NHS - Neuberger High Yield Strategies Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 19, 2026

   First Trust Portfolios L.P. cut its stake to 19.4% (from 20.5%), as a passive investor.

   Original document →

2. July 14, 2026

   First Trust Portfolios L.P. cut its stake to 20.5% (from 22.1%), as a passive investor.

   Original document →

3. May 5, 2026

   Sit Investment now owns 13%, as a passive investor.

   Original document →

4. March 23, 2026

   The fund offered holders the right to buy more shares, until April 15, 2026.

   Original document →

5. Feb 27, 2026

   The fund offered holders the right to buy more shares.

   Original document →

About this fund

• Run by Neuberger Berman Investment Advisers LLC. Part of the Neuberger Berman fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $274 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 34% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 28% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 3.4% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 7 charge a lower management fee and 12 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.09 a share. $0.51 of that was income; $0.58 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $7.44. The shares traded at $7.52, about 1.1% above that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.09 in the fiscal year ended Oct 31, 2025; $1.09 in the year ended Oct 31, 2024; $1.09 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.58 in the year ended Oct 31, 2025; $0.57 in the year ended Oct 31, 2024; $0.52 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.39% a year in the fiscal year ended Oct 31, 2025; 4.14% a year in the year ended Oct 31, 2024; 6.08% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $233 million at Oct 31, 2025; $234 million at Oct 31, 2024; $194 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 31% on top of its own money at Oct 31, 2025; 27% at Oct 31, 2024; 36% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 31.4 million shares at Oct 31, 2025, up 21% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +5.8%, counting payouts; the holdings +9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +33.5%, counting payouts; the holdings +20.3%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -2%, counting payouts; the holdings -1%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -30.3%, counting payouts; the holdings -21.7%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +33.6%, counting payouts; the holdings +14.8%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +28.8%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $12,900 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -5.3%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 4 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (95%), the rest loans and cash and short-term holdings. About 87% issued in the U.S.

0.5% of holdings are in default.

1. Cash and short-term - 2.8%
2. 1261229 Bc - 1.1%
3. Mauser Packaging Solutions Holding - 1%
4. Meridian Arc Holdco LLC - 1%
5. SV RNO Property Owner 1 LLC - 0.9%
6. Clarios Global L.P./US Fin, Clarios Global LP / Clarios US Finance Co - 0.9%
7. Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC - 0.8%
8. Golar Lng - 0.8%
9. Centene - 0.8%
10. Equipmentshare.Com - 0.8%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →