SCHEDULE: First Trust Entities Report 19.77% Stake in PGIM High Yield Fund

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly disclose a 19.77% beneficial ownership in PGIM High Yield Bond Fund, Inc. through a Schedule 13G/A filing.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation have jointly filed an Amendment No. 7 to Schedule 13G.
• The reporting persons collectively beneficially own 6,584,070 shares of Common stock in PGIM High Yield Bond Fund, Inc.
• This aggregate amount represents 19.77% of the class of securities.
• The shares are primarily held in unit investment trusts sponsored by First Trust Portfolios L.P. and other investment vehicles where First Trust Advisors L.P. serves as investment advisor or sub-advisor.
• The reporting persons disclaim beneficial ownership of the shares, as voting power for the unit investment trusts is held by the trustee, and other shares are managed in various accounts.
• The Charger Corporation acts as the General Partner for both First Trust Portfolios L.P. and First Trust Advisors L.P.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership, providing no information that would inherently suggest positive or negative sentiment regarding the issuer's performance or outlook.

Industry Context

Schedule 13G filings are routine disclosures for passive investors who acquire more than 5% of a company's voting securities. Unlike Schedule 13D filings, a 13G indicates no intent to influence or change control of the issuer. This filing updates the ownership stake of First Trust entities in a high-yield bond fund, reflecting their ongoing role as investment managers and sponsors of various investment vehicles.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive ownership stakes in the fund, confirming the continued involvement of First Trust entities.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, PGIM High Yield Bond Fund, First Trust Portfolios, First Trust Advisors, The Charger Corporation, Investment Fund, Common Stock, Unit Investment Trusts