Fund Description: Neuberger Berman High Yield Strategies Fund, formerly Lehman Brothers/First Trust Income Opportunity Fund, is a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund's investment objective is to seek high total return (income plus capital appreciation). The Fund will pursue its investment objective by investing its assets primarily in high yield debt securities. FUND STRATEGY: Under normal market conditions, the Fund will invest at least 80% of its managed assets in below investment grade (high yield) debt securities (including corporate loans) of U.S. and foreign issuers. High yield debt securities are rated below investment grade by a nationally recognized statistical rating organization (for example, Ba or lower by Moody's or BB or lower by S&P or Fitch, or are unrated debt securities determined to be of comparable quality by the Fund's sub-adviser. Because the Fund's investments will be concentrated in high yield debt securities, an investment in the Fund will be subject to a high degree of risk. Below investment grade debt securities are commonly referred to as "high yield securities" or "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. To the extent not invested in high yield debt securities, the Fund may invest a portion of its assets (normally, not more than 20% of its Managed Assets) in other securities and financial instruments, including investment grade debt securities, equity securities and derivatives. It is anticipated that the Fund will issue preferred shares and borrow money to increase funds available for investment. This practice, which is known as leverage, is speculative and involves significant risks. FUND MANAGEMENT: Lehman Brothers Asset Management Inc. is the Fund's investment adviser. Lincoln Capital Fixed Income Management Company, LLC, an affiliate of Lehman Brothers Asset Management, will serve as the Fund's sub-adviser.