Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Neuberger Berman Group LLC
   2. Issuer Name and Ticker or Trading Symbol
Neuberger Berman High Yield Strategies Fund Inc. [NHS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
Affil. of Inv. Adv.
(Last)
(First)
(Middle)
605 THIRD AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
08/06/2010
(Street)

NEW YORK, NY 10158		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/06/2010   J(1)   5,116 A (1) 5,116 I See Footnote (1)
Common Stock 08/06/2010   J(1)   13,437 A (1) 18,553 I See Footnote (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Neuberger Berman Group LLC
605 THIRD AVENUE
NEW YORK, NY 10158		       Affil. of Inv. Adv.

Signatures

 /s/ Maxine L. Gerson, Assistant Secretary   08/06/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) (1) Received 5,116 shares of common stock of the issuer, Neuberger Berman High Yield Strategies Fund Inc. ("NHS"), and cash in lieu of fractional NHS shares, in exchange for 8,863 shares of common stock of Neuberger Berman Income Opportunity Fund Inc. ("NOX") held by its subsidiary Neuberger Berman LLC and received 13,437 NHS shares in exchange for 13,437 common shares of beneficial interest of Neuberger Berman High Yield Strategies Fund ("Old NHS") held by its subsidiary NB Alternative Fund Management LLC pursuant in each case to an agreement and plan of reorganzation among NHS, NOX and Old NHS. On the effective date of the reorganization, the closing market price of NOX common stock was $7.80 and the closing market price of Old NHS common shares was $13.76. Neuberger Berman Group LLC disclaims any beneficial ownership of the NHS shares.

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