Bradley Tank - Jul 3, 2023 Form 4 Insider Report for Neuberger Berman High Yield Strategies Fund Inc. (NHS)

Role: CIO of Adviser of Issuer
Signature: /s/ Bradley Tank by his Attorney-in-Fact, Jennifer R. Gonzalez
Stock symbol: NHS
Transactions as of: Jul 3, 2023
Transactions value $: $887,788
Form type: 4
Date filed: 7/5/2023, 09:47 PM
Previous filing: Jun 23, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NHS	Common Stock	Exercise of in-the-money or at-the-money derivative security	$501K	+67.5K	+50%	$7.42	202K	Jul 3, 2023	Direct	F1, F2, F3, F4
transaction	NHS	Common Stock	Exercise of in-the-money or at-the-money derivative security	$342K	+46.1K	+50%	$7.42	138K	Jul 3, 2023	By Indian Hill II LLC	F1, F2, F3, F4, F5
transaction	NHS	Common Stock	Exercise of in-the-money or at-the-money derivative security	$44.7K	+6.03K	+50.01%	$7.42	18.1K	Jul 3, 2023	By Brad C Tank 1999 Trust	F1, F2, F3, F4, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NHS	Oversubscription Privilege (contingent right to buy)	Exercise of in-the-money or at-the-money derivative security		-67.5K	-100%		0	Jul 3, 2023	Common Stock	67.5K		Direct	F1, F2, F3, F4
transaction	NHS	Oversubscription Privilege (contingent right to buy)	Exercise of in-the-money or at-the-money derivative security		-46.1K	-100%		0	Jul 3, 2023	Common Stock	46.1K		By Indian Hill II LLC	F1, F2, F3, F4, F5
transaction	NHS	Oversubscription Privilege (contingent right to buy)	Exercise of in-the-money or at-the-money derivative security		-6.03K	-100%		0	Jul 3, 2023	Common Stock	6.03K		By Brad C Tank 1999 Trust	F1, F2, F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Neuberger Berman High Yield Strategies Fund Inc. (the "Fund") recently completed a pro rata offering (the "Rights Offering") of transferable subscription rights ("Rights") to its common stockholders of record as of the close of business on May 23, 2023 (the "Record Date Stockholder") entitling the holders of such Rights to purchase additional shares of common stock of the Fund (the "Common Stock"). Record Date Stockholders received one Right for each outstanding whole share of Common Stock held on the record date. The Rights entitled their holders to purchase one new share of Common Stock for every three Rights held at a discount to the market price of the Common Stock. The subscription price per share of Common Stock was $7.42 (the "basic subscription privilege").
F2	Record Date Stockholders who fully exercised their Rights were entitled to subscribe, subject to certain limitations and subject to allotment, for additional shares of Common Stock which were not subscribed for (the "Over-Subscription Privilege"). The reporting person fully exercised all Rights received and subscribed for additional shares of Common Stock pursuant to the Over-Subscription Privilege, subject to the pro rata allocation of available shares of Common Stock. Fractional shares of Common Stock were not issued. The subscription period commenced on May 23, 2023 and expired on June 21, 2023.
F3	Following the conclusion of the Rights Offering, the shares of Common Stock that were not subscribed for by the holders of Rights in the basic subscription privilege were allocated pro rata among Rights holders that exercised their Over-Subscription Privilege based on the number of shares of Common Stock each of those Rights holders owned on the record date and subject to the amount of shares of Common Stock such holder subscribed for.
F4	The reporting person purchased 59,824 shares of Common Stock from the exercise of his rights in the basic subscription privilege (previously reported in a Form 4 filed on June 23, 2023), plus an additional 119,648 shares of Common Stock pursuant to the Over-Subscription Privilege associated with the reporting person's subscription rights on the basis of the Fund's allocation of shares of Common Stock after the close of the subscription period. On July 3, 2023, the third-party subscription agent for the Rights Offering determined the allocations to be made to the Record Date Stockholders who exercised their Over-Subscription Privilege. The Common Stock subscribed for will be issued after receipt of all stockholder payments.
F5	The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.