DEF 14A: Neuberger Berman Funds Announce Joint Annual Meeting of Stockholders

Neuberger Berman High Yield Strategies Fund Inc., Neuberger Berman Energy Infrastructure and Income Fund Inc., and Neuberger Berman Real Estate Securities Income Fund Inc. will hold a Joint Annual Meeting of Stockholders on October 10, 2024, to elect directors and consider other business.

Summary

• Neuberger Berman High Yield Strategies Fund Inc., Neuberger Berman Energy Infrastructure and Income Fund Inc., and Neuberger Berman Real Estate Securities Income Fund Inc. will hold a Joint Annual Meeting of Stockholders on October 10, 2024.
• The meeting will take place at 2:00 p.m. Eastern Time at the offices of Neuberger Berman Investment Advisers LLC in New York.
• Stockholders of record as of August 23, 2024, are entitled to vote.
• The primary agenda item is the election of three Class I Directors for each fund, with terms expiring in 2027.
• Two Class I Directors, Marc Gary and Martha C. Goss, will be elected by common and preferred stockholders voting together.
• One Class I Director, Michael M. Knetter, will be elected separately by preferred stockholders of Neuberger Berman High Yield Strategies Fund Inc. and common stockholders of Neuberger Berman Energy Infrastructure and Income Fund Inc. and Neuberger Berman Real Estate Securities Income Fund Inc.
• The meeting will also address any other business that may properly come before it.
• Stockholders are encouraged to vote by proxy in advance of the meeting, either online, by phone, or by mail.
• The proxy materials are available online.
• If no instructions are specified on a proxy card, shares will be voted FOR the election of each nominee for Director and FOR, ABSTAIN, or AGAINST any other matters, including any vote on adjournments, acted upon at the Meeting in the discretion of the persons named as proxies.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, presenting information in a neutral and informative tone. The focus is on corporate governance and compliance, with no significant positive or negative implications for investment performance.

Positives

• The document emphasizes the experience and qualifications of the director nominees.
• The document provides clear instructions on how to vote by proxy.
• The document provides multiple avenues for stockholders to access proxy materials and ask questions.
• The document highlights the directors' experience in managing closed-end funds and addressing issues like NAV discounts.

Future Outlook

The document outlines the process for the upcoming annual meeting and provides a timeline for stockholder proposals for the following year.

Management Comments

• Each Board believes that the incumbents are well suited for service on the Board due to their knowledge and familiarity with each Fund as a result of their prior service as Directors, their knowledge of the financial services sector, and their substantial experience in serving as directors or trustees, officers, or advisers of public companies and business organizations, including other investment companies.

Industry Context

This announcement is typical for publicly traded closed-end funds, ensuring compliance with regulatory requirements for corporate governance and stockholder engagement.

Comparison to Industry Standards

• The director nomination and election process aligns with standard practices for registered investment companies.
• The board committee structure, including Audit, Closed-End Funds, Contract Review, Ethics and Compliance, Executive, Governance and Nominating, and Investment Performance Committees, is comprehensive and reflects industry best practices.
• The disclosure of director qualifications, experience, and ownership of securities is consistent with regulatory requirements and industry norms.
• The fee structure for the independent registered public accounting firm is disclosed in detail, which is a standard practice for transparency.

Stakeholder Impact

• The election of directors will impact the governance and oversight of the funds, which affects shareholders.
• The outcome of the meeting will determine the composition of the board, influencing the funds' strategies and performance.

Next Steps

• Stockholders should review the proxy materials and vote on the proposals.
• The Joint Annual Meeting will be held on October 10, 2024.
• The newly elected directors will serve until the annual meeting of stockholders in 2027, or until their successors are elected and qualified.

Key Dates

Keywords

stockholders meeting, proxy statement, board of directors, director election, Neuberger Berman, closed-end funds, investment management