Filing Details

Accession Number:
0000902664-20-001851
Form Type:
13D Filing
Publication Date:
2020-04-21 08:50:19
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Saba Capital Management 0 4,389,449 0 4,389,449 4,389,449 22.5 2 14 TYPE OF REPORTING PERSON PN IA 1 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information. 2 The percentages used herein are calculated based upon 19,540,585 Common Shares outstanding as of 10 31 2019, as disclosed in the company s Certified Shareholder Report Form N-CSR filed 1 6 2020. CUSIP No. 64128C106 SCHEDULE 13D A Page 3 of 8 Pages 1 NAME OF REPORTING PERSON Boaz R. Weinstein 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 3 SEC USE ONLY 4 SOURCE OF FUNDS OO (see Item 3) 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER -0- 8 SHARED VOTING POWER 4,389,449 9 SOLE DISPOSITIVE POWER -0- 10 SHARED DISPOSITIVE POWER 4,389,449 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 4,389,449 3 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.5%
Boaz R. Weinstein 0 4,389,449 0 4,389,449 4,389,449 22.5%
Saba Capital Management GP 0 4,389,449 0 4,389,449 4,389,449
Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
 

Neuberger Berman High Yield Strategies Fund Inc.

(Name of Issuer)
 

Common Shares, $0.0001 par value

(Title of Class of Securities)
 

64128C106

(CUSIP Number)
 

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D’Angelo

(212) 542-4635

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

April 20, 2020

(Date of Event Which Requires Filing of This Statement)
 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

 

(Page 1 of 8 Pages)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO

ITEMS 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

4,389,449

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

4,389,449

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

4,389,4491

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

22.52

14

TYPE OF REPORTING PERSON

PN; IA

         

 

 

  

1 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

2 The percentages used herein are calculated based upon 19,540,585 Common Shares outstanding as of 10/31/2019, as disclosed in the company’s Certified Shareholder Report Form N-CSR filed 1/6/2020.

 

 

1

NAME OF REPORTING PERSON

Boaz R. Weinstein

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO

ITEMS 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

4,389,449

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

4,389,449

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

4,389,4493

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

22.5%4

14

TYPE OF REPORTING PERSON

IN

         

 

  

 

3 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

4 The percentages used herein are calculated based upon 19,540,585 Common Shares outstanding as of 10/31/2019, as disclosed in the company’s Certified Shareholder Report Form N-CSR filed 1/6/2020.

 

 

1

NAME OF REPORTING PERSON

Saba Capital Management GP, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO

ITEMS 2(d) or 2(e)

¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

4,389,449

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

4,389,449

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

4,389,4495

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

22.5%6

14

TYPE OF REPORTING PERSON

OO

         

 

5 A portion of the shares are held by Saba Closed-End Funds ETF, which will vote its shares pursuant to its Statement of Additional Information.

6 The percentages used herein are calculated based upon 19,540,585 Common Shares outstanding as of 10/31/2019, as disclosed in the company’s Certified Shareholder Report Form N-CSR filed 1/6/2020.

 

 

This Amendment No. 9 (“Amendment No. 9”) amends and supplements the statement on Schedule 13D filed with the SEC on March 1, 2019 (the “Original Schedule 13D”), as amended by Amendment No. 1 to the Original Schedule 13D filed with the SEC on March 8, 2019 (“Amendment No. 1”), Amendment No. 2 to the Original Schedule 13D filed with the SEC on March 18, 2019 (“Amendment No. 2”), Amendment No. 3 to the Original Schedule 13D filed with the SEC on April 2, 2019 (“Amendment No. 3”), Amendment No. 4 to the Original Schedule 13D filed with the SEC on April 11, 2019 (“Amendment No. 4”), Amendment No. 5 to the Original Schedule 13D filed with the SEC on April 12, 2019 (“Amendment No. 5”), Amendment No. 6 to the Original Schedule 13D filed with the SEC on February 3, 2020 (“Amendment No. 6”), Amendment No. 7 to the Original Schedule 13D filed with the SEC on March 6, 2020 (“Amendment No. 7”) and Amendment No. 8 to the Original Schedule 13D filed with the SEC on March 20, 2020 (“Amendment No. 8”, and together with this Amendment No. 9, the Original Schedule 13D, Amendment No 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment, No. 5, Amendment No. 6 and Amendment No. 7, the “Schedule 13D”), with respect to the shares of common stock, par value $0.0001 per share (the “Common Shares”), of Neuberger Berman High Yield Strategies Fund (the “Issuer”). This Amendment No. 9 amends Items 3, 4 and 5 as set forth below.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
Item 3 of the Schedule 13D is amended and restated as follows:
   
  Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors in the funds and accounts managed by Saba Capital and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein.  A total of $48,992,255 was paid to acquire the Common Shares reported herein.

 

Item 4. PURPOSE OF TRANSACTION
   
Item 4 of the Schedule 13D is amended and supplemented by the addition of the following:
 

 

  On April 20, 2020, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital Management, L.P., submitted to the Issuer a notice informing the Issuer of its intention to (i) present a proposal for a shareholder vote at the 2020 annual meeting of stockholders of the Issuer to consider the termination of the management agreement between the Issuer and its investment manager, Neuberger Berman Investment Advisers LLC; (ii) nominate for election David Basile, Stephen G. Flanagan, Frederic Gabriel and Christopher A Klepps to serve as Class III directors on the Board of Directors of the Issuer (the “Board”); and (iii) nominate for election Andrew Kellerman, Aditya Bindal and Peter Borish to serve as successors, pursuant to the Maryland Business Corporation Act, to the Board's Class II holdover directors.

 

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
Item 5 of the Schedule 13D is amended and restated as follows:
   
(a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used in this Schedule 13D/A are calculated based upon 19,540,585 Common Shares outstanding as of 10/31/2019, as disclosed in the Issuer’s Form N-CSR filed 1/6/2020.
   
(b)

See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. 

   
(c) The transactions in the Common Shares effected since the filing of Amendment No. 8 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
   
(d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.
   
(e) Not applicable.

 

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: April 21, 2020

 

 

 

  SABA CAPITAL Management, L.P.
   
   
  /s/ Michael D’Angelo
  Name: Michael D’Angelo
  Title: Chief Compliance Officer
   
  BOAZ R. WEINSTEIN
   
   
  /s/ Michael D’Angelo
  Name: Michael D’Angelo
  Title: Attorney-in-fact*
   

* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823.

 

Schedule A

 

This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by the Reporting Persons since the filing of Amendment No. 8. All transactions were effectuated in the open market through a broker.

 

Trade Date Common Shares
Purchased (Sold)
Price
4/16/20 16,998 9.52
4/15/20 43 9.60
4/3/20 20,000 8.28
4/2/20 48,960 8.52
4/1/20 8,939 8.37
3/31/20 19,418 8.65
3/30/20 14,499 8.51
3/25/20 719 7.72
3/24/20 3,852 7.36
3/23/20 1,500 7.16
3/20/20 20,300 7.82