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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CERTIFIED SHAREHOLDER REPORT OF</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment Company Act file number: 811-21342</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND INC.</font></font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact Name of the Registrant as Specified in Charter)</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c/o Neuberger Berman Management LLC</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">605 Third Avenue, 2nd Floor</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Robert Conti, Chief Executive Officer</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">605 Third Avenue, 2nd Floor</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New York, New York 10158-0180</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Arthur C. Delibert, Esq.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1601 K Street, N.W.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of fiscal year end: October 31, 2013</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of reporting period: April 30, 2013</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</font></div>
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<p style="margin:0pt 0pt 25pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:34pt;">Neuberger Berman<BR>High Yield Strategies <BR>Fund Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Semi-Annual Report</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">April 30, 2013</font></p>
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<p style="margin:0pt 0pt 20pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:24pt;">Contents</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>PRESIDENT'S LETTER</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">1</font></p></td>
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</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>PORTFOLIO COMMENTARY</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">2</font></p></td>
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</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>SCHEDULE OF INVESTMENTS</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">7</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>FINANCIAL STATEMENTS</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">18</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>FINANCIAL HIGHLIGHTS/PER SHARE DATA</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">30</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Distribution Reinvestment Plan</b></font></p></td>
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<td colspan="1" width="144" align="right" valign="bottom" style="padding:15pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">32</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Directory</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">34</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Proxy Voting Policies and Procedures</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">35</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Quarterly Portfolio Schedule</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">35</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Privacy Notice</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:11pt;">Located after the Fund's Report</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;">The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund name in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. </font><font face="Arial, Helvetica" style="font-size:5pt;"><sup><sub>©</sub></sup></font><font face="Arial, Helvetica" style="font-size:7pt;">2013 Neuberger Berman Management LLC. All rights reserved.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">President's Letter</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dear Shareholder,</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">I am pleased to present the semi-annual report for Neuberger Berman High Yield Strategies Fund Inc. for the six months ended April 30, 2013. The report includes a portfolio commentary, a listing of the Fund's investments and its unaudited financial statements for the reporting period.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund seeks high total return (income plus capital appreciation). To pursue that objective, we have assembled a portfolio that consists primarily of high yield debt securities.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Thank you for your confidence in the Fund. We will do our best to continue earning your trust in the years to come.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sincerely,</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ROBERT CONTI<BR>PRESIDENT AND CEO<BR>NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND INC.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">High Yield Strategies Fund Inc. Portfolio Commentary</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Neuberger Berman High Yield Strategies Fund Inc. generated a 10.57% total return on a net asset value ("NAV") basis for the six months ended April 30, 2013 and outperformed its benchmark, the BofA Merrill Lynch U.S. High Yield Master II Constrained Index, which provided a 7.26% return for the period. The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) was beneficial for performance.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The high yield market generated strong results during the six-month reporting period, with the index posting positive returns during each month. As has been the case for much of the last year and a half, the overall market was supported by solid fundamentals and generally robust investor risk appetite. New high yield issuance remained strong, as issuers looked to take advantage of the low rate environment to reduce their borrowing costs and extend their maturity profiles. Against this backdrop, high yield defaults remained well below their historical average. Overall, the high yield market outperformed equal-duration Treasuries and lower-quality securities performed better than their higher-rated counterparts. For the six months ended April 30, 2013, CCC-rated (a relatively low rating) securities in the benchmark and BB-rated (rated higher) securities returned 10.93% and 5.64%, respectively.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Security selection in aggregate was beneficial for the Fund's performance relative to the index. The largest contributions came from our holdings in the chemicals, gaming and energy sectors. This was somewhat mitigated by security selection in the diversified financial services, food and drug retail and utilities sectors.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sector positioning, overall, detracted from relative performance during the reporting period. In particular, an overweight, relative to the benchmark, in printing and publishing and underweights in banking and insurance were negative for results. This was partially offset by our overweights in media-broadcast, technology, electronics and gaming.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's quality biases, overall, produced positive results during the reporting period. In particular, an overweight to securities rated CCC and below was beneficial for results. Elsewhere, our underweight to B-rated securities and neutral weight to BB-rated securities substantially benefited the Fund's performance.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We made several adjustments to the portfolio during the reporting period. We reduced the Fund's out-of-index allocation to bank loans from approximately 8% to approximately 3% of the portfolio, as we found the bank loan market to be less attractive from a valuation perspective given its strong rally in the first quarter of 2013. Elsewhere, we decreased our allocations to CCC-rated and BB-rated securities, while slightly increasing our exposure to B-rated securities. Finally, from a sector perspective, we reduced our overweight to energy and further added to our overweight in gaming.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's use of derivatives detracted from the Fund's performance during the reporting period.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We continue to have a generally positive outlook for the high yield market. In our view, fundamentals continue to be solid, with corporate balance sheets that are by and large flush with cash. Furthermore, high yield defaults have recently been lower than their historic average, a trend that we believe will continue. While recent data from certain economic indicators was far less than robust, we feel that the economy has enough momentum to continue expanding, albeit at a modest pace. We also believe inflation will remain benign and the Federal Reserve will be true to its word and maintain an accommodative monetary policy for the foreseeable future. It is our belief that this backdrop could lead to generally </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">solid investor demand, which could be supportive of the overall high yield bond market going forward. That being said, given a number of unresolved macro issues, there could be periods of increased market volatility.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sincerely,</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ANN BENJAMIN, TOM O'REILLY AND RUSS COVODE<BR>PORTFOLIO CO-MANAGERS</font></p>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The portfolio composition, industries and holdings of the Fund are subject to change.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The value of securities owned by the Fund as well as the market value of Fund shares may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price, currency and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>TICKER SYMBOL</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">High Yield Strategies Fund</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NHS</font></p></td>
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<p style="margin:18pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PORTFOLIO BY MATURITY </b></font></p>
<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>DISTRIBUTION</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(as a % of Total Investments)</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Less than One Year</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">0.8</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">One to less than Five Years</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">18.3</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Five to less than Ten Years</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">71.4</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ten Years or Greater</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">9.5</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">100.0</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PERFORMANCE HIGHLIGHTS</b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b><sup>1</sup></b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inception</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Month <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Period Ended</b></font></td>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>Average Annual Total Return<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ended 04/30/2013</b></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Date</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>04/30/2013</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1 Year</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5 Years</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Life of Fund</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>At NAV</b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b><sup>2</sup></b></font> </td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">07/28/2003</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10.57</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">19.39</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11.80</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>At Market Price</b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b><sup>3</sup></b></font> </td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">07/28/2003</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3.69</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">8.50</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14.91</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10.67</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Index</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:8pt;">BofA Merrill Lynch <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">U.S. High Yield <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Master II <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Constrained Index</font><font face="Arial, Helvetica" style="font-size:6pt;"><b><sup>4</sup></b></font> </td>
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<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">7.26</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14.01</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10.98</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">9.32</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
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<p style="margin:6pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, common shares of closed-end funds are sold in the open market through a stock exchange.</font></p>
<p style="margin:6pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For more current performance data, please visit www.nb.com.</b></font></p>
<p style="margin:6pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. </b></font><font face="Arial, Helvetica" style="font-size:8pt;">The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares.</font></p>
<p style="margin:6pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>The investment return and market price will fluctuate and common shares may trade at prices below NAV. Fund common shares, when sold, may be worth more or less than their original cost.</b></font></p>
<p style="margin:6pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Returns would have been lower if Neuberger Berman Management LLC ("Management") had not waived a portion of its investment management fees during the certain of the periods shown. Please see Note B in the Notes to Financial Statements for specific information regarding fee waiver arrangements.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Endnotes</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>1</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The performance information for periods prior to August 6, 2010 is that of Neuberger Berman High Yield Strategies Fund, a predecessor to the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>2</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Returns based on the NAV of the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>3</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Returns based on the market price of Fund common shares on the NYSE MKT.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>4</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Please see "Description of Index" starting on page 6 for a description of the index.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For more complete information on Neuberger Berman High Yield Strategies Fund Inc., call Management at (800) 877-9700, or visit our website at www.nb.com.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Description of Index</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;"><b>BofA Merrill Lynch U.S. High Yield Master II Constrained Index:</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="1703" align="left" valign="top" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">An unmanaged market value-weighted index of all domestic and Yankee high yield bonds, including deferred interest bonds and payment-in-kind securities. Qualifying bonds must have at least one year remaining to maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. Qualifying bonds are capitalization weighted provided the total allocation to an individual issuer does not exceed 2%.</font></p></td>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Please note that the index does not take into account any fees and expenses or any tax consequences of investing in individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index is prepared or obtained by Management and include reinvestment of all income dividends and distributions, if any. The Fund may invest in securities not included in the index and/or may not invest in all securities included in the index.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. </font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Bank Loan Obligations</b></font><font face="Arial, Helvetica" style="font-size:8pt;"><sup>µ</sup></font><font face="Arial, Helvetica" style="font-size:8pt;"><b> (4.1%)</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>All Telecom (0.3%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">740,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Integra Telecom, Term Loan, 6.00%, due 2/22/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>754,800</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automotive (0.4%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,227,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Navistar, Inc., Term Loan B, 5.75%, due 8/17/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,249,856</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Business Equipment & Services (0.4%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,102,581</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ceridian Corp., Term Loan, 5.95%, due 5/9/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,121,281</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Chemicals & Plastics (0.2%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">660,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dupont Performance Coatings, Term Loan B, 4.75%, due 2/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>668,184</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Electronics—Electrical (0.3%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">760,857</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Datatel-Sophia LP, Term Loan B, due 7/19/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>769,896</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>¢^^</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Financial Intermediaries (0.2%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">552,007</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corporation, Term Loan, 4.20%, due 3/24/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>551,146</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Health Care (0.5%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,552,010</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">United Surgical Partners International, Inc., Term Loan B, 4.75%, due 4/3/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,559,771</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Lodging & Casinos (0.6%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">471,667</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Caesars Entertainment Operating Co., Term Loan B5, 4.45%, due 1/28/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">421,354</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Graton Resort & Casino, First Lien Term Loan B, 9.00%, due 8/22/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,190</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">381,409</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts, Term Loan B, 4.25%, due 12/20/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">386,734</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">995,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Station Casinos, Term Loan B, 5.00%, due 3/2/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,006,353</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,818,631</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Oil & Gas (1.2%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,199,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy, Term Loan B, 5.75%, due 12/2/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,313,172</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Bank Loan Obligations (Cost $11,440,865)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>11,806,737</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Corporate Debt Securities (130.3%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Airlines (0.7%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,085,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">United Airlines, Inc., Senior Secured Notes, 6.75%, due 9/15/15</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,135,181</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">682,787</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">United Airlines, Inc., Pass-Through Certificates, Ser. 2009-2, Class A, 9.75%, due 1/15/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">792,034</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,927,215</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Auto Parts & Equipment (0.8%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,140,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Goodyear Tire & Rubber Co., Guaranteed Notes, 6.50%, due 3/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,238,975</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automakers (1.0%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">845,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ford Motor Co., Senior Unsecured Notes, 9.98%, due 2/15/47</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,285,744</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,540,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Navistar Int'l Corp., Guaranteed Notes, 8.25%, due 11/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,603,525</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,889,269</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Banking (3.0%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,470,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ally Financial, Inc., Guaranteed Notes, 6.25%, due 12/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,803,225</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,210,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ally Financial, Inc., Guaranteed Notes, 8.00%, due 3/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,036,575</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">820,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ally Financial, Inc., Guaranteed Notes, 7.50%, due 9/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,012,700</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">601,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ally Financial, Inc., Guaranteed Notes, 8.00%, due 11/1/31</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">791,066</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>8,643,566</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Building & Construction (0.7%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,595,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Lennar Corp., Guaranteed Notes, 4.75%, due 11/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,606,962</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">490,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Standard Pacific Corp., Guaranteed Notes, 8.38%, due 1/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">586,163</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,193,125</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Building Materials (2.1%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">310,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Associated Materials LLC/AMH New Finance, Inc., Senior Secured Notes, 9.13%, due 11/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">334,413</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">245,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Associated Materials LLC/AMH New Finance, Inc., Senior Secured Notes, 9.13%, due 11/1/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">264,294</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">905,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Masco Corp., Senior Unsecured Notes, 6.13%, due 10/3/16</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,017,844</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,990,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">USG Corp., Senior Unsecured Notes, 9.75%, due 1/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,363,125</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,050,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">USG Corp., Guaranteed Notes, 8.38%, due 10/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,265,250</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,244,926</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Chemicals (5.8%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">485,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">549,263</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,530,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,759,500</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Momentive Performance Materials, Inc., Senior Secured Notes, 8.88%, due 10/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,177,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">485,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Momentive Performance Materials, Inc., Senior Secured Notes, 10.00%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">512,888</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">6,783,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Momentive Performance Materials, Inc., Secured Notes, 9.00%, due 1/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,884,252</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,205,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PQ Corp., Secured Notes, 8.75%, due 5/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,381,400</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">535,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">US Coatings Acquisition, Inc., Guaranteed Notes, 7.38%, due 5/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">571,112</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>16,835,915</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Computer Hardware (0.6%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,505,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seagate HDD Cayman, Guaranteed Notes, 7.00%, due 11/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,659,263</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Consumer—Commercial Lease Financing (4.6%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,215,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CIT Group, Inc., Senior Unsecured Notes, 6.63%, due 4/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,418,513</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,215,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CIT Group, Inc., Senior Unsecured Notes, 5.50%, due 2/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,624,912</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,190,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CIT Group, Inc., Senior Unsecured Notes, 5.38%, due 5/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,341,725</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,340,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Int'l Lease Finance Corp., Senior Unsecured Notes, 8.75%, due 3/15/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,813,850</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,455,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Int'l Lease Finance Corp., Senior Unsecured Notes, 8.88%, due 9/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,766,006</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,420,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Int'l Lease Finance Corp., Senior Unsecured Notes, 6.25%, due 5/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,592,175</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">575,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Int'l Lease Finance Corp., Senior Unsecured Notes, 8.63%, due 1/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">747,500</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>13,304,681</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Department Stores (2.5%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">445,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">JC Penney Corp., Inc., Senior Unsecured Notes, 7.13%, due 11/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">640,800</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">6,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sears Holdings Corp., Secured Notes, 6.63%, due 10/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">6,550,500</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,191,300</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Electric—Generation (2.8%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">565,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., Guaranteed Notes, 7.63%, due 1/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">654,694</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">590,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., Guaranteed Notes, 7.63%, due 5/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">640,150</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,775,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., Guaranteed Notes, 8.25%, due 9/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,156,563</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,315,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., Guaranteed Notes, 7.88%, due 5/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,754,237</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>8,205,644</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Electric—Integrated (0.7%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,735,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">IPALCO Enterprises, Inc., Senior Secured Notes, 7.25%, due 4/1/16</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,947,538</b></font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Electronics (3.2%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,075,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Amkor Technology, Inc., Senior Unsecured Notes, 6.38%, due 10/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,107,250</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,655,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ceridian Corp., Guaranteed Notes, 11.25%, due 11/15/15</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,714,994</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">810,125</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ceridian Corp., Guaranteed Notes, 12.25%, due 11/15/15</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">840,505</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>c</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">760,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ceridian Corp., Senior Secured Notes, 8.88%, due 7/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">892,050</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">835,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Flextronics Int'l Ltd., Guaranteed Notes, 4.63%, due 2/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">853,787</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,360,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Flextronics Int'l Ltd., Guaranteed Notes, 5.00%, due 2/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,387,200</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,555,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Freescale Semiconductor, Inc., Senior Secured Notes, 9.25%, due 4/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,710,500</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">870,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Freescale Semiconductor, Inc., Guaranteed Notes, 8.05%, due 2/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">937,425</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,443,711</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy—Exploration & Production (11.9%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,535,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., Guaranteed Notes, 6.50%, due 8/15/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,719,200</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,060,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., Guaranteed Notes, 6.63%, due 8/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,199,125</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">835,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., Guaranteed Notes, 6.13%, due 2/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">918,500</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">675,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., Guaranteed Notes, 5.75%, due 3/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">732,375</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">66,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Concho Resources, Inc., Guaranteed Notes, 5.50%, due 10/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">70,455</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">419,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Concho Resources, Inc., Guaranteed Notes, 5.50%, due 4/1/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">446,235</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">520,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Denbury Resources, Inc., Guaranteed Notes, 8.25%, due 2/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">590,200</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,887,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EP Energy LLC/EP Energy Finance, Inc., Senior Unsecured Notes, 9.38%, due 5/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,528,355</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,025,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EP Energy LLC/Everest Acquisition Finance, Inc., Guaranteed Notes, 7.75%, due 9/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,176,187</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">550,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EPE Holdings LLC/EP Energy Bond Co., Inc., Senior Unsecured Notes, 8.13%, due 12/15/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">585,750</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñc</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,395,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EXCO Resources, Inc., Guaranteed Notes, 7.50%, due 9/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,351,050</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Forest Oil Corp., Guaranteed Notes, 7.25%, due 6/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">506,250</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,560,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Forest Oil Corp., Guaranteed Notes, 7.50%, due 9/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,661,400</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,205,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Linn Energy LLC, Guaranteed Notes, 6.25%, due 11/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,304,225</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,255,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Linn Energy LLC, Guaranteed Notes, 8.63%, due 4/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,402,462</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,190,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Linn Energy LLC, Guaranteed Notes, 7.75%, due 2/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,398,050</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,770,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Newfield Exploration Co., Senior Unsecured Notes, 5.75%, due 1/30/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,170,562</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">625,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Newfield Exploration Co., Senior Unsecured Notes, 5.63%, due 7/1/24</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">671,875</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,085,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Rosetta Resources, Inc., Guaranteed Notes, 5.63%, due 5/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,131,113</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>Ø</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,680,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 3/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,743,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">865,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SandRidge Energy, Inc., Guaranteed Notes, 8.13%, due 10/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">921,225</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">530,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 2/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">545,900</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">945,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">WPX Energy, Inc., Senior Unsecured Notes, 6.00%, due 1/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,022,963</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>34,796,457</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Food & Drug Retailers (0.9%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">560,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corp., Secured Notes, 10.25%, due 10/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">645,400</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">390,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corp., Guaranteed Notes, 9.25%, due 3/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">451,425</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,442,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corp., Senior Secured Notes, 8.00%, due 8/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,647,485</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,744,310</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Food—Wholesale (0.4%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">675,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Hawk Acquisition Sub, Inc., Secured Notes, 4.25%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">683,438</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">348,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">US Foods, Inc., Guaranteed Notes, 8.50%, due 6/30/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">378,450</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,061,888</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
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<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
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<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
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<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gaming (9.0%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,055,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ameristar Casinos, Inc., Guaranteed Notes, 7.50%, due 4/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,176,325</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">465,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Boyd Gaming Corp., Senior Subordinated Notes, 7.13%, due 2/1/16</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">470,813</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">295,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Caesars Entertainment Operating Co., Inc., Senior Secured Notes, 9.00%, due 2/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">290,575</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">115,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Caesars Operating Escrow LLC, Senior Secured Notes, 9.00%, due 2/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">113,275</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">475,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Caesars Operating Escrow LLC, Senior Secured Notes, 9.00%, due 2/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">467,875</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">815,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CityCenter Holdings LLC, Senior Secured Notes, 7.63%, due 1/15/16</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">875,106</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,085,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Graton Economic Development Authority, Senior Secured Notes, 9.63%, due 9/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,501,475</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">975,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts Int'l, Guaranteed Notes, 7.63%, due 1/15/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,106,625</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,775,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts Int'l, Guaranteed Notes, 6.75%, due 10/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,948,063</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">390,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts Int'l, Guaranteed Notes, 6.63%, due 12/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">423,638</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,655,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts Int'l, Guaranteed Notes, 7.75%, due 3/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,175,837</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming Authority, Secured Notes, 10.50%, due 12/15/16</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">398,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,825,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming Authority, Guaranteed Notes, 11.00%, due 9/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,704,937</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,155,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Peninsula Gaming LLC, Guaranteed Notes, 8.38%, due 2/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,247,400</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,375,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Pinnacle Entertainment, Inc., Guaranteed Notes, 7.75%, due 4/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,505,625</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,090,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seminole Indian Tribe of Florida, Secured Notes, 7.75%, due 10/1/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,177,200</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,230,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Station Casinos LLC, Guaranteed Notes, 7.50%, due 3/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,352,650</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,916,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Wynn Las Vegas LLC, 1st Mortgage, 7.75%, due 8/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,193,820</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>26,129,239</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gas Distribution (7.6%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,070,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Access Midstream Partners L.P., Guaranteed Notes, 6.13%, due 7/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,177,000</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">815,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Access Midstream Partners L.P., Guaranteed Notes, 4.88%, due 5/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">841,488</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,090,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">AmeriGas Finance LLC, Guaranteed Notes, 6.75%, due 5/20/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,314,675</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,207,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">AmeriGas Finance LLC, Guaranteed Notes, 7.00%, due 5/20/22</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,466,322</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">225,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">El Paso Corp., Senior Secured Notes, 7.25%, due 6/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">263,043</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,870,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">El Paso Corp., Senior Secured Global Medium-Term Notes, 7.80%, due 8/1/31</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,247,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,145,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">El Paso Corp., Senior Secured Global Medium-Term Notes, 7.75%, due 1/15/32</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,304,926</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,700,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Energy Transfer Equity L.P., Senior Secured Notes, 7.50%, due 10/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,159,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,990,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ferrellgas L.P., Senior Unsecured Notes, 9.13%, due 10/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,129,300</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,215,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MarkWest Energy Partners L.P., Guaranteed Notes, 4.50%, due 7/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,266,637</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Regency Energy Partners L.P., Guaranteed Notes, 6.88%, due 12/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,638,750</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Regency Energy Partners L.P., Guaranteed Notes, 4.50%, due 11/1/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">517,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">958,000<BR></font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Suburban Propane Partners L.P./Suburban Energy Finance Corp., Senior Unsecured Notes, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, due 10/1/18</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,044,220<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> </font></td>
<td colspan="1" width="27" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">662,000<BR></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Suburban Propane Partners L.P./Suburban Energy Finance Corp., Senior Unsecured Notes, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, due 8/1/21</font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">736,475<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> </font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>22,106,936</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Health Facilities (8.0%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,455,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CHS/Community Health Systems, Inc., Senior Secured Notes, 5.13%, due 8/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,626,850</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">720,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CHS/Community Health Systems, Inc., Guaranteed Notes, 8.00%, due 11/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">816,300</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">695,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Columbia Healthcare Corp., Senior Unsecured Notes, 7.50%, due 12/15/23</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">754,075</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Columbia/HCA Corp., Senior Unsecured Notes, 7.69%, due 6/15/25</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,330,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">545,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Columbia/HCA Corp., Senior Unsecured Notes, 7.05%, due 12/1/27</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">551,813</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,370,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DaVita, Inc., Guaranteed Notes, 5.75%, due 8/15/22</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,459,050</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">HCA Holdings, Inc., Senior Unsecured Notes, 6.25%, due 2/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">657,000</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,035,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Health Management Associates, Inc., Guaranteed Notes, 7.38%, due 1/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,148,850</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,665,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">IASIS Healthcare LLC/IASIS Capital Corp., Guaranteed Notes, 8.38%, due 5/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,760,737</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">OMEGA Healthcare Investors, Inc., Guaranteed Notes, 7.50%, due 2/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">557,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,090,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">OMEGA Healthcare Investors, Inc., Guaranteed Notes, 6.75%, due 10/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,325,125</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tenet Healthcare Corp., Senior Secured Notes, 6.25%, due 11/1/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,550,312</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">800,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tenet Healthcare Corp., Senior Secured Notes, 8.88%, due 7/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">904,000</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">875,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tenet Healthcare Corp., Senior Unsecured Notes, 6.75%, due 2/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">949,375</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">825,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tenet Healthcare Corp., Senior Secured Notes, 4.50%, due 4/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">841,500</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,890,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">United Surgical Partners Int'l, Inc., Guaranteed Notes, 9.00%, due 4/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,135,700</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>23,368,187</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Health Services (0.6%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">675,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CDRT Holding Corp., Senior Notes, 9.25%, due 10/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">704,531</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñc</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,040,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Emergency Medical Services Corp., Guaranteed Notes, 8.13%, due 6/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,151,800</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,856,331</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investments & Misc. Financial Services (2.2%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,680,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Icahn Enterprises L.P., Guaranteed Notes, 7.75%, due 1/15/16</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,831,800</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,290,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Icahn Enterprises L.P., Guaranteed Notes, 8.00%, due 1/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,461,750</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,293,550</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Leisure (0.6%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,155,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cedar Fair L.P., Guaranteed Notes, 9.13%, due 8/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,294,322</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">535,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cedar Fair L.P., Guaranteed Notes, 5.25%, due 3/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">547,037</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,841,359</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Machinery (1.7%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,655,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Case New Holland, Inc., Guaranteed Notes, 7.88%, due 12/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,159,450</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">730,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Terex Corp., Guaranteed Notes, 6.00%, due 5/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">784,750</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">910,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">The Manitowoc Co., Inc., Guaranteed Notes, 8.50%, due 11/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,037,400</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>4,981,600</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media—Broadcast (4.4%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">685,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">AMC Networks, Inc., Guaranteed Notes, 7.75%, due 7/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">787,750</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">160,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Clear Channel Communications, Inc., Guaranteed Notes, 10.75%, due 8/1/16</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">137,600</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,367,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Clear Channel Communications, Inc., Senior Secured Notes, 11.25%, due 3/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,569,020</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,615,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cumulus Media Holdings, Inc., Guaranteed Notes, 7.75%, due 5/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,687,300</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,330,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sirius XM Radio, Inc., Guaranteed Notes, 8.75%, due 4/1/15</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,489,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">ñ</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,080,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Univision Communications, Inc., Senior Secured Notes, 6.88%, due 5/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,179,900</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">ñ</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Univision Communications, Inc., Senior Secured Notes, 7.88%, due 11/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">421,875</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">ñ</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">400,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Univision Communications, Inc., Guaranteed Notes, 8.50%, due 5/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">446,000</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">ñ</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,095,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">XM Satellite Radio, Inc., Guaranteed Notes, 7.63%, due 11/1/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,215,450</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">ñ</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>12,934,495</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media—Cable (7.5%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">70,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 7.00%, due 1/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">76,038</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,040,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 8.13%, due 4/30/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,175,200</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">320,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 5.25%, due 9/30/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">326,000</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">730,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 5.13%, due 2/15/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">737,300</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">845,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 5.75%, due 9/1/23</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">876,687</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,440,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CCO Holdings LLC, Guaranteed Notes, 5.75%, due 1/15/24</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,499,400</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>Ø</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,917,000<BR></font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Senior Unsecured Notes, 6.38%, due 9/15/20</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,041,605<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> </font></td>
<td colspan="1" width="27" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">270,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings LLC, Senior Unsecured Notes, 7.63%, due 7/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">317,250</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,280,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings LLC, Senior Unsecured Notes, 6.75%, due 11/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,604,900</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,980,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DISH DBS Corp., Senior Unsecured Notes, 5.13%, due 5/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,920,200</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,235,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DISH DBS Corp., Guaranteed Notes, 6.75%, due 6/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,413,800</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">515,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DISH DBS Corp., Guaranteed Notes, 5.88%, due 7/15/22</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">525,300</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">980,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DISH DBS Corp., Guaranteed Notes, 5.00%, due 3/15/23</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">950,600</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">685,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Lynx I Corp., Senior Secured Notes, 5.38%, due 4/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">731,238</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">345,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Lynx II Corp., Senior Unsecured Notes, 6.38%, due 4/15/23</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">373,463</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">320,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">UPC Holding BV, Secured Notes, 9.88%, due 4/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">356,800</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">935,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">UPCB Finance III Ltd., Senior Secured Notes, 6.63%, due 7/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,016,812</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>21,942,593</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='11',FILE='13-11286-3.ca',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media—Services (1.1%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">825,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 7.63%, due 3/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">888,938</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">495,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. A, 6.50%, due 11/15/22</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">525,938</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,345,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 6.50%, due 11/15/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,442,512</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">256,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">WMG Acquisition Corp., Senior Secured Notes, 6.00%, due 1/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">273,920</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,131,308</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Medical Products (0.9%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">970,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Biomet, Inc., Guaranteed Notes, 6.50%, due 8/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,057,300</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">235,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DJO Finance LLC/DJO Finance Corp., Guaranteed Notes, 7.75%, due 4/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">245,575</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">220,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">DJO Finance LLC/DJO Finance Corp., Guaranteed Notes, 9.88%, due 4/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">242,550</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">410,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Fresenius Medical Care US Finance II, Inc., Guaranteed Notes, 5.88%, due 1/31/22</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">469,450</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">645,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Hologic, Inc., Guaranteed Notes, 6.25%, due 8/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">696,600</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,711,475</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Metals—Mining Excluding Steel (5.9%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,560,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Alpha Natural Resources, Inc., Guaranteed Notes, 9.75%, due 4/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,692,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">590,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Alpha Natural Resources, Inc., Guaranteed Notes, 6.00%, due 6/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">551,650</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">555,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Alpha Natural Resources, Inc., Guaranteed Notes, 6.25%, due 6/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">510,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,735,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Arch Coal, Inc., Guaranteed Notes, 9.88%, due 6/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,804,400</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">347,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Arch Coal, Inc., Guaranteed Notes, 7.25%, due 10/1/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">319,240</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,060,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Arch Coal, Inc., Guaranteed Notes, 7.25%, due 6/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">969,900</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,690,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 7.00%, due 11/1/15</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,912,775</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,385,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 6.00%, due 4/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,440,400</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,765,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 8.25%, due 11/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,941,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,050,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 6.88%, due 4/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,126,125</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Peabody Energy Corp., Guaranteed Notes, 6.00%, due 11/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,296,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Walter Energy, Inc., Guaranteed Notes, 8.50%, due 4/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">728,000</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>17,293,190</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Packaging (5.7%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,055,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Berry Plastics Corp., Secured Notes, 9.75%, due 1/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,990,175</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">950,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Guaranteed Notes, 8.50%, due 5/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,011,750</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">275,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Guaranteed Notes, 9.00%, due 4/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">297,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,970,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Senior Secured Notes, 7.88%, due 8/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,206,400</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,360,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Guaranteed Notes, 9.88%, due 8/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,771,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,640,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Senior Secured Notes, 5.75%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,717,900</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">905,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Senior Secured Notes, 6.88%, due 2/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">986,450</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">550,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., Guaranteed Notes, 8.25%, due 2/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">583,688</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>16,564,963</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Pharmaceuticals (3.0%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">770,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Endo Pharmaceuticals Holdings, Inc., Guaranteed Notes, 7.00%, due 7/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">843,150</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">540,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Jaguar Holding Co., Senior Unsecured Notes, 9.38%, due 10/15/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">580,500</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñc</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,445,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Jaguar Holding Co. II/Jaguar Merger Sub, Inc., Senior Unsecured Notes, 9.50%, due 12/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,672,587</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">465,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sky Growth Acquisition Corp., Guaranteed Notes, 7.38%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">496,388</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">630,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.75%, due 10/1/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">683,550</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,120,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">VPI Escrow Corp., Guaranteed Notes, 6.38%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,562,900</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>8,839,075</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='12',FILE='13-11286-3.ca',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Printing & Publishing (4.3%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">920,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gannett Co., Inc., Guaranteed Notes, 9.38%, due 11/15/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">998,200</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">840,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gannett Co., Inc., Guaranteed Notes, 7.13%, due 9/1/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">915,600</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,862,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.25%, due 5/15/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,199,925</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,855,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">R. R. Donnelley & Sons Co., Senior Unsecured Notes, 8.25%, due 3/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,183,325</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,860,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.63%, due 6/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,008,800</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,120,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.88%, due 3/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,220,800</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>12,526,650</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Real Estate Dev. & Mgt. (0.4%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,005,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Realogy Corp., Senior Secured Notes, 7.63%, due 1/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>1,153,238</b></font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Software—Services (5.7%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,415,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Guaranteed Notes, 11.25%, due 3/31/16</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,457,262</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,055,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Senior Secured Notes, 7.38%, due 6/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,147,313</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,405,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Senior Secured Notes, 6.75%, due 11/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,506,862</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,420,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Guaranteed Notes, 11.25%, due 1/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,483,900</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,040,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Guaranteed Notes, 12.63%, due 1/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,298,400</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,310,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">First Data Corp., Guaranteed Notes, 10.63%, due 6/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,347,663</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,010,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sophia, L.P., Guaranteed Notes, 9.75%, due 1/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,251,200</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,810,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SunGard Data Systems, Inc., Guaranteed Notes, 6.63%, due 11/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,925,387</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">515,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SunGard Data Systems, Inc., Guaranteed Notes, 7.63%, due 11/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">569,075</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">505,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Syniverse Holdings, Inc., Guaranteed Notes, 9.13%, due 1/15/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">559,288</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>16,546,350</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Specialty Retail (2.5%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">685,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Party City Holdings, Inc., Senior Unsecured Notes, 8.88%, due 8/1/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">774,050</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,320,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Toys "R" Us Property Co. I LLC, Guaranteed Notes, 10.75%, due 7/15/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,617,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,896,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Toys "R" Us Property Co. II LLC, Senior Secured Notes, 8.50%, due 12/1/17</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,035,830</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,426,880</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Steel Producers—Products (1.8%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">920,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ArcelorMittal, Senior Unsecured Notes, 6.13%, due 6/1/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,007,762</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,435,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ArcelorMittal, Senior Unsecured Notes, 5.75%, due 8/5/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,633,742</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ArcelorMittal, Senior Unsecured Notes, 6.00%, due 3/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">105,950</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ArcelorMittal, Senior Unsecured Notes, 7.50%, due 10/15/39</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">631,243</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="551" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,378,697</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Support—Services (2.1%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">730,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Hertz Corp., Guaranteed Notes, 5.88%, due 10/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">797,525</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,090,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Iron Mountain, Inc., Guaranteed Notes, 7.75%, due 10/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,231,700</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">635,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Iron Mountain, Inc., Senior Subordinated Notes, 8.38%, due 8/15/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">709,612</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,240,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Knowledge Learning Corp., Inc., Guaranteed Notes, 7.75%, due 2/1/15</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,215,200</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,135,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ServiceMaster Co., Guaranteed Notes, 8.00%, due 2/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,221,544</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">280,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">ServiceMaster Co., Guaranteed Notes, 7.00%, due 8/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">290,150</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">570,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">United Rental N.A., Inc., Senior Unsecured Notes, 8.25%, due 2/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">649,800</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,115,531</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='13',FILE='13-11286-3.ca',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5.75999pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:16pt;">Schedule of Investments High Yield Strategies Fund Inc. <BR></font><font face="Arial, Helvetica" style="font-size:14pt;">(Unaudited)</font><font face="Arial, Helvetica" style="font-size:16pt;"> </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>PRINCIPAL AMOUNT</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><b>VALUE</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Telecom—Integrated Services (11.2%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">405,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CenturyLink, Inc., Senior Unsecured Notes, Ser. S, 6.45%, due 6/15/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">448,394</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CenturyLink, Inc., Senior Unsecured Notes, Ser. P, 7.60%, due 9/15/39</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,120,000</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,205,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Citizens Communications Co., Senior Unsecured Notes, 9.00%, due 8/15/31</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,383,712</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">840,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Frontier Communications Corp., Senior Unsecured Notes, 7.63%, due 4/15/24</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">875,700</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">810,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Hughes Satellite Systems Corp., Senior Secured Notes, 6.50%, due 6/15/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">901,125</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">670,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Intelsat Jackson Holdings SA, Guaranteed Notes, 8.50%, due 11/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">753,750</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">880,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Intelsat Luxembourg SA, Guaranteed Notes, 7.75%, due 6/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">928,400</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,795,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Intelsat Luxembourg SA, Guaranteed Notes, 8.13%, due 6/1/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,976,675</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">355,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Level 3 Communications, Inc., Senior Unsecured Notes, 8.88%, due 6/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">392,275</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,891,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Level 3 Financing, Inc., Guaranteed Notes, 9.38%, due 4/1/19</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,132,103</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,040,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Level 3 Financing, Inc., Guaranteed Notes, 8.13%, due 7/1/19</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,249,100</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Level 3 Financing, Inc., Guaranteed Notes, 8.63%, due 7/15/20</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,977,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">510,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PAETEC Holding Corp., Guaranteed Notes, 9.88%, due 12/1/18</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">586,500</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">695,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Qwest Corp., Senior Unsecured Notes, 6.75%, due 12/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">817,954</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,874,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">U.S. West Communications Group, Senior Unsecured Notes, 6.88%, due 9/15/33</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,888,055</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,570,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Windstream Corp., Guaranteed Notes, 7.88%, due 11/1/17</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,832,975</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">460,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Windstream Corp., Guaranteed Notes, 7.75%, due 10/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">504,850</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,610,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Windstream Corp., Guaranteed Notes, 7.75%, due 10/1/21</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,779,050</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,065,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Windstream Corp., Guaranteed Notes, 7.50%, due 6/1/22</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,276,662</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">720,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Windstream Corp., Guaranteed Notes, 6.38%, due 8/1/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">745,200</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>32,569,980</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="219" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Telecom—Wireless (2.4%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="7" width="435" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,115,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MetroPCS Wireless, Inc., Guaranteed Notes, 6.25%, due 4/1/21</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,197,231</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,220,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 4/1/23</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,311,500</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">570,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">SBA Telecommunications, Inc., Guaranteed Notes, 5.75%, due 7/15/20</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">607,050</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,480,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sprint Capital Corp., Guaranteed Notes, 6.88%, due 11/15/28</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,513,300</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ØØ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,440,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sprint Capital Corp., Guaranteed Notes, 8.75%, due 3/15/32</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,702,800</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">475,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sprint Nextel Corp., Guaranteed Notes, 9.00%, due 11/15/18</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">584,250</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>ñ</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="551" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,916,131</b></font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Corporate Debt Securities (Cost $355,583,889)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>379,955,541</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>NUMBER OF SHARES</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="324" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="219" align="left" valign="bottom" style="padding:21pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Short-Term Investments (1.0%)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="435" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,021,320</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">State Street Institutional Liquid Reserves Fund Institutional Class </font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Cost $3,021,320)</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,021,320</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments (135.4%) (Cost $370,046,074)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>394,783,598</b></font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>##</sup></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Liabilities, less cash, receivables and other assets [(26.1%)]</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(75,953,937</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)<sup>±</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Liquidation Value of Perpetual Preferred Shares [(9.3%)]</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(27,175,000</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="191" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Net Assets Applicable to Common Shareholders (100.0%)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>291,654,661</b></font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Schedule of Investments</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Schedule of Investments (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">†</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"), all investments held by Neuberger Berman High Yield Strategies Fund Inc. (the "Fund") are carried at the value that Neuberger Berman Management LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">• Level 1 – quoted prices in active markets for identical investments</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The value of the Fund's investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by an independent pricing service to value certain types of debt securities of the Fund:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Corporate Debt Securities.</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, spread to the U.S. Treasury market, and other market information which may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available ("Other Market Information").</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>High Yield Securities. </i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The value of bank loan securities is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The value of the Fund's investments in interest rate swap contracts is determined by Management primarily by obtaining valuations from independent pricing services based on references to the underlying rates including the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to produce the daily settlement price (generally Level 2 inputs).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Management has developed a process to periodically review information provided by independent pricing services for all types of securities.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in investment companies are valued using the fund's daily calculated net asset value per share (Level 2 inputs).</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Schedule of Investments (Unaudited) </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, the Fund seeks to obtain quotations from principal market makers (generally considered Level 3 inputs). If such quotations are not readily available, the security is valued using methods the Fund's Board of Directors (the "Board") has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or 3 inputs, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a summary, categorized by Level, of inputs used to value the Fund's investments as of April 30, 2013:</font></p>
<p style="margin:16pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Asset Valuation Inputs</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="196" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investments:</font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3</b></font><font face="Arial, Helvetica" style="font-size:10pt;"><sup>§</sup></font> </td>
<td colspan="1"> </td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Bank Loan Obligations^</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,806,737</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,806,737</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="19" width="549" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Corporate Debt Securities</font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Airlines</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,135,181</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">792,034</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,927,215</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Other Corporate Debt Securities^</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">378,028,326</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">378,028,326</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Corporate Debt Securities</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">379,163,507</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">792,034</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">379,955,541</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Short-Term Investments</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,021,320</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,021,320</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>—</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>393,991,564</b></font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>792,034</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>394,783,598</b></font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">^ The Schedule of Investments provides information on the industry categorization for the portfolio.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">§</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="40" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Beginning<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>balance, as<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>of 11/1/12</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Accrued<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>discounts/<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(premiums)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Realized<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>gain/loss</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Change <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>in unrealized<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>appreciation/<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(depreciation)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Purchases</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Sales</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Transfers<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>in to<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Level 3</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Transfers<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>out of<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Level 3</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="79" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Balance as<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>of 4/30/13</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Net change in<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>unrealized<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>appreciation/<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(depreciation)<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>from<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>investments<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>still held<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>as of 4/30/13</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="43" width="936" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Investments in <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Securities:</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="43" width="936" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Corporate Debt <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Securities</font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="40" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Airlines</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">885,996</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(3,512</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(7,798</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(82,652</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">792,034</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(7,798</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="40" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Total</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>885,996</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>—</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>(3,512</b></font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>(7,798</b></font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>—</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>(82,652</b></font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>—</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>—</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>792,034</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>$</b></font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>(7,798</b></font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
</table>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund had no transfers between Levels 1, 2 and 3 during the six months ended April 30, 2013.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='16',FILE='13-11286-3.ca',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Schedule of Investments (Unaudited) </font><font face="Arial, Helvetica" style="font-size:14pt;">cont'd</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Liability Valuation Inputs</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of April 30, 2013:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="196" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="73" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest rate swap contracts (unrealized depreciation)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,425,291</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,425,291</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">## At April 30, 2013, the cost of investments for U.S. federal income tax purposes was $370,005,404. Gross unrealized appreciation of investments was $25,041,538 and gross unrealized depreciation of investments was $263,344, resulting in net unrealized appreciation of $24,778,194 based on cost for U.S. federal income tax purposes.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">ñ</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At April 30, 2013, these securities amounted to $107,953,938 or 37.0% of net assets applicable to common shareholders.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ø All or a portion of this security was purchased on a when-issued basis. At April 30, 2013 these securities amounted to $2,964,926 or 1.0% of net assets applicable to common shareholders.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ØØ All or a portion of this security is segregated in connection with obligations for interest rate swap contracts, when-issued purchase commitments and delayed delivery purchase commitments. In addition, the Fund had deposited $3,387,658 in a segregated account for interest rate swap contracts.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">µ Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of April 30, 2013, and their final maturity dates.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">c Payment-in-kind security for which part of the income earned may be paid as additional principal.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">¢ All or a portion of this security was purchased on a delayed delivery basis.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">^^ All or a portion of this security has not settled as of April 30, 2013 and thus does not have an interest rate in effect. Interest rates do not take effect until settlement.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">± See Note A-10 in the Notes to Financial Statements for the Fund's open positions in derivatives at April 30, 2013.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>17</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Statement of Assets and Liabilities (Unaudited)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Neuberger Berman</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>HIGH YIELD<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>STRATEGIES<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>FUND INC.</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30, 2013</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investments in securities, at value* (Note A)—see Schedule of Investments:</font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Unaffiliated issuers</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">394,783,598</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Deposits with brokers for open swap contracts</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,387,658</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest receivable</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">6,817,988</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Receivable for securities sold</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,490,999</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Prepaid expenses and other assets</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">130,991</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Assets</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">410,611,234</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Liabilities</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Notes payable (Note A)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">82,600,000</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest rate swaps, at value (Note A)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,425,291</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions payable—preferred shares</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">81,709</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions payable—common shares</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">56,661</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for securities purchased</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,160,851</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable to investment manager (Note B)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">195,239</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable to administrator (Note B)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">16,270</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest payable</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">131,340</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other payables</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">114,212</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">91,781,573</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Perpetual Preferred Shares Series A (1,087 shares issued and outstanding) at liquidation value</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">27,175,000</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net Assets applicable to Common Shareholders</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">291,654,661</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets applicable to Common Shareholders consist of:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Paid-in capital—common shares</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">294,030,813</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed net investment income (loss)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">921,710</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accumulated net realized gains (losses) on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(24,610,095</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized appreciation (depreciation) in value of investments</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">21,312,233</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net Assets applicable to Common Shareholders</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">291,654,661</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Shares Outstanding (no par value; unlimited number of shares authorized)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">19,540,585</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:12pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Asset Value Per Common Share Outstanding</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:12pt .7pt 8pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:12pt .7pt 8pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14.93</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:12pt .7pt 8pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="356" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>*Cost of Investments</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">370,046,074</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Statement of Operations (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Neuberger Berman</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>HIGH YIELD<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>STRATEGIES<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>FUND INC.</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30, 2013</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment Income:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Income (Note A):</font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest income—unaffiliated issuers</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">13,915,411</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Foreign taxes withheld</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,154</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total income</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">13,912,257</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Expenses:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investment management fees (Note B)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,161,501</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Administration fees (Note B)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">96,792</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Audit fees</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">30,604</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Basic maintenance expense (Note A)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">12,398</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Custodian fees</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">76,129</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Insurance expense</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">4,110</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Legal fees</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">53,642</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Shareholder reports</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">43,808</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Stock exchange listing fees</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3,821</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Stock transfer agent fees</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,264</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest expense (Note A)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">827,556</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Directors' fees and expenses</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">21,350</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Miscellaneous</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">8,310</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total expenses</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,351,285</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Expenses reduced by custodian fee expense offset arrangement (Note A)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(156</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total net expenses</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,351,129</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income (loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,561,128</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Realized and Unrealized Gain (Loss) on Investments (Note A):</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net realized gain (loss) on:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sales of investment securities of unaffiliated issuers</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">6,430,103</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest rate swap contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(639,762</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Change in net unrealized appreciation (depreciation) in value of:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Unaffiliated investment securities</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10,811,876</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest rate swap contracts</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">346,996</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net gain (loss) on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">16,949,213</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions to Preferred Shareholders</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(440,246</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">28,070,095</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Statements of Changes in Net Assets</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Neuberger Berman</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="291" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="7" width="203" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>HIGH YIELD STRATEGIES FUND INC.</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="291" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Unaudited)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="96" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b> </b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="11" width="494" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="11" width="494" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>From Operations (Note A):</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income (loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,561,128</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">22,914,407</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain (loss) on investments</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,790,341</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">8,729,411</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Change in net unrealized appreciation (depreciation) of investments</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,158,872</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,146,390</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="11" width="494" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Distributions to Preferred Shareholders From (Note A):</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(440,246</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(930,664</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) in net assets applicable to common shareholders resulting <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">from operations</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">28,070,095</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">41,859,544</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="11" width="494" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Distributions to Common Shareholders From (Note A):</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(10,551,916</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(21,844,976</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="11" width="494" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>From Capital Share Transactions (Note D):</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Proceeds from reinvestment of dividends and distributions</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">951,881</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Increase (Decrease) in Net Assets Applicable to Common Shareholders</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">17,518,179</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">20,966,449</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="11" width="494" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets Applicable to Common Shareholders:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">274,136,482</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">253,170,033</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">End of period</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">291,654,661</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">274,136,482</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed net investment income (loss) at end of period</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">921,710</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">352,744</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='20',FILE='13-11286-3.da',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Statement of Cash Flows (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Neuberger Berman</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>HIGH YIELD<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>STRATEGIES <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>FUND INC.</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30, 2013</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Increase (decrease) in cash:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash flows from operating activities:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net increase in net assets applicable to Common Shareholders <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">28,070,095</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Adjustments to reconcile net increase in net assets applicable to <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Common Shareholders resulting from operations to net <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">cash provided by operating activities:</font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Changes in assets and liabilities:</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Purchase of investment securities</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(176,939,635</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Proceeds from disposition of investment securities</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">175,845,334</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Purchase/sale of short-term investment securities, net</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,021,319</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in net interest payable/receivable on interest rate swap contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">21,014</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in interest receivable</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">131,906</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in prepaid expenses and other assets</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">109,459</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in receivable for securities sold</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10,974,507</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in deposits with brokers for open swap contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">364,747</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase in accumulated unpaid dividends on Preferred Shares</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2,954</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Decrease in payable for securities purchased</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(7,580,061</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase in interest payable</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,868</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net amortization of discount on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">195,115</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase in accrued expenses and other payables</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14,237</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Unrealized appreciation on securities</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(10,811,876</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Unrealized appreciation on interest rate swap contracts</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(346,996</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain from investments</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(6,430,103</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized loss from interest rate swap contracts</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">639,762</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net cash provided by operating activities</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">11,241,008</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash flows from financing activities:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash distributions paid on Common Shares</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(10,495,269</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net cash used in financing activities</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(10,495,269</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) in cash</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">745,739</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="7" width="501" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="372" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Beginning balance</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(745,739</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ending balance</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">0</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="7" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Supplemental disclosure</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="372" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash paid for interest</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">825,688</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Statements</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements High Yield Strategies Fund Inc. (Unaudited) </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note A—Summary of Significant Accounting Policies:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>1</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><b>General: </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Except where otherwise indicated, information included herein is as of April 30, 2013. The Fund was organized as a Maryland corporation on March 18, 2010, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. Management is the investment manager to the Fund. Neuberger Berman Fixed Income LLC ("NBFI") is the sub-adviser to the Fund. The Fund's common shares are listed on the NYSE MKT under the symbol NHS. After the close of business on August 6, 2010, Neuberger Berman High Yield Strategies Fund ("Old NHS") merged with and into the Fund. After Old NHS merged with and into the Fund, Neuberger Berman Income Opportunity Fund Inc. ("NOX") merged with and into the Fund. The historical performance and financial statement history prior to August 6, 2010 are those of Old NHS. For periods prior to August 6, 2010, the term the "Fund" will refer to Old NHS.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>2</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Portfolio valuation: </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investment securities are valued as indicated in the notes following the Schedule of Investments.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>3</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Securities transactions and investment income: </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Security transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium, where applicable, and accretion of discount on securities (adjusted for original issue discount, where applicable) is recorded on the accrual basis. Realized gains and losses from security transactions are recorded on the basis of identified cost and stated separately in the Statement of Operations. Included in net realized gain (loss) on investments are proceeds from the settlements of class action litigation in which the Fund participated as a class member. The amount of such proceeds for the six months ended April 30, 2013 was $18,416.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>4</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Income tax information: </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It is the policy of the Fund to continue to qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent the Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statement of Operations. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years 2009 - 2011. As of April 30, 2013, the Fund did not have any unrecognized tax positions.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As determined on October 31, 2012, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to one or more of the following: income recognized on interest rate swaps, distributions in excess of current earnings and non-deductible restructuring costs. These reclassifications had no effect on net income, net asset value ("NAV") applicable to </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">common shareholders or NAV per common share of the Fund. For the year ended October 31, 2012, the Fund recorded the following permanent reclassifications:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Paid-in Capital</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="110" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Investment<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income (Loss)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Accumulated<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Realized<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gains (Losses)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>on Investments</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(1,039,279</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(145,745</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1,185,024</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For tax purposes, distributions of short-term gains are taxable to shareholders as ordinary income.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The tax character of distributions paid during the years ended October 31, 2012 and October 31, 2011 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="31" width="616" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Distributions Paid From:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="7" width="168" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ordinary Income</b></font></p></td>
<td colspan="1"> </td>
<td colspan="7" width="128" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Long-Term<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital Gains</b></font></td>
<td colspan="1"> </td>
<td colspan="7" width="128" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Tax Return of<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital</b></font></td>
<td colspan="1"> </td>
<td colspan="7" width="168" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">22,775,640</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">25,740,851</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">22,775,640</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">25,740,851</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of October 31, 2012, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="96" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ordinary <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="96" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Long-Term<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gain</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Unrealized<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Appreciation<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Depreciation)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Loss<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Carryforwards<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Deferrals</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="96" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Other<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Temporary<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Differences</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10,571,382</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(30,386,944</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(78,769</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(19,894,331</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The difference between book basis and tax basis distributable earnings are primarily due to: timing differences of wash sales, delayed settlement compensation on bank loans, distribution payments, income recognized on interest rate swaps and capital loss carryforwards.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To the extent the Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of the Fund not to distribute such gains. The Regulated Investment Company ("RIC") Modernization Act of 2010 (the "Act") became effective for the Fund on November 1, 2011. The Act modernizes several of the federal income and excise tax provisions related to RICs. Among the changes made are changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term ("Post-Enactment"). Rules in effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character ("Pre-Enactment"). As determined at October 31, 2012, the Fund had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="11" width="282" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Pre-Enactment</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="11" width="282" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Expiring in:</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2015</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2017</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="18" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">14,913,177</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(1)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">10,036,834</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(1)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">5,436,933</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1) The capital loss carryforwards shown above include $14,913,177 and $4,971,059 expiring in 2015 and 2016, respectively, which were acquired on August 6, 2010 in the merger with NOX. The use of these losses to offset future gains may be limited.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the year ended October 31, 2012, the Fund utilized capital loss carryforwards of $9,657,216.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>5 Foreign taxes:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Foreign taxes withheld represent amounts withheld by foreign tax authorities net of refunds recoverable.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>6 Distributions to common shareholders:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The Fund earns income, net of expenses, daily on its investments. It is the policy of the Fund to declare and pay monthly distributions to common shareholders. The Fund has adopted a policy to pay common shareholders a stable monthly distribution. The Fund's ability to satisfy its policy will depend on a number of factors, including the stability of income received from its investments, the availability of capital gains, distributions paid on preferred shares, interest paid on notes and the level of Fund expenses. In an effort to maintain a stable monthly distribution amount, the Fund may pay distributions consisting of net investment income, net realized gains and paid-in capital. There is no assurance that the Fund will always be able to pay distributions of a particular size, or that distributions will consist solely of net investment income and net realized capital gains. The composition of the Fund's distributions for the calendar year 2013 will be reported to Fund shareholders on IRS Form 1099DIV. The Fund may pay distributions in excess of those required by its stable distribution policy to avoid excise tax or to satisfy the requirements of the U.S. Internal Revenue Code. Distributions to common shareholders are recorded on the ex-date. Net realized capital gains, if any, will be offset to the extent of any available capital loss carryforwards. Any such offset will not reduce the level of the stable distribution paid by the Fund. Distributions to preferred shareholders are accrued and determined as described in Note A-8.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On April 30, 2013, the Fund declared a monthly distribution to common shareholders in the amount of $0.09 per share, payable on May 31, 2013 to shareholders of record on May 15, 2013, with an ex-date of May 13, 2013. Subsequent to April 30, 2013, the Fund declared a monthly distribution to common shareholders in the amount of $0.09 per share, payable on June 28, 2013 to shareholders of record on June 17, 2013, with an ex-date of June 13, 2013.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>7 Expense allocation:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Certain expenses are applicable to multiple funds. Expenses directly attributable to the Fund are charged to the Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company (e.g., the Fund) are allocated among the Fund and the other investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>8 Financial leverage:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> On October 22, 2003, Old NHS issued 3,600 Money Market Cumulative Preferred Shares ("MMP"), each without par value, with proceeds of $90,000,000 in a public offering. On November 13, 2008, Old NHS redeemed all 3,600 MMP at the liquidation price of $25,000 per share plus any accumulated and unpaid dividends.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In September 2008, Old NHS entered into a Master Securities Purchase Agreement and a Master Note Purchase Agreement pursuant to which it could issue privately placed notes ("Old NHS PNs") and privately placed perpetual preferred shares ("Old NHS PPS"). In November 2008, Old NHS issued Old NHS PNs with an aggregate principal value of $45,900,000 and issued 492 Old NHS PPS with an aggregate liquidation preference of $12,300,000 and used those proceeds to redeem outstanding MMP.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On August 6, 2010, each of Old NHS and NOX merged with and into the Fund. In connection with the mergers, the Fund issued 1,087 Perpetual Preferred Shares, Series A ("PPS") with an aggregate liquidation preference of $27,175,000 to preferred shareholders of Old NHS and NOX in exchange for their Old NHS PPS and NOX preferred shares. In connection with the mergers, the Fund also assumed the Old NHS PNs and the notes that NOX had previously issued ("NOX Notes"). On September 30, 2010, the Fund issued privately placed notes ("PNs" and, together with PPS, "Private Securities") with an aggregate principal value of $82,600,000 to holders of Old NHS PNs and NOX Notes in exchange for their Old NHS PNs and NOX Notes.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The PNs have a maturity date of November 2013 and the interest on the PNs is accrued daily and paid quarterly. The PPS have a liquidation preference of $25,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by the Fund, but excluding interest thereon ("PPS Liquidation Value"). Distributions on the PPS are accrued daily and paid quarterly. The Old NHS PNs and the Old NHS PPS had these same terms.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the six months ended April 30, 2013, the distribution rate on the PPS ranged from 3.18% to 3.26% and the interest rate on the PNs ranged from 1.68% to 1.76%.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has paid up front offering and organizational expenses which are being amortized over the life of the PNs. The expenses are included in the interest expense that is reflected in the Statement of Operations.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may redeem PPS or prepay the PNs, in whole or in part, at its option after giving a minimum amount of notice to the relevant holders of the Private Securities but will incur additional expenses if it chooses to so redeem or prepay. The Fund is also subject to certain restrictions relating to the Private Securities. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of PPS at PPS Liquidation Value and certain expenses and/or mandatory prepayment of PNs at par plus accrued but unpaid interest and certain expenses. The holders of PPS are entitled to one vote per share and will vote with holders of common shares as a single class, except that the holders of PPS will vote separately as a class on certain matters, as required by law or the Fund's organizational documents. The holders of PPS, voting as a separate class, are entitled at all times to elect two Directors of the Fund, and to elect a majority of the Directors of the Fund if the Fund fails to pay distributions on PPS for two consecutive years.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>9 Concentration of credit risk:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The Fund will normally invest at least 80% of its total assets in high yield debt securities of U.S. and foreign issuers, which include securities that are rated below investment grade by a rating agency or are unrated debt securities determined to be of comparable quality by the Fund's investment manager.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Due to the inherent volatility and illiquidity of the high yield securities in which the Fund invests and the real or perceived difficulty of issuers of those high yield securities to meet their payment obligations during economic downturns or because of negative business developments relating to the issuer or its industry in general, the value and/or price of the Fund's common shares may fluctuate more than would be the case if the Fund did not concentrate in high yield securities.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>10 Derivative instruments:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> During the six months ended April 30, 2013, the Fund's use of derivatives, as described below, was limited to interest rate swap contracts. The Fund has adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of Operations, they do not qualify for hedge accounting. Accordingly, even though the Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Interest Rate Swaps:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The Fund entered into interest rate swap transactions, with institutions that Management has determined are creditworthy, to reduce the risk that an increase in short-term interest rates could reduce common share net earnings as a result of leverage. Under the terms of the interest rate swap contracts, the Fund agrees to pay the swap counterparty a fixed-rate payment in exchange for the counterparty's paying the Fund a variable-rate payment that is intended to approximate all or a portion of the Fund's variable-rate payment obligations on the Fund's Private Securities. The fixed-rate and variable-rate payment flows are netted against each other, with the difference being paid by one party to the other on a monthly basis. The Fund segregates cash or liquid securities having a value at least equal to the Fund's net payment obligations under any swap transaction, marked to market daily. There is no guarantee that these swap transactions will be successful in reducing or limiting risk.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Risks may arise if the counterparty to a swap contract fails to comply with the terms of its contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Fund and/or the termination value at the end of the contract. Additionally, risks may arise if there is no liquid market for these agreements or from movements in interest rates unanticipated by Management.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Periodic expected interim net interest payments or receipts on the swaps are recorded as an adjustment to unrealized gains/losses, along with the fair value of the future periodic payment streams on the swaps. The unrealized gains/losses associated with the periodic interim net interest payments are reclassified to realized </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">gains/losses in conjunction with the actual net receipt or payment of such amounts. The reclassifications do not impact the Fund's total net assets applicable to common shareholders or its total net increase (decrease) in net assets applicable to common shareholders resulting from operations. At April 30, 2013, the Fund had outstanding interest rate swap contracts as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="77" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="7" width="193" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Rate Type</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="103" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="108" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="90" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="65" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Swap<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Counterparty</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Notional<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(1)</sup></font> </td>
<td colspan="1"> </td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Termination<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Date</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Fixed-rate<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Payments<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Made by<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>the Fund</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Variable-rate<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Payments<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Received by<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>the Fund</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Accrued Net <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interest<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Receivable<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Payable)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Unrealized <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Appreciation<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Depreciation)</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Fair<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Citibank, N.A.</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">25,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="77" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">March 18, 2015</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.677</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.280</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">%</font><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(2)</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(41,533</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(631,594</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(673,127</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Citibank, N.A.</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">25,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="77" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">August 9, 2015</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.120</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.292</font></p></td>
<td colspan="1" width="31" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">%</font><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(3)</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(46,203</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(429,634</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(475,837</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Citibank, N.A.</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">50,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="77" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">December 7, 2015</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.883</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.281</font></p></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">%</font><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(4)</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(355,277</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(1,921,050</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(2,276,327</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="77" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="101" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(443,013</b></font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(2,982,278</b></font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="51" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(3,425,291</b></font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>)</b></font></p></td>
<td colspan="1" width="8"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1) The notional amount at period end is indicative of the volume throughout the period.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2) 90 day LIBOR at March 8, 2013.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(3) 90 day LIBOR at December 12, 2012.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(4) 90 day LIBOR at March 12, 2013.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At April 30, 2013, the Fund had the following derivatives (which did not qualify for hedge accounting under ASC 815), grouped by primary risk exposure:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="485" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Liability Derivatives</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="117" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interest Rate Risk</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="198" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Statement of Assets and Liabilities Location</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest Rate Swap Contract</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,425,291</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest rate swaps,</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Value</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(3,425,291</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">at value</font><font face="Arial, Helvetica" style="font-size:6pt;"><sup>(1)</sup></font> </td>
<td colspan="1"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1) "Interest Rate Swap Contract" reflects the appreciation (depreciation) of the interest rate swap contract plus accrued interest as of April 30, 2013 which is reflected in the Statement of Assets and Liabilities under the caption "Interest rate swaps, at value (Note A)."</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The impact of the use of these derivative instruments on the Statement of Operations during the six months ended April 30, 2013, was as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="485" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Realized Gain (Loss)</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="117" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interest Rate Risk</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="198" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Statement of Operations Location</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest Rate Swap Contract</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(639,762</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain (loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Realized Gain (Loss)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(639,762</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">on: interest rate swap contracts</font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="11" width="485" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Change in Appreciation (Depreciation)</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="117" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interest Rate Risk</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="198" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Statement of Operations Location</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest Rate Swap Contract</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">346,996</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Change in net unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total Change in Appreciation (Depreciation)</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">346,996</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">(depreciation) in value of: interest rate swap contracts</font></p></td>
<td colspan="1"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>11 Indemnifications:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Like many other companies, the Fund's organizational documents provide that its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, both in some of its principal service contracts and in the normal course of its business, the Fund enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Fund's maximum exposure under these arrangements is unknown as this could involve future claims against the Fund.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>12 Arrangements with certain non-affiliated service providers:</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. For the six months ended April 30, 2013, the impact of this arrangement was a reduction of expenses of $156.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In order to satisfy rating agency requirements and the terms of the Private Securities, the Fund is required to provide the rating agency and holders of Private Securities a report on a monthly basis verifying that the Fund is maintaining eligible assets having a discounted value equal to or greater than the basic maintenance amount, which is the minimum level set by the rating agency as one of the conditions to maintain the AAA rating on the Private Securities. "Discounted value" refers to the fact that the rating agency requires the Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. The Fund pays State Street Bank and Trust Company ("State Street") for the preparation of this report, which is reflected in the Statement of Operations under the caption "Basic maintenance expense (Note A)."</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street serves as the Fund's custodian and Computershare Shareowner Services LLC serves as the Fund's transfer agent, registrar, and dividend paying agent.</font></p>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note B—Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund retains Management as its investment manager under a Management Agreement. For such investment management services, the Fund pays Management a monthly fee computed at an annual rate of 0.60% of the Fund's average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. Management is responsible for developing, implementing and supervising the Fund's investment program and providing certain administrative services to the Fund. Management has retained NBFI to serve as the sub-adviser of the Fund and to manage the Fund's investment portfolio. Management compensates NBFI for its services as sub-adviser. Management pays NBFI a monthly sub-advisory fee calculated at an annual percentage rate of 0.15% of the Fund's average daily Managed Assets.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Several individuals who are officers and/or Directors of the Fund are also employees of NBFI, Neuberger Berman LLC ("Neuberger") and/or Management.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund retains Management as its administrator under an Administration Agreement. The Fund pays Management an administration fee at the annual rate of 0.05% of its average daily Managed Assets under this agreement. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Management and NBFI are indirect subsidiaries of Neuberger Berman Group LLC (("NBG") and together with its consolidated subsidiaries ("NB Group")). NBSH Acquisition, LLC ("NBSH"), which is owned by portfolio managers, members of the NB Group management team and certain of NB Group's key employees and senior professionals, owns, as of March 14, 2013, approximately 72% of NBG's common units, and Lehman Brothers Holdings Inc. ("LBHI") and certain of its subsidiaries (collectively the "LBHI Parties") own the remaining 28% of such common units. Pursuant to agreements among NBG, NBSH and the LBHI Parties, it is expected that NBSH will own 81% of NBG as of January 1, 2014, and has the opportunity to continue to acquire the remaining NBG Class A common units from the LBHI Parties through a process that is expected to end in 2016 (and if necessary, 2017).</font></p>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note C—Securities Transactions:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the six months ended April 30, 2013, there were purchases and sales of long-term securities (excluding interest rate swap contracts) of $150,728,247 and $150,231,258, respectively.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note D—Capital:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At April 30, 2013 the common shares outstanding and the common shares of the Fund owned by Neuberger Berman Alternative Fund Management LLC ("NBAFM") and Neuberger, affiliates of Management, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Shares <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Outstanding</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Shares<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Owned by NBAFM</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Shares<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Owned by Neuberger</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">19,540,585</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">18,305</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
<p style="margin:6pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Transactions in common shares for the six months ended April 30, 2013 and for the year ended October 31, 2012 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="246" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the Six<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="246" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares Issued on Reinvestment of Dividends and Distributions</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">70,802</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="246" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Increase (Decrease) in Common Shares Outstanding</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="71" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">—</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">70,802</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
</table>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note E—Tender Offer Program:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In 2009, the board of Old NHS, a predecessor to the Fund, authorized a semi-annual tender offer program consisting of up to four tender offers over a two-year period ("Old NHS Tender Offer Program"). Under the Old NHS Tender Offer Program, if the Fund's common shares traded at an average daily discount to NAV per share of greater than 10% during a 12-week measurement period, the Fund would have conducted a tender offer for between 5% and 20% of its outstanding common shares at a price equal to 98% of its NAV per share determined on the day the tender offer expired.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the initial measurement period under the Old NHS Tender Offer Program, the Fund's common shares traded at an average daily discount to NAV per share of less than 10% and, therefore, in accordance with its Old NHS Tender Offer Program, the Fund did not conduct a tender offer.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">After the reorganization, the Fund adopted a substantially similar tender offer program consisting of up to three tender offers over a two-year period ("Tender Offer Program"). The Tender Offer Program ended in July 2012. During the Fund's initial measurement period under the Tender Offer Program, the Fund's common shares traded at an average daily discount to NAV per share of less than 10% and, therefore, in accordance with its Tender Offer Program, the Fund did not conduct a tender offer.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the second measurement period under the Tender Offer Program, the Fund's common shares traded at an average daily premium to NAV per share and, therefore, in accordance with its Tender Offer Program, the Fund did not conduct a tender offer. During the third and final measurement period under the Tender Offer Program, the Fund's common shares traded at an average daily premium to NAV per share and, therefore, in accordance with its Tender Offer Program, the Fund did not conduct a tender offer.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In connection with the Old NHS Tender Offer Program, Management agreed to implement a voluntary waiver of 0.05% of its investment advisory fees to offset some of the expenses associated with, or possible increases in Old NHS's expense ratio resulting from, the tender offers. This waiver terminated at the time Old NHS merged with and into the Fund. In connection with the reorganization, Management agreed to voluntarily waive a portion of its management fee at an annual rate of 0.05% of the Fund's average daily Managed Assets. The fee waiver has terminated. The Board retained the ability, consistent with its fiduciary duty, to opt out of the Tender Offer Program should circumstances arise that the Board believes could cause a material negative effect on the Fund or the Fund's shareholders.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note F—Recent Accounting Pronouncement:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. At this time, Management is evaluating the implications of ASU 2011-11 and its impact on the financial statements.</font></p>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Note G—Unaudited Financial Information:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The financial information included in this interim report is taken from the records of the Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>29</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Financial Highlights</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">High Yield Strategies Fund Inc.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following table includes selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Per share amounts that round to less than $.01 or $(.01) per share are presented as $.00 or $(.00), respectively.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="134" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="113" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Six Months <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Ended <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>April 30,</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended October 31,</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Period from<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>January 1,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2010 to<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,</b></font></td>
<td colspan="1"> </td>
<td colspan="15" width="390" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended December 31,</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="134" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="113" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>2010</b></font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>^^^</sup></font> </td>
<td colspan="1"> </td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2009</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2008</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>2007</b></font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>^^</sup></font> </td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="134" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="113" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Unaudited)</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="142" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="99" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="90" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="90" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="87" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Common Share Net Asset Value,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Beginning of Period</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.03</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.00</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.82</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">12.54</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">7.42</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.23</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">15.05</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Investment Income</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>¢</sup></font> </td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">0.59</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.17</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.34</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.19</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.43</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.52</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.67</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Gains or Losses on Securities<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">(both realized and unrealized)</font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">0.87</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.03</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.83</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.20</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4.97</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(5.74</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.34</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="31" width="906" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Common Share Equivalent of Distributions to<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Preferred Shareholders From:</font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Investment Income</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>¢</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.02</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.03</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.04</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.27</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.40</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Capital Gains</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>¢</sup></font> </td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.01</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total Distributions to Preferred<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Shareholders</font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.02</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.03</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.04</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.27</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.41</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Total From Investment Operations<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Applicable to Common Shareholders</b></font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.44</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">2.15</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">0.46</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">2.36</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">6.36</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(4.49</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.08</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="31" width="906" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Less Distributions to Common<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Shareholders From:</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net Investment Income</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.54</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.12</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.28</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.08</font></p></td>
<td colspan="1" width="37" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.26</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.22</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.69</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net Capital Gains</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Tax Return of Capital</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.10</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Total Distributions to<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Common Shareholders</b></font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(0.54</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.12</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.28</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.08</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.26</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.32</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(1.74</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Accretive Effect of Tender Offer</b></font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">0.02</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Common Share Net Asset<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Value, End of Period</font></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.93</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.03</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.00</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.82</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">12.54</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">7.42</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.23</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Common Share Market Value, <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">End of Period</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.15</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.18</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.55</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.04</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">11.95</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">6.38</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">11.82</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total Return, Common Share<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Net Asset Value</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>†</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">10.57</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">17.24</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">3.34</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">19.78</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">92.44</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(35.32</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(.13</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total Return, Common Share<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Market Value</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>†</sup></font> </td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">3.69</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.68</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">6.03</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">27.69</font></p></td>
<td colspan="1" width="37" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">113.27</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(37.75</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">(11.54</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)%</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="31" width="906" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Ratios/Supplemental Data</b></font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>††</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="31" width="906" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Ratios are Calculated Using <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Average Net Assets</b></font></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="31" width="906" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Applicable to Common Shareholders</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Gross Expenses</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>#</sup></font> </td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.69</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%*</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.81</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.75</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">2.02</font></p></td>
<td colspan="1" width="37" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%*</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">2.65</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.81</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font> </td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.44</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Net Expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.69</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%*</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.76</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.68</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.95</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%*</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø‡‡</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">2.60</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.80</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§Ø</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">1.44</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>§</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Net Investment Income</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">8.31</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%*</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">8.79</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">9.86</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">11.02</font></p></td>
<td colspan="1" width="37" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%*</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">14.30</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">13.43</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">11.33</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Portfolio Turnover Rate</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">39</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%**</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">94</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">100</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">130</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%**</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>ØØ</sup></font> </td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">159</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">122</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">129</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Net Assets Applicable to Common<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Shares, End of Period (000's)</b></font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">291,655</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">274,136</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">253,170</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">267,819</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">138,293</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">90,907</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">162,091</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="31" width="906" bgcolor="#cceeff" align="left" valign="bottom" style="padding:10.5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Perpetual Preferred Shares</b></font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>¢¢</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Preferred Shares Outstanding,<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">End of Period (000's)</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">27,175</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">27,175</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">27,175</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">27,175</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">12,300</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">12,300</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">90,000</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Asset Coverage Per Share</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>@</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">293,387</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">277,268</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">257,980</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">271,454</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">306,086</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">209,943</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">70,107</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Liquidation Value Per Share</font></p></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">25,000</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="31" width="906" bgcolor="#cceeff" align="left" valign="bottom" style="padding:10.5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Notes Payable</b></font></p></td>
<td colspan="1" bgcolor="#cceeff"> </td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Notes Payable Outstanding,<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">End of Period (000's)</font></td>
<td colspan="1"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">82,600</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">82,600</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">82,600</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">82,600</font></p></td>
<td colspan="1" width="37" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">45,900</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">45,900</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8"> </td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Asset Coverage Per $1,000 of<BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Notes Payable</font><font face="Arial, Helvetica" style="font-size:7pt;"><sup>@@</sup></font> </td>
<td colspan="1" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4,861</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4,649</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4,395</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4,572</font></p></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">4,281</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">3,250</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">—</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
</table>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">See Notes to Financial Highlights</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='30',FILE='13-11286-3.fa',USER='sgirard',CD='Jun 19 12:03 2013' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Highlights High Yield Strategies Fund Inc. (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">†</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund during each fiscal period. Total return based on per share market value assumes the purchase of common shares at the market price on the first day and sales of common shares at the market price on the last day of the period indicated. Distributions, if any, are assumed to be reinvested at prices obtained under the Fund's distribution reinvestment plan. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns may fluctuate and shares when sold may be worth more or less than original cost. Total return would have been lower if Management had not waived certain expenses.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Had the Fund not received class actions proceeds, the total return based on per share NAV for the year ended October 31, 2012 would have been 16.99%. The class action proceeds listed in Note A-3 had no impact on total return.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"># Represents the annualized ratios of net expenses to average daily net assets if Management had not waived a portion of the investment management fee.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">§</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> After waiver of a portion of the investment management fee by Management. The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had the Fund not received expense reductions related to expense offset arrangements, the annualized net expenses to average daily net assets would have been:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="34" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ended April 30,</b></font></td>
<td colspan="1"> </td>
<td colspan="7" width="136" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Period from <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>January 1, 2010 <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>to October 31,</b></font></td>
<td colspan="1"> </td>
<td colspan="11" width="208" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended October 31,</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="3" width="34" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2010</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2009</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2008</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2007</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.69</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.76</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.68</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.95</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2.60</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.80</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.44</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
</tr>
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<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">@ Calculated by subtracting the Fund's total liabilities (excluding accumulated unpaid distributions on PPS (Old NHS's PPS prior to August 6, 2010 and MMP prior to November 13, 2008)) from the Fund's total assets and dividing by the number of PPS/MMP outstanding.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">@@ Calculated by subtracting the Fund's total liabilities (excluding accumulated unpaid distributions on PPS (Old NHS's PPS prior to August 6, 2010 and MMP prior to November 13, 2008) and Notes payable (the Old NHS Notes payable prior to September 29, 2010)) from the Fund's total assets and dividing by the outstanding Notes payable balance.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">††</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Expense ratios do not include the effect of distribution payments to preferred shareholders. Income ratios include income earned on assets attributable to PPS (MMP prior to November 13, 2008) outstanding. Income ratios also include the effect of interest expense from the PNs.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">¢</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Calculated based on the average number of shares outstanding during each fiscal period.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">^^ Effective February 28, 2007, Management became the investment adviser.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">¢¢</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> From October 22, 2003 to November 13, 2008, the Fund had 3,600 MMP outstanding; from November 14, 2008 to August 6, 2010, the Fund had 492 Old NHS PPS outstanding. Since August 6, 2010, the Fund has 1,087 PPS outstanding (see Note A-8 to Financial Statements).</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>Ø</sup></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Interest expense is included in expense ratios. The annualized ratio of interest expense to average net assets applicable to common shareholders was:</font></p>
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<td colspan="3" width="34" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
</td>
<td colspan="1"> </td>
<td colspan="3" width="103" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ended April 30,</b></font></td>
<td colspan="1"> </td>
<td colspan="7" width="136" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,</b></font></td>
<td colspan="1"> </td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Period from<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>January 1, 2010<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>to October 31,</b></font></td>
<td colspan="1"> </td>
<td colspan="7" width="136" align="center" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31,</b></font></td>
<td colspan="1"> </td>
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<td colspan="3" width="34" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
</td>
<td colspan="1"> </td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013 </b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2012</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2010</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2009</b></font></p></td>
<td colspan="1"> </td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2008</b></font></p></td>
<td colspan="1"> </td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.59</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.69</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.61</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.63</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">1.05</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff"> </td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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</tr>
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<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">* Annualized.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">** Not Annualized.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">^^^ The Fund's fiscal year end changed from December 31 to October 31.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>ØØ</sup></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Portfolio turnover excludes purchases and sales by NOX (which merged with and into the Fund on August 6, 2010) prior to the merger date.</font></p>
<p style="margin:3pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">‡‡</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Includes merger related expenses. If such expenses were not included, the annualized ratio of net expenses to average net assets applicable to common shareholders for the period ended October 31, 2010 would have been 1.81%.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>31</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Distribution Reinvestment Plan</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Computershare Trust Company, N.A (the "Plan Agent") will act as Plan Agent for shareholders who have not elected in writing to receive dividends and distributions in cash (each a "Participant"), will open an account for each Participant under the Distribution Reinvestment Plan ("Plan") in the same name as their then current Shares are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Whenever the Fund declares a dividend or distribution with respect to the common stock of the Fund ("Shares"), each Participant will receive such dividends and distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant's account. If on the payment date for a cash dividend or distribution, the net asset value is equal to or less than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant's account. Except in the circumstances described in the next paragraph, the number of additional Shares to be credited to each Participant's account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset value per Share determined as of the date of purchase or 95% of the then current market price per Share on the payment date.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the payment date for a cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on an "ex-dividend" basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant's Shares (less their pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant's account. No such purchases may be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases in connection with the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request that, with respect to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly issued Shares will be valued at the then-current market price per Share at the time such Shares are to be issued.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on a particular date shall be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there is no sale on such Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per Share on a particular date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable withholding tax.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Open-market purchases provided for above may be made on any securities exchange where the Fund's Shares are traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant's uninvested funds held by the Plan Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or with the timing of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each Participant's account. For the purpose of cash investments, the Plan Agent may commingle each Participant's funds with those of other shareholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>32</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shares purchased by the Plan Agent as Plan Agent shall be the price per Share allocable to each Participant in connection therewith.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Plan Agent may hold each Participant's Shares acquired pursuant to the Plan together with the Shares of other shareholders of the Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent's name or that of the Plan Agent's nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any Shares so held for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued. However, dividends and distributions on fractional Shares will be credited to each Participant's account. In the event of termination of a Participant's account under the Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its shareholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant in calculating the number of rights to be issued to each Participant.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Plan Agent's service fee for handling capital gains distributions or income dividends will be paid by the Fund. Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such termination will be effective immediately if the Participant's notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading day after the payment date for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of their account under the Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan Agent, for each Participant's account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Agent's negligence, bad faith, or willful misconduct or that of its employees. These terms and conditions are governed by the laws of the State of Maryland.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions — i.e., reinvestment in additional Shares does not relieve shareholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions. Participants should contact their tax professionals for information on how the Plan impacts their personal tax situation. For additional information about the Plan, please contact the Plan Agent at 1-866-227-2136 or 480 Washington Boulevard, Jersey City, NJ 07317.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>33</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Investment Manager and Administrator</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Neuberger Berman Management LLC<BR>605 Third Avenue, 2nd Floor<BR>New York, NY 10158-0180<BR>877.461.1899 or 212.476.8800</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Sub-Adviser</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Neuberger Berman Fixed Income LLC<BR>200 South Wacker Drive<BR>Suite 2100<BR>Chicago, IL 60601</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Custodian</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">State Street Bank and Trust Company<BR>2 Avenue de Lafayette<BR>Boston, MA 02111</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Stock Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Computershare Shareowner Services LLC<BR>480 Washington Boulevard<BR>Jersey City, NJ 07310</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Plan Agent</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Computershare Trust Company N.A.<BR>250 Royall Street<BR>Canton, MA 02021</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Legal Counsel</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">K&L Gates LLP<BR>1601 K Street, NW<BR>Washington, DC 20006</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Ernst & Young LLP<BR>200 Clarendon Street<BR>Boston, MA 02116</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Proxy Voting Policies and Procedures</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the website of the Securities and Exchange Commission at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available, without charge, by calling 800-877-9700 (toll-free), on the website of the Securities and Exchange Commission at www.sec.gov, and on Management's website at www.nb.com.</font></p>
<p style="margin:11pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;">Quarterly Portfolio Schedule</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Rev. 12/2010</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:20pt;"><b>FACTS</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:12pt;"><b>WHAT DOES NEUBERGER BERMAN<BR></b></font><font face="Arial, Helvetica" style="font-size:12pt;"><b>DO WITH YOUR PERSONAL INFORMATION?</b></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>Why? </b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>What?</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> Social Security number and account balances<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> income and transaction history<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> credit history and credit scores<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">When you are </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>no longer</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> our customer, we continue to share your information as described in this notice.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:14pt;"><b>How?</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Neuberger Berman chooses to share; and whether you can limit this sharing.</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Reasons we can share your personal information</b></font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>Does Neuberger<BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Berman share?</b></font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b><BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;"><b>Can you limit this sharing?</b></font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>For our everyday business purposes —<BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus </font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>For our marketing purposes —<BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;">to offer our products and services to you</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>For joint marketing with other financial companies</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">We don't share</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>For our affiliates' everyday business purposes —<BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;">information about your transactions and experiences</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><b>For our affiliates' everyday business purposes —<BR></b></font><font face="Arial, Helvetica" style="font-size:10pt;">information about your creditworthiness</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>For nonaffiliates to market to you</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:14pt;"><b>Questions?</b></font><font face="Arial, Helvetica" style="font-size:14pt;"><b> </b></font><font face="Arial, Helvetica" style="font-size:10pt;">Call 800.223.6448</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;">This is not part of the Fund's shareholder report.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Page 2</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Who we are</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>How does Neuberger Berman protect my personal information?</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">We restrict access to customer information to those employees who need to know such information in order to perform their job responsibilities.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>How does Neuberger Berman collect my personal information?</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">We collect your personal information, for example, when you<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> open an account or provide account information<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> seek advice about your investments or give us your income information<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> give us your contact information<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Why can't I limit all sharing?</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Federal law gives you the right to limit only<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n </font><font face="Arial, Helvetica" style="font-size:10pt;">sharing for affiliates' everyday business purposes — information about your creditworthiness<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> affiliates from using your information to market to you<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> sharing for nonaffiliates to market to you<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">State laws and individual companies may give you additional rights to limit sharing.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Definitions</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Affiliates</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Companies related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Our affiliates include companies with a Neuberger Berman name; financial companies, such as investment advisers, broker dealers; mutual funds, and private investment funds.</i></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Nonaffiliates</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Companies not related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.</i></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Joint marketing</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<BR></font><font face="ZapfDingbats" style="font-size:10pt;">n</font><font face="Arial, Helvetica" style="font-size:10pt;"> </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Neuberger Berman doesn't jointly market.</i></font></td>
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<p style="margin:20pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Neuberger Berman Management LLC</b></font></p>
<p style="margin:0pt 0pt 20pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">605 Third Avenue, 2nd Floor<BR>New York, NY 10158-0180<BR>Internal Sales & Services <BR>877.461.1899<BR>www.nb.com</font></p>
<p style="margin:20pt 0pt 20pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of shareholders and is not an offer of shares of the Fund.</i></font></p>
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<font face="Arial, Helvetica" style="font-size:10pt;"><i> </i></font><font face="Arial, Helvetica" style="font-size:10pt;">H0547 06/13</font></p>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2. Code of Ethics</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board of Directors (“Board”) of Neuberger Berman High Yield Strategies Fund Inc. (“Registrant”) adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). For the period covered by this Form N-CSR, there were no amendments to the Code of Ethics requiring disclosure and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Equity Funds’ Form N-CSR, Investment Company Act file number 811-00582 (filed on May 6, 2013). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 3. Audit Committee Financial Expert</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board has determined that the Registrant has three audit committee financial experts serving on its audit committee. The Registrant’s audit committee financial experts are Martha Goss, George Morriss and Candace L. Straight. Ms. Goss, Mr. Morriss and Ms. Straight are independent directors as defined by Form N-CSR.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5. Audit Committee of Listed Registrants</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 6. Schedule of Investments</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The complete schedule of investments for the Registrant is disclosed in the Registrant’s Semi-Annual Report, which is included as Item 1 of this Form N-CSR.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 8. Portfolio Managers of Closed-End Management Investment Companies</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Only required in the annual report. There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this document, the Chief Executive Officer and Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR and Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)(1)</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Equity Funds’ Form N-CSR, Investment Company Act file number 811-00582 (filed May 6, 2013).</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The certifications required by Rule 30a-2(a) of the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The certifications required by Rule 30a-2(b) of the Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The certifications provided pursuant to Rule 30a-2(b) of the Act and Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates them by reference.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Neuberger Berman High Yield Strategies Fund Inc.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:<font style="TEXT-DECORATION: underline"> /s/ Robert Conti </font></font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>Robert Conti</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>Chief Executive Officer</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: July 2, 2013</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:<font style="TEXT-DECORATION: underline"> /s/ Robert Conti </font></font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>Robert Conti</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>Chief Executive Officer</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: July 2, 2013</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:<font style="TEXT-DECORATION: underline"> /s/ John M. McGovern </font></font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>John M. McGovern</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 20.25pt"></font>Treasurer and Principal Financial</font></div>
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