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Mellon Optima L/S Strategy Fund, LLC – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 9:23am ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-1989 · File #: 811-21694

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/28/08  Mellon Optima L/S Strategy Fd LLC N-Q         6/30/08    3:18K                                    Bowne - BGM/FA

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Mellon Optima Nq 6-08                                  5     25K 
 3: EX-99.CERT  Mellon Optima 302 Cert 6-08 Do                         2±     9K 
 2: EX-99.CERT  Mellon Optima 302 Cert 6-08 Sa                         2±     9K

N-Q — Mellon Optima Nq 6-08
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits Schedule of Investments
1	1st Page - Filing Submission
2	Item 1 -- . Schedule of Investments
4	Item 2 -- . Controls and Procedures
"	Item 3 -- . Exhibits

N-Q 1st Page of 5 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

 QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

 Investment Company Act file number: 811-21694
 -----------------------------------

MELLON OPTIMA L/S STRATEGY FUND, LLC
--------------------------------------------------
(Exact name of registrant as specified in charter)

 BNY Mellon Financial Center
One Boston Place, 024-0071
 Boston, Massachusetts 02108
 ---------------------------------------------------
 (Address of principal executive offices) (Zip code)

 Christopher P. Harvey, Esq.
 Wilmer Cutler Pickering Hale and Dorr LLP
 60 State Street
 Boston, Massachusetts 02109
 ---------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: (617) 722-7000
 -------------------------------------------------

 Date of fiscal year end: March 31
 -----------------------------------

 Date of reporting period: June 30, 2008
----------------------------

N-Q 2nd Page of 5 TOC 1st Previous Next ↓Bottom Just 2nd
ITEM 1 -- SCHEDULE OF INVESTMENTS.                                              

                                                        [Enlarge/Download Table]

                                                MELLON OPTIMA L/S STRATEGY FUND, LLC                                      

                                         SCHEDULE OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)                              
--------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------
                                                                                              PERCENTAGE OF               
INVESTMENT FUNDS                                            COST                VALUE           NET ASSETS    LIQUIDITY+  
--------------------------------------------------------------------------------------------------------------------------
OPPORTUNISTIC                                                                                                             
                                                                                                                          
Glenview Institutional Partners, L.P.                  $    30,000,000      $   28,285,672            4.2%    Quarterly   
Hunter Global Investors Fund I L.P.                         22,127,412          29,182,483            4.4%    Quarterly   
Impala Fund LP                                              22,000,000          25,427,764            3.8%    Quarterly   
Karsh Capital II, LP                                        28,125,331          38,555,995            5.8%    Quarterly   
Kingdon Associates                                          25,283,055          33,187,228            5.0%    Quarterly   
Raptor Global Fund L.P.                                     23,077,139          25,267,089            3.8%    Quarterly   
Sage Opportunity Fund (QP), L.P.                            22,000,000          22,331,760            3.3%    Quarterly   
                                                      -----------------    ----------------     -----------               
                                                           172,612,937         202,237,991           30.3%                
                                                      -----------------    ----------------     -----------               
GROWTH                                                                                                                    
Alydar QP Fund, L.P.                                        20,570,236          27,348,048            4.1%    Quarterly   
Chilton QP Investment Partners, L.P.                        21,000,000          24,853,064            3.7%    Annually    
Fox Point QP Fund, L.P.                                     25,000,000          30,914,601            4.6%    Bi-Annually 
Highbridge Long/Short Equity Fund, L.P.                     21,643,955          34,833,862            5.2%    Quarterly   
Intrepid Capital Fund (QP), L.P.                            19,932,041          23,966,199            3.6%    Quarterly   
Maverick Fund USA, Ltd.                                     24,464,054          30,535,080            4.6%    Annually    
Pequot Capital                                              23,000,000          34,828,960            5.2%    Annually    
                                                      -----------------    ----------------     -----------               
                                                           155,610,286         207,279,814           31.0%                
                                                      -----------------    ----------------     -----------               
VALUE                                                                                                                     
Amici Qualified Associates L.P.                             25,173,447          30,061,518            4.5%    Quarterly   
Clovis Capital Partners Institutional, L.P.                 25,247,705          30,807,321            4.6%    Quarterly   
Delta Institutional, L.P.                                   19,624,302          21,816,161            3.3%    Quarterly   
Kinetics Institutional Partners, L.P.                       11,499,640          13,420,773            2.0%    Quarterly   
Shoshone Partners, L.P.                                     17,299,000          21,320,700            3.2%    Annually    
Thruway Partners, L.P.                                      24,068,756          32,341,273            4.9%    Quarterly   
                                                      -----------------    ----------------     -----------               
                                                           122,912,850         149,767,746           22.5%                
                                                      -----------------    ----------------     -----------               
GLOBAL                                                                                                                    
Asian Century Quest Fund (QP), L.P.                         19,000,000          23,225,381            3.5%    Quarterly   
Calypso Qualified Partners, L.P.                            20,500,000          27,283,956            4.1%    Monthly     
Lansdowne European Strategic Equity Fund, L.P.              25,500,000          29,192,406            4.4%    Monthly     
                                                      -----------------    ----------------     -----------               
                                                            65,000,000          79,701,743           12.0%                
                                                      -----------------    ----------------     -----------               
TOTAL INVESTMENT FUNDS                                     516,136,073         638,987,294           95.8%                
                                                      -----------------    ----------------     -----------               

AFFILIATED INVESTMENTS                                                                                                    
Dreyfus Institutional Preferred Plus Money Market Fund      15,465,634          15,465,634            2.3%    Daily       
                                                      -----------------    ----------------     -----------               
TOTAL INVESTMENTS                                      $   531,601,707         654,452,928           98.1%                
                                                      =================    ----------------     -----------               
OTHER ASSETS, LESS LIABILITIES                                                  12,686,132            1.9%                
                                                                           ----------------     -----------               
TOTAL NET ASSETS                                                            $  667,139,060          100.0%                
                                                                           ================     ===========               

+ The Investment Funds provide for periodic redemptions, with lock-up provisions
up to two years from initial investment. The liquidity provisions shown in the  
table apply after any applicable lock-up provision.                             

At June 30, 2008, the aggregate cost of investment funds for tax purposes was   
expected to be similar to book cost of $531,601,707. At June 30, 2008,          
accumulated net unrealized appreciation on investment funds was $122,851,221,   
consisting of $124,565,549 of gross unrealized appreciation and ($1,714,328) of 
gross unrealized depreciation.                                                  

Securities valuation policies and other investment related disclosures are      
hereby incorporated by reference to the annual and semi-annual reports          
previously filed with the Securities and Exchange Commission on Form N-CSR.     

N-Q 3rd Page of 5 TOC 1st Previous Next ↓Bottom Just 3rd
MELLON OPTIMA L/S STRATEGY FUND, LLC

 SCHEDULE OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)
--------------------------------------------------------------------------------

Various inputs are used in determining the value of the fund's investments      
relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value         
Measurements. These inputs are summarized in the three broad levels listed      
below.                                                                          

LEVEL 1 - quoted prices in active markets for identical securities.             

LEVEL 2 - other significant observable inputs (including quoted prices for      
similar securities, interest rates, prepayment speeds, credit risk, etc.)       

LEVEL 3 - significant unobservable inputs (including 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.           

The following is a summary of the inputs used as of June 30, 2008 in valuing the
fund's investments carried at fair value:                                       

                                                        [Enlarge/Download Table]

VALUATION INPUTS                              INVESTMENTS IN SECURITIES ($)   OTHER FINANCIAL INSTRUMENTS* ($)
--------------------------------------------------------------------------------------------------------------
                                                                                                              
Level 1 - Quoted Prices                               15,465,634                           0                  
--------------------------------------------------------------------------------------------------------------
Level 2 - Other Significant Observable Inputs                  0                           0                  
--------------------------------------------------------------------------------------------------------------
Level 3 - Significant Unobservable Inputs            638,987,294                           0                  
--------------------------------------------------------------------------------------------------------------
Total                                                654,452,928                           0                  
--------------------------------------------------------------------------------------------------------------

*Other financial  instruments include derivative  instruments,  such as futures,
forward currency exchange contracts and swap contracts,  which are valued at the
unrealized appreciation (depreciation) on the instrument.                       

Following  is  a  reconciliation   of  Level  3  assets  for  which  significant
unobservable inputs were used to determine fair value:                          

                                                                [Download Table]

                                         INVESTMENTS IN   
                                         SECURITIES ($)   
----------------------------------------------------------
                                                          
 BALANCE AS OF 03/31/2008                   591,341,347   
----------------------------------------------------------
 REALIZED GAIN (LOSS)                         3,499,640   
----------------------------------------------------------
 CHANGE IN UNREALIZED APPRECIATION           26,146,307   
----------------------------------------------------------
 NET PURCHASES (SALES)                       18,000,000   
----------------------------------------------------------
 TRANSFERS IN AND/OR OUT OF LEVEL 3                   0   
----------------------------------------------------------
 BALANCE AS OF 6/30/2008                    638,987,294   
----------------------------------------------------------

N-Q 4th Page of 5 TOC 1st Previous Next ↓Bottom Just 4th
ITEM 2 -- CONTROLS AND PROCEDURES.                                              

   (a)  The Registrant's Principal Executive Officer and Principal
          Financial Officer have evaluated the Registrant's disclosure
            controls and procedures (as defined in Rule 30a-3(c) under the
               Investment Company Act of 1940) within 90 days of this filing and
          have concluded that the Registrant's disclosure controls and
procedures were effective, as of that date.       

      (b)  There was no change in the Registrant's internal control over
        financial reporting (as defined in Rule 30a-3(d) under the
             Investment Company Act of 1940) during Registrant's last fiscal
              quarter that has materially affected, or is reasonably likely to
       materially affect, the Registrant's internal control over
financial reporting.                              

ITEM 3 -- EXHIBITS.                                                             

    Separate certifications for the Registrant's Principal Executive
          Officer and Principal Financial Officer, as required by Section 302 of
         the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment
Company Act of 1940, are attached as Ex99.CERT.             

N-Q Last Page of 5 TOC 1st Previous Next ↓Bottom Just 5th
SIGNATURES                                                                      

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

                                MELLON OPTIMA L/S STRATEGY FUND, LLC

                        By:   /s/ STEVEN M. ANDERSON
                                            ------------------------------------
                          Steven M. Anderson
                 Treasurer

                 Date: August 28, 2008

         Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the    
following persons on behalf of the registrant and in the capacities and on the  
dates indicated.                                                                

                        By:   /s/ STEVEN M. ANDERSON
                                            ------------------------------------
                          Steven M. Anderson
                 Treasurer

                 Date: August 28, 2008

                      By:   /s/ J. DAVID OFFICER
                                            ------------------------------------
                        J. David Officer
                 President

                 Date: August 28, 2008

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-Q’ Filing	Date	First	Last	Other Filings

Filed on / Effective on:	8/28/08	5
For Period End:	6/30/08	1	3	N-PX
				List all Filings

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Filing Submission 0000935069-08-001989 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Mellon Optima L/S Strategy Fund, LLC – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 9:23am ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-1989 · File #: 811-21694

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Mellon Optima Nq 6-08Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

N-Q — Mellon Optima Nq 6-08
Document Table of Contents