XXXXX | Neuberger High Yield Strategies Fund

At least 80% of the Fund will be invested in below investment grade (high yield) debt securities (including corporate loans) of US and foreign issuers

The Fund may invest up to 20% of its managed assets in other securities

The Fund will attempt to maintain an average (dollar-weighted) portfolio quality of B/B to Ba/BB, with less than 20% of the Fund’s portfolio composed of securities rated Caa/CCC or lower

The Fund can utilize leverage through the issuance of preferred stock, privately placed notes and privately placed perpetual preferred shares