As filed with the Securities and Exchange Commission on September 29, 2017
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-22396
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND INC.
(Exact Name of Registrant as Specified in Charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
 New York, New York 10104-0002
(Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Robert Conti, Chief Executive Officer and President
Neuberger Berman High Yield Strategies Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002

Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of Agents for Service)
Date of fiscal year end:  October 31
Date of reporting period:  July 31, 2017
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of their first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”) (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.
 
Schedule of Investments High Yield Strategies Fund Inc.
(Unaudited) July 31, 2017
                     
                         
PRINCIPAL
AMOUNT
  
VALUE†
    
       
Loan Assignments(a) 9.1%
  
   
All Telecom 0.5%
  
 
$
770,000
  
Centurylink, First Lien Term Loan B, 2.75%, due 1/31/25
$
759,174
(b)(c)
  
   
430,000
  
Level 3 Financing, Inc., First Lien Term Loan B, 3.48%, due 2/22/24
  
431,681
(b)(c)
  
 
1,190,855
    
Business Equipment & Services 2.0%
  
   
1,889,866
  
Advantage Sales and Marketing, Second Lien Term Loan, 7.80%, due 7/25/22
  
1,785,923
(b)(c)
  
   
745,684
  
Convergeone, First Lien Term Loan B, 6.05%, due 6/2/24
  
744,133
    
   
1,191,049
  
First Data Corporation, First Lien Term Loan, 3.48%, due 7/10/22
  
1,194,241
    
   
789,120
  
Presidio, First Lien Term Loan, 4.55%, due 2/2/22
  
793,563
    
   
821,062
  
Servicemaster Company, First Lien Term Loan B, 3.73%, due 11/8/23
  
824,757
(b)(c)
  
 
5,342,617
    
Cable & Satellite Television 0.2%
  
   
472,477
  
Cablevision Systems Corp., First Lien Term Loan B, 3.48%, due 7/17/25
  
471,414
    
                 
Conglomerates 0.3%
  
   
740,314
  
Harland Clark Holdings Corp., First Lien Term Loan B6, 6.80%, due 2/9/22
  
743,461
    
                 
Containers & Glass Products 0.6%
  
   
1,606,593
  
Reynolds Group, First Lien Term Loan, 4.23%, due 2/5/23
  
1,613,244
    
                 
Drugs 0.2%
  
   
435,356
  
Pharmaceutical Product Development, Inc., First Lien Term Loan, 4.02%, due 8/18/22
  
438,186
(b)(c)
  
                 
Electronics - Electrical 0.2%
  
   
632,988
  
Rackspace Hosting, Inc., First Lien Term Loan B, 4.28%, due 11/3/23
  
636,785
    
                 
Equipment Leasing 0.4%
  
   
975,000
  
Avolon, First Lien Term Loan B2, 3.98%, due 3/20/22
  
974,240
    
                 
Food & Drug Retailers 0.3%
  
   
799,013
  
General Nutrition Centers, First Lien Term Loan, 3.74%, due 3/4/19
  
766,717
    
                 
Health Care 0.9%
  
   
826,087
  
Envision Healthcare, First Lien Term Loan B, 4.30%, due 12/1/23
  
830,738
    
   
425,430
  
Multiplan, Inc., First Lien Term Loan B, 4.30%, due 6/7/23
  
428,409
(b)(c)
  
   
1,162,088
  
Team Health, Inc., First Lien Term Loan B, 3.98%, due 2/6/24
  
1,157,369
(b)(c)
  
 
2,416,516
    
Leisure Goods - Activities - Movies 0.4%
  
   
487,455
  
Match Group Inc., First Lien Term Loan B, 4.47%, due 11/16/22
  
489,283
    
   
493,762
  
Seaworld, First Lien Term Loan B5, 4.30%, due 3/31/24
  
495,367
(b)(c)
  
 
984,650
    
Lodging & Casinos 1.6%
  
   
2,540,000
  
Cowlitz Tribal Gaming, First Lien Term Loan B, 11.80%, due 12/6/21
  
2,819,400
(d)
  
   
645,258
  
Extended Stay, First Lien Term Loan B, 3.73%, due 8/30/23
  
648,381
    
   
872,413
  
Hilton Worldwide, First Lien Term Loan B2, 3.23%, due 10/25/23
  
876,269
    
 
4,344,050
    
Radio & Television 0.5%
  
   
329,522
  
Sinclair Broadcasting, First Lien Term Loan B2, 3.49%, due 1/3/24
  
330,098
    
   
989,780
  
Univision Communications Inc., First Lien Term Loan C5, 3.98%, due 3/15/24
  
985,791
(b)(c)
  
 
1,315,889
    
Retailers (except food & drug) 0.6%
  
       
Bass Pro Shops
        
   
401,986
  
First Lien Term Loan B1, 4.47%, due 6/5/20
  
401,359
    
   
440,000
  
First Lien Term Loan B, 6.30%, due 12/16/23
  
428,542
    
   
728,175
  
BJS Wholesale Club Inc., First Lien Term Loan B, 4.97%, due 1/27/24
  
711,959
    
 
1,541,860
    
Utilities 0.4%
  
 
 
794,387
  
Calpine Corp., First Lien Term Loan B6, 4.05%, due 1/15/23
 
796,620
    
   
278,662
  
Texas Competitive, First Lien Term Loan B2, 4.48%, due 8/4/24
  
280,688
(b)(c)
  
 
1,077,308
    
 
Total Loan Assignments (Cost $23,607,916)
  
23,857,792
    
           
Corporate Bonds 134.9%
  
   
Advertising 1.8%
  
   
325,000
  
Lamar Media Corp., 5.75%, due 2/1/26
  
353,031
    
   
1,185,000
  
MDC Partners, Inc., 6.50%, due 5/1/24
  
1,190,925
(e)
  
   
3,010,000
  
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, due 4/15/22
  
3,104,063
(e)
  
 
4,648,019
    
Auto Parts & Equipment 0.5%
  
   
810,000
  
IHO Verwaltungs GmbH, 4.50% Cash/5.25% PIK, due 9/15/23
  
834,300
(e)(f)
  
   
560,000
  
ZF N.A. Capital, Inc., 4.00%, due 4/29/20
  
574,000
(e)
  
 
1,408,300
    
Banking 1.8%
  
       
Ally Financial, Inc.
        
   
1,555,000
  
3.60%, due 5/21/18
  
1,572,882
    
   
2,780,000
  
8.00%, due 3/15/20
  
3,155,300
(g)
  
   
142,000
  
CIT Group, Inc., 5.50%, due 2/15/19
  
149,001
(e)
  
 
4,877,183
    
Building & Construction 3.5%
  
       
CalAtlantic Group, Inc.
        
   
490,000
  
5.25%, due 6/1/26
  
508,375
    
   
455,000
  
5.00%, due 6/15/27
  
461,825
    
       
Lennar Corp.
        
   
1,140,000
  
4.75%, due 12/15/17
  
1,141,026
    
   
1,440,000
  
4.75%, due 11/15/22
  
1,527,293
    
   
970,000
  
4.88%, due 12/15/23
  
1,030,625
    
   
260,000
  
4.75%, due 5/30/25
  
273,000
    
   
470,000
  
Meritage Homes Corp., 6.00%, due 6/1/25
  
507,013
    
   
795,000
  
PulteGroup, Inc., 4.25%, due 3/1/21
  
825,210
    
   
590,000
  
Ryland Group, Inc., 5.38%, due 10/1/22
  
640,150
    
   
510,000
  
Standard Pacific Corp., 8.38%, due 1/15/21
  
597,975
    
   
940,000
  
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 3/1/24
  
998,750
(e)
  
       
Toll Brothers Finance Corp.
        
   
285,000
  
4.00%, due 12/31/18
  
290,700
    
   
475,000
  
4.38%, due 4/15/23
  
495,781
    
 
9,297,723
    
Building Materials 1.1%
  
   
540,000
  
Allegion PLC, 5.88%, due 9/15/23
  
582,072
    
       
HD Supply, Inc.
        
   
1,350,000
  
5.25%, due 12/15/21
  
1,416,656
(e)
  
   
465,000
  
5.75%, due 4/15/24
  
498,131
(e)
  
   
480,000
  
USG Corp., 5.50%, due 3/1/25
  
512,400
(e)
  
 
3,009,259
    
Cable & Satellite Television 11.8%
  
       
Altice Luxembourg SA
        
   
1,155,000
  
7.75%, due 5/15/22
  
1,227,187
(e)
  
   
855,000
  
7.63%, due 2/15/25
  
937,294
(e)
  
   
745,000
  
Altice US Finance I Corp., 5.50%, due 5/15/26
  
789,700
(e)
  
       
CCO Holdings LLC/CCO Holdings Capital Corp.
        
 
 
1,460,000
  
5.25%, due 9/30/22
 
1,505,625
    
   
1,870,000
  
5.13%, due 5/1/23
  
1,963,500
(e)
  
   
2,225,000
  
5.75%, due 2/15/26
  
2,391,875
(e)
  
   
375,000
  
5.13%, due 5/1/27
  
387,656
(e)
  
   
1,105,000
  
5.88%, due 5/1/27
  
1,188,560
(e)
  
       
Cequel Communications Holdings I LLC/Cequel Capital Corp.
        
   
976,000
  
6.38%, due 9/15/20
  
993,080
(e)
  
   
1,639,000
  
5.13%, due 12/15/21
  
1,675,353
(e)
  
       
CSC Holdings LLC
        
   
1,878,000
  
10.88%, due 10/15/25
  
2,342,805
(e)
  
   
410,000
  
5.50%, due 4/15/27
  
436,650
(e)
  
   
865,000
  
CSC Holdings, Inc., 7.63%, due 7/15/18
  
908,250
    
       
DISH DBS Corp.
        
   
1,070,000
  
6.75%, due 6/1/21
  
1,181,013
    
   
1,500,000
  
5.88%, due 11/15/24
  
1,627,500
    
   
550,000
  
7.75%, due 7/1/26
  
658,625
    
       
Numericable-SFR SA
        
   
4,260,000
  
6.00%, due 5/15/22
  
4,456,940
(e)
  
   
2,455,000
  
7.38%, due 5/1/26
  
2,657,537
(e)
  
   
405,000
  
UPCB Finance IV Ltd., 5.38%, due 1/15/25
  
422,213
(e)
  
   
360,000
  
Virgin Media Finance PLC, 6.00%, due 10/15/24
  
380,923
(e)
  
   
1,350,000
  
Virgin Media Secured Finance PLC, 5.50%, due 8/15/26
  
1,431,000
(e)
  
   
1,550,000
  
Ziggo Secured Finance B.V., 5.50%, due 1/15/27
  
1,604,250
(e)
  
 
31,167,536
    
Chemicals 2.0%
  
   
545,000
  
CF Industries, Inc., 5.38%, due 3/15/44
  
490,500
    
       
Momentive Performance Materials, Inc.
        
   
445,000
  
8.88%, due 10/15/20
  
45
(d)(h)(i)
  
   
445,000
  
3.88%, due 10/24/21
  
446,113
    
       
NOVA Chemicals Corp.
        
   
370,000
  
5.25%, due 8/1/23
  
381,100
(e)
  
   
1,125,000
  
4.88%, due 6/1/24
  
1,132,031
(e)
  
   
1,225,000
  
5.00%, due 5/1/25
  
1,231,125
(e)
  
   
1,045,000
  
5.25%, due 6/1/27
  
1,047,612
(e)
  
       
WR Grace & Co-Conn
        
   
295,000
  
5.13%, due 10/1/21
  
317,125
(e)
  
   
200,000
  
5.63%, due 10/1/24
  
215,000
(e)
  
 
5,260,651
    
Consumer - Commercial Lease Financing 5.7%
  
       
Aircastle Ltd.
        
   
170,000
  
4.63%, due 12/15/18
  
175,100
    
   
730,000
  
6.25%, due 12/1/19
  
789,313
    
   
765,000
  
5.13%, due 3/15/21
  
810,900
    
   
380,000
  
5.50%, due 2/15/22
  
412,300
    
   
470,000
  
5.00%, due 4/1/23
  
500,080
    
       
Navient Corp.
        
   
320,000
  
5.50%, due 1/15/19
  
332,400
    
   
2,995,000
  
4.88%, due 6/17/19
  
3,092,337
(g)
  
   
380,000
  
8.00%, due 3/25/20
  
420,280
    
   
1,205,000
  
5.88%, due 10/25/24
  
1,227,594
    
   
980,000
  
OneMain Financial Holdings LLC, 7.25%, due 12/15/21
  
1,031,450
(e)
  
       
Park Aerospace Holdings Ltd.
        
   
1,945,000
  
5.25%, due 8/15/22
  
1,979,037
(e)
  
   
2,010,000
  
5.50%, due 2/15/24
  
2,046,431
(e)
  
   
980,000
  
SLM Corp., 6.13%, due 3/25/24
  
1,019,151
    
       
       
Springleaf Finance Corp.
        
 
 
380,000
  
7.75%, due 10/1/21
 
426,075
    
   
795,000
  
6.13%, due 5/15/22
  
834,750
    
 
15,097,198
    
Discount Stores 0.4%
  
   
895,000
  
Dollar Tree, Inc., 5.75%, due 3/1/23
  
947,581
    
                 
Electric - Generation 4.2%
  
       
Calpine Corp.
        
   
1,395,000
  
6.00%, due 1/15/22
  
1,438,594
(e)
  
   
2,525,000
  
5.38%, due 1/15/23
  
2,452,406
    
       
Dynegy, Inc.
        
   
665,000
  
5.88%, due 6/1/23
  
639,231
    
   
680,000
  
7.63%, due 11/1/24
  
673,200
    
       
NRG Energy, Inc.
        
   
610,000
  
6.25%, due 7/15/22
  
641,262
    
   
565,000
  
6.63%, due 3/15/23
  
584,069
    
   
2,000,000
  
7.25%, due 5/15/26
  
2,115,000
    
   
2,590,000
  
6.63%, due 1/15/27
  
2,661,225
    
 
11,204,987
    
Electric - Integrated 1.3%
  
   
495,000
  
IPALCO Enterprises, Inc., 5.00%, due 5/1/18
  
502,425
    
   
2,750,000
  
PPL Energy Supply LLC, 4.60%, due 12/15/21
  
2,200,000
    
       
Talen Energy Supply LLC
        
   
265,000
  
9.50%, due 7/15/22
  
233,863
(e)
  
   
645,000
  
6.50%, due 6/1/25
  
466,012
    
 
3,402,300
    
Electronics 2.0%
  
   
1,275,000
  
Amkor Technology, Inc., 6.38%, due 10/1/22
  
1,326,000
    
   
425,000
  
Flextronics Int'l Ltd., 5.00%, due 2/15/23
  
466,571
    
       
Micron Technology, Inc.
        
   
620,000
  
5.25%, due 8/1/23
  
646,932
(e)
  
   
465,000
  
5.50%, due 2/1/25
  
493,337
    
   
385,000
  
5.63%, due 1/15/26
  
403,287
(e)
  
   
695,000
  
NXP BV/NXP Funding LLC, 4.13%, due 6/1/21
  
728,881
(e)
  
   
695,000
  
Sensata Technologies UK Financing Co. PLC, 6.25%, due 2/15/26
  
757,550
(e)
  
   
480,000
  
Zebra Technologies Corp., 7.25%, due 10/15/22
  
510,900
    
 
5,333,458
    
Energy - Exploration & Production 10.3%
  
       
Antero Resources Corp.
        
   
570,000
  
5.38%, due 11/1/21
  
587,100
    
   
1,125,000
  
5.13%, due 12/1/22
  
1,141,875
    
   
895,000
  
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, due 4/1/22
  
917,375
(e)
  
       
Bill Barrett Corp.
        
   
1,788,000
  
7.00%, due 10/15/22
  
1,627,080
    
   
920,000
  
8.75%, due 6/15/25
  
837,200
    
       
Chesapeake Energy Corp.
        
   
595,000
  
6.13%, due 2/15/21
  
581,613
    
   
570,000
  
5.38%, due 6/15/21
  
531,525
    
   
1,445,000
  
5.50%, due 9/15/26
  
1,365,525
(e)
  
   
485,000
  
Concho Resources, Inc., 5.50%, due 4/1/23
  
500,763
    
       
Continental Resources, Inc.
        
 
 
420,000
  
4.50%, due 4/15/23
 
409,500
    
   
975,000
  
3.80%, due 6/1/24
  
901,875
    
   
440,000
  
4.90%, due 6/1/44
  
376,200
    
       
EP Energy LLC/Everest Acquisition Finance, Inc.
        
   
3,356,000
  
9.38%, due 5/1/20
  
2,856,795
    
   
940,000
  
7.75%, due 9/1/22
  
634,500
    
   
2,760,000
  
6.38%, due 6/15/23
  
1,745,700
    
   
590,000
  
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, due 7/15/21
  
615,813
(e)
  
   
900,000
  
Newfield Exploration Co., 5.38%, due 1/1/26
  
938,250
    
       
Oasis Petroleum, Inc.
        
   
265,000
  
6.50%, due 11/1/21
  
261,688
    
   
1,410,000
  
6.88%, due 3/15/22
  
1,395,900
    
   
405,000
  
PDC Energy, Inc., 6.13%, due 9/15/24
  
415,631
(e)
  
       
Range Resources Corp.
        
   
225,000
  
5.00%, due 8/15/22
  
222,750
(e)
  
   
1,325,000
  
5.00%, due 3/15/23
  
1,308,437
(e)
  
       
Sanchez Energy Corp.
        
   
290,000
  
7.75%, due 6/15/21
  
262,450
    
   
2,340,000
  
6.13%, due 1/15/23
  
1,914,412
    
       
SM Energy Co.
        
   
810,000
  
6.13%, due 11/15/22
  
793,547
    
   
495,000
  
5.00%, due 1/15/24
  
460,350
    
       
Whiting Petroleum Corp.
        
   
1,175,000
  
5.75%, due 3/15/21
  
1,114,781
    
   
1,350,000
  
6.25%, due 4/1/23
  
1,269,000
    
   
1,185,000
  
WPX Energy, Inc., 5.25%, due 9/15/24
  
1,167,225
    
 
27,154,860
    
Food & Drug Retail 1.2%
  
       
Albertsons Cos. LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC
        
   
1,815,000
  
6.63%, due 6/15/24
  
1,706,100
(e)
  
   
1,220,000
  
5.75%, due 3/15/25
  
1,104,100
(e)
  
   
410,000
  
Rite Aid Corp., 6.13%, due 4/1/23
  
406,412
(e)
  
 
3,216,612
    
Food - Wholesale 1.6%
  
   
1,760,000
  
NBTY, Inc., 7.63%, due 5/15/21
  
1,896,400
(e)
  
       
Post Holdings, Inc.
        
   
940,000
  
6.00%, due 12/15/22
  
994,050
(e)
  
   
540,000
  
5.50%, due 3/1/25
  
569,700
(e)
  
   
650,000
  
5.75%, due 3/1/27
  
689,000
(e)
  
 
4,149,150
    
Gaming 3.8%
  
       
Boyd Gaming Corp.
        
   
720,000
  
6.88%, due 5/15/23
  
774,000
    
   
905,000
  
6.38%, due 4/1/26
  
986,450
    
       
GLP Capital L.P./GLP Financing II, Inc.
        
   
1,480,000
  
4.88%, due 11/1/20
  
1,565,070
(g)
  
   
725,000
  
5.38%, due 11/1/23
  
783,181
    
   
495,000
  
Int'l Game Technology PLC, 5.63%, due 2/15/20
  
524,304
(e)
  
   
455,000
  
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, due 5/1/24
  
495,950
    
       
MGM Resorts Int'l
        
 
 
1,050,000
  
8.63%, due 2/1/19
 
1,152,375
    
   
490,000
  
6.63%, due 12/15/21
  
551,250
    
   
345,000
  
7.75%, due 3/15/22
  
405,341
    
       
Scientific Games Int'l, Inc.
        
   
640,000
  
6.25%, due 9/1/20
  
649,600
    
   
800,000
  
10.00%, due 12/1/22
  
892,000
    
   
333,000
  
Station Casinos LLC, 7.50%, due 3/1/21
  
347,153
    
   
800,000
  
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 3/1/25
  
841,832
(e)
  
 
9,968,506
    
Gas Distribution 11.4%
  
   
1,080,000
  
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, due 9/15/24
  
1,115,100
    
       
Cheniere Corpus Christi Holdings LLC
        
   
1,220,000
  
5.88%, due 3/31/25
  
1,322,175
    
   
900,000
  
5.13%, due 6/30/27
  
937,125
(e)
  
       
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.
        
   
1,015,000
  
6.25%, due 4/1/23
  
1,034,031
    
   
345,000
  
5.75%, due 4/1/25
  
346,294
    
       
DCP Midstream LLC
        
   
300,000
  
9.75%, due 3/15/19
  
334,125
(e)
  
   
390,000
  
5.35%, due 3/15/20
  
409,500
(e)
  
   
400,000
  
4.75%, due 9/30/21
  
411,000
(e)
  
   
935,000
  
6.75%, due 9/15/37
  
1,009,800
(e)
  
   
1,760,000
  
5.85%, due 5/21/43
  
1,636,800
(a)(e)
  
       
DCP Midstream Operating L.P.
        
   
485,000
  
2.50%, due 12/1/17
  
483,788
    
   
505,000
  
5.60%, due 4/1/44
  
479,750
    
       
Duke Energy Corp.
        
   
270,000
  
8.13%, due 8/16/30
  
321,300
    
   
505,000
  
6.45%, due 11/3/36
  
540,350
(e)
  
       
Energy Transfer Equity L.P.
        
   
1,045,000
  
7.50%, due 10/15/20
  
1,180,850
    
   
1,270,000
  
5.88%, due 1/15/24
  
1,368,425
    
   
380,000
  
5.50%, due 6/1/27
  
399,000
    
       
Ferrellgas L.P./Ferrellgas Finance Corp.
        
   
1,230,000
  
6.75%, due 1/15/22
  
1,162,350
    
   
1,240,000
  
6.75%, due 6/15/23
  
1,168,700
    
       
NuStar Logistics L.P.
        
   
370,000
  
4.80%, due 9/1/20
  
384,800
    
   
175,000
  
6.75%, due 2/1/21
  
190,750
    
   
190,000
  
4.75%, due 2/1/22
  
193,800
    
   
545,000
  
5.63%, due 4/28/27
  
577,700
    
   
1,495,000
  
Regency Energy Partners L.P./Regency Energy Finance Corp., 5.50%, due 4/15/23
  
1,539,850
    
       
Rockies Express Pipeline LLC
        
   
700,000
  
5.63%, due 4/15/20
  
740,474
(e)
  
   
450,000
  
7.50%, due 7/15/38
  
511,875
(e)
  
   
860,000
  
6.88%, due 4/15/40
  
947,613
(e)
  
   
1,575,000
  
SemGroup Corp./Rose Rock Finance Corp., 5.63%, due 11/15/23
  
1,546,946
    
       
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
        
 
 
42,000
  
5.50%, due 8/15/22
 
42,210
    
   
1,260,000
  
5.75%, due 4/15/25
  
1,275,750
    
       
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
        
   
1,180,000
  
4.25%, due 11/15/23
  
1,162,300
    
   
890,000
  
6.75%, due 3/15/24
  
963,425
    
   
1,250,000
  
5.13%, due 2/1/25
  
1,287,500
(e)
  
   
1,495,000
  
5.38%, due 2/1/27
  
1,551,062
(e)
  
       
Williams Cos., Inc.
        
   
535,000
  
Ser. A, 7.50%, due 1/15/31
  
636,650
    
   
930,000
  
5.75%, due 6/24/44
  
967,200
    
 
30,180,368
    
Health Facilities 10.9%
  
       
CHS/Community Health Systems, Inc.
        
   
220,000
  
7.13%, due 7/15/20
  
212,704
    
   
930,000
  
6.88%, due 2/1/22
  
791,663
    
   
1,500,000
  
Columbia Healthcare Corp., 7.50%, due 12/15/23
  
1,749,375
    
       
Columbia/HCA Corp.
        
   
1,500,000
  
7.69%, due 6/15/25
  
1,745,625
    
   
2,160,000
  
7.05%, due 12/1/27
  
2,432,700
    
       
HCA, Inc.
        
   
545,000
  
6.50%, due 2/15/20
  
595,413
    
   
370,000
  
5.88%, due 3/15/22
  
409,220
    
   
1,300,000
  
4.75%, due 5/1/23
  
1,368,250
    
   
1,590,000
  
5.00%, due 3/15/24
  
1,687,785
    
   
1,040,000
  
5.38%, due 2/1/25
  
1,106,683
    
   
1,285,000
  
5.25%, due 4/15/25
  
1,394,225
    
   
1,275,000
  
5.88%, due 2/15/26
  
1,389,750
    
   
720,000
  
4.50%, due 2/15/27
  
736,875
    
   
2,760,000
  
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, due 5/15/19
  
2,770,350
    
   
500,000
  
LifePoint Health, Inc., 5.88%, due 12/1/23
  
531,250
    
       
MPT Operating Partnership L.P./MPT Finance Corp.
        
   
1,120,000
  
6.38%, due 3/1/24
  
1,220,800
    
   
1,535,000
  
5.50%, due 5/1/24
  
1,615,587
    
   
1,355,000
  
5.25%, due 8/1/26
  
1,415,975
    
   
1,315,000
  
Sabra Health Care L.P./Sabra Capital Corp., 5.50%, due 2/1/21
  
1,365,305
    
       
Tenet Healthcare Corp.
        
   
1,175,000
  
7.50%, due 1/1/22
  
1,269,000
(e)
  
   
385,000
  
8.13%, due 4/1/22
  
413,875
    
   
2,245,000
  
4.63%, due 7/15/24
  
2,233,775
(e)
  
   
295,000
  
6.88%, due 11/15/31
  
265,500
    
 
28,721,685
    
Health Services 1.0%
  
   
590,000
  
DaVita HealthCare Partners, Inc., 5.13%, due 7/15/24
  
606,594
    
   
545,000
  
DaVita, Inc., 5.75%, due 8/15/22
  
562,712
    
       
Service Corp. Int'l
        
   
450,000
  
5.38%, due 1/15/22
  
461,250
    
   
855,000
  
5.38%, due 5/15/24
  
907,369
    
 
2,537,925
    
Hotels 0.7%
  
   
1,780,000
  
ESH Hospitality, Inc., 5.25%, due 5/1/25
  
1,860,100
(e)
  
                 
Investments & Misc. Financial Services 1.3%
  
   
1,295,000
  
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.88%, due 3/15/19
  
1,312,094
    
       
MSCI, Inc.
        
 
 
895,000
  
5.25%, due 11/15/24
 
955,412
(e)
  
   
1,085,000
  
5.75%, due 8/15/25
  
1,177,225
(e)
  
 
3,444,731
    
Machinery 1.0%
  
       
CNH Industrial Capital LLC
        
   
405,000
  
3.38%, due 7/15/19
  
411,075
    
   
485,000
  
4.88%, due 4/1/21
  
513,227
    
   
645,000
  
4.38%, due 4/5/22
  
676,444
    
   
550,000
  
CNH Industrial NV, 4.50%, due 8/15/23
  
583,000
    
   
485,000
  
Manitowoc Foodservice, Inc., 9.50%, due 2/15/24
  
563,812
    
 
2,747,558
    
Managed Care 0.3%
  
   
630,000
  
MPH Acquisition Holdings LLC, 7.13%, due 6/1/24
  
681,975
(e)
  
                 
Media Content 4.1%
  
       
Gannett Co., Inc.
        
   
480,000
  
5.13%, due 10/15/19
  
487,800
    
   
725,000
  
5.13%, due 7/15/20
  
744,031
    
       
Gray Television, Inc.
        
   
670,000
  
5.13%, due 10/15/24
  
685,912
(e)
  
   
245,000
  
5.88%, due 7/15/26
  
253,575
(e)
  
   
722,000
  
iHeartCommunications, Inc., 11.25%, due 3/1/21
  
550,525
    
       
Netflix, Inc.
        
   
685,000
  
5.50%, due 2/15/22
  
741,512
    
   
480,000
  
4.38%, due 11/15/26
  
486,000
(e)
  
       
Sinclair Television Group, Inc.
        
   
175,000
  
5.38%, due 4/1/21
  
179,813
    
   
515,000
  
5.13%, due 2/15/27
  
509,850
(e)
  
       
Sirius XM Radio, Inc.
        
   
155,000
  
4.63%, due 5/15/23
  
159,118
(e)
  
   
810,000
  
6.00%, due 7/15/24
  
873,787
(e)
  
   
1,315,000
  
5.38%, due 7/15/26
  
1,378,186
(e)
  
   
1,170,000
  
5.00%, due 8/1/27
  
1,195,015
(e)
  
       
Univision Communications, Inc.
        
   
550,000
  
6.75%, due 9/15/22
  
571,313
(e)
  
   
1,880,000
  
5.13%, due 5/15/23
  
1,917,600
(e)
  
 
10,734,037
    
Medical Products 0.9%
  
       
Fresenius Medical Care US Finance II, Inc.
        
   
1,120,000
  
6.50%, due 9/15/18
  
1,173,200
(e)
  
   
550,000
  
5.88%, due 1/31/22
  
620,813
(e)
  
   
500,000
  
4.75%, due 10/15/24
  
538,125
(e)
  
 
2,332,138
    
Metals - Mining Excluding Steel 5.0%
  
   
415,000
  
Alcoa, Inc., 5.13%, due 10/1/24
  
441,456
    
       
First Quantum Minerals Ltd.
        
 
 
895,000
  
7.00%, due 2/15/21
 
928,562
(e)
  
   
1,135,000
  
7.25%, due 5/15/22
  
1,176,802
(e)
  
       
FMG Resources (August 2006) Pty Ltd.
        
   
1,475,000
  
9.75%, due 3/1/22
  
1,675,895
(e)
  
   
285,000
  
4.75%, due 5/15/22
  
292,838
(e)
  
   
315,000
  
5.13%, due 5/15/24
  
327,600
(e)
  
       
Freeport-McMoRan, Inc.
        
   
945,000
  
2.38%, due 3/15/18
  
943,819
    
   
270,000
  
4.00%, due 11/14/21
  
269,663
    
   
1,550,000
  
3.88%, due 3/15/23
  
1,501,562
    
   
1,160,000
  
5.40%, due 11/14/34
  
1,091,490
    
   
835,000
  
5.45%, due 3/15/43
  
768,200
    
       
Hudbay Minerals, Inc.
        
   
260,000
  
7.25%, due 1/15/23
  
281,775
(e)
  
   
735,000
  
7.63%, due 1/15/25
  
806,663
(e)
  
   
800,000
  
Novelis Corp., 5.88%, due 9/30/26
  
842,000
(e)
  
       
Teck Resources Ltd.
        
   
460,000
  
4.75%, due 1/15/22
  
483,971
    
   
1,245,000
  
6.25%, due 7/15/41
  
1,352,381
    
 
13,184,677
    
Oil Field Equipment & Services 1.0%
  
       
Precision Drilling Corp.
        
   
618,837
  
6.63%, due 11/15/20
  
612,648
    
   
700,000
  
6.50%, due 12/15/21
  
687,750
    
   
1,375,000
  
5.25%, due 11/15/24
  
1,234,063
    
 
2,534,461
    
Packaging 3.0%
  
       
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
        
   
400,000
  
4.25%, due 9/15/22
  
411,000
(e)
  
   
1,375,000
  
6.00%, due 2/15/25
  
1,468,665
(e)
  
       
Ball Corp.
        
   
550,000
  
4.38%, due 12/15/20
  
576,125
    
   
745,000
  
5.00%, due 3/15/22
  
801,732
    
   
605,000
  
Berry Plastics Corp., 5.13%, due 7/15/23
  
630,713
    
   
650,000
  
BWAY Holding Co., 5.50%, due 4/15/24
  
681,687
(e)
  
       
Reynolds Group Issuer, Inc.
        
   
705,000
  
5.75%, due 10/15/20
  
719,981
    
   
495,824
  
6.88%, due 2/15/21
  
509,459
    
   
1,265,000
  
5.13%, due 7/15/23
  
1,331,412
(e)
  
   
655,000
  
Sealed Air Corp., 5.50%, due 9/15/25
  
717,225
(e)
  
 
7,847,999
    
Personal & Household Products 1.0%
  
       
Energizer Holdings, Inc.
        
   
485,000
  
4.70%, due 5/19/21
  
517,131
    
   
1,315,000
  
4.70%, due 5/24/22
  
1,413,625
    
   
385,000
  
Kronos Acquisition Holdings, Inc., 9.00%, due 8/15/23
  
386,925
(e)
  
   
390,000
  
Spectrum Brands, Inc., 5.75%, due 7/15/25
  
415,838
    
 
2,733,519
    
Pharmaceuticals 3.9%
  
   
1,525,000
  
Endo Finance LLC & Endo Finco, Inc., 5.38%, due 1/15/23
  
1,303,875
(e)
  
       
Endo Ltd./Endo Finance LLC/Endo Finco, Inc.
        
   
475,000
  
6.00%, due 7/15/23
  
411,766
(e)
  
   
340,000
  
6.00%, due 2/1/25
  
286,497
(e)
  
   
630,000
  
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, due 8/1/23
  
669,375
(e)
  
 
 
430,000
  
Mallinckrodt Int'l Finance SA/Mallinckrodt CB LLC, 5.50%, due 4/15/25
 
397,750
(e)
  
       
Valeant Pharmaceuticals Int'l, Inc.
        
   
2,670,000
  
5.50%, due 3/1/23
  
2,276,175
(e)
  
   
5,895,000
  
5.88%, due 5/15/23
  
5,069,700
(e)
  
 
10,415,138
    
Printing & Publishing 1.7%
  
   
420,000
  
Harland Clarke Holdings Corp., 8.38%, due 8/15/22
  
449,400
(e)
  
       
R.R. Donnelley & Sons Co.
        
   
1,056,000
  
7.63%, due 6/15/20
  
1,164,240
    
   
1,540,000
  
7.88%, due 3/15/21
  
1,667,050
    
   
628,000
  
6.50%, due 11/15/23
  
628,000
    
   
692,000
  
6.00%, due 4/1/24
  
672,970
    
 
4,581,660
    
Recreation & Travel 1.0%
  
   
475,000
  
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., 5.38%, due 4/15/27
  
501,125
(e)
  
       
NCL Corp. Ltd.
        
   
770,000
  
4.63%, due 11/15/20
  
790,212
(e)
  
   
1,175,000
  
4.75%, due 12/15/21
  
1,216,125
(e)
  
 
2,507,462
    
Restaurants 1.2%
  
       
1011778 BC ULC/New Red Finance, Inc.
        
   
500,000
  
4.63%, due 1/15/22
  
511,250
(e)
  
   
620,000
  
4.25%, due 5/15/24
  
623,485
(e)
  
       
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
        
   
1,185,000
  
5.25%, due 6/1/26
  
1,256,100
(e)
  
   
685,000
  
4.75%, due 6/1/27
  
706,406
(e)
  
 
3,097,241
    
Software - Services 4.0%
  
       
First Data Corp.
        
   
1,015,000
  
7.00%, due 12/1/23
  
1,094,931
(e)
  
   
1,270,000
  
5.00%, due 1/15/24
  
1,320,800
(e)
  
   
1,142,000
  
Infor Software Parent LLC/Infor Software Parent, Inc., 7.13% Cash/7.88% PIK, due 5/1/21
  
1,181,970
(e)(f)
  
   
655,000
  
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 7/15/25
  
682,019
(e)
  
       
Nuance Communications, Inc.
        
   
374,000
  
5.38%, due 8/15/20
  
379,610
(e)
  
   
1,395,000
  
6.00%, due 7/1/24
  
1,490,906
    
   
1,120,000
  
Open Text Corp., 5.88%, due 6/1/26
  
1,212,400
(e)
  
   
1,445,000
  
Rackspace Hosting, Inc., 8.63%, due 11/15/24
  
1,560,600
(e)
  
   
640,000
  
Symantec Corp., 5.00%, due 4/15/25
  
670,400
(e)
  
   
889,000
  
Syniverse Foreign Holdings Corp., 9.13%, due 1/15/22
  
891,223
(e)
  
 
10,484,859
    
Specialty Retail 1.2%
  
   
265,000
  
Argos Merger Sub, Inc., 7.13%, due 3/15/23
  
239,494
(e)
  
   
670,000
  
Hanesbrands, Inc., 4.88%, due 5/15/26
  
683,400
(e)
  
   
700,000
  
Liberty Media Corp., 8.50%, due 7/15/29
  
777,000
    
   
575,000
  
PetSmart, Inc., 5.88%, due 6/1/25
  
552,359
(e)
  
   
825,000
  
QVC, Inc., 5.45%, due 8/15/34
  
805,217
    
 
3,057,470
    
Steel Producers - Products 1.4%
  
   
3,065,000
  
ArcelorMittal, 7.50%, due 10/15/39
  
3,616,700
    
                 
Support - Services 5.4%
  
   
820,000
  
ADT Corp., 4.88%, due 7/15/32
  
754,728
(e)
  
   
390,000
  
AECOM Technology Corp., 5.88%, due 10/15/24
  
425,588
    
 
 
3,460,000
  
Anna Merger Sub, Inc., 7.75%, due 10/1/22
 
2,612,300
(e)
  
   
950,000
  
Aramark Services, Inc., 5.13%, due 1/15/24
  
1,008,986
    
       
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
        
   
240,000
  
5.50%, due 4/1/23
  
241,200
    
   
915,000
  
5.25%, due 3/15/25
  
890,981
(e)
  
       
Hertz Corp.
        
   
190,000
  
7.63%, due 6/1/22
  
188,100
(e)
  
   
2,725,000
  
5.50%, due 10/15/24
  
2,220,875
(e)
  
   
1,833,000
  
IHS Markit Ltd., 5.00%, due 11/1/22
  
1,966,259
(e)
  
   
280,000
  
Iron Mountain U.S. Holdings, Inc., 5.38%, due 6/1/26
  
297,500
(e)
  
       
Iron Mountain, Inc.
        
   
1,205,000
  
6.00%, due 8/15/23
  
1,274,287
    
   
951,000
  
5.75%, due 8/15/24
  
977,153
    
   
1,285,000
  
United Rental N.A., Inc., 5.75%, due 11/15/24
  
1,365,312
    
 
14,223,269
    
Technology Hardware & Equipment 3.1%
  
       
CDW LLC/CDW Finance Corp.
        
   
395,000
  
5.00%, due 9/1/23
  
411,787
    
   
400,000
  
5.00%, due 9/1/25
  
417,752
    
   
775,000
  
CommScope Technologies LLC, 6.00%, due 6/15/25
  
833,125
(e)
  
       
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
        
   
1,005,000
  
5.88%, due 6/15/21
  
1,053,994
(e)
  
   
1,500,000
  
6.02%, due 6/15/26
  
1,674,972
(e)
  
   
920,000
  
EMC Corp., 1.88%, due 6/1/18
  
916,662
    
   
700,000
  
Project Homestake Merger Corp., 8.88%, due 3/1/23
  
693,000
(e)
  
   
1,900,000
  
Western Digital Corp., 10.50%, due 4/1/24
  
2,249,125
    
 
8,250,417
    
Telecom - Satellite 1.1%
  
   
559,000
  
Hughes Satellite Systems Corp., 6.50%, due 6/15/19
  
601,624
    
       
Intelsat Jackson Holdings SA
        
   
200,000
  
7.50%, due 4/1/21
  
189,000
    
   
775,000
  
5.50%, due 8/1/23
  
668,437
    
       
Intelsat Luxembourg SA
        
   
1,035,000
  
7.75%, due 6/1/21
  
662,400
    
   
1,340,000
  
8.13%, due 6/1/23
  
829,460
    
 
2,950,921
    
Telecom - Wireless 4.8%
  
       
Sprint Corp.
        
   
2,255,000
  
7.88%, due 9/15/23
  
2,559,425
    
   
3,180,000
  
7.13%, due 6/15/24
  
3,486,075
    
       
Sprint Nextel Corp.
        
   
590,000
  
9.00%, due 11/15/18
  
638,675
(e)
  
   
605,000
  
6.00%, due 11/15/22
  
638,275
    
       
T-Mobile USA, Inc.
        
   
475,000
  
6.13%, due 1/15/22
  
497,563
    
   
1,965,000
  
6.00%, due 3/1/23
  
2,079,815
    
   
565,000
  
Uniti Group, Inc./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, due 12/15/24
  
552,287
(e)
  
       
Wind Acquisition Finance SA
        
   
1,325,000
  
4.75%, due 7/15/20
  
1,339,906
(e)
  
   
800,000
  
7.38%, due 4/23/21
  
832,880
(e)
  
 
12,624,901
    
Telecom - Wireline Integrated & Services 10.1%
  
   
420,000
  
CenturyLink, Inc., Ser. W, 6.75%, due 12/1/23
  
445,725
    
   
3,079,000
  
Citizens Communications Co., 9.00%, due 8/15/31
  
2,478,595
    
       
Communications Sales & Leasing, Inc./CSL Capital LLC
        
 
 
585,000
  
6.00%, due 4/15/23
 
602,550
(e)
  
   
1,165,000
  
8.25%, due 10/15/23
  
1,199,950
    
   
4,070,000
  
Embarq Corp., 8.00%, due 6/1/36
  
4,136,137
    
   
675,000
  
Equinix, Inc., 5.88%, due 1/15/26
  
739,125
    
       
Frontier Communications Corp.
        
   
360,000
  
8.13%, due 10/1/18
  
375,750
    
   
290,000
  
6.25%, due 9/15/21
  
255,107
    
   
270,000
  
7.13%, due 1/15/23
  
221,400
    
   
610,000
  
7.63%, due 4/15/24
  
497,150
    
   
6,015,000
  
11.00%, due 9/15/25
  
5,488,687
    
       
Level 3 Financing, Inc.
        
   
1,515,000
  
5.38%, due 8/15/22
  
1,556,662
    
   
965,000
  
5.13%, due 5/1/23
  
1,003,600
    
   
455,000
  
5.38%, due 1/15/24
  
478,888
    
   
760,000
  
SoftBank Group Corp., 4.50%, due 4/15/20
  
782,800
(e)
  
   
1,515,000
  
Telecom Italia Capital SA, 6.00%, due 9/30/34
  
1,675,590
    
   
2,111,000
  
U.S. West Communications Group, 6.88%, due 9/15/33
  
2,090,967
    
       
Zayo Group LLC/Zayo Capital, Inc.
        
   
390,000
  
6.00%, due 4/1/23
  
410,963
    
   
270,000
  
6.38%, due 5/15/25
  
292,613
    
   
1,775,000
  
5.75%, due 1/15/27
  
1,881,500
(e)
  
 
26,613,759
    
Theaters & Entertainment 1.4%
  
       
AMC Entertainment Holdings, Inc.
        
   
930,000
  
5.75%, due 6/15/25
  
952,376
    
   
1,480,000
  
6.13%, due 5/15/27
  
1,522,402
    
   
1,167,000
  
Regal Entertainment Group, 5.75%, due 3/15/22
  
1,216,481
    
 
3,691,259
    
 
Total Corporate Bonds (Cost $349,318,606)
  
355,799,552
    
           
NUMBER OF
SHARES
      
       
Short-Term Investment 1.5%
  
   
Investment Company 1.5%
  
   
4,006,589
  
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.94% (Cost  $4,006,589)
  
4,006,589
(g)(j)
  
                 
 
Total Investments 145.5% (Cost $376,933,111)
383,663,933
##
  
         
 
Liabilities Less Other Assets (32.2)%
(84,976,874)
(k)
  
         
 
Liquidation Value of Mandatory Redeemable Preferred Shares (13.3)%
(35,000,000)
    
         
 
Net Assets Applicable to Common Stockholders 100.0%
$263,687,059
    
 
(a)
  
Variable or floating rate security. The interest rate shown was the current rate as of July 31, 2017 and changes periodically.
    
(b)
  
All or a portion of this security was purchased on a delayed delivery basis.
    
(c)
  
All or a portion of this security had not settled as of July 31, 2017 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.
    
(d)
  
Illiquid security.
    
                               
                                
See Notes to Schedule of Investments
Schedule of Investments High Yield Strategies Fund Inc.
(Unaudited) (cont’d)
              
           
(e)
  
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2017, these securities amounted to $148,673,329, which represents 56.4% of net assets applicable to common stockholders of the Fund. Securities denoted with (e) but without (d) have been deemed by the investment manager to be liquid.
(f)
  
Payment-in-kind (PIK) security.
(g)
  
All or a portion of this security is segregated in connection with obligations for swap contracts and/or delayed delivery securities with a total value of $11,421,160.
(h)
  
Defaulted Security.
(i)
  
Security fair valued as of July 31, 2017 in accordance with procedures approved by the Board of Directors (the “Board”). Total value of all such securities at July 31, 2017 amounted to $45, which represents 0.0% of net assets applicable to common stockholders of the Fund
(j)
  
Represents 7-day effective yield as of July 31, 2017.
(k)
  
Includes the impact of the Fund's open positions in derivatives at July 31, 2017.
                           
                              
See Notes to Schedule of Investments
Schedule of Investments High Yield Strategies Fund Inc.
(Unaudited) (cont’d)
                                 
                                   
Derivative Instruments
                            
Interest rate swap contracts ("interest rate swaps")
                           
At July 31, 2017, the Fund had outstanding centrally cleared interest rate swaps as follows:
       
Clearinghouse
  
Notional
 Amount
  
Portfolio
Pays/Receives
 Floating Rate
  
Floating Rate
 Index
  
Annual
 Fixed-rate
  
Termination
 Date
  
Total Fair
Value(a)
CME Group, Inc.
  
$25,000,000
  
Receive
  
3-month LIBOR
  
1.371%
  
5/14/2018
$
(729)
CME Group, Inc.
  
$20,000,000
  
Receive
  
3-month LIBOR
  
1.292%
  
4/17/2019
  
24,547
CME Group, Inc.
  
$25,000,000
  
Receive
  
3-month LIBOR
  
1.138%
  
6/17/2021
  
628,947
CME Group, Inc.
  
$20,000,000
  
Receive
  
3-month LIBOR
  
0.994%
  
6/29/2021
  
619,799
Total
$
1,272,564
                           
(a)
Total Fair Value reflects the appreciation/(depreciation) of the interest rate swaps plus accrued interest as of July 31, 2017.
    
  At July 31, 2017, the Fund had $535,844 deposited in a segregated account to cover margin requirements for interest rate swaps.
                              
                              
                            
See Notes to Schedule of Investments
Schedule of Investments High Yield Strategies Fund Inc.
(Unaudited) (cont’d)
                                     
                           
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2017:
 
Asset Valuation Inputs
  
                           
      
Level 1
    
Level 2
    
Level 3(b)
    
Total
  
Investments:
        
Loan Assignments
                
Lodging & Casinos
 
  
$
—
    
$
1,524,650
    
$
2,819,400
    
$
4,344,050
  
Other Loan Assignments(a)
      
—
      
19,513,742
      
—
      
19,513,742
  
Total Loan Assignments
      
—
      
21,038,392
      
2,819,400
      
23,857,792
  
Corporate Bonds
                                
Chemicals
      
—
      
5,260,606
      
45
      
5,260,651
  
Other Corporate Bonds(a)
      
—
      
350,538,901
      
—
      
350,538,901
  
Total Corporate Bonds
      
—
      
355,799,507
      
45
      
355,799,552
  
Short-Term Investment
      
—
      
4,006,589
      
—
      
4,006,589
  
Total Investments
 
  
$
—
    
$
380,844,488
    
$
2,819,445
    
$
383,663,933
  
 
(a)
The Schedule of Investments provides information on the industry or sector categorization for the portfolio.
  
     
(b)
The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
  
   

 
 
 
 
 
Beginning
balance, as
of        
11/1/2016 
 
 
 
 
 
Accrued   
discounts/  
(premiums)
 
 
 
 
 
Realized
gain/   
(loss)   
 
 
 
 
Change in   
unrealized   
appreciation/
(depreciation)
 
 
 
 
 
 
 
Purchases
 
 
 
 
 
 
 
Sales
 
 
 
 
 
Transfers
into Level
3
 
 
 
 
 
Transfers
out of
Level 3
 
 
 
 
 
Balance as
of
7/31/2017
Net change in 
unrealized   
appreciation/ 
(depreciation)
from       
investments  
still held as of
7/31/2017  
Investments in
Securities
                    
Loan Assignments(c)
                    
Lodging & Casinos
$—
$(7,069)
$—
$92,804
$1,631,265
$—
$1,102,400
$—
$2,819,400
$92,804
Radio & Television
308,427
—
—
 —
—
—
—
(308,427)
—
—
Corporate Bonds(d)
                    
    Chemicals
—
—
—
3
—
—
42
—
45
3
Total
$308,427
$(7,069)
$—
$92,807
$1,631,265
$—
$1,102,442
$(308,427)
$2,819,445
$92,807
 
(c)
Securities categorized as Level 3 are valued using a single quotation obtained from a dealer. The Fund does not have access to unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.
  
     
(d)
Securities categorized as Level 3 are valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of these securities.
  

As of the period ended July 31, 2017, certain securities were transferred from one level (as of October 31, 2016) to another. Based on beginning of period market values as of November 1, 2016, approximately $308,427 was transferred from Level 3 to Level 2. Also, approximately $1,102,442 was transferred from Level 2 to Level 3. Transfers of loan assignments and corporate bonds into or out of Level 3 were primarily due to the pricing methodology being based on methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of these securities (Level 3) or a single
                      
                                          
See Notes to Schedule of Investments
Schedule of Investments High Yield Strategies Fund Inc.
(Unaudited) (cont’d)
                                 
                                 
observable input (Level 3) by the independent pricing service. As of the period ended July 31, 2017, the Fund had no transfers between Levels 1 and 2.
                                         
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of July 31, 2017:
  
                                                  
Other Financial Instruments
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Swaps
                        
Assets
  
$
—
    
$
1,273,293
    
$
—
    
$
1,273,293
  
Liabilities
    
—
      
(729
)
    
—
      
(729
)
Total
  
$
—
    
$
1,272,564
    
$
—
    
$
1,272,564
  
 
                           
                            
                                    
 See Notes to Schedule of Investments

July 31, 2017
 
Notes to Schedule of Investments (Unaudited)
                            
†
In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman High Yield Strategies Fund Inc. (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers 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.
 
 
 
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.
 
•
Level 1 – quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
 
 
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
 
 
 
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 or offer quotations, respectively, 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 independent pricing services to value certain types of debt securities held by the Fund:
 
Corporate Bonds. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, 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”).

High Yield Securities. 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.
 
 
The value of loan assignments 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).
 
 
 
The value of interest rate swaps is determined by Management primarily by obtaining valuations from independent pricing services based on references to the underlying rates including the local overnight index swap rate and the respective interbank offered forward rate to produce the daily price. The present value is calculated based off of expected cash flows based on swap parameters along with reference to the underlying yield curve and reference rate(generally Level 2 inputs).
   
  Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
   
  Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs). 
   
  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, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or  
                        
                               
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports. 
  Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Fund's Board of Directors ("the Board") has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding. 
   
 
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. 
   
##  At July 31, 2017, the cost of investments for U.S. federal income tax basis was $376,956,962. Gross unrealized appreciation of investments was $12,563,476 and gross unrealized depreciation of investments was $5,856,505 resulting in net unrealized appreciation of $6,706,971 based on cost for U.S. federal income tax purposes. 
 
                          
                      
                       
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.

 
Item 2. Controls and Procedures.
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the 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-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
 (b)
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman High Yield Strategies Fund Inc.
By:
 /s/ Robert Conti
 
 
 Robert Conti
 
 Chief Executive Officer and President
 
 
 
Date:  September 29, 2017
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
 /s/ Robert Conti
 
 
 Robert Conti
 
 Chief Executive Officer and President
 
 
 
Date:  September 29, 2017
 
 
By:
 /s/ John M. McGovern
 
 
 John M. McGovern
 
 Treasurer and Principal Financial
 and Accounting Officer
 
 
 
Date:  September 29, 2017