NPORT-EX 2 c10605bnymello-december20201.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon High Yield Strategies Fund

December 31, 2020 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4%

     

Advertising - 2.4%

     

Advantage Sales & Marketing, Sr. Scd. Notes

 

6.50

 

11/15/2028

 

840,000

b

889,875

 

Clear Channel International, Sr. Scd. Notes

 

6.63

 

8/1/2025

 

1,205,000

b

1,275,794

 

Outfront Media Capital, Gtd. Notes

 

5.00

 

8/15/2027

 

975,000

b

993,710

 

Terrier Media Buyer, Gtd. Notes

 

8.88

 

12/15/2027

 

2,248,000

b,c

2,482,635

 
 

5,642,014

 

Aerospace & Defense - 1.7%

     

TransDigm, Gtd. Notes

 

6.50

 

5/15/2025

 

650,000

c

669,094

 

TransDigm, Sr. Scd. Notes

 

6.25

 

3/15/2026

 

1,440,000

b,c

1,535,407

 

TransDigm, Sr. Scd. Notes

 

8.00

 

12/15/2025

 

310,000

b,c

343,353

 

TransDigm UK Holdings, Gtd. Notes

 

6.88

 

5/15/2026

 

1,440,000

c

1,525,932

 
 

4,073,786

 

Airlines - .6%

     

American Airlines, Sr. Scd. Notes

 

11.75

 

7/15/2025

 

1,155,000

b,c

1,333,736

 

Automobiles & Components - 6.3%

     

American Axle & Manufacturing, Gtd. Notes

 

6.25

 

4/1/2025

 

1,110,000

c

1,150,237

 

American Axle & Manufacturing, Gtd. Notes

 

6.88

 

7/1/2028

 

780,000

c

841,948

 

Clarios Global, Gtd. Notes

 

8.50

 

5/15/2027

 

2,905,000

b,c

3,160,812

 

Clarios Global, Sr. Scd. Notes

 

6.25

 

5/15/2026

 

835,000

b,c

896,581

 

Dealer Tire, Sr. Unscd. Notes

 

8.00

 

2/1/2028

 

2,970,000

b,c

3,136,543

 

Ford Motor, Sr. Unscd. Notes

 

5.29

 

12/8/2046

 

525,000

c

549,609

 

Ford Motor, Sr. Unscd. Notes

 

8.50

 

4/21/2023

 

1,055,000

c

1,191,280

 

Ford Motor, Sr. Unscd. Notes

 

9.00

 

4/22/2025

 

1,030,000

c

1,267,039

 

Ford Motor Credit, Sr. Unscd. Notes

 

4.27

 

1/9/2027

 

200,000

c

210,000

 

Ford Motor Credit, Sr. Unscd. Notes

 

5.11

 

5/3/2029

 

1,620,000

c

1,806,219

 

Ford Motor Credit, Sr. Unscd. Notes

 

5.13

 

6/16/2025

 

445,000

c

484,405

 

IHO Verwaltungs, Sr. Scd. Notes

 

6.38

 

5/15/2029

 

200,000

b

220,712

 
 

14,915,385

 

Building Materials - 2.7%

     

Cornerstone Building Brands, Gtd. Notes

 

6.13

 

1/15/2029

 

220,000

b,c

234,163

 

Cornerstone Building Brands, Gtd. Notes

 

8.00

 

4/15/2026

 

2,490,000

b,c

2,623,837

 

CP Atlas Buyer, Sr. Unscd. Notes

 

7.00

 

12/1/2028

 

1,275,000

b

1,325,203

 

Griffon, Gtd. Notes

 

5.75

 

3/1/2028

 

1,215,000

c

1,286,916

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Building Materials - 2.7% (continued)

     

U.S. Concrete, Gtd. Notes

 

5.13

 

3/1/2029

 

949,000

b,c

979,249

 
 

6,449,368

 

Chemicals - 4.4%

     

Consolidated Energy Finance, Gtd. Notes

 

6.50

 

5/15/2026

 

230,000

b,c

230,575

 

Consolidated Energy Finance, Sr. Unscd. Notes

 

6.88

 

6/15/2025

 

1,530,000

b,c

1,553,906

 

CVR Partners, Scd. Notes

 

9.25

 

6/15/2023

 

2,320,000

b,c

2,325,313

 

Innophos Holdings, Sr. Unscd. Notes

 

9.38

 

2/15/2028

 

1,995,000

b,c

2,190,759

 

Kraton Polymers, Gtd. Notes

 

7.00

 

4/15/2025

 

335,000

b,c

352,923

 

Venator Finance, Gtd. Notes

 

5.75

 

7/15/2025

 

1,670,000

b,c

1,564,581

 

Venator Finance, Sr. Scd. Notes

 

9.50

 

7/1/2025

 

2,120,000

b,c

2,321,400

 
 

10,539,457

 

Collateralized Loan Obligations Debt - 5.8%

     

Battalion VII CLO, Ser. 2014-7A, Cl. DRR, 3 Month LIBOR +6.31%

 

6.53

 

7/17/2028

 

375,000

b,d

373,086

 

Chenango Park CLO, Ser. 2018-1A, Cl. D, 3 Month LIBOR +5.80%

 

6.04

 

4/15/2030

 

1,000,000

b,d

971,710

 

CIFC Funding CLO, Ser. 2018-1A, Cl. E, 3 Month LIBOR +5.00%

 

5.22

 

4/18/2031

 

2,000,000

b,c,d

1,863,737

 

Crown Point 8 CLO, Ser. 2019-8A, Cl. E, 3 Month LIBOR +7.10%

 

7.32

 

10/20/2032

 

2,000,000

b,d

2,005,498

 

Euro-Galaxy VII CLO, Ser. 2019-7A, Cl. E, 3 Month EURIBOR +6.16% @ Floor

EUR

6.16

 

4/25/2032

 

1,000,000

b,d

1,216,240

 

Northwoods Capital 19 CLO, Ser. 2020-21A, Cl. E, 3 Month EURIBOR +6.86% @ Floor

EUR

6.86

 

6/16/2033

 

1,500,000

b,d

1,837,991

 

Octagon Investment Partners 33 CLO, Ser. 2017-1A, Cl. D, 3 Month LIBOR +6.30%

 

6.52

 

1/20/2031

 

1,525,000

b,c,d

1,483,457

 

Octagon Investment Partners 39 CLO, Ser. 2018-3A, Cl. E, 3 Month LIBOR +5.75%

 

5.97

 

10/20/2030

 

2,000,000

b,c,d

1,939,978

 

OZLM VI CLO, Ser. 2014-6A, Cl. DS, 3 Month LIBOR +6.05%

 

6.27

 

4/17/2031

 

2,000,000

b,d

1,765,641

 

Rockford Tower CLO, Ser. 2018-1A, Cl. E, 3 Month LIBOR +5.85%

 

6.07

 

5/20/2031

 

375,000

b,d

351,768

 
 

13,809,106

 

Commercial & Professional Services - 4.2%

     

Allied Universal Holdco, Sr. Scd. Notes

 

6.63

 

7/15/2026

 

545,000

b,c

581,815

 

APX Group, Sr. Scd. Notes

 

6.75

 

2/15/2027

 

1,630,000

b,c

1,754,287

 

La Financiere Atalian, Gtd. Bonds

EUR

5.13

 

5/15/2025

 

1,160,000

 

1,317,951

 

MPH Acquisition Holdings, Gtd. Notes

 

5.75

 

11/1/2028

 

325,000

b

318,094

 

Nielsen Finance, Gtd. Notes

 

5.88

 

10/1/2030

 

875,000

b

991,484

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Commercial & Professional Services - 4.2% (continued)

     

Prime Security Services Borrower, Scd. Notes

 

6.25

 

1/15/2028

 

1,235,000

b,c

1,327,625

 

Sabre GLBL, Sr. Scd. Notes

 

7.38

 

9/1/2025

 

620,000

b

673,630

 

The House of Finance, Sr. Scd. Notes

EUR

4.38

 

7/15/2026

 

290,000

b

354,794

 

Verisure Midholding, Gtd. Bonds

EUR

5.75

 

12/1/2023

 

420,000

b

520,941

 

Verscend Escrow, Sr. Unscd. Notes

 

9.75

 

8/15/2026

 

2,035,000

b,c

2,209,247

 
 

10,049,868

 

Consumer Discretionary - 9.6%

     

Allen Media, Gtd. Notes

 

10.50

 

2/15/2028

 

2,125,000

b,c

2,209,671

 

Ashton Woods USA, Sr. Unscd. Notes

 

6.63

 

1/15/2028

 

1,335,000

b,c

1,408,425

 

Ashton Woods USA, Sr. Unscd. Notes

 

6.75

 

8/1/2025

 

100,000

b

104,365

 

Banijay Entertainment, Sr. Scd. Notes

 

5.38

 

3/1/2025

 

1,180,000

b,c

1,226,752

 

Banijay Group, Sr. Unscd. Notes

EUR

6.50

 

3/1/2026

 

1,750,000

b

2,154,723

 

Boyd Gaming, Gtd. Notes

 

6.38

 

4/1/2026

 

235,000

c

244,447

 

Boyd Gaming, Gtd. Notes

 

8.63

 

6/1/2025

 

274,000

b,c

305,083

 

Caesars Entertainment, Sr. Scd. Notes

 

6.25

 

7/1/2025

 

580,000

b,c

618,428

 

Caesars Entertainment, Sr. Unscd. Notes

 

8.13

 

7/1/2027

 

1,370,000

b,c

1,518,409

 

Caesars Resort Collection, Sr. Scd. Notes

 

5.75

 

7/1/2025

 

305,000

b,c

323,552

 

Carnival, Sr. Scd. Bonds

EUR

10.13

 

2/1/2026

 

770,000

b

1,092,426

 

Carnival, Sr. Unscd. Notes

 

7.63

 

3/1/2026

 

290,000

b

316,496

 

CCM Merger, Sr. Unscd. Notes

 

6.38

 

5/1/2026

 

225,000

b

236,813

 

Core & Main, Sr. Unscd. Notes

 

6.13

 

8/15/2025

 

891,000

b,c

922,742

 

Core & Main Holdings, Sr. Unscd. Notes

 

8.63

 

9/15/2024

 

2,480,000

b,c

2,543,290

 

International Game Technology, Sr. Scd. Notes

 

5.25

 

1/15/2029

 

1,780,000

b

1,920,807

 

Lions Gate Capital Holdings, Gtd. Notes

 

6.38

 

2/1/2024

 

2,537,000

b

2,608,328

 

Scientific Games International, Gtd. Notes

 

7.25

 

11/15/2029

 

230,000

b

252,814

 

Scientific Games International, Gtd. Notes

 

8.25

 

3/15/2026

 

1,540,000

b,c

1,662,130

 

Scientific Games International, Gtd. Notes

 

8.63

 

7/1/2025

 

455,000

b,c

498,794

 

Taylor Morrison Communities, Gtd. Notes

 

5.88

 

6/15/2027

 

545,000

b,c

618,902

 

Taylor Morrison Communities, Sr. Unscd. Notes

 

5.13

 

8/1/2030

 

95,000

b,c

106,578

 
 

22,893,975

 

Consumer Staples - .1%

     

Kronos Acquisition Holdings, Gtd. Notes

 

7.00

 

12/31/2027

 

165,000

b

173,068

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Consumer Staples - .1% (continued)

     

Kronos Acquisition Holdings, Sr. Scd. Notes

 

5.00

 

12/31/2026

 

170,000

b

177,650

 
 

350,718

 

Diversified Financials - 6.9%

     

Compass Group Diversified Holdings, Sr. Unscd. Notes

 

8.00

 

5/1/2026

 

945,000

b,c

995,614

 

Encore Capital Group, Sr. Scd. Bonds

GBP

5.38

 

2/15/2026

 

700,000

b

979,985

 

FS Energy & Power Fund, Sr. Scd. Notes

 

7.50

 

8/15/2023

 

2,340,000

b,c

2,252,496

 

Garfunkelux Holdco 3, Sr. Scd. Bonds

GBP

7.75

 

11/1/2025

 

910,000

b

1,283,015

 

Garfunkelux Holdco 3, Sr. Scd. Notes

EUR

6.75

 

11/1/2025

 

1,025,000

b

1,289,757

 

Icahn Enterprises, Gtd. Notes

 

6.25

 

5/15/2026

 

2,015,000

c

2,138,399

 

Nationstar Mortgage Holdings, Gtd. Notes

 

5.13

 

12/15/2030

 

113,000

b

118,251

 

Nationstar Mortgage Holdings, Gtd. Notes

 

5.50

 

8/15/2028

 

1,680,000

b,c

1,771,350

 

Nationstar Mortgage Holdings, Gtd. Notes

 

6.00

 

1/15/2027

 

1,775,000

b,c

1,886,772

 

Navient, Sr. Unscd. Notes

 

5.50

 

1/25/2023

 

605,000

c

634,116

 

Navient, Sr. Unscd. Notes

 

5.88

 

10/25/2024

 

915,000

c

974,475

 

Navient, Sr. Unscd. Notes

 

7.25

 

9/25/2023

 

855,000

c

938,666

 

Navient, Sr. Unscd. Notes

 

7.25

 

1/25/2022

 

1,025,000

c

1,073,047

 
 

16,335,943

 

Electronic Components - 1.8%

     

Energizer Holdings, Gtd. Notes

 

7.75

 

1/15/2027

 

1,649,000

b,c

1,833,894

 

Wesco Distribution, Gtd. Notes

 

7.13

 

6/15/2025

 

780,000

b,c

858,901

 

Wesco Distribution, Gtd. Notes

 

7.25

 

6/15/2028

 

1,400,000

b,c

1,594,173

 
 

4,286,968

 

Energy - 17.8%

     

Antero Midstream Partners, Gtd. Notes

 

5.75

 

3/1/2027

 

790,000

b,c

777,656

 

Antero Midstream Partners, Gtd. Notes

 

7.88

 

5/15/2026

 

555,000

b

574,469

 

Antero Resources, Gtd. Notes

 

5.63

 

6/1/2023

 

340,000

 

333,625

 

Antero Resources, Sr. Unscd. Notes

 

8.38

 

7/15/2026

 

222,000

b

227,148

 

Apache, Sr. Unscd. Notes

 

5.10

 

9/1/2040

 

893,000

c

959,417

 

Apache, Sr. Unscd. Notes

 

5.35

 

7/1/2049

 

220,000

c

226,277

 

Archrock Partners, Gtd. Notes

 

6.25

 

4/1/2028

 

528,000

b

550,947

 

Blue Racer Midstream, Sr. Unscd. Notes

 

6.63

 

7/15/2026

 

1,620,000

b,c

1,636,200

 

Blue Racer Midstream, Sr. Unscd. Notes

 

7.63

 

12/15/2025

 

850,000

b

907,375

 

Crestwood Midstream Partners, Gtd. Notes

 

5.63

 

5/1/2027

 

2,060,000

b,c

2,043,262

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Energy - 17.8% (continued)

     

Crestwood Midstream Partners, Gtd. Notes

 

6.25

 

4/1/2023

 

510,000

c

512,231

 

CrownRock, Sr. Unscd. Notes

 

5.63

 

10/15/2025

 

2,520,000

b,c

2,575,125

 

CVR Energy, Gtd. Bonds

 

5.75

 

2/15/2028

 

1,460,000

b,c

1,387,000

 

DCP Midstream Operating, Gtd. Notes

 

5.38

 

7/15/2025

 

1,670,000

c

1,838,161

 

Double Eagle Finance, Sr. Unscd. Notes

 

7.75

 

12/15/2025

 

1,095,000

b

1,163,854

 

Endeavor Energy Resources, Sr. Unscd. Notes

 

6.63

 

7/15/2025

 

222,000

b,c

237,886

 

EnLink Midstream, Gtd. Notes

 

5.63

 

1/15/2028

 

113,000

b

115,710

 

Enviva Partners, Gtd. Notes

 

6.50

 

1/15/2026

 

1,845,000

b,c

1,963,772

 

EQM Midstream Partners, Sr. Unscd. Notes

 

5.50

 

7/15/2028

 

510,000

c

558,440

 

EQM Midstream Partners, Sr. Unscd. Notes

 

6.00

 

7/1/2025

 

485,000

b,c

531,681

 

EQM Midstream Partners, Sr. Unscd. Notes

 

6.50

 

7/1/2027

 

605,000

b,c

682,107

 

EQT, Sr. Unscd. Notes

 

5.00

 

1/15/2029

 

125,000

 

132,103

 

Genesis Energy, Gtd. Notes

 

6.50

 

10/1/2025

 

2,745,000

c

2,674,659

 

Genesis Energy, Gtd. Notes

 

7.75

 

2/1/2028

 

785,000

c

752,375

 

Genesis Energy, Gtd. Notes

 

8.00

 

1/15/2027

 

925,000

 

922,687

 

Laredo Petroleum, Gtd. Notes

 

9.50

 

1/15/2025

 

775,000

c

674,978

 

Laredo Petroleum, Gtd. Notes

 

10.13

 

1/15/2028

 

125,000

c

106,500

 

Occidental Petroleum, Sr. Unscd. Notes

 

5.88

 

9/1/2025

 

185,000

 

197,303

 

Occidental Petroleum, Sr. Unscd. Notes

 

6.13

 

1/1/2031

 

630,000

 

675,801

 

Occidental Petroleum, Sr. Unscd. Notes

 

6.38

 

9/1/2028

 

477,000

 

505,322

 

Occidental Petroleum, Sr. Unscd. Notes

 

6.45

 

9/15/2036

 

800,000

 

838,800

 

Occidental Petroleum, Sr. Unscd. Notes

 

6.95

 

7/1/2024

 

610,000

 

660,325

 

Occidental Petroleum, Sr. Unscd. Notes

 

7.50

 

5/1/2031

 

1,410,000

 

1,575,675

 

Occidental Petroleum, Sr. Unscd. Notes

 

8.88

 

7/15/2030

 

2,735,000

 

3,215,334

 

Ovintiv, Gtd. Notes

 

6.63

 

8/15/2037

 

335,000

 

374,525

 

Ovintiv Exploration, Gtd. Notes

 

5.63

 

7/1/2024

 

675,000

 

725,012

 

PBF Holding, Sr. Scd. Notes

 

9.25

 

5/15/2025

 

2,072,000

b,c

2,034,963

 

PDC Energy, Gtd. Notes

 

5.75

 

5/15/2026

 

150,000

c

155,156

 

PDC Energy, Gtd. Notes

 

6.13

 

9/15/2024

 

905,000

c

931,684

 

Precision Drilling, Gtd. Notes

 

7.13

 

1/15/2026

 

250,000

b,c

218,390

 

Precision Drilling, Gtd. Notes

 

7.75

 

12/15/2023

 

455,000

c

419,453

 

Southwestern Energy, Gtd. Notes

 

7.50

 

4/1/2026

 

1,070,000

c

1,124,035

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Energy - 17.8% (continued)

     

Southwestern Energy, Gtd. Notes

 

8.38

 

9/15/2028

 

475,000

c

516,266

 

Targa Resources Partners, Gtd. Notes

 

6.88

 

1/15/2029

 

1,250,000

c

1,410,156

 

USA Compression Partners, Gtd. Notes

 

6.88

 

4/1/2026

 

1,738,000

c

1,819,469

 
 

42,463,314

 

Environmental Control - 2.1%

     

Covanta Holding, Sr. Unscd. Notes

 

5.88

 

7/1/2025

 

2,270,000

c

2,369,074

 

Harsco, Gtd. Notes

 

5.75

 

7/31/2027

 

1,570,000

b,c

1,663,219

 

Waste Pro USA, Sr. Unscd. Notes

 

5.50

 

2/15/2026

 

920,000

b,c

943,373

 
 

4,975,666

 

Food Products - 1.8%

     

Albertsons, Gtd. Notes

 

7.50

 

3/15/2026

 

495,000

b,c

554,858

 

New Albertsons, Sr. Unscd. Bonds

 

8.00

 

5/1/2031

 

2,390,000

c

2,999,450

 

United Natural Foods, Gtd. Notes

 

6.75

 

10/15/2028

 

785,000

b

822,272

 
 

4,376,580

 

Forest Products & Paper - .4%

     

Mercer International, Sr. Unscd. Notes

 

7.38

 

1/15/2025

 

980,000

c

1,021,665

 

Health Care - 12.7%

     

Bausch Health, Gtd. Notes

 

5.25

 

2/15/2031

 

280,000

b

293,047

 

Bausch Health, Gtd. Notes

 

5.25

 

1/30/2030

 

480,000

b

503,338

 

Bausch Health, Gtd. Notes

 

6.13

 

4/15/2025

 

1,340,000

b,c

1,382,424

 

Bausch Health, Gtd. Notes

 

6.25

 

2/15/2029

 

1,150,000

b,c

1,250,843

 

Bausch Health, Gtd. Notes

 

7.25

 

5/30/2029

 

650,000

b,c

731,767

 

Bausch Health, Gtd. Notes

 

9.00

 

12/15/2025

 

2,055,000

b,c

2,276,848

 

Bausch Health Americas, Gtd. Notes

 

9.25

 

4/1/2026

 

1,850,000

b,c

2,065,155

 

CHEPLAPHARM Arzneimittel, Sr. Scd. Notes

 

5.50

 

1/15/2028

 

1,455,000

b

1,522,294

 

Community Health Systems, Sr. Scd. Notes

 

6.00

 

1/15/2029

 

300,000

b

324,453

 

Community Health Systems, Sr. Scd. Notes

 

6.63

 

2/15/2025

 

1,604,000

b,c

1,691,185

 

Community Health Systems, Sr. Scd. Notes

 

8.63

 

1/15/2024

 

480,000

b,c

501,300

 

Legacy LifePoint Health, Sr. Scd. Notes

 

6.75

 

4/15/2025

 

410,000

b

441,287

 

LifePoint Health, Gtd. Notes

 

5.38

 

1/15/2029

 

490,000

b

490,269

 

Ortho-Clinical Diagnostics, Sr. Unscd. Notes

 

7.25

 

2/1/2028

 

2,395,000

b,c

2,531,216

 

Ortho-Clinical Diagnostics, Sr. Unscd. Notes

 

7.38

 

6/1/2025

 

755,000

b,c

805,491

 

Prime Healthcare Services, Sr. Scd. Notes

 

7.25

 

11/1/2025

 

905,000

b

963,101

 

RP Escrow Issuer, Sr. Scd. Notes

 

5.25

 

12/15/2025

 

242,000

b

253,415

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Health Care - 12.7% (continued)

     

Select Medical, Gtd. Notes

 

6.25

 

8/15/2026

 

985,000

b,c

1,062,283

 

Surgery Center Holdings, Gtd. Notes

 

6.75

 

7/1/2025

 

535,000

b

546,034

 

Surgery Center Holdings, Gtd. Notes

 

10.00

 

4/15/2027

 

1,000,000

b

1,106,875

 

Tenet Healthcare, Gtd. Notes

 

6.13

 

10/1/2028

 

1,565,000

b,c

1,636,254

 

Tenet Healthcare, Scd. Notes

 

6.25

 

2/1/2027

 

1,680,000

b,c

1,783,144

 

Tenet Healthcare, Sr. Scd. Notes

 

7.50

 

4/1/2025

 

170,000

b,c

185,966

 

Tenet Healthcare, Sr. Unscd. Notes

 

6.75

 

6/15/2023

 

2,060,000

c

2,218,208

 

U.S. Renal Care, Sr. Unscd. Notes

 

10.63

 

7/15/2027

 

600,000

b

664,500

 

West Street Merger Sub, Sr. Unscd. Notes

 

6.38

 

9/1/2025

 

2,850,000

b,c

2,926,594

 
 

30,157,291

 

Industrial - 5.1%

     

ATS Automation Tooling Systems, Gtd. Notes

 

6.50

 

6/15/2023

 

725,000

b

737,778

 

Bombardier, Sr. Unscd. Notes

 

6.00

 

10/15/2022

 

350,000

b

344,453

 

Bombardier, Sr. Unscd. Notes

 

6.13

 

1/15/2023

 

785,000

b,c

768,122

 

Bombardier, Sr. Unscd. Notes

 

7.88

 

4/15/2027

 

565,000

b

520,348

 

Brand Industrial Services, Sr. Unscd. Notes

 

8.50

 

7/15/2025

 

2,020,000

b,c

2,067,975

 

Gates Global, Gtd. Notes

 

6.25

 

1/15/2026

 

1,890,000

b,c

1,987,656

 

Husky III Holding, Sr. Unscd. Notes

 

13.00

 

2/15/2025

 

2,085,000

b,c

2,273,953

 

Stevens Holding, Gtd. Notes

 

6.13

 

10/1/2026

 

415,000

b,c

449,677

 

Titan Acquisition, Sr. Unscd. Notes

 

7.75

 

4/15/2026

 

1,285,000

b,c

1,333,187

 

Welbilt, Gtd. Notes

 

9.50

 

2/15/2024

 

1,600,000

c

1,656,664

 
 

12,139,813

 

Information Technology - 3.0%

     

Ascend Learning, Sr. Unscd. Notes

 

6.88

 

8/1/2025

 

565,000

b,c

583,303

 

Ascend Learning, Sr. Unscd. Notes

 

6.88

 

8/1/2025

 

1,970,000

b,c

2,031,356

 

Boxer Parent, Sr. Scd. Notes

 

7.13

 

10/2/2025

 

440,000

b,c

478,231

 

BY Crown Parent, Gtd. Notes

 

7.38

 

10/15/2024

 

1,030,000

b,c

1,051,779

 

Rackspace Technology Global, Gtd. Notes

 

5.38

 

12/1/2028

 

560,000

b

587,762

 

The Dun & Bradstreet, Gtd. Notes

 

10.25

 

2/15/2027

 

1,551,000

b,c

1,752,343

 

Veritas Bermuda, Sr. Unscd. Notes

 

10.50

 

2/1/2024

 

655,000

b

668,536

 
 

7,153,310

 

Insurance - 3.8%

     

Alliant Holdings Intermediate, Sr. Unscd. Notes

 

6.75

 

10/15/2027

 

725,000

b,c

776,975

 

AmWINS Group, Gtd. Notes

 

7.75

 

7/1/2026

 

2,085,000

b,c

2,246,504

 

AssuredPartners, Sr. Unscd. Notes

 

5.63

 

1/15/2029

 

30,000

b

31,350

 

AssuredPartners, Sr. Unscd. Notes

 

7.00

 

8/15/2025

 

1,765,000

b,c

1,834,832

 

GTCR AP Finance, Sr. Unscd. Notes

 

8.00

 

5/15/2027

 

675,000

b,c

734,704

 

HUB International, Sr. Unscd. Notes

 

7.00

 

5/1/2026

 

1,535,000

b,c

1,606,830

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Insurance - 3.8% (continued)

     

USI, Sr. Unscd. Notes

 

6.88

 

5/1/2025

 

1,680,000

b,c

1,727,233

 
 

8,958,428

 

Materials - 5.7%

     

ARD Finance, Sr. Scd. Notes

EUR

5.00

 

6/30/2027

 

620,000

b

774,765

 

ARD Finance, Sr. Scd. Notes

EUR

5.00

 

6/30/2027

 

283,000

 

353,643

 

ARD Finance, Sr. Scd. Notes

 

6.50

 

6/30/2027

 

1,357,000

b

1,450,294

 

Ardagh Packaging Finance, Gtd. Notes

 

5.25

 

8/15/2027

 

1,960,000

b,c

2,059,588

 

Ardagh Packaging Finance, Sr. Unscd. Notes

 

5.25

 

8/15/2027

 

465,000

b,c

488,627

 

Graham Packaging, Gtd. Notes

 

7.13

 

8/15/2028

 

1,925,000

b,c

2,130,734

 

LABL Escrow Issuer, Sr. Unscd. Notes

 

10.50

 

7/15/2027

 

1,355,000

b,c

1,528,609

 

Mauser Packaging Solutions Holding, Sr. Scd. Notes

 

8.50

 

4/15/2024

 

865,000

b,c

899,600

 

Mauser Packaging Solutions Holding, Sr. Unscd. Notes

 

7.25

 

4/15/2025

 

2,875,000

b,c

2,907,344

 

Trivium Packaging Finance, Gtd. Notes

 

8.50

 

8/15/2027

 

855,000

b,c

937,743

 
 

13,530,947

 

Media - 7.3%

     

Altice Financing, Sr. Scd. Bonds

 

7.50

 

5/15/2026

 

1,540,000

b,c

1,627,087

 

CSC Holdings, Sr. Unscd. Notes

 

5.75

 

1/15/2030

 

970,000

b,c

1,064,580

 

CSC Holdings, Sr. Unscd. Notes

 

7.50

 

4/1/2028

 

1,735,000

b,c

1,953,549

 

Diamond Sports Group, Sr. Scd. Notes

 

5.38

 

8/15/2026

 

235,000

b,c

191,378

 

DISH DBS, Gtd. Notes

 

7.38

 

7/1/2028

 

2,005,000

c

2,137,831

 

Gray Television, Gtd. Notes

 

4.75

 

10/15/2030

 

1,040,000

b

1,057,550

 

Meredith, Sr. Scd. Notes

 

6.50

 

7/1/2025

 

607,000

b,c

645,317

 

Midcontinent Communications, Gtd. Notes

 

5.38

 

8/15/2027

 

760,000

b,c

796,906

 

Nexstar Broadcasting, Sr. Unscd. Notes

 

4.75

 

11/1/2028

 

1,440,000

b,c

1,509,300

 

Radiate Holdco, Sr. Unscd. Notes

 

6.50

 

9/15/2028

 

703,000

b,c

739,468

 

Scripps Escrow, Gtd. Notes

 

5.88

 

7/15/2027

 

970,000

b,c

1,014,571

 

Scripps Escrow II, Sr. Unscd. Notes

 

5.38

 

1/15/2031

 

1,005,000

b

1,058,747

 

Summer BidCo, Sr. Unscd. Bonds

EUR

9.00

 

11/15/2025

 

1,242,443

b

1,577,421

 

TEGNA, Gtd. Notes

 

5.00

 

9/15/2029

 

870,000

c

919,901

 

The EW Scripps Company, Gtd. Notes

 

5.13

 

5/15/2025

 

350,000

b

357,914

 

Townsquare Media, Sr. Scd. Notes

 

6.88

 

2/1/2026

 

655,000

b

687,930

 
 

17,339,450

 

Metals & Mining - 2.0%

     

Arconic, Scd. Notes

 

6.13

 

2/15/2028

 

1,445,000

b,c

1,560,600

 

Hudbay Minerals, Gtd. Notes

 

6.13

 

4/1/2029

 

1,009,000

b

1,089,720

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Metals & Mining - 2.0% (continued)

     

Hudbay Minerals, Gtd. Notes

 

7.63

 

1/15/2025

 

1,520,000

b,c

1,581,750

 

Kaiser Aluminum, Gtd. Notes

 

6.50

 

5/1/2025

 

445,000

b,c

477,263

 
 

4,709,333

 

Real Estate - 2.5%

     

Greystar Real Estate Partners, Sr. Scd. Notes

 

5.75

 

12/1/2025

 

835,000

b,c

857,962

 

Iron Mountain, Gtd. Notes

 

5.25

 

7/15/2030

 

630,000

b,c

681,187

 

Ladder Capital Finance Holdings, Gtd. Notes

 

5.25

 

10/1/2025

 

3,465,000

b,c

3,462,834

 

Starwood Property Trust, Sr. Unscd. Notes

 

5.50

 

11/1/2023

 

975,000

b

1,020,094

 
 

6,022,077

 

Retailing - 4.5%

     

99 Escrow Issuer, Sr. Scd. Notes

 

7.50

 

1/15/2026

 

110,000

b

109,588

 

Golden Nugget, Gtd. Notes

 

8.75

 

10/1/2025

 

565,000

b

585,481

 

Golden Nugget, Sr. Unscd. Notes

 

6.75

 

10/15/2024

 

645,000

b

641,175

 

LBM Acquisition, Gtd. Notes

 

6.25

 

1/15/2029

 

1,780,000

b

1,855,125

 

Macy's, Sr. Scd. Notes

 

8.38

 

6/15/2025

 

2,025,000

b,c

2,250,990

 

Staples, Sr. Scd. Notes

 

7.50

 

4/15/2026

 

2,225,000

b,c

2,327,216

 

Staples, Sr. Unscd. Notes

 

10.75

 

4/15/2027

 

595,000

b

592,769

 

White Cap Buyer, Sr. Unscd. Notes

 

6.88

 

10/15/2028

 

2,270,000

b,c

2,424,644

 
 

10,786,988

 

Technology Hardware & Equipment - 3.6%

     

Austin Bidco, Sr. Unscd. Notes

 

7.13

 

12/15/2028

 

685,000

b

716,253

 

Banff Merger Sub, Sr. Unscd. Notes

EUR

8.38

 

9/1/2026

 

1,245,000

b

1,592,439

 

Banff Merger Sub, Sr. Unscd. Notes

 

9.75

 

9/1/2026

 

1,975,000

b,c

2,135,409

 

Diebold Nixdorf, Gtd. Notes

 

8.50

 

4/15/2024

 

825,000

 

836,344

 

Everi Payments, Gtd. Notes

 

7.50

 

12/15/2025

 

940,000

b,c

978,676

 

Tempo Acquisition, Sr. Unscd. Notes

 

6.75

 

6/1/2025

 

2,170,000

b,c

2,245,516

 
 

8,504,637

 

Telecommunication Services - 9.4%

     

Altice France, Sr. Scd. Notes

 

8.13

 

2/1/2027

 

1,305,000

b,c

1,440,270

 

Altice France Holding, Gtd. Notes

 

6.00

 

2/15/2028

 

1,620,000

b

1,643,628

 

Altice France Holding, Sr. Scd. Notes

 

10.50

 

5/15/2027

 

1,830,000

b,c

2,057,606

 

CenturyLink, Sr. Unscd. Notes

 

5.63

 

4/1/2025

 

170,000

c

183,706

 

Cincinnati Bell, Gtd. Notes

 

7.00

 

7/15/2024

 

435,000

b,c

453,755

 

Cincinnati Bell, Gtd. Notes

 

8.00

 

10/15/2025

 

2,295,000

b,c

2,451,347

 

CommScope, Gtd. Notes

 

7.13

 

7/1/2028

 

525,000

b,c

560,023

 

CommScope, Gtd. Notes

 

8.25

 

3/1/2027

 

3,620,000

b,c

3,868,893

 

CommScope Technologies, Gtd. Notes

 

5.00

 

3/15/2027

 

440,000

b

436,425

 

Connect Finco, Sr. Scd. Notes

 

6.75

 

10/1/2026

 

2,245,000

b,c

2,421,390

 

DKT Finance, Sr. Scd. Notes

 

9.38

 

6/17/2023

 

1,775,000

b,c

1,841,452

 

Embarq, Sr. Unscd. Notes

 

8.00

 

6/1/2036

 

1,590,000

c

1,964,167

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a

Value ($)

 

Bonds and Notes - 129.4% (continued)

     

Telecommunication Services - 9.4% (continued)

     

Intrado, Gtd. Notes

 

8.50

 

10/15/2025

 

1,555,000

b,c

1,506,795

 

ViaSat, Sr. Unscd. Notes

 

5.63

 

9/15/2025

 

650,000

b,c

665,632

 

ViaSat, Sr. Unscd. Notes

 

6.50

 

7/15/2028

 

890,000

b,c

964,542

 
 

22,459,631

 

Utilities - 1.2%

     

NRG Energy, Gtd. Notes

 

7.25

 

5/15/2026

 

1,400,000

c

1,479,100

 

Pike, Gtd. Notes

 

5.50

 

9/1/2028

 

1,265,000

b,c

1,339,319

 
 

2,818,419

 

Total Bonds and Notes
(cost $289,559,132)

 

308,097,873

 
         

Floating Rate Loan Interests - 6.8%

     

Chemicals - .4%

     

Polar US Borrower, Initial Term Loan, 1-3 Month LIBOR +4.75%

 

4.95

 

10/16/2025

 

1,048,600

d

1,034,182

 

Commercial & Professional Services - .4%

     

Amentum Government Services Holdings, First Lien Tranche 2 Term Loan, 3 Month LIBOR +4.75%

 

5.50

 

1/31/2027

 

993,000

d

1,002,930

 

Energy - .4%

     

Granite Acquisition, Second Lien Term Loan B, 1 Month LIBOR +7.25%

 

8.25

 

12/19/2022

 

1,055,501

d

1,054,187

 

Food Products - .4%

     

Froneri US, Second Lien Facility USD Term Loan, 1 Month LIBOR +5.75%

 

5.90

 

1/31/2028

 

975,000

d

987,187

 

Health Care - .2%

     

Auris Luxembourg III, Facility Term Loan B-2, 1 Month LIBOR +3.75%

 

3.90

 

2/21/2026

 

98,993

d

95,899

 

Pluto Acquisition I, First Lien 2020 Incremental Term Loan, 3 Month LIBOR +5.00%

 

5.50

 

6/20/2026

 

315,000

d

316,181

 
 

412,080

 

Industrial - .3%

     

VAC Germany Holding, Term Loan B, 3 Month LIBOR +4.00%

 

5.00

 

3/8/2025

 

854,023

d,e

636,247

 

Information Technology - 1.8%

     

CT Technologies, Initial Term Loan, 1 Month LIBOR +5.00%

 

6.00

 

12/16/2025

 

880,000

d

878,900

 

Finastra USA, First Lien Dollar Term Loan, 3 Month LIBOR +4.50% @ Floor

 

4.50

 

6/13/2024

 

1,451,051

d

1,425,055

 

Ivanti Software, First Lien Initial Term Loan, 1 Month LIBOR +5.75% @ Floor

 

5.75

 

12/1/2027

 

1,579,880

d

1,578,892

 

          
 

Description

Coupon
Rate (%)

 

Maturity Date

 

Principal Amount ($)

a

Value ($)

 

Floating Rate Loan Interests - 6.8% (continued)

     

Information Technology - 1.8% (continued)

     

Software Luxembourg Acquisition, Second Out Term Loan, 3 Month LIBOR +8.50% @ Floor

 

8.50

 

4/27/2025

 

252,496

d

252,707

 

Software Luxembourg Acquisition, Senior Secured Term Loan, 1 Month LIBOR +7.50%

 

8.50

 

12/27/2024

 

76,624

d

78,539

 
 

4,214,093

 

Insurance - 1.8%

     

Asurion, Second Lien Replacement Term Loan B-2, 1 Month LIBOR +6.50%

 

6.65

 

8/4/2025

 

3,043,636

d

3,073,312

 

Mayfield Agency Borrower, First Lien Term Loan B, 1 Month LIBOR +4.50%

 

4.65

 

2/28/2025

 

1,252,881

d

1,215,295

 
 

4,288,607

 

Materials - .6%

     

Ball Metalpack Finco, First Lien Initial Term Loan, 3 Month LIBOR +4.50%

 

4.73

 

7/31/2025

 

112,406

d

110,664

 

LABL, Initial Dollar Term Loan, 3 Month LIBOR +4.50%

 

4.65

 

7/2/2026

 

1,296,717

d

1,300,361

 
 

1,411,025

 

Technology Hardware & Equipment - .5%

     

Austin Bidco, Term Loan, 1 Month LIBOR +4.25% @ Floor

 

4.25

 

12/9/2027

 

665,000

d

662,506

 

Everi Payments, Term Loan, 1 Month LIBOR +10.50%

 

11.50

 

5/9/2024

 

497,500

d

517,400

 
 

1,179,906

 

Total Floating Rate Loan Interests
(cost $16,295,860)

 

16,220,444

 

Description

    

Shares

 

Value ($)

 

Common Stocks - .2%

     

Information Technology - .2%

     

SkillSoft, Cl. A
(cost $322,823)

     

2,365

e,f

402,050

 
         

Exchange-Traded Funds - .6%

     

Registered Investment Companies - .6%

     

iShares iBoxx High Yield Corporate Bond ETF

     

12,800

 

1,117,440

 

SPDR Bloomberg Barclays High Yield Bond ETF

     

1,800

 

196,092

 

Total Exchange-Traded Funds
(cost $1,250,714)

 

1,313,532

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Annualized
Yield (%)

 

Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Short-Term Investments - .2%

     

U.S. Government Securities

     

U.S. Treasury Bills
(cost $589,976)

 

0.12

 

1/14/2021

 

590,000

g

589,994

 

Description

1-Day
Yield (%)

   

Shares

 

Value ($)

 

Investment Companies - 3.3%

     

Registered Investment Companies - 3.3%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $7,885,628)

 

0.09

   

7,885,628

h

7,885,628

 

Total Investments (cost $315,904,133)

 

140.5%

334,509,521

 

Liabilities, Less Cash and Receivables

 

(40.5%)

(96,489,773)

 

Net Assets

 

100.0%

238,019,748

 

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

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 December 31, 2020, these securities were valued at $246,818,571 or 103.7% 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 The fund held Level 3 securities at December 31, 2020, these securities were valued at $1,038,297 or .44% of net assets.

f Non-income producing security.

g Security is a discount security. Income is recognized through the accretion of discount.

h 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

December 31, 2020 (Unaudited)

The following is a summary of the inputs used as of December 31, 2020 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

-

13,809,106

-

13,809,106

Corporate Bonds

-

294,288,767

-

294,288,767

Equity Securities – Common Stocks

-

-

402,050

402,050

Exchange-Traded Funds

1,313,532

-

-

1,313,532

Floating Rate Loan Interests

-

15,584,197

636,247

16,220,444

Investment Companies

7,885,628

-

-

7,885,628

U.S. Treasury Securities

-

589,994

-

589,994

Other Financial Instruments:

    

Forward Foreign Currency Exchange Contracts††

-

(48,456)

-

(48,456)

Liabilities ($)

    

Other Financial Instruments:

    

Forward Foreign Currency Exchange Contracts††

-

(27,855)

-

(27,855)

† See Statement of Investments for additional detailed categorizations, if any.

†† Amount shown represents unrealized appreciation (depreciation) at period end.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
BNY Mellon High Yield Strategies Fund

December 31, 2020 (Unaudited)

      

Counterparty/ Purchased
Currency

Purchased Currency
Amounts

Currency
Sold

Sold
Currency
Amounts

Settlement Date

Unrealized Appreciation (Depreciation) ($)

Barclays Capital

United States Dollar

14,412,890

Euro

11,750,000

1/29/2021

48,456

Goldman Sachs

United States Dollar

2,229,034

British Pound

1,650,000

1/29/2021

(27,855)

Gross Unrealized Appreciation

  

48,456

Gross Unrealized Depreciation

  

(27,855)

See notes to financial statements.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 debt 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 one or more independent pricing

services (each, a “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 market in the judgment of a 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 a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a 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.

Each Service and independent valuation firm 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 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 December 31, 2020 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 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 December 31, 2020, accumulated net unrealized appreciation on investments was $18,605,388, consisting of $19,847,242 gross unrealized appreciation and $1,241,854 gross unrealized depreciation.

At December 31, 2020, 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.