BNY Mellon High Yield Fund Seeks Board Consolidation, Efficiency

TL;DR

**DHF is consolidating its board to cut costs and streamline operations, a smart move for long-term efficiency.**

AI Summary

BNY Mellon High Yield Strategies Fund (DHF) is holding a Special Meeting of Shareholders on November 20, 2025, to elect four new Trustees across three classes. The primary objective of these elections is to consolidate the Boards of DHF with other funds in the BNY Mellon Family of Funds, aiming for administrative efficiencies. Shareholders of record as of September 19, 2025, are eligible to vote. The nominees are Joan L. Gulley (Class I, two-year term), Alan H. Howard (Class II, three-year term), Burton N. Wallack (Class II, three-year term), and Robin A. Melvin (Class III, one-year term). All nominees are current board members of other BNY Mellon Family of Funds and are considered Independent Trustees. The Board emphasizes its oversight role, interacting regularly with service providers like BNY Mellon Investment Adviser, Inc. and Alcentra NY, LLC, and receiving reports on risk management, compliance, and operations. The Fund had 72,826,245 shares of beneficial interest outstanding as of August 22, 2025.

Why It Matters

This DEF 14A filing signals a strategic move by BNY Mellon to streamline governance across its fund family, potentially leading to cost savings and improved administrative efficiencies for DHF. For investors, a more consolidated and efficient board structure could translate into better fund performance or reduced expense ratios over time, though the immediate impact is administrative. Employees and customers might see a more unified approach to fund management. In the competitive closed-end fund market, operational efficiencies are crucial for maintaining competitiveness against other high-yield offerings.

Risk Assessment

Risk Level: low — The risk level is low because the proposal is solely for the election of Trustees to consolidate boards for administrative efficiencies, not for a change in investment strategy or management fees. All nominees are existing board members within the BNY Mellon Family of Funds and are Independent Trustees, indicating continuity and adherence to governance best practices.

Analyst Insight

Investors should vote in favor of the proposed Trustee elections to support the administrative efficiencies BNY Mellon aims to achieve. While not directly impacting investment strategy, this move could lead to long-term operational benefits for the fund. Prompt voting will help the Fund avoid additional solicitation costs.

Key Numbers

• November 20, 2025 — Special Meeting Date (Date shareholders will vote on Trustee elections)
• September 19, 2025 — Record Date (Date for determining eligible voters)
• 72,826,245 — Shares Outstanding (As of August 22, 2025, for BNY Mellon High Yield Strategies Fund)
• 1-800-581-5238 — Proxy Solicitor Phone Number (For shareholder questions to Equiniti Fund Solutions)
• 40% — Minimum Independent Trustees (Required by the 1940 Act for the Fund)

Key Players & Entities

• BNY Mellon High Yield Strategies Fund (company) — Registrant
• BNY Mellon Investment Adviser, Inc. (company) — Fund's investment adviser
• Alcentra NY, LLC (company) — Fund's sub-adviser
• David DiPetrillo (person) — President of The BNY Mellon Family of Funds
• Sarah S. Kelleher (person) — Secretary of BNY Mellon High Yield Strategies Fund
• Joan L. Gulley (person) — Nominee for Class I Trustee
• Alan H. Howard (person) — Nominee for Class II Trustee
• Burton N. Wallack (person) — Nominee for Class II Trustee
• Robin A. Melvin (person) — Nominee for Class III Trustee
• Equiniti Fund Solutions (company) — Fund's proxy solicitor

FAQ

Industry Context

The closed-end fund industry, particularly in the high-yield sector, operates within a complex regulatory environment. Funds like BNY Mellon High Yield Strategies Fund aim to provide investors with access to higher-yielding debt instruments, which often carry greater risk. The trend towards consolidating fund boards reflects an industry-wide effort to streamline operations and reduce administrative costs, driven by pressure to improve efficiency and potentially enhance shareholder value.

Regulatory Implications

The election of Trustees is governed by the Investment Company Act of 1940, which mandates a minimum percentage of independent Trustees to ensure objective oversight. The proposed consolidation of boards aims for administrative efficiencies, which must be managed to ensure continued compliance with all regulatory requirements and fiduciary duties to shareholders.

What Investors Should Do

1. Vote your proxy.
2. Review nominee qualifications.
3. Familiarize yourself with the meeting format.
4. Contact Equiniti Fund Solutions with questions.

Key Dates

• 2025-11-20: Special Meeting of Shareholders — Shareholders will vote on the election of four new Trustees to consolidate the Boards of DHF with other funds in the BNY Mellon Family of Funds, aiming for administrative efficiencies.
• 2025-09-19: Record Date — Determines which shareholders are eligible to vote at the Special Meeting.
• 2025-08-22: Shares Outstanding Date — The Fund had 72,826,245 shares of beneficial interest outstanding as of this date.
• 2025-10-03: Estimated Mailing Date for Proxy Materials — Shareholders will receive the proxy statement and related materials around this date.
• 2025-11-18: Deadline for Virtual Meeting Registration — Shareholders holding shares through intermediaries must register by this date to attend the virtual meeting.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information to shareholders when a company is soliciting their proxy votes. (This document is the proxy statement for the BNY Mellon High Yield Strategies Fund's special meeting.)

Trustee

A member of the Board of Trustees, which oversees the operations and management of the Fund. (The primary purpose of the meeting is to elect new Trustees.)

Class I, II, III Trustees

Refers to the different classes of Trustees, each serving a specific term length (e.g., Class I for two years, Class II for three years, Class III for one year). (The election of Trustees is structured by these classes with varying terms.)

Independent Trustee

A Trustee who is not an 'interested person' of the Fund, as defined by the Investment Company Act of 1940. (All nominees are current Board members of other BNY Mellon Family of Funds and are considered Independent Trustees, which is a regulatory requirement.)

Record Date

A specific date set by the Fund to determine which shareholders are entitled to receive notice of and vote at a shareholder meeting. (Shareholders of record on September 19, 2025, are eligible to vote.)

Proxy

A document or instruction authorizing another person to act as an agent for the shareholder, typically to vote their shares. (Shareholders are asked to submit their proxy vote to ensure the meeting can proceed.)

Quorum

The minimum number of shareholders required to be present (in person or by proxy) for a shareholder meeting to conduct business. (A majority of outstanding shares entitled to vote must be present for a quorum; otherwise, the meeting may be adjourned.)

BNY Mellon Family of Funds

A group of investment funds managed by BNY Mellon Investment Adviser, Inc. (The proposed consolidation of Boards involves DHF and other funds within this family.)

Year-Over-Year Comparison

This filing is a proxy statement for a special meeting to elect Trustees and consolidate fund boards, rather than an annual report. Therefore, direct year-over-year comparisons of financial metrics like revenue, net income, or margins are not applicable. The key focus is on the governance changes and administrative efficiencies proposed for the BNY Mellon High Yield Strategies Fund and related entities.

Key Financial Figures

• $8 billion — s responsible for the 7 oversight of $8 billion in combined pension and 401(k) assets.

Filing Documents

• proxy.htm (DEF 14A) — 165KB
• image00002.jpg (GRAPHIC) — 126KB
• image00003.jpg (GRAPHIC) — 88KB
• stradleylogo.jpg (GRAPHIC) — 21KB
• 0002071844-25-000077.txt ( ) — 491KB

From the Filing

DEF 14A 1 proxy.htm 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. __) Filed by the Registrant [X] Filed by a Party other than the [_] Registrant Check the appropriate box: [ ] Preliminary Proxy Statement [_] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [_] Definitive Additional Materials [_] Soliciting Materials under Rule 14a-12 BNY MELLON HIGH YIELD STRATEGIES FUND (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (check the appropriate box): [X] No fee required. [_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (4) Proposed maximum aggregate value of transaction: (5) Total Fee Paid: [_] Fee paid previously with preliminary materials. [_] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: BNY MELLON HIGH YIELD STRATEGIES FUND c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 www.bny.com/closed-end-funds September 26, 2025 Dear Shareholder: BNY Mellon High Yield Strategies Fund (the "Fund") and certain other funds in the BNY Mellon Family of Funds will hold special shareholder meetings on November 20, 2025 in a virtual meeting format only. Shareholders of each of these funds will be asked to elect Board members of their funds. All of the nominees are current Board members of some or all of these funds. The election of additional Board members to the Fund is being proposed primarily to consolidate the Boards of these funds. Consolidating the Boards of the funds may provide certain administrative efficiencies for the funds. The enclosed proxy statement describes the nominees' qualifications and each of their respective current roles overseeing funds in the BNY Mellon Family of Funds. Please take the time to read the enclosed materials. Remember, your vote is extremely important, no matter how large or small your Fund holdings. By voting promptly, you can help avoid additional costs that are incurred with follow-up letters and calls. To vote, you may use any of the following methods: By Mail . Please complete, date and sign the enclosed proxy card and mail it in the enclosed, postage-paid envelope. Over the Internet . Have your proxy card available. Go to the website listed on the proxy card. Enter your control number from your proxy card. Follow the instructions on the website. By Telephone . Have your proxy card available. Call the toll-free number listed on the proxy card. Enter your control number from your proxy card. Follow the recorded instructions. At the Meeting . You will not be able to attend the meeting physically, but you may attend the meeting virtually and vote over the Internet during the meeting. The meeting will be conducted over the Internet in a virtual meeting format only. However, if it is determined that the meeting will be held in person, we will make an announcement in the manner discussed in the Notice of Special Meeting of Shareholders. We encourage you to vote over the Internet or by telephone using the number that appears on your proxy card. These voting methods will save the Fund money because they would not have to pay for return-mail postage. If you later decide to attend the meeting virtually, you may revoke your proxy and vote your shares over the Internet during the meeting. Whichever voting method you choose, please take the time to read the full text of the proxy statement before you vote. Your vote is very important to us. If you have any questions before you vote, please call the Fund's proxy solicitor, Equiniti Fund Solutions, at 1-800-581-5238. Thank you for your response and for your continued investment with the Fund. Sincerely, /s/ David DiPetrillo David DiPetrillo President The BNY Mellon Family of Funds BNY MELLON HIGH YIELD STRATEGIES FUND Notice of Special Meeting of Shareholders To the Shareholders of BNY Mellon High Yield Strategies Fund (the "Fund"): A Special Meeting of Shareholders (the "Meeting") of the Fund, a closed-end investment company, will be held over the Internet in a virtual meeting format only on Thursday, November 20, 2025 at 11:00 a.m., Easter

View Full Filing

View this DEF 14A filing on SEC EDGAR