SCHEDULE: First Trust Reports 21.07% Stake in Neuberger Berman Fund

First Trust entities, including First Trust Portfolios L.P. and First Trust Advisors L.P., reported a 21.07% beneficial ownership stake in Neuberger Berman High Yield Strategies Fund Inc. as of September 30, 2025.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly reported beneficial ownership of 5,463,038 common shares of Neuberger Berman High Yield Strategies Fund Inc.
• This ownership represents 21.07% of the issuer's class of common securities.
• The reporting persons hold shared dispositive power over all 5,463,038 shares but explicitly disclaim sole or shared voting power.
• The shares are primarily held by unit investment trusts sponsored by First Trust Portfolios L.P., with First Trust Advisors L.P. acting as portfolio supervisor for these trusts and investment advisor/sub-advisor for other investment vehicles.
• The Charger Corporation serves as the General Partner for both First Trust Portfolios L.P. and First Trust Advisors L.P.
• 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: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance or prospects. It is a routine compliance document.

Positives

• Neuberger Berman High Yield Strategies Fund Inc. has a significant institutional investor, First Trust entities, holding over 21% of its common shares, which can indicate stability and institutional confidence.

Negatives

• No explicit negatives are presented in this beneficial ownership report.

Risks

• The reporting persons, First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation, disclaim beneficial ownership of the shares, meaning they do not have direct voting power.
• Shares held by unit investment trusts are voted by the trustee, generally in proportion to other shareholders, which limits the reporting persons' direct influence on corporate governance.

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the issuer's financial performance or strategic direction.

Management Comments

• 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, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This filing reflects a significant institutional holding in a closed-end fund, a common practice where investment firms manage portfolios that include stakes in other publicly traded funds. The passive nature of the stake, as indicated by the 13G filing, suggests a portfolio investment rather than an activist position.

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 clear related-party structure among the reporting entities for this joint filing.

Stakeholder Impact

• Shareholders of Neuberger Berman High Yield Strategies Fund Inc. gain transparency regarding significant institutional ownership, which can contribute to market confidence.
• The structure of ownership through unit investment trusts, where voting power is held by trustees, ensures that the reporting entities do not exert direct control over the issuer's governance, maintaining a distributed voting influence.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership, indicating a passive investment stake by First Trust entities. It does not provide new fundamental information about the issuer's financial performance, strategic direction, or operational changes that would warrant a 'buy' or 'sell' recommendation. The certification explicitly states the investment is not for control purposes. Therefore, a 'hold' recommendation is appropriate as the filing itself does not alter the investment thesis for the stock.

Keywords

Beneficial Ownership, Schedule 13G, First Trust, Neuberger Berman, High Yield Strategies Fund, Institutional Investor, Common Stock, Investment Trust