NEW YORK, Sept. 18, 2019 /PRNewswire/ -- Neuberger Berman
High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund")
has announced that both of the leading, independent proxy advisory
firms, Institutional Shareholder Services Inc. ("ISS") and Glass,
Lewis & Co., LLC ("Glass Lewis"), have released their research
reports supporting the Fund on all proposals to be considered at
its upcoming stockholder meeting on October
3, 2019.
Specifically, ISS and Glass Lewis each recommend that
stockholders vote FOR each of the Fund's three highly-qualified and
independent incumbent director nominees, Michael J. Cosgrove, Deborah C. McLean and Tom D. Seip, and AGAINST each of the two
proposals submitted by Saba.1
Joseph V. Amato, President and
Chief Executive Officer of the Fund noted that "ISS and Glass Lewis
send a powerful message that the Fund's stockholders are best
represented by its current Board and under the management of
Neuberger Berman Investment Advisers LLC, which has a history of
generating strong returns for the Fund."
The Fund has generated excellent year-to-date performance
through August 31, 2019, with
positive returns of 29.10% based on market price, outperforming the
Morningstar U.S. Closed-end High Yield Fund Category ("Morningstar
Category") average total return of 16.51%, over the same period.
Additionally, the Fund has outperformed the Morningstar Category
average total return based on market price for each of the 1-, 3-,
5- and 10-year periods ended June 30,
2019.
Mr. Amato further noted that "We have been very encouraged by
the response of stockholders to date and it is clear that the
Fund's stockholders understand that Saba's proposals would
significantly harm their long-term interests."
If stockholders have any questions, please contact the Fund's
proxy solicitor, Okapi Partners at 212-297-0720 or toll-free at
888-785-6668.
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
Alexander.Samuelson@nb.com
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 hereinafter collectively referred to as
"Saba."
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