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

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 three Class I Directors for each fund.

Summary

• Neuberger Berman High Yield Strategies Fund Inc. (NHS), Neuberger Berman Energy Infrastructure and Income Fund Inc. (NML), and Neuberger Berman Real Estate Securities Income Fund Inc. (NRO) 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 NHS and common stockholders of NML and NRO.
• The proxy statement and voting instructions are available online.
• Stockholders can vote by proxy in advance of the meeting or in person.
• The Boards of Directors recommend voting for the listed nominees.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in sentiment. It provides necessary information for stockholders to make informed decisions regarding the election of directors.

Positives

• The document provides clear instructions for stockholders to vote by proxy, either online or by mail.
• The Boards of Directors are actively involved in evaluating and nominating director candidates.
• The document includes detailed information about the qualifications and experience of each director nominee.
• The Funds have established committees to oversee various aspects of their operations, including audit, compliance, and risk management.

Risks

• If a quorum is not present at the meeting, the meeting may be adjourned to permit further solicitation of proxies.
• The Boards recognize that not all risks that may affect the Funds can be identified, and that it may not be practical or cost-effective to eliminate or mitigate certain risks.

Future Outlook

The document outlines the process for electing directors who will serve until the annual meeting of stockholders in 2027, indicating a focus on long-term governance and stability.

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 investment funds, ensuring compliance with regulatory requirements and providing stockholders with the opportunity to participate in corporate governance through the election of directors.

Comparison to Industry Standards

• The structure of the Board with independent directors and various committees aligns with industry best practices for closed-end funds.
• The detailed disclosure of director qualifications and compensation is consistent with regulatory requirements and promotes transparency.
• The process for stockholder nominations and proposals is in line with SEC guidelines and allows for stockholder input.

Stakeholder Impact

• The election of directors will impact the governance and oversight of the Funds, which affects the interests of stockholders.
• The composition of the Boards of Directors influences the Funds' investment strategies and risk management practices.

Next Steps

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

Key Dates

Keywords

proxy statement, annual meeting, directors, election, Neuberger Berman, stockholders, funds, voting, governance