SCHEDULE: First Trust Entities Report 13.85% Stake in BNY Mellon Fund

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly reported a 13.85% beneficial ownership stake in BNY Mellon High Yield Strategies Fund as of December 31, 2025.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly filed an Amendment No. 17 to Schedule 13G.
• The filing reports beneficial ownership of 10,074,618 common shares of BNY Mellon High Yield Strategies Fund (CUSIP: 09660L105).
• This aggregate amount represents 13.85% of the class of securities.
• The reporting persons have shared dispositive power over all 10,074,618 shares but hold no sole or shared voting power.
• The shares are primarily held by unit investment trusts sponsored by First Trust Portfolios L.P. and other registered investment companies, pooled investment vehicles, and/or separately managed accounts for which First Trust Advisors L.P. serves as investment advisor and/or sub-advisor.
• The reporting persons explicitly disclaim beneficial ownership of the shares of the issuer identified in this filing.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing (Schedule 13G) disclosing passive beneficial ownership. It provides transparency but does not contain information that would typically drive positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• Increased transparency regarding a significant institutional ownership stake in BNY Mellon High Yield Strategies Fund.
• The filing confirms the passive nature of the investment, indicating no intent to influence control, which can provide stability for the issuer.

Risks

• The reporting entities disclaim beneficial ownership of the shares, meaning they manage these assets on behalf of clients (e.g., unit investment trusts) rather than holding a direct economic interest themselves. This structure implies that the reporting entities' direct financial alignment with the fund's performance is through management fees, not direct equity ownership.
• The reporting entities possess no voting power over the shares; these are voted by the trustee of the unit investment trusts, generally in proportion to other shareholders. This limits the direct influence of First Trust entities on the corporate governance and strategic decisions of BNY Mellon High Yield Strategies Fund.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the issuer's financial performance or strategic direction.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities." (Certification statement by James M. Dykas, Chief Financial Officer of First Trust Portfolios L.P. and First Trust Advisors L.P., and Chief Financial Officer and Treasurer of The Charger Corporation)
• "Each of First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation disclaims beneficial ownership of the shares of the issuer identified in this filing."

Industry Context

This Schedule 13G filing is a routine disclosure for institutional investors holding significant, but passive, stakes in publicly traded entities, particularly closed-end funds like BNY Mellon High Yield Strategies Fund. It highlights the common practice of investment management firms and their affiliates managing assets on behalf of clients through various pooled investment vehicles, adhering to regulatory transparency requirements without intending to exert control over the underlying issuer.

Corporate Governance

Related Party Transactions

• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P., establishing a direct corporate relationship among the reporting entities.
• First Trust Portfolios L.P. sponsors unit investment trusts that hold shares of the issuer, and First Trust Advisors L.P. acts as portfolio supervisor for these trusts and as investment advisor/sub-advisor for other investment vehicles holding shares. This demonstrates an interconnected operational structure for managing client assets within the First Trust group.

Stakeholder Impact

• **Shareholders of BNY Mellon High Yield Strategies Fund:** Provides transparency regarding a significant institutional holder, confirming a passive investment approach and no immediate intent to influence control.
• **Clients of First Trust entities (unit holders, managed account clients):** Confirms that First Trust entities are managing these assets in accordance with regulatory requirements and their stated investment strategies, ensuring compliance and disclosure.

Next Steps

• Ongoing compliance with SEC reporting requirements for beneficial ownership.
• Potential future amendments to Schedule 13G if the ownership percentage changes significantly or if the intent of the investment shifts from passive.

Key Dates

Keywords

BNY Mellon High Yield Strategies Fund, First Trust Portfolios, First Trust Advisors, The Charger Corporation, Schedule 13G, Beneficial Ownership, High Yield Fund, Investment Management, Unit Investment Trust, Closed-End Fund