BNY Mellon High Yield Strategies Fund Proposing to Change Portfolio Management Structure

The portfolio managers for BNY Mellon High Yield Strategies Fund (the "Fund") currently are employees of BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser"), the Fund's investment adviser, and Alcentra NY, LLC ("Alcentra"), an affiliate of BNYM Investment Adviser, and manage the Fund in their capacity as employees of BNYM Investment Adviser. Alcentra is an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), the parent company of BNYM Investment Adviser.

BNY Mellon has announced that it intends to sell all of its indirect equity interest in Alcentra (the “Transaction”) to Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton ("Franklin Templeton"). The Transaction is expected to be completed in the fourth quarter of 2022 (the "Closing Date"), subject to customary closing conditions, including regulatory approvals.

As a result of the Transaction, the Fund's portfolio managers will become employees of Alcentra only and will no longer be able to manage the Fund in their capacity as employees of BNYM Investment Adviser. To enable the Fund's portfolio managers to provide day-to-day management of the Fund's investments as employees of Alcentra after the Closing Date, the Board for the Fund will be asked to approve a sub-advisory agreement (the "Sub-Advisory Agreement") between BNYM Investment Adviser and Alcentra, with respect to the Fund, and call a Special Meeting of Shareholders to seek shareholder approval of the Sub-Advisory Agreement. In addition, the Board will be asked to approve an interim sub-advisory agreement (the "Interim Sub-Advisory Agreement") between BNYM Investment Adviser and Alcentra, with respect to the Fund, which would take effect in the event that the Transaction is effected before shareholder approval of the Sub-Advisory Agreement is obtained, and the Fund would continue to solicit shareholder approval of the Sub-Advisory Agreement while the Interim Sub-Advisory Agreement is in place. If the Interim Sub-Advisory Agreement goes into effect, it would expire upon the earlier of 150 days after the Closing Date of the Transaction or upon shareholder approval of the Sub-Advisory Agreement.

There will be no increase in the advisory fee payable by the Fund to BNYM Investment Adviser as a consequence of the Transaction and the sub-advisory fee payable to Alcentra under the Interim Sub-Advisory Agreement and the Sub-Advisory Agreement will be payable by BNYM Investment Adviser, not the Fund.

The Fund's investment strategy, management policies and portfolio managers are currently not expected to change in connection with the implementation of either the Interim Sub-Advisory Agreement or the Sub-Advisory Agreement.

As sub-adviser to the Fund, Alcentra, subject to BNYM Investment Adviser's supervision, will provide day-to-day management of the Fund's investments. Alcentra, located at 200 Park Avenue, 7^th Floor, New York, New York 10166, is a registered investment adviser specializing in sub-investment grade corporate credit investment strategies. Alcentra was founded in 2002 and, together with Alcentra Limited, managed more than $39 billion in assets as of March 31, 2022. As of the Closing Date, Alcentra will become a subsidiary of Franklin Templeton, a global investment management organization which, through its specialist investment managers, offers boutique specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions.

This press release is not a solicitation of any proxy. A proxy statement further describing the Transaction and the Sub-Advisory Agreement and requesting that shareholders vote to approve the Sub-Advisory Agreement will be mailed to shareholders of record at a later date. Shareholders should read the proxy materials carefully when they are available because they contain important information about Franklin Templeton, the Transaction and the Sub-Advisory Agreement.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s largest asset managers, with $2.3 trillion in assets under management as of March 31, 2022. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $45.5 trillion in assets under custody and/or administration as of March 31, 2022. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

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