DEFA 14A
SCHEDULE 14A
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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT
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EXCHANGE ACT OF 1934 (AMENDMENT
NO. ____)
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Rule 14a-12
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)
(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:
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preliminary materials.
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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.
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
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