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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neuberger Berman High Yield Strategies Fund | AMEX:NHS | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.97 | 0 | 01:00:00 |
†
|
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.
|
||||
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 significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
|
||||
●
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
||||
The inputs or methodology used for valuing 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 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:
|
|||||
Corporate Debt Securities
. 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”).
|
|||||
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 bank loan securities is determined by obtaining broker quotes from independent pricing services (generally Level 2 or Level 3 inputs depending on the number of quotes available).
|
|||||
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).
|
|||||
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
|
|||||
Investments in investment companies are valued using the 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, 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.
|
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.
|
|
The following is a summary, categorized by Level, of inputs used to value the Fund’s investments as of January 31, 2013:
|
Asset Valuation Inputs
|
|
|
|
|
||||||
Investments:
|
Level 1
|
Level 2
|
Level 3
§
|
Total
|
||||||
Bank Loan Obligations^
|
$
|
-
|
$
|
30,090,026
|
$
|
-
|
$
|
30,090,026
|
||
Corporate Debt Securities
|
||||||||||
Aerospace & Defense
|
-
|
684,950
|
-
|
684,950
|
||||||
Airlines
|
-
|
2,410,250
|
825,033
|
3,235,283
|
||||||
Automakers
|
-
|
1,216,800
|
-
|
1,216,800
|
||||||
Banking
|
-
|
8,429,931
|
-
|
8,429,931
|
||||||
Building & Construction
|
-
|
583,100
|
-
|
583,100
|
||||||
Building Materials
|
-
|
5,920,043
|
-
|
5,920,043
|
||||||
Chemicals
|
-
|
17,628,062
|
-
|
17,628,062
|
||||||
Computer Hardware
|
-
|
1,651,738
|
-
|
1,651,738
|
||||||
Consumer - Commercial Lease Financing
|
-
|
13,672,106
|
-
|
13,672,106
|
||||||
Consumer - Products
|
-
|
377,775
|
-
|
377,775
|
||||||
Department Stores
|
-
|
6,874,113
|
-
|
6,874,113
|
||||||
Electric - Generation
|
-
|
7,264,183
|
-
|
7,264,183
|
||||||
Electric - Integrated
|
-
|
1,943,200
|
-
|
1,943,200
|
||||||
Electronics
|
-
|
11,220,752
|
-
|
11,220,752
|
||||||
Energy - Exploration & Production
|
-
|
33,053,596
|
-
|
33,053,596
|
||||||
Environmental & Facilities Services
|
-
|
2,359,350
|
-
|
2,359,350
|
||||||
Food & Drug Retailers
|
-
|
3,426,286
|
-
|
3,426,286
|
||||||
Food - Wholesale
|
-
|
239,200
|
-
|
239,200
|
||||||
Gaming
|
-
|
20,269,500
|
-
|
20,269,500
|
||||||
Gas Distribution
|
-
|
24,205,603
|
-
|
24,205,603
|
||||||
Health Facilities
|
-
|
21,407,850
|
-
|
21,407,850
|
||||||
Health Services
|
-
|
696,938
|
-
|
696,938
|
||||||
Investments & Misc. Financial Services
|
-
|
6,275,763
|
-
|
6,275,763
|
||||||
Leisure
|
-
|
1,293,600
|
-
|
1,293,600
|
||||||
Machinery
|
-
|
4,927,963
|
-
|
4,927,963
|
||||||
Media - Broadcast
|
-
|
14,374,740
|
-
|
14,374,740
|
||||||
Media - Cable
|
-
|
15,566,337
|
-
|
15,566,337
|
||||||
Media - Services
|
-
|
2,775,525
|
-
|
2,775,525
|
||||||
Medical Products
|
-
|
2,159,800
|
-
|
2,159,800
|
||||||
Metals - Mining Excluding Steel
|
-
|
12,283,475
|
-
|
12,283,475
|
||||||
Packaging
|
-
|
17,069,287
|
-
|
17,069,287
|
||||||
Pharmaceuticals
|
-
|
7,837,663
|
-
|
7,837,663
|
||||||
Printing & Publishing
|
-
|
13,891,237
|
-
|
13,891,237
|
||||||
Real Estate Dev. & Mgt.
|
-
|
1,140,675
|
-
|
1,140,675
|
||||||
Software - Services
|
-
|
13,046,112
|
-
|
13,046,112
|
||||||
Specialty Retail
|
-
|
6,813,095
|
-
|
6,813,095
|
||||||
Steel Producers - Products
|
-
|
5,411,028
|
-
|
5,411,028
|
||||||
Support - Services
|
-
|
3,802,150
|
-
|
3,802,150
|
||||||
Telecom - Integrated Services
|
-
|
26,991,750
|
-
|
26,991,750
|
||||||
Telecom - Wireless
|
-
|
10,907,907
|
-
|
10,907,907
|
||||||
Total Corporate Debt Securities
|
-
|
352,103,433
|
|
825,033
|
352,928,466
|
|||||
Short-Term Investments
|
-
|
1,064,464
|
-
|
1,064,464
|
||||||
Total Investments
|
$
|
-
|
$
|
383,257,923
|
$
|
825,033
|
$
|
384,082,956
|
^
|
The Schedule of Investments provides information on the industry categorization for the portfolio.
|
§
|
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:
|
Beginning
balance, as
of 11/1/12
|
Accrued
discounts/
(premiums)
|
Realized
gain/loss
|
Change in
unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
in
to Level 3
|
Transfers
out of
Level 3
|
Balance as
of
1/31/13
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/13
|
|
Investments in Securities:
|
||||||||||
Corporate Debt Securities
|
||||||||||
Airlines
|
$885,996
|
$-
|
$(2,238)
|
$(6,057)
|
$-
|
$(52,668)
|
$-
|
$-
|
$825,033
|
$(6,057)
|
Total
|
$885,996
|
$-
|
$(2,238)
|
$(6,057)
|
$-
|
$(52,668)
|
$-
|
$-
|
$825,033
|
$(6,057)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||
Interest rate swap contracts
|
$-
|
$(3,330,166)
|
$-
|
$(3,330,166)
|
##
|
At January 31, 2013, the cost of investments for U.S. federal income tax purposes was
$365,489,048
. Gross unrealized appreciation of investments was
$20,362,676
and gross unrealized depreciation of investments was
$1,768,768
, resulting in net unrealized appreciation of
$18,593,908
based on cost for U.S. federal income tax purposes.
|
ñ
|
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 January 31, 2013, these securities amounted
to
$91,615,148
or 32.5
%
of
net assets applicable to common shareholders
.
|
Ø
|
All or a portion of this security was purchased on a when-issued basis. At January 31, 2013 these securities amounted to
$2,274,669
or .8
%
of net
assets applicable to common shareholders.
|
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 $3,404,540 in a segregated account for interest rate swap contracts.
|
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 January 31, 2013, and their final maturity dates.
|
c
|
Payment-in-kind security for which part of the income earned may be paid as additional principal.
|
¢
|
All or a portion of this security was purchased on a delayed delivery basis.
|
^^
|
All or a portion of this security has not settled as of January 31, 2013 and thus does not have an interest rate in effect. Interest rates do not take effect until settlement.
|
(a)
|
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 (“1940 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.
|
(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.
|
By:
|
/s/ Robert Conti
|
|
Robert Conti
|
||
Chief Executive Officer
|
||
Date: March 29, 2013
|
||
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
|
||
Date: March 29, 2013
|
||
By:
|
/s/ John M. McGovern
|
|
John M. McGovern
|
||
Treasurer and Principal Financial
|
||
and Accounting Officer
|
1 Year Neuberger Berman High Yi... Chart |
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