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Saba’s Tender Proposal of Neuberger Berman’s High Yield Strategies Fund Passes

NEW YORK--(BUSINESS WIRE)--

62% to 38% Vote In Favor of Tender Offer

Neuberger Statement Seeks to Mislead Shareholders

Saba Capital Management, L.P. and certain investment funds managed by it (collectively “Saba”) today issued the following statement regarding its campaign to effect change at the 2019 Annual Meeting of Shareholders (the “Annual Meeting”) of Neuberger Berman High Yield Strategies Fund Inc. (“NHS” or the “Fund” or “Neuberger”) (NYSE American: NHS).

In an attempt to mislead the public, Neuberger has declared “resounding” support from shareholders, if you don’t count the shareholders who voted against them.

Below are the complete and unadulterated voting results, taken directly from the report provided to both Saba Capital and Neuberger by the inspector of elections.

 

For

Against

Abstain

Terminate the Investment Management Agreement

6,786,000

4,151,025

503,921

Tender for 100% of Shares

6,758,819

4,194,419

487,709

Saba Capital’s Nominees

Neuberger Bergman’s Nominees

Gabriel

6,210,487

Cosgrove

4,045,146

McGlade

6,210,487

McLean

4,036,627

Lipson

6,207,310

Selp

4,041,771

Saba’s proposal for the NHS board of directors to consider a tender for 100% of the shares outstanding has passed with overwhelming support. Saba urges the board to immediately commence the tender and accept the will of its shareholders. Not doing so would contradict the very corporate governance principles espoused by Neuberger itself in their “Governance and Proxy Voting Guidelines”.

Separately, regarding the election of directors, Boaz Weinstein, Chief Investment Officer of Saba Capital, said, “Neuberger Berman has deployed an entrenchment mechanism to manufacture a failed election. This deprives shareholders of a fundamental right as owners of an investment company.”

To be clear, Neuberger’s nominees were not elected by the Fund’s shareholders. The Fund’s voting standard would have required nominees to receive 9 out of 10 votes cast to be seated. This voting standard is rarely deployed by investment companies because it will result in the Fund falling out of compliance with the Investment Company Act of 1940.

Boaz Weinstein continued, “We would like to express our gratitude to all shareholders, small and large, who supported us. It is abhorrent that Neuberger would seek to blatantly mislead shareholders about the outcome of this important election.”

About Saba Capital

Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.

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