Neuberger Berman High Yield Strategies Fund Stockholders Reject Closed-end Fund Raider

NEW YORK, Oct. 8, 2019 /PRNewswire/ -- Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") has announced the preliminary results provided by the independent inspector of elections, from the Annual Meeting of Stockholders held on October 3, 2019, in which proposals from a closed-end fund raider were resoundingly rejected.

The Fund's stockholders rejected Saba's¹ proposals by greater than 2 to 1 margins when excluding votes from Saba and other entities that follow Saba's short-term arbitrage strategy. The overall results are as follows:

- Saba failed to have its dissident nominees elected;

- Saba was defeated on its proposal to terminate the Fund's investment management agreement with Neuberger Berman Investment Advisers LLC ("Neuberger Berman"); and

- Neuberger Berman and the Fund's Board remain committed to enhancing long-term stockholder value and will carefully review the final results of the approved non-binding proposal to consider conducting a tender offer.

The overall support of the Fund's stockholders, other than Saba and its followers, is consistent with the recommendations of Institutional Shareholder Services Inc., Glass, Lewis & Co., LLC and Egan-Jones Ratings Co., who independently reviewed the proposals and recommended against Saba every single time (25 separate recommendations detailed in the chart below).

The Fund's incumbent directors remain on the board. The final results, as certified by the independent inspector of elections, will be published in the Fund's next report to stockholders.

Preliminary Results on Proposal to Terminate the Fund's Investment Management Agreement^*

Preliminary Results on Non-binding Proposal to conduct a Tender Offer

* The proposal to terminate the Fund's investment management agreement requires the affirmative vote of the majority of the outstanding voting securities of the Fund, which is defined by the Investment Company Act of 1940, as amended, as the lesser of (1) 67% or more of the shares of the Fund present at the stockholder meeting, if more than 50% of the outstanding shares are represented at the stockholder meeting in person or by proxy, or (2) more than 50% of the outstanding shares entitled to vote at the stockholder meeting.

** Certain investors are required, either in accordance with their own policies or by regulation or terms of exemptive relief issued by the Securities and Exchange Commission, to vote their clients' proxies in the same proportion as the votes submitted by all other stockholders. For NHS's Annual Meeting of Stockholders approximately 13% of the Fund's total outstanding shares were mirror voted, which represents 22% of total votes cast. As of the record date, Saba owned 19.27% of the Fund, which means it controlled 37% of shares voted at the meeting.

Recommendations of Proxy Advisory Firms

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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman's team is more than 2,100 professionals. For five 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). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $333 billion in client assets as of June 30, 2019. For more information, please visit our website at www.nb.com.

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Investor Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

Media Contact:
Alexander Samuelson
Neuberger Berman
(212) 476-5392
[email protected]

¹ Saba Capital Management, L.P. and certain entities it manages, including Saba Capital Master Fund Ltd., which submitted the stockholder director nominations and the stockholder proposals, are herein collectively referred to as "Saba."

SOURCE Neuberger Berman

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