Neuberger Berman High Yield Strategies Fund Updated Response to 2019 Stockholder Proposal Vote
Neuberger Berman Investment Advisers LLC
NEW YORK, March 27, 2020 — Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the “Fund”) is responding to the results of the Fund’s most recent Annual Meeting of Stockholders. At the meeting, the Fund’s stockholders voted to approve a non-binding proposal asking the Fund’s Board of Directors (the “Board”) to consider a self-tender offer. The Board recognizes that certain stockholders have expressed a desire for liquidity in addition to what is available via the secondary market and after careful consideration, the Board has concluded that an appropriately structured tender offer may be a suitable response. The Board has concluded that implementing the stockholder proposal, in the form it was proposed, would not be in the best interests of the Fund or the majority of its stockholders.
Due to ongoing extreme volatility in the global markets the Board believes that it is in the best interest of the Fund and its stockholders to wait before making any final determination about the specifics of a tender offer or other possible transactions that could enhance stockholder value. The Board will continue to evaluate such options. A key structural feature of a closed-end fund is that it does not need to sell assets to meet stockholder redemptions and, therefore, should be better positioned to avoid selling securities into extremely volatile markets. The Board remains focused on actions that consider the interests of all stockholders and the potential impact on the Fund.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s diverse team has 2,200 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages $356 billion in client assets as of December 31, 2019. For more information, please visit our website at www.nb.com.