scd. Notes | 5.13 | 2/15/2025 | 1,370,000 | b,c | 1,310,062 | |
| 19,365,313 | ||||||
| Metals | ||||||
| & Mining - 4.6% | ||||||
| Big | ||||||
| River Steel, Sr. Scd. Notes | 7.25 | 9/1/2025 | 1,190,000 | b,c | 1,253,130 | |
| Commercial Metals, Sr. Unscd. Notes | 5.75 | 4/15/2026 | 900,000 | c | 900,675 | |
| Constellium, Gtd. Notes | 6.63 | 3/1/2025 | 1,930,000 | b,c | 2,007,200 | |
| First Quantum Minerals, Gtd. Notes | 6.88 | 3/1/2026 | 290,000 | b | 270,063 | |
| First Quantum Minerals, Gtd. Notes | 7.25 | 4/1/2023 | 2,700,000 | b,c | 2,639,250 | |
| First Quantum Minerals, Gtd. Notes | 7.50 | 4/1/2025 | 560,000 | b | 535,500 | |
| Freeport-McMoRan, Gtd. Notes | 5.45 | 3/15/2043 | 1,270,000 | c | 1,168,400 | |
| Hudbay Minerals, Gtd. Notes | 7.63 | 1/15/2025 | 2,265,000 | b,c | 2,349,937 | |
| 11,124,155 | ||||||
| Real | ||||||
| Estate - 1.2% | ||||||
| Corecivic, | ||||||
| Gtd. Notes | 5.00 | 10/15/2022 | 700,000 | c | 699,125 | |
| GEO Group, Gtd. Notes | 6.00 | 4/15/2026 | 930,000 | c | 813,471 | |
| Greystar Real Estate Partners, Sr. Scd. Notes | 5.75 | 12/1/2025 | 835,000 | b,c | 853,788 | |
| Haya Finance 2017, Sr. Scd. Bonds | EUR | 5.25 | 11/15/2022 | 525,000 | 511,565 | |
| 2,877,949 | ||||||
| Retailing | ||||||
| - 2.4% | ||||||
| Beacon | ||||||
| Roofing Supply, Gtd. Notes | 6.38 | 10/1/2023 | 805,000 | c | 840,219 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Description | Coupon Rate (%) | Maturity Date | Principal Amount ($) | a | Value ($) | |
|---|---|---|---|---|---|---|
| Bonds and Notes - 134.3% (continued) | ||||||
| Retailing | ||||||
| - 2.4% (continued) | ||||||
| eG | ||||||
| Global Finance, Sr. Scd. Notes | 6.75 | 2/7/2025 | 1,600,000 | b | 1,591,520 | |
| Party City Holdings, Gtd. Notes | 6.63 | 8/1/2026 | 2,505,000 | b,c | 2,436,112 | |
| Staples, Sr. Scd. Notes | 7.50 | 4/15/2026 | 1,030,000 | b,c | 1,026,508 | |
| 5,894,359 | ||||||
| Technology | ||||||
| Hardware & Equipment - 2.9% | ||||||
| Dell | ||||||
| International, Gtd. Notes | 7.13 | 6/15/2024 | 1,895,000 | b,c | 2,000,607 | |
| Everi Payments, Gtd. Notes | 7.50 | 12/15/2025 | 2,695,000 | b,c | 2,823,012 | |
| Exela Intermediate, Sr. Scd. Notes | 10.00 | 7/15/2023 | 1,345,000 | b,c | 1,099,538 | |
| Tempo Acquisition, Sr. Unscd. Notes | 6.75 | 6/1/2025 | 1,045,000 | b,c | 1,081,575 | |
| 7,004,732 | ||||||
| Telecommunication | ||||||
| Services - 12.1% | ||||||
| Altice | ||||||
| France, Sr. Scd. Notes | 7.38 | 5/1/2026 | 935,000 | b,c | 960,713 | |
| Altice France, Sr. Scd. Notes | 8.13 | 2/1/2027 | 3,675,000 | b,c | 3,867,937 | |
| CenturyLink, Sr. Unscd. Notes, Ser. Y | 7.50 | 4/1/2024 | 2,915,000 | c | 3,232,006 | |
| Cincinnati Bell, Sr. Unscd. Notes | 8.00 | 10/15/2025 | 1,005,000 | b,c | 859,275 | |
| CommScope, Gtd. Notes | 8.25 | 3/1/2027 | 2,550,000 | b,c | 2,610,180 | |
| Crystal Almond, Sr. Scd. Bonds | EUR | 10.00 | 11/1/2021 | 917,000 | 1,105,873 | |
| DKT Finance, Sr. Scd. Notes | 9.38 | 6/17/2023 | 1,775,000 | b,c | 1,927,650 | |
| Embarq, Sr. Unscd. Notes | 8.00 | 6/1/2036 | 1,950,000 | c | 1,896,999 | |
| Intelsat Connect Finance, Gtd. Notes | 9.50 | 2/15/2023 | 1,335,000 | b,c | 1,188,150 | |
| Intelsat Jackson Holdings, Gtd. Notes | 8.50 | 10/15/2024 | 1,190,000 | b,c | 1,184,050 | |
| Intelsat Jackson Holdings, Gtd. Notes | 9.75 | 7/15/2025 | 855,000 | b,c | 880,650 | |
| Sprint, Gtd. Notes | 7.63 | 2/15/2025 | 375,000 | c | 399,844 | |
| Sprint Capital, Gtd. Notes | 8.75 | 3/15/2032 | 540,000 | c | 626,400 | |
| Sprint Communications, Sr. Unscd. Notes | 11.50 | 11/15/2021 | 5,325,000 | c | 6,177,000 | |
| ViaSat, Sr. Unscd. Notes | 5.63 | 9/15/2025 | 1,150,000 | b,c | 1,135,625 | |
| West, Gtd. Notes | 8.50 | 10/15/2025 | 1,515,000 | b,c | 1,333,200 | |
| 29,385,552 | ||||||
| Utilities | ||||||
| - 1.3% | ||||||
| AmeriGas | ||||||
| Partners, Sr. Unscd. Notes | 5.88 | 8/20/2026 | 275,000 | 292,875 | ||
| Calpine, Sr. Unscd. Notes | 5.75 | 1/15/2025 | 380,000 | c | 378,575 | |
| NRG Energy, Gtd. Notes | 6.63 | 1/15/2027 | 950,000 | c | 1,035,500 | |
| NRG Energy, Gtd. Notes | 7.25 | 5/15/2026 | 1,400,000 | c | 1,547,000 | |
| 3,253,950 | ||||||
| Total Bonds and Notes (cost $324,169,952) | 326,208,964 | |||||
| Floating Rate Loan Interests - 8.0% | ||||||
| Chemicals | ||||||
| - .4% | ||||||
| Polar | ||||||
| US Borrower, First Lien Term Loan, 3 Month LIBOR +4.75% | 7.54 | 10/15/2025 | 1,064,650 | 1,052,673 |
| Description | | Maturity Date | Principal
Amount ($) | Value ($) |
| --- | --- | --- | --- | --- |
| Floating Rate Loan Interests - 8.0% (continued) | | | | |
| Commercial
& Professional Services - .7% | | | | |
| Pi
Lux Finco, Second Lien Facility 1, 1 Month LIBOR +7.25% | 9.65 | 12/22/2025 | 935,000 | 916,300 |
| Weight Watchers International, Term B Loan, 3 Month LIBOR +4.75% | 7.35 | 11/29/2024 | 823,876 | 811,345 |
| | | | 1,727,645 | |
| Diversified Financials - .4% | | | | |
| Capital Automotive, Initial Tranche B Term Loan (Second Lien),
3 Month LIBOR +6.00% | 8.44 | 3/24/2025 | 1,059,438 | 1,065,731 |
| Energy
- .7% | | | | |
| Granite
Acquisition, Second Lien Term B Loan, 3 Month LIBOR +7.25% | 9.85 | 12/19/2022 | 1,055,501 | 1,058,308 |
| Oxbow Carbon, Term Loan (Second Lien), 3 Month LIBOR +7.50% | 9.94 | 1/4/2024 | 600,000 | 600,750 |
| | | | 1,659,058 | |
| Health Care - .3% | | | | |
| Air Methods, Initial Term Loan, 3 Month LIBOR +3.50% | 5.83 | 4/22/2024 | 997,456 | 816,667 |
| Industrials
- .3% | | | | |
| Travelport
Finance, First Lien Term Loan, 3 Month LIBOR +5.00% | 7.54 | 5/29/2026 | 800,000 | 754,748 |
| Information Technology - .8% | | | | |
| Digicert Holdings, First Lien Term Loan, 1 Month LIBOR +4.00% | 6.40 | 10/31/2024 | 1,445,427 | 1,442,269 |
| Ultimate Software Group,
First Lien Term Loan, 3 Month LIBOR +3.75% | 6.08 | 5/4/2026 | 460,000 | 461,486 |
| | | | 1,903,755 | |
| Insurance
- 2.2% | | | | |
| Asurion,
Second Lien Replacement B-2 Term Loan, 1 Month LIBOR +6.50% | 8.90 | 8/4/2025 | 3,980,000 | 4,044,277 |
| Mayfield Agency Borrower, First Lien Term B Loan, 1 Month LIBOR
+4.50% | 6.90 | 2/28/2025 | 1,272,152 | 1,238,758 |
| | | | 5,283,035 | |
| Materials - .9% | | | | |
| Ball Metalpack Finco, First Lien Initial Term Loan, 1 Month LIBOR
+4.50% | 7.02 | 7/31/2025 | 114,135 | 112,994 |
| Berlin Packaging, First
Lien Term B Loan, 1-3 Month LIBOR +3.00% | 5.44 | 11/7/2025 | 1,984,962 | 1,931,478 |
| | | | 2,044,472 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Description | Coupon Rate (%) | Maturity Date | Principal
Amount ($) | a | Value ($) |
| --- | --- | --- | --- | --- | --- |
| Floating Rate Loan Interests - 8.0% (continued) | | | | | |
| Media
- .5% | | | | | |
| Nep
Group, Initial Loan (Second Lien), 1 Month LIBOR +7.00% | 9.44 | 10/19/2026 | 1,160,000 | | 1,154,200 |
| Retailing - .4% | | | | | |
| Bass Pro Group, Initial Term Loan, 1 Month LIBOR +5.00% | 7.40 | 9/25/2024 | 1,048,352 | | 1,003,577 |
| Technology
Hardware & Equipment - .4% | | | | | |
| Mcafee,
Initial Loan (Second Lien), 1 Month LIBOR +8.50% | 10.86 | 9/29/2025 | 859,091 | | 872,158 |
| Total Floating Rate Loan Interests (cost $19,577,791) | | | 19,337,719 | | |
| Description | 1-Day Yield (%) | | Shares | | Value ($) |
| Investment Companies - 2.0% | | | | | |
| Registered
Investment Companies - 2.0% | | | | | |
| Dreyfus
Institutional Preferred Government Plus Money Market Fund (cost $4,910,456) | 2.29 | | 4,910,456 | e | 4,910,456 |
| Total Investments (cost $348,658,199) | | | 144.3% | 350,457,139 | |
| Liabilities, Less Cash
and Receivables | | | (44.3%) | (107,537,500) | |
| Net Assets | | | 100.0% | 242,919,639 | |
LIBOR—London Interbank Offered Rate
EUR—Euro
GBP—British Pound
a Amount stated in U.S. Dollars unless otherwise noted above.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, these securities were valued at $228,922,526 or 94.24% of net assets.
c Security, or portion thereof, has been pledged as collateral for the fund’s Revolving Credit and Security Agreement.
d Variable rate security—rate shown is the interest rate in effect at period end.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS BNY Mellon High Yield Strategies Fund
June 30, 2019 (Unaudited)
The following is a summary of the inputs used as of June 30, 2019 in valuing the fund’s investments:
| | Level
1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level
3 -Significant Unobservable Inputs | Total |
| --- | --- | --- | --- | --- |
| Assets ($) | | | | |
| Investments in Securities: | | | | |
| Collateralized Loan Obligations † | - | 13,829,943 | - | 13,829,943 |
| Corporate Bonds † | - | 312,379,021 | - | 312,379,021 |
| Floating Rate Loan Interests † | - | 19,337,719 | - | 19,337,719 |
| Investment Companies | 4,910,456 | - | - | 4,910,456 |
| Other Financial
Instruments: | | | | |
| Forward Foreign Currency
Exchange Contracts †† | - | 2,432 | - | 2,432 |
| Liabilities ($) | | | | |
| Other Financial
Instruments: | | | | |
| Forward Foreign Currency
Exchange Contracts †† | - | (10,537) | - | (10,537) |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized (depreciation) at period end.
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS BNY Mellon High Yield Strategies Fund
June 30, 2019 (Unaudited)
| Counterparty/ Purchased Currency | Purchased Currency Amounts | Currency Sold | Sold Currency Amounts | Settlement Date | Unrealized Appreciation (Depreciation)($) |
|---|---|---|---|---|---|
| Goldman | |||||
| Sachs | |||||
| United States Dollar | 7,431,631 | British | |||
| Pound | 5,850,000 | 7/31/19 | (10,104) | ||
| United | |||||
| States Dollar | 4,666,196 | Euro | 4,090,000 | 7/31/19 | 2,432 |
| Morgan | |||||
| Stanley | |||||
| United States Dollar | 500,000 | British | |||
| Pound | 392,725 | 9/11/19 | (433) | ||
| Gross | |||||
| Unrealized Appreciation | 2,432 | ||||
| Gross | |||||
| Unrealized Depreciation | (10,537) |
See notes to financial statements.
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1 —unadjusted quoted prices in active markets for identical investments.
Level 2 —other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), financial futures and forward foreign currency exchange contracts (“forward contracts”) are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the
NOTES
market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
Financial futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at June 30, 2019 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its
NOTES
investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.
At June 30, 2019, accumulated net unrealized appreciation on investments was $1,798,940, consisting of $8,767,977 gross unrealized appreciation and $6,969,037 gross unrealized depreciation.
At June 30, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.