DCF BNY Mellon Alcentra Gl Credit Income 2024 Target Term Fund Inc

DEFA 14A

SCHEDULE 14A

(RULE 14A-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES

EXCHANGE ACT OF 1934 (AMENDMENT NO. ____)

 

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BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc.
BNY Mellon High Yield Strategies Fund

(Name of Registrant as Specified In Its Charter)

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BNY MELLON HIGH YIELD STRATEGIES FUND

BNY MELLON ALCENTRA GLOBAL CREDIT INCOME 2024 TARGET TERM FUND, INC.

BNY MELLON ALCENTRA GLOBAL MULTI-STRATEGY CREDIT FUND, INC.

c/o BNY Mellon Investment Adviser, Inc.

 

PLEASE REVIEW

 

Dear Shareholder:

 

As we recently informed you in separate proxy materials, a Special Joint Meeting of Shareholders (the “Special Meeting”) of BNY Mellon High Yield Strategies Fund (the "High Yield Strategies Fund"), BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (the "Target Term Fund") and BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. (the “Multi-Strategy Fund”, and collectively with the High Yield Strategies Fund and the Target Term Fund, the “Funds”) has been called in order to ask shareholders of each Fund to consider approving a new sub-investment advisory agreement between Alcentra NY, LLC ("Alcentra NY") and the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. ("BNYM Adviser"), on behalf of the Fund (the "New Sub-Advisory Agreement").

Currently, the portfolio managers of the High Yield Strategies Fund are dual employees of BNYM Adviser and Alcentra NY and manage the High Yield Strategies Fund as employees of BNYM Adviser. Alcentra NY currently serves as the sub-investment adviser to the Target Term Fund and the Multi-Strategy Fund, pursuant to a sub-investment advisory agreement between BNYM Adviser, with respect to each Fund, and Alcentra NY (the "Current Sub-Advisory Agreement"). Alcentra NY is currently an affiliate of BNYM Adviser and a subsidiary of Alcentra Group Holdings, Inc., which is currently an indirect, wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon"), the parent company of BNYM Adviser. In May 2022, BNY Mellon entered into a definitive agreement with Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton, pursuant to which Franklin Templeton will, subject to certain regulatory approvals and satisfaction of other conditions, acquire Alcentra Group Holdings, Inc., together with its subsidiaries including Alcentra NY (the "Transaction"). As a result of the Transaction, Alcentra NY will become a subsidiary of Franklin Templeton and the High Yield Strategies Fund's portfolio managers will cease being employees of BNYM Adviser and will be employees of Alcentra NY only. The Transaction also will result in a “change in control” of Alcentra NY, which will effect an assignment and automatic termination of the Current Sub-Advisory Agreement for each of the Target Term Fund and the Multi-Strategy Fund. The Transaction is expected to be completed in the fourth quarter of 2022 or the first quarter of 2023 (the "Closing Date").To enable the High Yield Strategies Fund’s portfolio managers to provide day-to-day management of such Fund’s investments as employees of Alcentra NY, and Alcentra NY to continue to provide sub-investment advisory services to the Target Term Fund and the Multi-Strategy Fund, in each case as of the Closing Date of the Transaction, when Alcentra NY will become a subsidiary of Franklin Templeton, BNYM Adviser recommended, and each Fund’s Board approved, the New Sub-Advisory Agreement between BNYM Adviser, with respect to the Fund, and Alcentra NY.

The New Sub-Advisory Agreement requires approval by each Fund’s shareholders before it can go into effect. Therefore, the Board has called the Special Meeting to seek shareholder approval of the New Sub-Advisory Agreement for each Fund in order to provide continuity of portfolio management for the Fund after the Closing Date of the Transaction.

Each Fund’s investment objective, strategies and policies will not change in connection with the implementation of the New Sub-Advisory Agreement. There will be no increase in the advisory fee payable by a Fund to BNYM Adviser as a consequence of the Transaction. The sub-advisory fee payable to Alcentra NY under the New Sub-Advisory Agreement will be payable by BNYM Adviser and not the Fund. The sub-advisory fee payable by BNYM Adviser to Alcentra NY under the New Sub-Advisory Agreement will be the same as that currently payable to Alcentra NY under the respective Current Sub-Advisory Agreement for the Target Term Fund and the Multi-Strategy Fund.

The Special Meeting will be held on October 13, 2022 at 10:00 a.m., Eastern Time, and will be held in a virtual meeting format only. To participate, please see the instructions located on the joint proxy statement previously mailed to you.

 

WHAT DO WE NEED FROM YOU?

In order to ensure that Alcentra NY can provide uninterrupted portfolio management services for the Funds after the Closing Date of the Transaction, each Fund's shareholders need to approve the New Sub-Advisory Agreement for each Fund at the Special Meeting. Please also note that each Fund’s shareholder base is made up of thousands of investors just like yourself, which makes your vote even more important no matter how many shares you own. Accordingly, your vote is critical to the approval of this proposal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For further information about the Special Meeting, the proposal and how to vote or to obtain a copy of the Joint Proxy Statement, you can go to https://im.bnymellon.com/us/en/individual/resources/proxy-materials.jsp. or reach us at 877-361-7968 between the hours of 9:00 a.m. and 10:00 p.m., Eastern Time, Monday through Friday and Saturday 10:00 a.m. to 6 p.m., Eastern Time.

 

 

We greatly appreciate your consideration and investment with the BNY Mellon Family of Funds.

Sincerely,

/s/ David DiPetrillo

 

David DiPetrillo

President

BNY Mellon Family of Funds