DHF - BNY Mellon High Yield Strategies Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. July 14, 2026

   First Trust Portfolios L.P. cut its stake to 8.7% (from 11.2%), as a passive investor.

   Original document →

2. April 14, 2026

   First Trust Portfolios L.P. cut its stake to 11.2% (from 13.9%), as a passive investor.

   Original document →

3. April 6, 2026

   Sit Investment now owns 6.3%, as a passive investor.

   Original document →

4. Jan 14, 2026

   First Trust Portfolios L.P. cut its stake to 13.9% (from 15.6%), as a passive investor.

   Original document →

5. Oct 17, 2025

   First Trust Portfolios L.P. cut its stake to 15.6% (from 17.5%), as a passive investor.

   Original document →

About this fund

• Run by BNY Mellon Investment Adviser, Inc. Part of the BNY Mellon Family of Funds fund family. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $197 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 29% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 3.3% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 13 charge a lower management fee and 10 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.21 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $2.67. The shares traded at $2.44, about 8.6% below that. As of March 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 0.5% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1998.

How this has changed

• Payouts per share: $0.21 in the fiscal year ended March 31, 2026; $0.21 in the year ended March 31, 2025; $0.18 in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.18% a year in the fiscal year ended March 31, 2026; 3.52% a year in the year ended March 31, 2025; 3.96% a year in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $194 million at March 31, 2026; $197 million at March 31, 2025; $196 million at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• Borrowing: about 30% on top of its own money at March 31, 2026; 30% at March 31, 2025; 32% at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• The fund had about 72.7 million shares at March 31, 2026, about the same as at March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +4%, counting payouts. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the shares returned +14.5%, counting payouts. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2024: the shares returned +20.9%, counting payouts. As of March 31, 2024, from the fund's annual report. Original document →
• The year ended March 31, 2023: the shares returned -14.5%, counting payouts. As of March 31, 2023, from the fund's annual report. Original document →
• The year ended March 31, 2022: the shares returned -2.7%, counting payouts. As of March 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +19.7%. $10,000 of shares bought at the start (April 1, 2021) would have become about $12,000 by March 31, 2026, with every payout counted, before tax. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -1.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 18 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 10 reported a higher share return for that year and 7 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (87%), the rest loans, cash and short-term holdings and shares. About 84% issued in the U.S.

1. Cash and short-term - 4.2%
2. Goat Holdco LLC, B 6.75 02/01/32 144A - 1.3%
3. Crown Point CLO 8, Crnpt 2019-8A Er - 1.2%
4. 1261229 B.C., Bhccn 10 04/15/32 144A - 1.1%
5. Meridian Arc Holdco LLC, Meridi 6.25 04/30/31 144A - 1%
6. SPDR Series Trust State Street SPDR Bloomberg High Yield Bond ETF - 1%
7. iShares Trust Iboxx Hi Yd ETF - 1%
8. Cco Holdings LLC / Cco Holdings Capital, Chtr 5 02/01/28 144A - 0.9%
9. Bkv Upstream Midstream LLC, Bkvcor 7.5 10/15/30 144A - 0.9%
10. Vfh Parent LLC / Valor Co-Issuer, Virt 7.5 06/15/31 144A - 0.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →