Neuberger Berman Strategic Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on July 2, 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03802

NEUBERGER BERMAN INCOME FUNDS

(Exact Name of the Registrant as Specified in Charter)

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

Registrant’s telephone number, including area code: (212) 476-8800

Robert Conti, Chief Executive Officer and President

Neuberger Berman Income Funds

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: October 31, 2013

Date of reporting period: April 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

Neuberger Berman
Income Funds

Investor Class Shares
Trust Class Shares
Institutional Class Shares

Core Bond Fund

Floating Rate Income Fund

High Income Bond Fund

Municipal Intermediate Bond Fund

Class A Shares
Class C Shares
Class R3 Shares
Class R6 Shares

New York Municipal Income Fund

Short Duration Bond Fund

Short Duration High Income Fund

Strategic Income Fund

Semi-Annual Report

April 30, 2013

Contents

THE FUNDS

President's Letter

PORTFOLIO COMMENTARY

Core Bond Fund					2
Floating Rate Income Fund					4
High Income Bond Fund					7
Municipal Intermediate Bond Fund					9
New York Municipal Income Fund					11
Short Duration Bond Fund					13
Short Duration High Income Fund					15
Strategic Income Fund					17
FUND EXPENSE INFORMATION					23

SCHEDULE OF INVESTMENTS

Core Bond Fund					25
Floating Rate Income Fund					32
High Income Bond Fund					40
Municipal Intermediate Bond Fund					50
New York Municipal Income Fund					56
Short Duration Bond Fund					58
Short Duration High Income Fund					62
Strategic Income Fund					69
FINANCIAL STATEMENTS					100

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^_©2013 Neuberger Berman Management LLC. All rights reserved.

FINANCIAL HIGHLIGHTS (ALL CLASSES)/PER SHARE DATA

Core Bond Fund					126
Floating Rate Income Fund					128
High Income Bond Fund					128
Municipal Intermediate Bond Fund					130
New York Municipal Income Fund					132
Short Duration Bond Fund					134
Short Duration High Income Fund					136
Strategic Income Fund					136
Directory					143
Proxy Voting Policies and Procedures					144
Quarterly Portfolio Schedule					144
Board Consideration of the Management and Sub-Advisory Agreements					144

President's Letter

Dear Shareholder,

I am pleased to present this semi-annual shareholder report for the Neuberger Berman Income Funds. This report includes the new Neuberger Berman New York Municipal Income Fund, which was launched on March 11, 2013.

Co-managed by James Iselin and Blake Miller, Neuberger Berman New York Municipal Income Fund seeks to deliver high current income exempt from federal income tax and New York State and New York City personal income taxes by investing in a range of high-quality municipal securities. Total return is a secondary objective. We believe the Fund demonstrates our continued interest in providing relevant strategies to investors to help them achieve their long-term financial objectives.

Turning our attention to the fixed income market, most non-Treasury securities generally produced modest gains over the six months ended April 30, 2013. While some pundits expressed a view that Treasury security yields were unsustainably low, both short- and long-term rates were volatile during the period before ending slightly lower at the end of the six months. Falling short-term rates were partially due to the Federal Reserve's (the "Fed") vow to keep rates low until there was meaningful improvement in the labor market. Longer-term yields fell as a number of issues, including the November elections, the fiscal cliff and the European sovereign debt crisis caused investors to turn to the safety of U.S. Treasury securities on several occasions.

Despite several flights to quality, higher yielding non-Treasuries generated the best results during the reporting period. These securities were supported by overall solid investor demand as investors looked for ways to generate higher yields. This backdrop was typically beneficial for our Fixed Income Funds, as they were overweighted to non-Treasuries relative to their respective benchmarks.

Looking ahead, while the U.S. economy has grown in fits and starts in recent years, we believe it will continue to expand. That being said, we believe growth will likely be far from robust. Therefore, we anticipate inflation will remain well contained and the Fed will continue to maintain its accommodative monetary policy as the year progresses. In our view, this would be a positive backdrop for non-Treasuries given investors' ongoing quest for higher yields.

We believe our Fixed Income Funds are well positioned for such an environment, as they will likely continue to have overweight positions in non-Treasuries relative to their benchmarks. We also feel that overall demand for tax-free bonds will be solid given higher tax rates and their relatively attractive yields. As always, we will actively manage our Fixed Income Funds and proactively adjust their portfolios as we feel appropriate given evolving economic and investment conditions.

Thank you for your continued support and trust. We look forward to continue serving your investment needs in the years to come.

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Core Bond Fund Commentary

Neuberger Berman Core Bond Fund Institutional Class generated a 0.81% total return for the six months ended April 30, 2013, but underperformed its benchmark, the Barclays U.S. Aggregate Bond Index, which provided a 0.90% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Investors faced a number of uncertainties during the reporting period, including the potential impact of the fiscal cliff and sequestration. Mixed economic data and ongoing geopolitical issues impacted investor sentiment as well. Despite these challenges and periodic flights to quality, non-Treasuries posted positive returns during the period. Lower-quality securities generated the strongest results, as investors looked to generate incremental yield in the low interest rate environment. Also supporting non-Treasuries was ongoing monetary policy accommodation by the Federal Reserve (the "Fed"). Among the Fed's initiatives during the period was an extension of its open-ended program to purchase longer-term Treasuries and agency mortgage-backed securities. The Fed also vowed to keep the federal funds rate at a historically low level as long as the unemployment rate is above 6.5%, provided inflation remains well contained.

Detracting from results during the reporting period was the Fund's allocation to Treasury Inflation Protected Securities ("TIPS"). They underperformed the index as inflation expectations moderated given some weaker-than-expected economic data. The Fund's duration and yield curve positioning was also a drag on results. In contrast, the Fund's exposure to agency mortgage-backed securities ("MBS") was a positive for performance. Allocations to commercial mortgage-backed securities ("CMBS") and non-agency MBS were also beneficial for performance, as they were supported by generally solid investor demand. The Fund used long and short Treasury futures during the reporting period to assist in managing its duration positioning, which detracted from results.

Looking ahead, while a number of macro issues remain unresolved, we believe the economy has enough momentum to continue expanding, albeit at a below-trend pace. We anticipate the Fed will be true to its word and maintain an accommodative monetary policy as inflation should continue to remain benign. It is our belief that this backdrop will be supportive of fundamentals and demand for the spread sectors (i.e., those segments of the bond market where investors seek greater yield by undertaking the additional risks of investing in corporate or other securities not backed by the U.S. Treasury). As such, we anticipate adhering to our long-held strategy of overweighting the spread sectors as we feel it is appropriate for long-term investors.

Sincerely,

THANOS BARDAS, DAVID M. BROWN, ANDREW A. JOHNSON, THOMAS J. MARTHALER AND BRADLEY C. TANK
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Core Bond Fund

TICKER SYMBOLS

Investor Class				NCRIX
Institutional Class				NCRLX
Class A				NCRAX
Class C				NCRCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities					0.5%
Corporate Debt Securities					26.9
Mortgage-Backed Securities					47.1
U.S. Government Agency Securities					2.5
U.S. Treasury Securities					35.7
Short-Term Investments					5.1
Liabilities, less cash, receivables and other assets					(17.8)
Total					100.0%

PERFORMANCE HIGHLIGHTS²

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2013
	Date	04/30/2013			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class³	02/01/1997		0.61	%		4.03	%		6.87	%		5.01	%		5.65	%
Institutional Class³	10/01/1995		0.81	%		4.44	%		7.31	%		5.43	%		6.05	%
Class A⁴	12/20/2007		0.61	%		3.94	%		6.82	%		5.18	%		5.90	%
Class C⁴	12/20/2007		0.33	%		3.26	%		6.06	%		4.77	%		5.67	%
With Sales Charge
Class A⁴			-3.68	%		-0.49	%		5.89	%		4.72	%		5.64	%
Class C⁴			-0.65	%		2.26	%		6.06	%		4.77	%		5.67	%
Index
Barclays U.S. Aggregate Bond Index^1,14			0.90	%		3.68	%		5.72	%		5.04	%		6.13	%

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For more current performance data, please visit www.nb.com/performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Management LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

For the period ended April 30, 2013, the 30-day SEC yields were 2.35%, 2.75%, 2.24% and 1.60% for Investor Class, Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.11%, 2.58%, 2.03% and 1.43% for Investor Class, Institutional Class, Class A and Class C shares, respectively.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25% for Class A shares and the applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Floating Rate Income Fund Commentary

Neuberger Berman Floating Rate Income Fund Class A generated a 3.46% total return at NAV for the six months ended April 30, 2013, but underperformed its benchmark, the S&P/LSTA Leveraged Loan Index, which provided a 3.85% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The floating rate bank loan market generated solid results during the reporting period. Supporting the market were generally positive fundamentals, as corporate balance sheets were often flush with cash and defaults continued to be low. Against this backdrop, demand was generally strong as investors looked to generate incremental yield. The new issuance market remained robust during the reporting period. This was largely driven by refinancing activity, as issuers took advantage of low interest rates and extended their maturity profiles. For the six months ended April 30, 2013, B-rated securities in the index gained 3.70%, whereas BB-rated and CCC-rated securities returned 2.69% and 8.66%, respectively.

The Fund continued to allocate a portion of its assets in non-floating rate securities. We have the flexibility to allocate up to 20% of the portfolio in these securities, usually fixed-rate senior secured bonds, as they can help the Fund generate incremental yield. The Fund's non-floating rate allocation was between 5% and 6% during the period. This relatively low allocation is indicative of the fact that floating rate loan yields were relatively more attractive versus their non-floating rate counterparts.

We actively participated in the new issuance market by emphasizing securities in the primary rather than the secondary bank loan market due to the former's higher current yields. We also felt securities in the new issuance market provided better opportunities on a total return basis, as we identified loans in the primary market to issuers that had appropriate capital structures and that had positive operating momentum and relatively low leverage.

The Fund maintained its overweight to B-rated securities, relative to the benchmark, and underweight to CCC-rated securities during the reporting period. Elsewhere, we moved from an underweight to a modest overweight to BB-rated securities as we looked to upgrade the overall credit quality of the Fund. Our allocations to both B-rated and BB-rated securities were beneficial for results during the period, largely driven by strong security selection. However, our underweight to CCC-rated securities was not rewarded given their strong results.

From a sector perspective, security selection in chemicals, cable and financials was the largest contributor to performance. In contrast, security selection and an underweight in utilities, along with security selection in publishing and radio/TV, detracted the most from results during the reporting period.

We continue to have a positive outlook for the floating rate bank loan market. In our view, fundamentals remain strong and the corporate earnings environment is positive. While defaults have risen somewhat in recent months, they still remain well below their long-term annual average of 4%. We feel this trend will continue as we move through 2013. The technical backdrop, in our view, is also supportive for the market. Given continued elevated unemployment, we feel that the Federal Reserve's accommodative monetary policy will remain in place for the foreseeable future. Against this backdrop, we believe investor demand for floating rate loans should remain generally strong. It is our belief that the vast majority of performance in 2013 will continue to be driven by coupon payments.

While our view on the floating rate loan market is positive overall, several unresolved macro issues, including the economic weakness in Europe and geopolitical uncertainties elsewhere, could trigger periods of investor risk aversion. Even though these issues may not directly impact the fundamentals in the floating rate loan market, they could lead to short-term setbacks for the asset class.

Sincerely,

STEPHEN J. CASEY, ANN H. BENJAMIN, THOMAS P. O'REILLY AND JOSEPH P. LYNCH
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Floating Rate Income Fund

TICKER SYMBOLS

Institutional Class				NFIIX
Class A				NFIAX
Class C				NFICX

PORTFOLIO BY MATURITY DISTRIBUTION

(as a % of Total Investments)
Less than One Year					8.5%
One to less than Five Years					24.5
Five to less than Ten Years					67.0
Total					100.0%

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2013
	Date	04/30/2013			1 Year			Life of Fund
At NAV
Institutional Class⁵	12/30/2009		3.66	%		6.75	%		6.53	%
Class A	12/29/2009		3.46	%		6.35	%		6.11	%
Class C⁵	12/30/2009		3.07	%		5.55	%		5.37	%
With Sales Charge
Class A			-0.90	%		1.85	%		4.75	%
Class C⁵			2.07	%		4.55	%		5.37	%
Index
S&P/LSTA Leveraged Loan Index^1,14			3.85	%		7.76	%		7.27	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended April 30, 2013, the 30-day SEC yields were 3.84%, 3.31% and 2.71% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 3.69%, 3.16% and 2.55% for Institutional Class, Class A and Class C shares, respectively.

High Income Bond Fund Commentary

Neuberger Berman High Income Bond Fund Investor Class generated a 7.24% total return for the six months ended April 30, 2013, but lagged its benchmark, the BofA Merrill Lynch U.S. High Yield Master II Constrained Index, which provided a 7.26% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The high yield market generated strong results during the six-month reporting period, with the index posting positive returns during each month. As has been the case for much of the last year and a half, the overall market was supported by solid fundamentals and generally robust investor risk appetite. New high yield issuance remained strong, as issuers looked to take advantage of the low interest rate environment to reduce their borrowing costs and extend their maturity profiles. Against this backdrop, high yield defaults remained well below their historical average. Overall, the high yield market outperformed equal-duration Treasuries and lower-quality securities performed better than their higher-rated counterparts. For the six months ended April 30, 2013, CCC-rated (a relatively low rating) securities in the benchmark and BB-rated (rated higher) securities returned 10.93% and 5.64%, respectively.

Security selection in aggregate was beneficial for the Fund's performance relative to the index. The largest contributions came from our holdings in the chemicals, gaming and energy sectors. This was somewhat mitigated by security selection in the media-cable, health care, and food and drug retail sectors.

Sector positioning, overall, detracted from relative performance during the reporting period. In particular, overweights in printing and publishing and media-cable, relative to the benchmark, along with an underweight in banking, were negative for results. This was partially offset by our overweights in media-broadcast and technology and electronics, coupled with an underweight in aerospace defense.

In terms of the Fund's positioning from a ratings perspective, we maintained an overweight to BB-rated securities and an underweight to B-rated securities, relative to the benchmark. Elsewhere, we moved from an underweight to a neutral weighting to CCC-rated securities. Our BB overweight detracted from results, but this was more than offset by strong security selection in that ratings category. Positive security selection among our B-rated and CCC-rated holdings was also beneficial for results.

We made several adjustments to the portfolio during the reporting period. In addition to increasing the Fund's CCC allocation, we modestly pared its exposure to BB-rated securities. Elsewhere, we reduced the Fund's out-of-index allocation to bank loans from approximately 13% to 6% of the portfolio, as we found the bank loan market to be less attractive from a valuation perspective given its strong rally in the first quarter of 2013. Additionally, from a sector perspective, we reduced our overweight to energy and further added to our overweight in gaming.

We continue to have a generally positive outlook for the high yield market. In our view, fundamentals continue to be solid, with corporate balance sheets that are by and large flush with cash. Furthermore, high yield defaults have recently been lower than their historic average, a trend that we believe will continue. While recent data from certain economic indicators was far less than robust, we feel that the economy has enough momentum to continue expanding, albeit at a modest pace. We also believe inflation will remain benign and the Federal Reserve will be true to its word and maintain an accommodative monetary policy for the foreseeable future. It is our belief that this backdrop could lead to generally solid investor demand, which could be supportive of the overall high yield bond market going forward. That being said, given a number of unresolved macro issues, there could be periods of increased market volatility.

Sincerely,

ANN H. BENJAMIN, THOMAS P. O'REILLY AND RUSS COVODE
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

High Income Bond Fund

TICKER SYMBOLS

Investor Class				NHINX
Institutional Class				NHILX
Class A				NHIAX
Class C				NHICX
Class R3				NHIRX
Class R6				NRHIX

PORTFOLIO BY MATURITY DISTRIBUTION

(as a % of Total Investments)
Less than One Year					4.9%
One to less than Five Years					20.8
Five to less than Ten Years					68.2
Ten Years or Greater					6.1
Total					100.0%

PERFORMANCE HIGHLIGHTS⁶

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2013
	Date	04/30/2013			1 Year			5 Years			10 Years			Life of Fund
At NAV					��
Investor Class⁷	02/01/1992		7.24	%		13.29	%		11.29	%		8.43	%		8.36	%
Institutional Class⁸	05/27/2009		7.31	%		13.57	%		11.49	%		8.52	%		8.41	%
Class A⁸	05/27/2009		7.11	%		13.02	%		11.10	%		8.33	%		8.32	%
Class C⁸	05/27/2009		6.71	%		12.29	%		10.48	%		8.03	%		8.17	%
Class R3⁸	05/27/2009		6.98	%		12.86	%		10.91	%		8.24	%		8.27	%
Class R6⁸	03/15/2013		7.15	%		13.20	%		11.27	%		8.42	%		8.36	%
With Sales Charge
Class A⁸			2.55	%		8.21	%		10.14	%		7.86	%		8.09	%
Class C⁸			5.71	%		11.29	%		10.48	%		8.03	%		8.17	%
Index
BofA Merrill Lynch U.S. High Yield Master II Constrained Index^1,14			7.26	%		14.01	%		10.98	%		9.53	%		N/A

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended April 30, 2013, the 30-day SEC yields were 4.44%, 4.58%, 4.02%, 3.46%, 3.96% and 4.65% for Investor Class, Institutional Class, Class A, Class C, Class R3 and Class R6 shares, respectively.

Municipal Intermediate Bond Fund Commentary

Neuberger Berman Municipal Intermediate Bond Fund Investor Class generated a 1.56% total return for the six months ended April 30, 2013 and outperformed its benchmark, the Barclays 7-Year General Obligation Index, which provided a 1.17% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite several periods of weakness, the municipal market posted a positive return during the six months ended April 30, 2013. The market initially performed well due to relatively modest supply and robust demand. However, municipal bonds in general experienced a setback in late 2012 due to uncertainties surrounding their tax-favored status amid the fiscal cliff negotiations. The market then rallied in January and February of 2013 as no changes were made to the tax-exempt status of municipal bonds. However, as is often the case, the municipal market sold off in March. This was triggered by an increase in supply, coupled with weaker demand as investors sold municipal bonds to meet their tax obligations. The market then ended the period on a positive note, as it generated solid results in April as demand resumed post tax season. Looking at the municipal market more closely, lower-quality securities outperformed their higher-quality counterparts as investors looked to generate incremental yield. The intermediate portion of the municipal curve produced strong results, outperforming its shorter-term counterparts.

We tactically adjusted the Fund's duration during the reporting period. We started the period with a long duration versus the index and then allowed it to shorten somewhat in the first quarter of 2013 given expected weakness during tax season. We then extended the Fund's duration post tax season and maintained this position for the remainder of the six-month term. Overall, duration was a positive for performance. In terms of the Fund's yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Fund's benchmark is concentrated in the intermediate range (six- to eight-year portion of the curve). The 10-year range of the curve was among the better performing areas over the reporting period. Given our overweight in the 10-year range relative to the benchmark, yield curve positioning added to relative results.

The Fund's higher-quality bias produced mixed results. Having only a small allocation to lower-rated BBB municipal bonds, including no exposure to the tobacco sector, was a drag on performance. However, this was partially offset by having an underweight to Puerto Rico, as it generated weak results given a rating downgrade in late 2012. Security selection in other territories contributed to results during the period.

We have a generally positive outlook for the municipal market. The municipal yield curve remains steep from a historical perspective and it is attractively valued versus U.S. Treasuries and other taxable fixed income securities. Furthermore, with unemployment remaining elevated, we anticipate the Federal Reserve will likely keep rates at their current ultra-low range for the foreseeable future. Given what we see as their compelling valuations versus other higher-quality fixed income securities, coupled with higher tax rates for upper income households, we anticipate demand for municipal bonds could be solid overall.

That being said, while no changes were made during the tax hike phase of the fiscal cliff negotiations, the tax-favored status of municipal bonds could again be on the table during discussions regarding federal government spending cuts. Against this backdrop, we could see periods of volatility in the municipal market going forward.

Sincerely,

JAMES L. ISELIN AND S. BLAKE MILLER
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Municipal Intermediate Bond Fund

TICKER SYMBOLS

Investor Class				NMUIX
Institutional Class				NMNLX
Class A				NMNAX
Class C				NMNCX

PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Investments)
Arizona					1.7%
Arkansas					1.9
California					10.2
Colorado					3.3
Connecticut					1.2
Delaware					0.1
District of Columbia					1.9
Florida					10.3
Georgia					2.6
Illinois					5.8
Indiana					3.6
Kansas					0.5
Louisiana					1.8
Maryland					0.6
Massachusetts					3.5
Michigan					0.8
Minnesota					0.5
Mississippi					2.4
Missouri					0.9
Nebraska					0.9
Nevada					0.5
New Jersey					5.2
New Mexico					0.5
New York					6.6
North Carolina					1.6
Ohio					3.1
Oregon					0.4
Pennsylvania					3.6
Puerto Rico					1.4
Rhode Island					1.6
South Carolina					3.8
Tennessee					2.9
Texas					9.7
Virginia					3.1
Washington					1.5
Total					100.0%

PERFORMANCE HIGHLIGHTS¹⁰

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2013
	Date	04/30/2013			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	07/09/1987		1.56	%		4.21	%		5.06	%		3.76	%		5.22	%
Institutional Class¹¹	06/21/2010		1.64	%		4.37	%		5.13	%		3.80	%		5.24	%
Class A¹¹	06/21/2010		1.45	%		3.99	%		4.91	%		3.69	%		5.19	%
Class C¹¹	06/21/2010		1.08	%		3.21	%		4.46	%		3.47	%		5.11	%
With Sales Charge
Class A¹¹			-2.89	%		-0.45	%		4.00	%		3.24	%		5.02	%
Class C¹¹			0.08	%		2.21	%		4.46	%		3.47	%		5.11	%
Index
Barclays 7-Year GO Index^1,14			1.17	%		3.61	%		6.02	%		4.98	%		6.14	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended April 30, 2013, the 30-day SEC yields were 1.34%, 1.49%, 1.07% and 0.38% for Investor Class, Institutional Class, Class A and Class C shares, respectively. The tax-equivalent yields were 2.37%, 2.63%, 1.89% and 0.67% for Investor Class, Institutional Class, Class A and Class C shares, respectively, for a shareholder in the highest federal income tax bracket (39.6% plus 3.8% Medicare contribution tax).⁹ Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 1.18%, 1.33%, 0.93% and 0.27% for Investor Class, Institutional Class, Class A and Class C shares, respectively.

New York Municipal Income Fund Commentary

Neuberger Berman New York Municipal Income Fund, which was launched on March 11, 2013, seeks high current income exempt from federal income tax and New York State and New York City personal income taxes by investing in a range of high-quality municipal securities. Total return is a secondary objective. The Fund normally invests at least 80% of its net assets in securities issued by the State of New York, any of its political subdivisions, agencies, or instrumentalities, or by U.S. territories and possessions, such as Guam, the U.S. Virgin Islands and Puerto Rico.

Neuberger Berman New York Municipal Income Fund Institutional Class generated a 0.95% total return for the period from its inception on March 11, 2013 through April 30, 2013. During this same time period, its benchmark, the Barclays 7-Year General Obligation Index, provided a 1.19% return.

Despite some initial weakness, the municipal market posted a positive return during the seven-week reporting period (since the Fund's launch). As is often the case, the market sold off in March. This was triggered by an increase in supply, coupled with weaker demand as investors sold municipal bonds to meet their tax obligations. The market then ended the period on a positive note, as it generated solid results in April as demand resumed post tax season.

We adjusted the Fund's duration during the reporting period to bring it closer in line with that of its benchmark. While the Fund maintained a short duration, we extended it somewhat and took advantage of seasonal weakness during tax season. Having a short duration was a modest detractor from results during the market's rally in April. In terms of the Fund's yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Fund's benchmark is concentrated in the intermediate range (six- to eight-year portion of the curve). Yield curve positioning did not meaningfully impact results during the period.

The Fund's positioning from a quality perspective was similar to that of the benchmark and, as such, it did not significantly help or hurt its relative performance. Elsewhere, security selection was positive for results during the period.

Sincerely,

JAMES L. ISELIN AND S. BLAKE MILLER
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

New York Municipal Income Fund

TICKER SYMBOLS

Institutional Class

NMIIX

PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Investments)
New York					98.4%
Puerto Rico					1.6
Total					100.0%

PERFORMANCE HIGHLIGHTS¹⁰

	Inception Date	Cumulative Total Return Ended 04/30/2013 Life of Fund
At NAV
Institutional Class	03/11/2013¹⁶		0.95	%
Index
Barclays 7-Year GO Index^1,14			1.19	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Management LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during the period shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

For the period ended April 30, 2013, the 30-day SEC yield was 0.56% for Institutional Class. The tax-equivalent yield was 0.99% for Institutional Class for a shareholder in the highest federal income tax bracket (39.6% plus 3.8% Medicare contribution tax).⁹

Short Duration Bond Fund Commentary

Neuberger Berman Short Duration Bond Fund Investor Class generated a 1.01% total return for the six months ended April 30, 2013 and outperformed its benchmark, the Barclays 1-3 Year U.S. Government/Credit Index, which provided a 0.48% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's overweight to non-Treasuries, relative to the benchmark, was the largest driver of its performance during the reporting period. The largest contributors to results were the Fund's exposures to non-agency mortgage-backed securities ("MBS") and commercial mortgage-backed securities ("CMBS"). The Fund's allocation to investment grade corporate bonds was also beneficial, albeit to a lesser extent. In all three cases, these sectors were supported by generally robust investor demand. There were no significant detractors from results during the period.

There were several adjustments made to the portfolio from a sector perspective. We reduced the Fund's allocation to Treasuries and increased our exposures to investment grade corporate bonds, lower coupon 15-year agency MBS, CMBS and floating rate asset-backed securities ("ABS"). Within the investment grade corporate bond market, we actively participated in the new issuance market, initiating new positions as well as extending the maturities of companies that we found to be attractive.

Looking ahead, while a number of macro issues remain unresolved, we believe the economy has enough momentum to continue expanding, albeit at a below-trend pace. We anticipate the Fed will be true to its word and maintain an accommodative monetary policy as inflation should continue to remain benign. It is our belief that this backdrop will be supportive of fundamentals and demand for the spread sectors (i.e., those segments of the bond market where investors seek greater yield by undertaking the additional risks of investing in corporate and other securities not backed by the U.S. Treasury). As such, we anticipate adhering to our long-held strategy of overweighting the spread sectors as we feel it is appropriate for long-term investors.

Sincerely,

THOMAS SONTAG, MICHAEL FOSTER AND RICHARD GRAU
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Short Duration Bond Fund

TICKER SYMBOLS

Investor Class				NSBIX
Trust Class				NSBTX
Institutional Class				NSHLX
Class A				NSHAX
Class C				NSHCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities					15.7%
Corporate Debt Securities					41.2
Mortgage-Backed Securities					29.8
U.S. Treasury Securities					12.3
Short-Term Investments					2.5
Liabilities, less cash, receivables and other assets					(1.5)
Total					100.0%

PERFORMANCE HIGHLIGHTS¹⁵

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2013
	Date	04/30/2013			1 Year			5 Years			10 Years			Life of Fund
At NAV
Investor Class	06/09/1986		1.01	%		2.65	%		2.15	%		1.95	%		4.72	%
Trust Class¹²	08/30/1993		0.84	%		2.60	%		2.03	%		1.85	%		4.65	%
Institutional Class¹²	06/21/2010		0.99	%		2.86	%		2.24	%		1.99	%		4.74	%
Class A¹²	06/21/2010		0.94	%		2.53	%		2.03	%		1.89	%		4.70	%
Class C¹²	06/21/2010		0.44	%		1.76	%		1.60	%		1.67	%		4.61	%
With Sales Charge
Class A¹²			-1.63	%		0.02	%		1.52	%		1.63	%		4.60	%
Class C¹²			-0.56	%		0.76	%		1.60	%		1.67	%		4.61	%
Index
Barclays 1-3 Year U.S. Government/Credit Index^1,14			0.48%			1.04%			2.52%			3.03%			5.56%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended April 30, 2013, the 30-day SEC yields were 0.60%, 0.51%, 0.80%, 0.42% and 0.00% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 0.15%, 0.00%, 0.34%, 0.00% and 0.00% for Investor Class, Trust Class, Institutional Class, Class A and Class C shares, respectively.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 2.50% for Class A shares and the applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Short Duration High Income Fund Commentary

Neuberger Berman Short Duration High Income Fund Institutional Class generated a 4.87% total return for the six months ended April 30, 2013, but lagged its benchmark, the BofA Merrill Lynch 0-5 Year BB-B U.S. High Yield Constrained Index, which provided a 4.98% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

For the Fund, the sectors that were the most beneficial to absolute performance during the reporting period were energy, technology, electronics and telecommunications. While no sectors detracted from absolute performance, those adding the least value were aerospace defense, food, beverage and tobacco, as well as transportation ex-air and rail.

From a quality perspective, approximately 87% of the portfolio was held in securities rated B and BB. If we had allocated a larger portion of the portfolio to securities rated CCC, we would have further enhanced the Fund's absolute performance, as this portion of the market outperformed both B- and BB-rated securities, although that move would have increased the risk in the portfolio.

Sincerely,

ANN H. BENJAMIN, THOMAS P. O'REILLY AND RUSS COVODE
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Short Duration High Income Fund

TICKER SYMBOLS

Institutional Class				NHSIX
Class A				NHSAX
Class C				NHSCX

PORTFOLIO BY MATURITY DISTRIBUTION

(as a % of Total Investments)
Less than One Year					4.1%
One to less than Five Years					59.4
Five to less than Ten Years					36.5
Total					100.0%

PERFORMANCE HIGHLIGHTS

	Inception Date	Six Month Period Ended 04/30/2013			Cumulative Total Return Ended 04/30/2013 Life of Fund
At NAV
Institutional Class	09/28/2012		4.87	%		5.28	%
Class A	09/28/2012		4.68	%		5.06	%
Class C	09/28/2012		4.29	%		4.61	%
With Sales Charge
Class A			0.28	%		0.63	%
Class C			3.29	%		3.61	%
Index
BofA Merrill Lynch 0-5 Year BB-B U.S. High Yield Constrained Index^1,14			4.98	%		6.11	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended April 30, 2013, the 30-day SEC yields were 2.97%, 2.48% and 1.86% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 1.95%, 0.00% and 0.00% for Institutional Class, Class A and Class C shares, respectively.

Strategic Income Fund Commentary

Neuberger Berman Strategic Income Fund Institutional Class generated a 3.15% total return for the six months ended April 30, 2013 and outperformed its benchmark, the Barclays U.S. Aggregate Bond Index, which provided a 0.90% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Contributing to the Fund's performance during the reporting period were its allocations to high yield corporate bonds, bank loans, non-agency mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS") and emerging market debt. In each case, they were supported by generally solid investor demand. The Fund's duration and yield curve positioning, as well as its allocation to Treasury Inflation Protected Securities ("TIPS"), detracted from results. TIPS underperformed the index as inflation expectations moderated given some weaker-than-expected economic data. The Fund's exposure to agency MBS was also a modest drag on results. The Fund used long and short Treasury and interest rate futures during the reporting period to assist in managing its duration positioning, which detracted from results.

There were no significant changes to the portfolio during the reporting period. However, we attempted to reduce the Fund's overall risk exposure by upgrading the quality of the investment grade corporate bond exposure in the portfolio. We also pared the Fund's high yield corporate bond exposure and increased our allocation to bank loans, the latter of which is relatively higher in the capital structure.

Looking ahead, while a number of macro issues remain unresolved, we believe the economy has enough momentum to continue expanding, albeit at a below-trend pace. We anticipate the Fed will be true to its word and maintain an accommodative monetary policy as inflation should continue to remain benign. It is our belief that this backdrop will be supportive of fundamentals and demand for the spread sectors (i.e., those segments of the bond market where investors seek greater yield by undertaking the additional risks of investing in corporate and other securities not backed by the U.S. Treasury). As such, we anticipate adhering to our long-held strategy of overweighting the spread sectors as we feel it is appropriate for long-term investors.

Sincerely,

THANOS BARDAS, DAVID M. BROWN, ANDREW A. JOHNSON, THOMAS J. MARTHALER AND BRADLEY C. TANK
PORTFOLIO CO-MANAGERS

Information about the principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Strategic Income Fund

TICKER SYMBOLS

Trust Class				NSTTX
Institutional Class				NSTLX
Class A				NSTAX
Class C				NSTCX
Class R6				NRSIX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities					7.8%
Corporate Debt Securities					35.9
Bank Loan Obligations					18.0
Government Securities					6.5
Mortgage-Backed Securities					38.6
U.S. Government Agency Securities					2.0
U.S. Treasury Securities					9.3
Short-Term Investments					4.5
Liabilities, less cash, receivables and other assets					(22.6)
Total					100.0%

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/302013
	Date	04/30/2013			1 Year			5 Years			Life of Fund
At NAV
Trust Class¹³	04/02/2007		2.97	%		9.42	%		9.25	%		8.40	%
Institutional Class	07/11/2003		3.15	%		9.80	%		9.64	%		8.63	%
Class A¹³	12/20/2007		2.94	%		9.36	%		9.21	%		8.39	%
Class C¹³	12/20/2007		2.59	%		8.60	%		8.42	%		7.97	%
Class R6¹³	03/15/2013		3.16	%		9.81	%		9.64	%		8.63	%
With Sales Charge
Class A¹³			-1.45	%		4.68	%		8.27	%		7.92	%
Class C¹³			1.59	%		7.60	%		8.42	%		7.97	%
Index
Barclays U.S. Aggregate Bond Index^1,14			0.90	%		3.68	%		5.72	%		5.00	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Because the Fund had a different goal and strategy, which included managing assets by an asset allocation committee, prior to February 29, 2008, its performance during that time might have been different if current policies had been in effect.

For the period ended April 30, 2013, the 30-day SEC yields were 3.19%, 3.54%, 3.01%, 2.44% and 3.61% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 3.08%, 3.43%, 2.90%, 2.31% and 3.50% for Trust Class, Institutional Class, Class A, Class C and Class R6 shares, respectively.

Endnotes

1 Please see "Glossary of Indices" on page 21 for a description of indices. Please note that indices do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of an index is prepared or obtained by Neuberger Berman Management LLC ("Management") and reflects the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and may not invest in all securities included in a described index.

2 The performance information for periods prior to June 13, 2005, is that of the Fund's predecessor, Ariel Premier Bond Fund ("Ariel Fund"). The investment policies, guidelines and restrictions of the Fund are in all material respects equivalent to those of Ariel Fund. Returns would have been lower if Ariel Fund's manager had not waived certain of its fees during these periods.

3 The performance information for Institutional Class is that of Ariel Fund Institutional Class for the period October 1, 1995 (inception date) through June 10, 2005. The performance information for Investor Class is that of Ariel Fund Institutional Class for the period October 1, 1995 through January 31, 1997 (the period prior to the Investor Class' inception date), and that of Ariel Fund Investor Class for the period February 1, 1997 through June 10, 2005. Ariel Fund Institutional Class had lower expenses and typically higher returns than Ariel Fund Investor Class.

4 The performance information for Class A and Class C prior to the classes' inception date is that of the Institutional Class of Neuberger Berman Core Bond Fund (please see Endnote 3). The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees).The Institutional Class has lower expenses and typically higher returns than Class A and Class C.

5 The performance information for Institutional Class and Class C prior to each respective class' inception date is that of Class A of Neuberger Berman Floating Rate Income Fund. The performance information (at NAV) of Class A has been adjusted to reflect the appropriate sales charge applicable to Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). Class A has higher expenses and typically lower returns (at NAV) than Institutional Class. Class A has lower expenses and typically higher returns (at NAV) than Class C.

6 The performance information for the period April 1, 1996 through September 6, 2002, is that of the Fund's predecessor, Lipper High Income Bond Fund ("Lipper Fund"), and the performance information for the period February 1, 1992 through March 31, 1996, is that of Lipper Fund's predecessor partnership. The investment policies, objectives, guidelines and restrictions of the Fund are in all material respects equivalent to those of Lipper Fund, and the investment policies, objectives, guidelines and restrictions of Lipper Fund were in all material respects equivalent to those of its predecessor partnership. As mutual funds registered under the Investment Company Act of 1940 ("1940 Act"), the Fund is, and Lipper Fund was, subject to certain restrictions under the 1940 Act and the Internal Revenue Code ("Code") to which Lipper Fund's predecessor partnership was not subject. Had Lipper Fund's predecessor partnership been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, its investment performance may have been adversely affected. Returns would have been lower if Lipper Fund's manager had not waived certain of its fees during these periods.

7 The performance information for Investor Class is that of Lipper Fund Premier Class for the period April 1, 1996 through September 6, 2002, and that of Lipper Fund's predecessor partnership for the period February 1, 1992 (inception date) through March 31, 1996.

8 The performance information for Institutional Class, Class A, Class C, Class R3 and Class R6 prior to the classes' inception date is that of the Investor Class of Neuberger Berman High Income Bond Fund (please see Endnote 7). The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges

applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A, Class C and Class R3. The Investor Class has higher expenses and typically lower returns than Institutional Class and Class R6.

9 Tax-equivalent effective yield is the taxable effective yield that a shareholder would have had to receive in order to realize the same level of yield after federal income taxes at the highest federal tax rate, currently 39.6% plus the 3.8% Medicare contribution tax, assuming that all of the Fund's income is exempt from federal income taxes.

10 A portion of the Fund's income may be a tax preference item for purposes of the federal alternative minimum tax for certain shareholders.

11 The performance information for Institutional Class, Class A and Class C prior to the classes' inception date is that of the Investor Class of Neuberger Berman Municipal Intermediate Bond Fund. The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Class A and Class C. The Investor Class has higher expenses and typically lower returns than Institutional Class.

12 The performance information for Trust Class, Institutional Class, Class A and Class C prior to the classes' respective inception dates is that of the Investor Class of Neuberger Berman Short Duration Bond Fund. The performance information of the Investor Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Investor Class has lower expenses and typically higher returns than Trust Class, Class A and Class C. The Investor Class has higher expenses and typically lower returns than Institutional Class.

13 The performance information for Trust Class, Class A, Class C and Class R6 prior to the classes' respective inception dates is that of the Institutional Class of Neuberger Berman Strategic Income Fund. The performance information of the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A and Class C shares, but has not been adjusted to take into account differences in class specific operating expenses (such as 12b-1 fees). The Institutional Class has lower expenses and typically higher returns than Trust Class, Class A and Class C. Class R6 has lower expenses and typically higher returns than Institutional Class.

14 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

15 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from the other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

16 This date reflects when Management first became the investment manager to the Fund.

For more complete information on any of the Neuberger Berman Income Funds, call Neuberger Berman Management LLC at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices

Barclays 1-3 Year U.S. Government/Credit Index:				An unmanaged index that includes all bonds in the U.S. Government/Credit Index with at least one to three years to maturity. The U.S. Government/Credit Index includes all securities in the Government and Credit Indices. The Government Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. All bonds in the index must meet the following additional criteria: must have at least one year to final maturity regardless of call features; must have at least $250 million par amount outstanding; must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Standard & Poor's, Moody's Investors Services, Inc., and Fitch, Inc.; must be fixed rate; must be dollar-denominated and non-convertible; and must be publicly issued.
Barclays 7-Year General Obligation Index:				An unmanaged total return performance benchmark for the 7-year (6-8) maturity component of the Barclays General Obligation ("G.O.") Index, which tracks the performance of the investment-grade G.O. (state and local) tax-exempt bond market.
Barclays U.S. Aggregate Bond Index:				An unmanaged index that represents the U.S. domestic investment grade bond market. It is comprised of the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million. Asset backed securities must have at least $500 million deal size and $25 million tranche size. For commercial mortgage-backed securities, the original transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the current outstanding transaction size must be at least $300 million to remain in the index.
S&P/LSTA Leveraged Loan Index:				A daily total return index that uses Loan Syndications and Trading Association (LSTA)/Loan Pricing Corporation (LPC) mark-to-market pricing to calculate market value change. On a real-time basis, the Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The Index represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers.
BofA Merrill Lynch U.S. High Yield Master II Constrained Index:				An unmanaged market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Qualifying bonds must have at least one year remaining to maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. Qualifying bonds are capitalization weighted provided the total allocation to an individual issuer does not exceed 2%.

BofA Merrill Lynch 0-5 Year BB-B U.S. High Yield Constrained Index:

An unmanaged index that tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have less than five years remaining term to final maturity, be rated BB1 through B3, inclusive, based on an average of Moody's, S&P and Fitch, have a fixed coupon schedule and a minimum amount outstanding of $100 million. Original issue zero coupon bonds, 144a securities, both with and without registration rights, and pay-in-kind securities, including toggle notes, qualify for inclusion in the Index. Eurodollar bonds (USD bonds not issued in the U.S. domestic market), taxable and tax-exempt U.S. municipal, warrant-bearing, DRD-eligible and defaulted securities are excluded from the Index. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rate basis.

Information About Your Fund's Expenses (Unaudited)

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended April 30, 2013 and held for the entire period. The table illustrates each Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as sales charges (loads) (if applicable). Therefore, the information under the heading "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Information as of 4/30/2013 (Unaudited)

Neuberger Berman Income Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽⁴⁾
	Beginning Account Value 11/1/12		Ending Account Value 4/30/13		Expenses Paid During the Period⁽¹⁾11/1/12 - 4/30/13			Expense Ratio			Beginning Account Value 11/1/12		Ending Account Value 4/30/13		Expenses Paid During the Period⁽¹⁾11/1/12 - 4/30/13		Expense Ratio
Neuberger Berman Core Bond Fund
Investor Class	$	1,000.00	$	1,006.10	$	4.23			.85	%	$	1,000.00	$	1,020.58	$	4.26		.85	%
Institutional Class	$	1,000.00	$	1,008.10	$	2.24			.45	%	$	1,000.00	$	1,022.56	$	2.26		.45	%
Class A	$	1,000.00	$	1,006.10	$	4.23			.85	%	$	1,000.00	$	1,020.58	$	4.26		.85	%
Class C	$	1,000.00	$	1,003.30	$	7.95			1.60	%	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Neuberger Berman Floating Rate Income Fund
Institutional Class	$	1,000.00	$	1,036.60	$	3.53			.70	%	$	1,000.00	$	1,021.32	$	3.51		.70	%
Class A	$	1,000.00	$	1,034.60	$	5.40			1.07	%	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C	$	1,000.00	$	1,030.70	$	9.16			1.82	%	$	1,000.00	$	1,015.77	$	9.10		1.82	%
Neuberger Berman High Income Bond Fund
Investor Class	$	1,000.00	$	1,072.40	$	4.37			.85	%	$	1,000.00	$	1,020.58	$	4.26		.85	%
Institutional Class	$	1,000.00	$	1,073.10	$	3.60			.70	%	$	1,000.00	$	1,021.32	$	3.51		.70	%
Class A	$	1,000.00	$	1,071.10	$	5.60			1.09	%	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class C	$	1,000.00	$	1,067.10	$	9.38			1.83	%	$	1,000.00	$	1,015.72	$	9.15		1.83	%
Class R3	$	1,000.00	$	1,069.80	$	6.83			1.33	%	$	1,000.00	$	1,018.20	$	6.66		1.33	%
Class R6	$	1,000.00	$	1,024.50	$	0.85	⁽²⁾		.65	%	$	1,000.00	$	1,021.57	$	3.26		.65	%
Neuberger Berman Municipal Intermediate Bond Fund
Investor Class	$	1,000.00	$	1,015.60	$	3.25			.65	%	$	1,000.00	$	1,021.57	$	3.26		.65	%
Institutional Class	$	1,000.00	$	1,016.40	$	2.50			.50	%	$	1,000.00	$	1,022.32	$	2.51		.50	%
Class A	$	1,000.00	$	1,014.50	$	4.35			.87	%	$	1,000.00	$	1,020.48	$	4.36		.87	%
Class C	$	1,000.00	$	1,010.80	$	8.08			1.62	%	$	1,000.00	$	1,016.76	$	8.10		1.62	%
Neuberger Berman New York Municipal Income Fund
Institutional Class	$	1,000.00	$	1,006.00	$	1.59	⁽³⁾		.95	%	$	1,000.00	$	1,020.08	$	4.76		.95	%
Neuberger Berman Short Duration Bond Fund
Investor Class	$	1,000.00	$	1,010.10	$	3.49			.70	%	$	1,000.00	$	1,021.32	$	3.51		.70	%
Trust Class	$	1,000.00	$	1,008.40	$	3.98			.80	%	$	1,000.00	$	1,020.83	$	4.01		.80	%
Institutional Class	$	1,000.00	$	1,009.90	$	2.49			.50	%	$	1,000.00	$	1,022.32	$	2.51		.50	%
Class A	$	1,000.00	$	1,009.40	$	4.33			.87	%	$	1,000.00	$	1,020.48	$	4.36		.87	%
Class C	$	1,000.00	$	1,004.40	$	8.05			1.62	%	$	1,000.00	$	1,016.76	$	8.10		1.62	%
Neuberger Berman Short Duration High Income Fund
Institutional Class	$	1,000.00	$	1,048.70	$	3.81			.75	%	$	1,000.00	$	1,021.08	$	3.76		.75	%
Class A	$	1,000.00	$	1,046.80	$	5.68			1.12	%	$	1,000.00	$	1,019.24	$	5.61		1.12	%
Class C	$	1,000.00	$	1,042.90	$	9.47			1.87	%	$	1,000.00	$	1,015.52	$	9.35		1.87	%
Neuberger Berman Strategic Income Fund
Trust Class	$	1,000.00	$	1,029.70	$	5.54			1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class	$	1,000.00	$	1,031.50	$	3.78			.75	%	$	1,000.00	$	1,021.08	$	3.76		.75	%
Class A	$	1,000.00	$	1,029.40	$	5.79			1.15	%	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Class C	$	1,000.00	$	1,025.90	$	9.29			1.85	%	$	1,000.00	$	1,015.62	$	9.25		1.85	%
Class R6	$	1,000.00	$	1,017.50	$	0.88	⁽²⁾		.68	%	$	1,000.00	$	1,021.42	$	3.41		.68	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 47/365 (to reflect the period shown of March 15, 2013 to April 30, 2013).

(3) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 61/365 (to reflect the period shown of March 1, 2013 to April 30, 2013). Expenses prior to March 11, 2013, are that of the Builder Class of the Predecessor Fund (see Note F of Notes to Financial Statements for more information).

(4) Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (35.7%)
$	2,700	U.S. Treasury Bonds, 6.25%, due 8/15/23	$	3,872
	8,830	U.S. Treasury Bonds, 6.88%, due 8/15/25		13,611	^ØØ
	5,845	U.S. Treasury Bonds, 5.50%, due 8/15/28		8,294	^ØØ
	5,468	U.S. Treasury Inflation Index Bonds, 0.50%, due 4/15/15		5,663
	5,794	U.S. Treasury Inflation Index Bonds, 2.00%, due 1/15/26		7,607
	671	U.S. Treasury Inflation Index Bonds, 3.88%, due 4/15/29		1,107
	9,534	U.S. Treasury Inflation Index Notes, 0.13%, due 4/15/17		10,151
	668	U.S. Treasury Inflation Index Notes, 1.13%, due 1/15/21		784	^ØØ
	16,000	U.S. Treasury Notes, 0.25%, due 1/31/14		16,015	^ØØ
	5,130	U.S. Treasury Notes, 0.63%, due 11/30/17		5,138	^ØØ
	14,230	U.S. Treasury Notes, 3.63%, due 8/15/19		16,590	^ØØ
		Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $87,343)		88,832
U.S. Government Agency Securities (2.5%)
	720	Federal Farm Credit Bank, Bonds, 1.46%, due 11/19/19		720	^ØØ
	1,505	Federal Home Loan Bank, Bonds, 5.50%, due 7/15/36		2,074	^ØØ
	470	Federal National Mortgage Association, Notes, 1.50%, due 10/23/19		471
	1,610	Federal National Mortgage Association, Notes, 1.55%, due 10/29/19		1,613
	1,200	Federal National Mortgage Association, Notes, 1.60%, due 12/24/20		1,197	^ØØ
		Total U.S. Government Agency Securities (Cost $5,932)		6,075
Mortgage-Backed Securities (47.1%)
Collateralized Mortgage Obligations (0.9%)
	178	Banc of America Funding Corp., Ser. 2005-F, Class 4A1, 3.08%, due 9/20/35		154	^µ
	49	Banc of America Funding Corp., Ser. 2006-G, Class 2A1, 0.42%, due 7/20/36		46	^µ
	86	Countrywide Asset-Backed Certificates, Ser. 2005-IM2, Class A3, 0.47%, due 1/25/36		79	^µ
	22	Fannie Mae Grantor Trust, Ser. 2002-T5, Class A1, 0.44%, due 5/25/32		22	^µ
	236	First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5, Class 2A1, 2.71%, due 11/25/35		223	^µ
	169	GSR Mortgage Loan Trust, Ser. 2005-AR3, Class 6A1, 2.80%, due 5/25/35		155	^µ
	279	GSR Mortgage Loan Trust, Ser. 2007-AR1, Class 2A1, 2.85%, due 3/25/47		236	^µ
	138	HSI Asset Loan Obligation, Ser. 2007-AR1, Class 2A1, 2.93%, due 1/25/37		110	^µ
	32	IndyMac INDX Mortgage Loan Trust, Ser. 2006-AR7, Class 3A1, 2.79%, due 5/25/36		25	^µ
	322	IndyMac INDX Mortgage Loan Trust, Ser. 2006-AR11, Class 2A1, 3.11%, due 6/25/36		246	^µ
	461	JP Morgan Mortgage Trust, Ser. 2005-A3, Class 7CA1, 2.88%, due 6/25/35		429	^µ
	139	Nomura Asset Acceptance Corp., Ser. 2007-2, Class A1A, 0.32%, due 4/25/47		78	^µ
	42	Opteum Mortgage Acceptance Corp., Ser. 2005-3, Class A1B, 0.46%, due 7/25/35		41	^µ
	262	Residential Accredit Loans, Inc., Ser. 2006-QA1, Class A21, 3.85%, due 1/25/36		201	^µ
	89	Residential Accredit Loans, Inc., Ser. 2006-QO7, Class 3A2, 0.41%, due 9/25/46		60	^µ
				2,105
Commercial Mortgage-Backed (13.4%)
	390	Banc of America Commercial Mortgage, Inc., Ser. 2006-6, Class A4, 5.36%, due 10/10/45		436
	500	Banc of America Commercial Mortgage, Inc., Ser. 2006-5, Class A4, 5.41%, due 9/10/47		560	^ØØ
	1,025	Banc of America Commercial Mortgage, Inc., Ser. 2007-1, Class A4, 5.45%, due 1/15/49		1,167	^ØØ
	725	Banc of America Commercial Mortgage, Inc., Ser. 2007-3, Class A4, 5.80%, due 6/10/49		832	^µØØ
	455	Banc of America Commercial Mortgage, Inc., Ser. 2007-4, Class ASB, 5.71%, due 2/10/51		474
	500	Bear Stearns Commercial Mortgage Securities, Ser. 2007-PW15, Class A4, 5.33%, due 2/11/44		566	^ØØ
	400	Bear Stearns Commercial Mortgage Securities, Ser. 2007-PW17, Class A4, 5.69%, due 6/11/50		468
	1,075	Commercial Mortgage Loan Trust, Ser. 2008-LS1, Class A4B, 6.21%, due 12/10/49		1,268	^µØØ
	1,000	Commercial Mortgage Pass-Through Certificates, Ser. 2006-C8, Class A4, 5.31%, due 12/10/46		1,134	^ØØ
	3,963	Commercial Mortgage Trust, Ser. 2012-CR2, Class XA, 2.12%, due 8/15/45		502	^µØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	82	Credit Suisse Mortgage Capital Certificates, Ser. 2007-TF2A, Class A1, 0.38%, due 4/15/22	$	81	^ñµ
	80	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C3, Class A4, 5.87%, due 6/15/39		92	^µ
	1,169	Credit Suisse Mortgage Capital Certificates, Ser. 2006-C4, Class A3, 5.47%, due 9/15/39		1,313	^ØØ
	520	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C4, Class A4, 5.95%, due 9/15/39		598	^µØØ
	100	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C1, Class A3, 5.38%, due 2/15/40		110
	1,000	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C5, Class A4, 5.70%, due 9/15/40		1,162	^ØØ
	250	Credit Suisse Mortgage Capital Certificates, Ser. 2008-C1, Class A3, 6.25%, due 2/15/41		295	^µ
	1,500	CW Capital Cobalt Ltd., Ser. 2007-C3, Class A4, 5.99%, due 5/15/46		1,760	^µØØ
	850	Greenwich Capital Commercial Funding Corp., Ser. 2007-GG9, Class A4, 5.44%, due 3/10/39		971	^ØØ
	550	GS Mortgage Securities Corp. II, Ser. 2006-GG8, Class A4, 5.56%, due 11/10/39		626	^ØØ
	1,500	GS Mortgage Securities Corp. II, Ser. 2007-GG10, Class A4, 5.98%, due 8/10/45		1,726	^µ
	3,444	GS Mortgage Securities Trust, Ser. 2012-GC6, Class XA, 2.38%, due 1/10/45		471	^ñµ
	1,100	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2006-LDP9, Class A3, 5.34%, due 5/15/47		1,247	^ØØ
	1,200	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-CB18, Class A4, 5.44%, due 6/12/47		1,371	^ØØ
	1,950	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LDPX, Class A3, 5.42%, due 1/15/49		2,231	^ØØ
	1,380	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LD11, Class A4, 6.00%, due 6/15/49		1,597	^µØØ
	1,219	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LD12, Class A4, 5.88%, due 2/15/51		1,425	^ØØ
	1,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2007-5, Class A4, 5.38%, due 8/12/48		1,138	^ØØ
	1,400	Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2007-7, Class A4, 5.81%, due 6/12/50		1,606	^µØØ
	8,638	Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C7, Class XA, 1.91%, due 2/15/46		983	^µØØ
	3,500	Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C9, Class XA, 1.62%, due 5/15/46		324	^Ø
	229	Morgan Stanley Capital I, Ser. 2007-IQ14, Class A2, 5.61%, due 4/15/49		236
	300	Morgan Stanley Capital I, Ser. 2007-IQ16, Class A4, 5.81%, due 12/12/49		353
	4,989	UBS-Barclays Commercial Mortgage Trust, Ser. 2013-C5, Class XA, 1.31%, due 3/10/46		413	^ñµ
	1,755	Wachovia Bank Commercial Mortgage Trust, Ser. 2007-C32, Class A3, 5.92%, due 6/15/49		2,034	^µØØ
	7,489	WF-RBS Commercial Mortgage Trust, Ser. 2013-C11, Class XA, 1.66%, due 3/15/45		715	^ñµØØ
	2,975	WF-RBS Commercial Mortgage Trust, Ser. 2012-C9, Class XA, 2.44%, due 11/15/45		424	^ñµ
	5,996	WF-RBS Commercial Mortgage Trust, Ser. 2013-C12, Class XA, 1.68%, due 3/15/48		621	^ñØØ
				33,330
Fannie Mae (16.8%)
	3,453	Pass-Through Certificates, 4.00%, due 10/1/31-11/1/42		3,699	^Ø
	5,614	Pass-Through Certificates, 4.50%, due 11/1/39-6/1/41		6,063	^Ø
	4,168	Pass-Through Certificates, 5.00%, due 3/1/21-8/1/38		4,531
	2,638	Pass-Through Certificates, 5.50%, due 5/1/30-4/1/40		2,880
	3,058	Pass-Through Certificates, 6.00%, due 11/1/15-11/1/38		3,361
	66	Pass-Through Certificates, 8.50%, due 4/1/34		80
	4,145	Pass-Through Certificates, 3.00%, TBA, 30 Year Maturity		4,335	^Ø
	10,790	Pass-Through Certificates, 3.50%, TBA, 30 Year Maturity		11,493	^Ø
	1,730	Pass-Through Certificates, 4.00%, TBA, 30 Year Maturity		1,852	^Ø
	3,215	Pass-Through Certificates, 4.50%, TBA, 30 Year Maturity		3,466	^Ø
				41,760
Freddie Mac (16.0%)
	212	Pass-Through Certificates, 2.61%, due 2/1/37		227	^µ
	403	Pass-Through Certificates, 2.72%, due 4/1/37		431	^µ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	5,775	Pass-Through Certificates, 4.00%, due 9/1/40-6/1/42	$	6,169
	4,247	Pass-Through Certificates, 4.50%, due 1/1/38-7/1/41		4,551
	843	Pass-Through Certificates, 5.00%, due 5/1/23-5/1/41		909
	3,252	Pass-Through Certificates, 5.50%, due 5/1/35-11/1/38		3,514
	89	Pass-Through Certificates, 6.00%, due 12/1/37		97
	19	Pass-Through Certificates, 6.50%, due 11/1/25		21
	15,930	Pass-Through Certificates, 3.50%, TBA, 30 Year Maturity		16,933	^Ø
	6,555	Pass-Through Certificates, 4.00%, TBA, 30 Year Maturity		6,999	^Ø
				39,851
		Total Mortgage-Backed Securities (Cost $112,630)		117,046
Corporate Debt Securities (26.9%)
Aerospace & Defense (0.4%)
	905	L-3 Communications Corp., Guaranteed Notes, 3.95%, due 11/15/16		975	^ØØ
Agriculture (0.4%)
	905	Imperial Tobacco Finance PLC, Guaranteed Notes, 3.50%, due 2/11/23		927	^ñØØ
Airlines (0.7%)
	665	American Airlines, Inc., Equipment Trust, Ser. 2013-1 Class A, 4.00%, due 7/15/25		668	^ñØØ
	630	Continental Airlines, Inc., Pass-Through Certificates, Ser. 2012-02, Class A, 4.00%, due 10/29/24		663	^ØØ
	490	US Airways, Pass Through Certificates, Ser. 2013-1, Class A, 3.95%, due 11/15/25		492
				1,823
Auto Manufacturers (0.5%)
	805	Daimler Finance N.A. LLC, Guaranteed Notes, 1.88%, due 1/11/18		814	^ñØØ
	330	Volkswagen Int'l Finance NV, Guaranteed Notes, 1.15%, due 11/20/15		332	^ñØØ
				1,146
Banks (6.1%)
	540	ANZ New Zealand Int'l Ltd., Bank Guaranteed Notes, 1.13%, due 3/24/16		542	^ñ
	1,320	Bank of America Corp., Senior Unsecured Notes, 1.50%, due 10/9/15		1,328	^ØØ
	705	Bank of America Corp., Senior Unsecured Notes, 2.00%, due 1/11/18		707	^ØØ
	500	Bank of America Corp., Senior Unsecured Medium-Term Notes, 3.30%, due 1/11/23		506	^ØØ
	835	Bank of Montreal, Senior Unsecured Medium-Term Notes, 0.80%, due 11/6/15		837	^ØØ
	690	Citigroup, Inc., Senior Unsecured Notes, 2.65%, due 3/2/15		710	^ØØ
	400	FirstMerit Corp., Subordinated Notes, 4.35%, due 2/4/23		420
	1,195	Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.30%, due 5/3/15		1,247	^ØØ
	855	JPMorgan Chase & Co., Senior Unsecured Notes, 3.45%, due 3/1/16		912	^ØØ
	400	JPMorgan Chase & Co., Senior Unsecured Notes, 2.00%, due 8/15/17		411	^ØØ
	620	JPMorgan Chase & Co., Subordinated Notes, 3.38%, due 5/1/23		618	^Ø
	800	Morgan Stanley, Senior Unsecured Notes, 1.75%, due 2/25/16		806	^ØØ
	730	Morgan Stanley, Senior Unsecured Notes, 2.13%, due 4/25/18		732
	810	Morgan Stanley, Senior Unsecured Global Medium-Term Notes, Ser. F, 5.63%, due 9/23/19		944	^ØØ
	865	Rabobank Nederland, Senior Unsecured Notes, 1.70%, due 3/19/18		872	^ØØ
	1,035	Skandinaviska Enskilda Banken AB, Senior Unsecured Notes, 1.75%, due 3/19/18		1,045	^ñØØ
	615	Sumitomo Mitsui Banking Corp., Bank Guaranteed Notes, 1.50%, due 1/18/18		617	^ØØ
	1,035	Swedbank AB, Senior Unsecured Notes, 1.75%, due 3/12/18		1,043	^ñØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	875	Wells Fargo & Co., Subordinated Notes, Series M, 3.45%, due 2/13/23	$	893	^ØØ
				15,190
Beverages (0.8%)
	925	Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 2.50%, due 7/15/22		931	^ØØ
	320	Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 3.75%, due 7/15/42		311	^ØØ
	615	Pernod-Ricard SA, Senior Unsecured Notes, 5.50%, due 1/15/42		713	^ñØØ
				1,955
Commercial Services (0.4%)
	755	ERAC USA Finance LLC, Guaranteed Notes, 7.00%, due 10/15/37		995	^ñ
Computers (1.5%)
	1,415	Apple, Inc., Senior Unsecured Notes, 2.40%, due 5/3/23		1,413
	580	Hewlett-Packard Co., Senior Unsecured Notes, 2.60%, due 9/15/17		590	^ØØ
	1,125	Hewlett-Packard Co., Senior Unsecured Notes, 4.65%, due 12/9/21		1,164	^ØØ
	475	NetApp, Inc., Senior Unsecured Notes, 2.00%, due 12/15/17		479	^ØØ
				3,646
Diversified Financial Services (2.7%)
	285	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.00%, due 6/12/17		295	^ØØ
	390	General Electric Capital Corp., Senior Secured Notes, 1.00%, due 12/11/15		393	^ØØ
	1,250	General Electric Capital Corp., Senior Unsecured Medium-Term Notes, 2.30%, due 4/27/17		1,300	^ØØ
	1,030	General Electric Capital Corp., Senior Unsecured Global Medium-Term Notes, 3.15%, due 9/7/22		1,047	^ØØ
	1,075	General Electric Capital Corp., Senior Unsecured Global Medium-Term Notes, 3.10%, due 1/9/23		1,091	^ØØ
	485	Jefferies Group LLC, Senior Unsecured Notes, 5.13%, due 4/13/18		537
	1,450	Nomura Holdings, Inc., Senior Unsecured Medium-Term Notes, 2.00%, due 9/13/16		1,458	^ØØ
	705	Toyota Motor Credit Corp., Senior Unsecured Medium-Term Notes, 2.63%, due 1/10/23		711	^ØØ
				6,832
Electric (1.9%)
	715	Dominion Resources, Inc., Senior Unsecured Notes, Ser. C, 4.05%, due 9/15/42		721
	470	Duke Energy Corp., Senior Unsecured Notes, 1.63%, due 8/15/17		477	^ØØ
	1,660	Exelon Generation Co., LLC, Senior Unsecured Notes, 4.00%, due 10/1/20		1,780	^ØØ
	485	Georgia Power Co., Senior Unsecured Notes, 4.30%, due 3/15/42		507	^ØØ
	645	Pacific Gas & Electric Co., Senior Unsecured Notes, 4.45%, due 4/15/42		697	^ØØ
	415	Southern California Edison Co., 1st Mortgage, Ser. 13-A, 3.90%, due 3/15/43		428
				4,610
Electronics (0.1%)
	170	Thermo Fisher Scientific, Inc., Senior Unsecured Notes, 1.85%, due 1/15/18		170
Food (0.3%)
	605	Kraft Foods Group, Inc., Senior Unsecured Notes, 5.00%, due 6/4/42		686
Healthcare-Products (0.2%)
	560	St. Jude Medical, Inc., Senior Unsecured Notes, 4.75%, due 4/15/43		599

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Healthcare-Services (0.4%)
$	355	Aetna, Inc., Senior Unsecured Notes, 4.13%, due 11/15/42	$	356	^ØØ
	660	WellPoint, Inc., Senior Unsecured Notes, 1.88%, due 1/15/18		670	^ØØ
				1,026
Holding Companies - Diversified (0.2%)
	510	EADS Finance BV, Guaranteed Notes, 2.70%, due 4/17/23		513	^ñ
Insurance (0.9%)
	1,380	Prudential Financial, Inc., Junior Subordinated Notes, 5.88%, due 9/15/42		1,491	^µØØ
	695	Prudential Financial, Inc., Junior Subordinated Notes, 5.20%, due 3/15/44		707	^µØØ
				2,198
Iron - Steel (0.0%)
	110	Cliffs Natural Resources, Inc., Senior Unsecured Notes, 4.88%, due 4/1/21		111
Media (2.0%)
	840	DIRECTV Holdings LLC, Guaranteed Notes, 2.40%, due 3/15/17		869	^ØØ
	485	DIRECTV Holdings LLC, Guaranteed Notes, 6.00%, due 8/15/40		543	^ØØ
	630	NBCUniversal Enterprise, Inc., Guaranteed Notes, 1.66%, due 4/15/18		638	^ñ
	510	NBCUniversal Media LLC, Guaranteed Notes, 6.40%, due 4/30/40		685
	480	NBCUniversal Media LLC, Guaranteed Notes, 4.45%, due 1/15/43		509
	435	Time Warner Cable, Inc., Guaranteed Notes, 4.13%, due 2/15/21		476
	670	Time Warner Cable, Inc., Guaranteed Notes, 5.50%, due 9/1/41		724	^ØØ
	490	Time Warner, Inc., Guaranteed Notes, 6.10%, due 7/15/40		601
				5,045
Mining (0.8%)
	1,225	Barrick Gold Corp., Unsecured Notes, 4.10%, due 5/1/23		1,228	^ñ
	670	Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes, 3.88%, due 3/15/23		675	^ñØØ
				1,903
Oil & Gas (1.1%)
	1,020	Anadarko Petroleum Corp., Senior Unsecured Notes, 5.95%, due 9/15/16		1,173	^ØØ
	845	BP Capital Markets PLC, Guaranteed Notes, 1.38%, due 11/6/17		853	^ØØ
	465	Suncor, Inc., Senior Unsecured Notes, 6.50%, due 6/15/38		603	^ØØ
				2,629
Pharmaceuticals (1.1%)
	930	AbbVie, Inc., Guaranteed Notes, 1.20%, due 11/6/15		937	^ñØØ
	295	AbbVie, Inc., Senior Unsecured Notes, 4.40%, due 11/6/42		312	^ñ
	1,500	Express Scripts Holding Co., Guaranteed Notes, 2.65%, due 2/15/17		1,577	^ØØ
				2,826

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Pipelines (0.5%)
$	665	Energy Transfer Partners LP, Senior Unsecured Notes, 6.50%, due 2/1/42	$	801
	535	Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, due 3/15/44		575	^ØØ
				1,376
Real Estate Investment Trust (0.4%)
	490	Health Care REIT, Inc., Senior Unsecured Notes, 2.25%, due 3/15/18		500	^ØØ
	435	Ventas Realty LP/Ventas Capital Corp., Guaranteed Notes, 2.00%, due 2/15/18		440
				940
Retail (0.7%)
	640	Home Depot, Inc., Senior Unsecured Notes, 4.20%, due 4/1/43		671
	435	Wal-Mart Stores, Inc., Senior Unsecured Notes, 2.55%, due 4/11/23		439
	580	Wal-Mart Stores, Inc., Senior Unsecured Notes, 4.00%, due 4/11/43		598
				1,708
Telecommunications (2.4%)
	1,035	AT&T, Inc., Senior Unsecured Notes, 0.80%, due 12/1/15		1,033	^ØØ
	390	AT&T, Inc., Senior Unsecured Notes, 1.40%, due 12/1/17		392	^ØØ
	800	AT&T, Inc., Senior Unsecured Notes, 6.55%, due 2/15/39		1,027	^ØØ
	1,545	Qwest Corp., Senior Unsecured Notes, 6.75%, due 12/1/21		1,818	^ØØ
	575	SK Telecom Co. Ltd., Senior Unsecured Notes, 2.13%, due 5/1/18		579	^ñØØ
	1,145	Telefonaktiebolaget LM Ericsson, Senior Unsecured Notes, 4.13%, due 5/15/22		1,214	^ØØ
				6,063
Transportation (0.4%)
	650	Burlington Northern Santa Fe LLC, Senior Unsecured Notes, 4.45%, due 3/15/43		683	^ØØ
	335	CSX Corp., Senior Unsecured Notes, 4.10%, due 3/15/44		329
				1,012
		Total Corporate Debt Securities (Cost $64,540)		66,904
Asset-Backed Securities (0.5%)
	330	Carrington Mortgage Loan Trust, Ser. 2006-NC3, Class A3, 0.35%, due 8/25/36		192	^µ
	15	Chase Funding Mortgage Loan Asset-Backed Certificates, Ser. 2004-1, Class 2A2, 0.66%, due 12/25/33		15	^µ
	110	Citigroup Mortgage Loan Trust, Inc., Ser. 2006-WFH1, Class M2, 0.57%, due 1/25/36		91	^µ
	439	Countrywide Asset-Backed Certificates, Ser. 2006-BC1, Class 1A, 0.40%, due 4/25/36		376	^µ
	14	Credit-Based Asset Servicing and Securitization, Ser. 2005-CB5, Class AV2, 0.46%, due 8/25/35		14	^µ
	279	Credit-Based Asset Servicing and Securitization, Ser. 2006-CB3, Class AV3, 0.37%, due 3/25/36		203	^µ
	42	Fannie Mae Whole Loan, Ser. 2003-W5, Class A, 0.42%, due 4/25/33		41	^µ
	51	Household Home Equity Loan Trust, Ser. 2006-1, Class A1, 0.36%, due 1/20/36		51	^µ
	60	Household Home Equity Loan Trust, Ser. 2006-2, Class A2, 0.38%, due 3/20/36		59	^µ
	143	HSI Asset Securitization Corp. Trust, Ser. 2006-WMC1, Class A2, 0.30%, due 7/25/36		63	^µ
	12	Morgan Stanley Capital I, Ser. 2004-WMC3, Class B3, 4.25%, due 1/25/35		0	^µ
	152	Option One Mortgage Loan Trust, Ser. 2006-2, Class 2A2, 0.30%, due 7/25/36		104	^µ
	10	Residential Asset Mortgage Products, Inc., Ser. 2003-RS2, Class AII, 0.88%, due 3/25/33		8	^µ
	9	Saxon Asset Securities Trust, Ser. 2004-1, Class A, 0.74%, due 3/25/35		8	^µ
	4	Specialty Underwriting & Residential Finance, Ser. 2003-BC1, Class A, 0.88%, due 1/25/34		4	^µ
		Total Asset-Backed Securities (Cost $1,605)		1,229

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Core Bond Fund (Unaudited) (cont'd)

NUMBER OF SHARES			VALUE^†
			(000's omitted)^z
Short-Term Investments (5.1%)
	12,681,441	State Street Institutional Liquid Reserves Fund Institutional Class (Cost $12,681)	$	12,681	^ØØ
		Total Investments (117.8%) (Cost $284,731)		292,767	^##
		Liabilities, less cash, receivables and other assets [(17.8%)]		(44,190	)^±
		Total Net Assets (100.0%)	$	248,577

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Bank Loan Obligations^µ (91.1%)
Aerospace & Defense (0.5%)
$	2,384	Sequa Corporation, Term Loan B, 5.25%, due 6/19/17	$	2,419
Air Transport (1.1%)
	1,076	Delta Air Lines, Term Loan B, 4.25%, due 4/15/17		1,090
	3,905	United Air Lines, Inc., Term Loan B, 4.00%, due 4/1/19		3,943
				5,033
All Telecom (5.5%)
	3,582	Cricket Communications, Inc., Term Loan C, 4.75%, due 2/22/20		3,597
	1,401	Crown Castle Operating Corp., Term Loan B, 3.25%, due 1/31/19		1,407
	1,520	Integra Telecom, Term Loan, 6.00%, due 2/22/19		1,550
	770	Integra Telecom, Second Lien Term Loan, 9.75%, due 2/15/20		789
	2,485	Intelsat Jackson HLDG, Term Loan B-1, 4.25%, due 4/2/18		2,516
	2,973	Level 3 Financing Inc., Term Loan B-II, 4.75%, due 8/1/19		3,004
	1,600	Level 3 Financing Inc., Term Loan B, 5.25%, due 8/1/19		1,621
	2,770	Lightower Fiber Networks, First Lien Term Loan, 4.50%, due 3/15/20		2,798
	3,025	Syniverse Technologies, Term Loan B, due 4/23/19		3,034	^{¢^^††}
	1,614	Syniverse Technologies, Term Loan, 5.00%, due 4/23/19		1,627
	1,395	Windstream Corp., Term Loan B-3, 4.00%, due 8/8/19		1,410
	2,998	Windstream Corp., Term Loan B-4, 3.50%, due 1/23/20		3,008
				26,361
Automotive (2.3%)
	2,806	Allison Transmission, Term Loan B-3, 4.25%, due 8/23/19		2,843
	2,458	Chrysler Automotive, Term Loan B, 6.00%, due 5/24/17		2,489
	1,257	Goodyear Tire & Rubber Company, Second Lien Term Loan, 4.75%, due 4/30/19		1,267
	1,804	Navistar, Inc., Term Loan B, 5.75%, due 8/17/17		1,837
	2,500	TI Group Automotive, Term Loan, 5.50%, due 3/28/19		2,537	^Ñ
				10,973
Beverage & Tobacco (0.9%)
	4,250	HJ Heinz Company, Term Loan B2, due 3/27/20		4,287	^{¢^^}
Building & Development (3.7%)
	5,110	American Builders & Co., Inc., Term Loan B, 3.50%, due 4/16/20		5,150
	5,000	Armstrong World Industries Inc., Term Loan B, 3.50%, due 3/15/20		5,027
	3,046	Capital Automotive LP, Term Loan B, 4.75%, due 3/11/17		3,068
	144	Realogy Corporation, Letter of Credit, 0.05%, due 10/10/16		146
	4,382	Realogy Corporation, Term Loan B, 4.50%, due 3/5/20		4,433
				17,824
Business Equipment & Services (7.6%)
	2,378	Acosta Inc., Term Loan D, 5.00%, due 3/2/18		2,412
	1,887	Advantage Sales & Marketing, First Lien Term Loan, due 12/18/17		1,919	^{¢^^}
	1,286	Advantage Sales & Marketing, Second Lien Term Loan, 8.25%, due 6/17/18		1,289
	571	Brand Services, Inc., First Lien Term Loan B-2, 5.75%, due 10/23/16		578	^Ñ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	137	Brand Services, Inc., Term Loan 2, 5.75%, due 10/23/16	$	139	^Ñ
	1,883	Brickman Group Holdings Inc., Term Loan B-1, 5.50%, due 10/14/16		1,907
	1,699	Brock Holdings III, First Lien Term Loan, 6.00%, due 3/16/17		1,716
	967	Brock Holdings III, Second Lien Term Loan, 10.00%, due 3/16/18		976
	2,620	Ceridian Corp., Term Loan, 5.95%, due 5/9/17		2,665
	2,397	KAR Auction Services, Inc., Term Loan, 3.75%, due 5/19/17		2,429
	1,566	Kronos, First Lien Term Loan, 4.50%, due 10/30/19		1,585
	1,575	Kronos, Second Lien Term Loan, 9.75%, due 4/30/20		1,662	^Ñ
	1,841	McJunkin Red Man Corporation, Term Loan, 6.25%, due 11/8/19		1,874
	2,229	Monitronics, Term Loan B, 4.25%, due 3/23/18		2,260
	1,983	Protection One, Term Loan B, 4.25%, due 3/20/19		2,008	^Ñ
	1,634	Quintiles Transnational, Term Loan B-2, 4.50%, due 6/8/18		1,654
	918	SunGard Data Systems, Term Loan D, 4.50%, due 1/31/20		929
	3,383	SunGard Data Systems, Term Loan E, 4.00%, due 3/8/20		3,422
	2,685	SymphonyIRI Group, Inc., Term Loan, 4.50%, due 12/1/17		2,712
	1,800	West Corporation, Term Loan B-8, 4.25%, due 6/30/18		1,827
				35,963
Cable & Satellite Television (1.7%)
	1,402	Cequel Communications, LLC, Term Loan B, 3.50%, due 2/14/19		1,411
	1,508	Charter Communications Operating LLC, Term Loan D, 4.00%, due 5/15/19		1,512
	2,000	Charter Communications Operating LLC, First Lien Term Loan, due 3/8/20		1,994	^{¢^^}
	1,000	Charter Communications Operating LLC, First Lien Term Loan F, due 1/31/21		999	^{¢^^}
	2,245	UPC Financing Partnership, Term Loan AF, 4.00%, due 1/31/21		2,269
				8,185
Chemicals & Plastics (2.3%)
	2,110	Dupont Performance Coatings, Term Loan B, 4.75%, due 2/1/20		2,136
	1,585	Ineos Holdings, Term Loan, 6.50%, due 5/4/18		1,602
	3,497	PQ Corporation, Term Loan, 4.50%, due 8/7/17		3,534
	1,601	Taminco Global Chemical, Term Loan B-2, 4.25%, due 2/15/19		1,618
	2,224	Univar Inc., Term Loan B, 5.00%, due 6/30/17		2,235
				11,125
Clothing - Textiles (0.8%)
	2,375	PVH, Term Loan B, 3.25%, due 2/13/20		2,394
	1,253	Wolverine Worldwide, Term Loan B, 4.00%, due 10/9/19		1,265
				3,659
Conglomerates (2.4%)
	3,180	Apex Tool Group, Term Loan, 4.50%, due 1/31/20		3,221
	2,209	Spectrum Brands, Inc., Term Loan, 4.50%, due 12/17/19		2,240
	5,969	Wilsonart, LLC, Term Loan B, 4.00%, due 10/31/19		5,987
				11,448
Containers & Glass Products (1.6%)
	2,570	Berry Plastics, Term Loan D, 3.50%, due 2/10/20		2,566
	1,712	Exopack, Term Loan B, 6.50%, due 5/31/17		1,731

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	1,405	Reynolds Group, Term Loan, 4.75%, due 9/28/18	$	1,427
	2,014	Sealed Air Corporation, Term Loan B-1, 4.00%, due 10/3/18		2,045
				7,769
Cosmetics - Toiletries (1.1%)
	3,840	Huish Detergent Inc., Term Loan B, 5.50%, due 3/23/20		3,869	^Ñ
	1,593	Yankee Candle Company, Term Loan, 5.25%, due 4/2/19		1,600
				5,469
Drugs (0.7%)
	2,282	Par Pharmaceutical Companies, Inc., Term Loan B-1, 4.25%, due 9/30/19		2,303
	415	Warner Chilcott Company, Inc., Term Loan B-1, 4.25%, due 3/15/18		421
	147	Warner Chilcott Company, Inc., Term Loan B-2, 4.25%, due 3/15/18		149
	327	Warner Chilcott Company, Inc., Term Loan B-3, 4.25%, due 3/15/18		332
	181	Warner Chilcott Company, Inc., Term Loan B-1, 4.25%, due 3/15/18		183
				3,388
Ecological Services & Equipment (0.8%)
	2,378	ADS Waste Holdings, Inc., Term Loan B, 4.25%, due 10/9/19		2,406
	1,182	Progressive Waste Solutions, Ltd., Term Loan B, 3.50%, due 10/24/19		1,196
				3,602
Electronics - Electrical (6.1%)
	2,285	Arris Group, Term Loan B, 3.50%, due 2/15/20		2,286
	3,805	BOC Edwards, First Lien Term Loan, 4.75%, due 3/26/20		3,822
	3,500	CDW Corp., First Lien Term Loan B, due 4/15/20		3,506	^{¢^^}
	2,192	Datatel-Sophia LP, Term Loan B, 4.50%, due 7/19/18		2,218
	1,350	Epicor Software Corp., Term Loan B, 4.50%, due 5/16/18		1,370
	2,170	Freescale Semiconductor, Term Loan B-4, 5.00%, due 3/1/20		2,199
	1,122	Genesys, Term Loan, 4.00%, due 2/8/20		1,132
	5,906	Go Daddy, Term Loan B-2, 4.25%, due 12/17/18		5,937
	748	NXP Funding, Term Loan C, 4.75%, due 1/10/20		765
	1,881	Riverbed Technology, Term Loan, 4.00%, due 12/18/19		1,914	^Ñ
	1,482	SkillSoft, Term Loan, 5.00%, due 5/26/17		1,505
	2,535	Verint Systems Inc., Term Loan, 4.00%, due 9/6/19		2,551
				29,205
Equipment Leasing (2.0%)
	2,104	AWAS Fin Lux 2012 SA, Term Loan B, 3.50%, due 6/13/16		2,121
	1,587	AWAS Fin Lux 2012 SA, Term Loan, 4.75%, due 7/16/18		1,596
	5,561	International Lease Finance Co., Term Loan, 3.50%, due 6/30/17		5,610	^{¢^^}
				9,327
Financial Intermediaries (9.2%)
	2,224	American Capital, Senior Secured Term Loan, 5.50%, due 8/22/16		2,255
	4,735	CITCO, Term Loan, 4.25%, due 6/29/18		4,741
	1,634	First Data Corporation, Term Loan, 4.20%, due 3/24/17		1,632
	770	First Data Corporation, Term Loan, 4.20%, due 3/23/18		767

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	1,811	First Data Corporation, Term Loan B, 4.20%, due 9/24/18	$	1,803
	2,042	Harbourvest Partners L.P., Term Loan, 4.75%, due 11/21/17		2,052	^Ñ
	4,215	Mondrian Investment, Term Loan B-1, 4.00%, due 3/15/20		4,241	^Ñ
	6,820	MoneyGram International, Term Loan, 4.25%, due 3/27/20		6,874
	2,803	Nuveen Inv., First Lien Term Loan B, 5.20%, due 5/13/17		2,835
	5,295	Ocwen Financial, Term Loan, 5.00%, due 2/15/18		5,378
	1,233	Springleaf, Term Loan, 5.50%, due 5/10/17		1,236
	2,853	TCW Group, Term Loan, 4.00%, due 2/6/20		2,879
	5,031	Walter Investment Mgmt, First Lien Term Loan B, 5.75%, due 11/28/17		5,113
	1,833	Walter Investment Mgmt, Term Loan B, 5.75%, due 11/28/17		1,863
				43,669
Food & Drug Retailers (1.0%)
	4,565	Rite Aid Corp., Term Loan 6, 4.00%, due 2/21/20		4,619
Food Products (3.4%)
	4,338	Del Monte Corp., Term Loan, 4.00%, due 3/8/18		4,369
	5,200	Pinnacle Foods Finance LLC, First Lien Term Loan G, due 4/15/20		5,216	^{¢^^}
	6,685	Weight Watchers International, Term Loan B-2, 3.75%, due 4/2/20		6,662
				16,247
Food Service (1.9%)
	4,650	Aramark Corporation, Term Loan D, 4.00%, due 8/22/19		4,699
	1,763	OSI Restaurant Partners, Term Loan, 3.50%, due 10/28/19		1,773
	488	US Foodservice Inc., Term Loan, 5.75%, due 3/31/17		494
	1,919	US Foodservice Inc., Term Loan, 5.75%, due 3/31/17		1,941
				8,907
Health Care (8.3%)
	2,493	Bausch & Lomb, Term Loan B, due 5/17/19		2,520	^{¢^^}
	3,267	Bausch & Lomb, Term Loan, 5.25%, due 5/17/19		3,302
	547	Biomet, Inc., Term Loan B-1, 3.95%, due 7/25/17		554
	1,813	CareStream Health Inc., Term Loan, 5.00%, due 2/25/17		1,825
	2,057	DaVita, Inc., Term Loan B-2, 4.00%, due 11/1/19		2,078
	3,072	dj Orthopedics LLC, Term Loan B, 4.75%, due 9/15/17		3,122
	2,525	EMS-Emergency Medical Services, Term Loan, 4.00%, due 5/25/18		2,555
	1,236	Grifols, Term Loan B, 4.25%, due 6/1/17		1,250
	2,901	Health Management Associates Inc., Term Loan B-2, 3.50%, due 11/16/18		2,926
	1,244	Hologic, Term Loan B, 4.50%, due 8/1/19		1,260
	1,367	IASIS Healthcare Corporation, Term Loan B-2, 4.50%, due 5/3/18		1,387
	3,520	Immucor, Term Loan B-2, 5.00%, due 8/19/18		3,567	^{¢^^}
	1,472	IMS Health Incorporated, Term Loan B-1, 3.75%, due 9/1/17		1,483
	2,208	Pharmaceutical Product Development, Inc., Term Loan, 4.25%, due 12/5/18		2,239
	2,069	Sheridan Healthcare, First Lien Term Loan, 4.50%, due 6/29/18		2,094
	2,465	United Surgical Partners International, Inc., Term Loan B, 4.75%, due 4/3/19		2,478
	2,753	Valeant Pharmaceuticals, Term Loan B, 3.50%, due 2/13/19		2,781
	1,995	VWR International, Inc., Term Loan B-1, 4.20%, due 4/3/17		2,017
				39,438

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Home Furnishings (0.5%)
$	2,188	AOT Bedding Super Holdings, LLC, Term Loan, 5.00%, due 10/1/19	$	2,216
Industrial Equipment (2.5%)
	1,682	Generac Power Systems Inc., Term Loan, 6.25%, due 5/30/18		1,715
	3,165	Goodyear Engineered Products, Term Loan, 5.25%, due 9/8/17		3,180
	2,411	Husky Injection Molding, Term Loan, 4.25%, due 6/30/18		2,451
	2,888	Silver II/Hamilton Sundstrand Corporation, Term Loan, 4.00%, due 12/13/19		2,908
	1,573	Terex Corp., Term Loan, 4.50%, due 4/28/17		1,605	^{¢^^}
				11,859
Leisure Goods - Activities - Movies (1.7%)
	2,930	Bombardier Recreational Products Inc., Term Loan B, 5.00%, due 1/17/19		2,958
	5,056	EMI Publishing, Term Loan B, 4.25%, due 6/29/18		5,117
				8,075
Lodging & Casinos (4.7%)
	1,824	Boyd Gaming Corporation, Term Loan, 6.00%, due 12/17/15		1,843
	1,596	Cannery Casinos, First Lien Term Loan, 6.00%, due 10/2/18		1,624
	1,156	Cannery Casinos, Second Lien Term Loan, 10.00%, due 10/2/19		1,131
	1,410	Centaur Acquisition, LLC, First Lien Term Loan, 5.25%, due 2/20/19		1,431
	1,980	Centaur Acquisition, LLC, Second Lien Term Loan, 8.75%, due 2/20/20		2,010	^{¢^^}
	2,180	MGM Resorts, Term Loan B, 4.25%, due 12/20/19		2,210
	1,644	Mohegan Tribal Gaming, Term Loan A, 5.50%, due 3/31/15		1,647
	2,216	Peninsula Gaming, Term Loan B, 6.75%, due 11/20/17		2,244
	722	Penn National Gaming, Term Loan B, 3.75%, due 7/16/18		728
	1,000	Seminole Tribe of Florida, Term Loan B , due 3/28/20		1,006	^{¢^^}
	6,195	Station Casinos, Term Loan B, 5.00%, due 3/2/20		6,266
				22,140
Nonferrous Metals - Minerals (1.2%)
	2,240	Arch Coal, Term Loan, 5.75%, due 5/16/18		2,269
	1,241	Fairmount Minerals, Ltd., Term Loan B, 5.25%, due 3/15/17		1,254
	2,338	FMG Resources, Term Loan, 5.25%, due 10/18/17		2,379
				5,902
Oil & Gas (3.0%)
	2,618	Everest Acquisition LLC, Term Loan B-1, 5.00%, due 5/24/18		2,629
	295	Everest Acquisition LLC, Term Loan B-2, 4.50%, due 4/30/19		298
	2,035	NFR Energy, Second Lien Term Loan, 8.75%, due 12/31/18		2,089	^Ñ
	4,180	Philadelphia Energy Solution, Term Loan B, due 3/31/18		4,253	^{Ñ¢^^}
	3,670	Plains Exploration & Production Company, Term Loan, 4.00%, due 11/30/19		3,672
	1,411	Samson Investment Company, Second Lien Term Loan, 6.00%, due 9/25/18		1,427
				14,368
Publishing (1.5%)
	2,823	Getty Images, Term Loan, 4.75%, due 10/18/19		2,862
	984	Interactive Data Corporation, Term Loan B, 3.75%, due 2/11/18		995

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	3,476	Tribune Company, Term Loan B, 4.00%, due 12/31/19	$	3,516
				7,373
Radio & Television (3.1%)
	1,500	Clear Channel, Term Loan B, 3.85%, due 1/29/16		1,375
	3,057	Cumulus Media, First Lien Term Loan B, 4.50%, due 9/17/18		3,110
	1,177	Cumulus Media, Second Lien Term Loan, 7.50%, due 9/16/19		1,220
	679	Formula One, Term Loan B2, 6.00%, due 4/30/19		689
	1,391	FoxCo Acquisition, Term Loan, 5.50%, due 7/14/17		1,413
	4,436	Nine Entertainment, Term Loan B, 3.50%, due 2/5/20		4,445
	797	Univision Communications Inc., First Lien Term Loan, 4.45%, due 3/31/17		803
	1,550	Univision Communications Inc., First Lien Term Loan, 4.75%, due 3/1/20		1,565
				14,620
Retailers (except food & drug) (5.2%)
	3,216	99¢ Only Stores, Term Loan B-1, 5.25%, due 1/11/19		3,255
	1,815	David's Bridal, Term Loan, 5.00%, due 10/11/19		1,839
	1,208	Leslie's Poolmart, Term Loan B, 5.25%, due 10/16/19		1,224	^††
	754	Lord & Taylor, Term Loan B, 6.75%, due 1/11/19		759
	7,015	Michaels Stores Inc., Term Loan B, 3.75%, due 1/28/20		7,080
	3,021	Neiman Marcus Group Inc., Term Loan, 4.00%, due 5/16/18		3,043
	1,321	PETCO Animal Supply, Inc., Term Loan, 4.00%, due 11/24/17		1,338
	358	Pilot Travel Centers, Term Loan B, 4.25%, due 8/7/19		354
	1,900	Servicemaster Company, Term Loan C, 4.25%, due 1/31/17		1,914
	1,975	Toys R US Delaware Inc., Term Loan B-2, 5.25%, due 5/25/18		1,919
	2,030	Toys R US Delaware Inc., Term Loan, 6.00%, due 9/1/16		2,029
				24,754
Steel (0.5%)
	2,374	International Mill Services, Inc., First Lien Term Loan, 4.75%, due 3/20/19		2,391
Surface Transport (0.8%)
	3,925	Avis Budget Car Rental, Term Loan B, 3.75%, due 3/15/19		3,976
Utilities (1.5%)
	985	Calpine Corp., Term Loan B-1, 4.00%, due 4/1/18		997
	950	Calpine Corp., Term Loan B-3, 4.00%, due 10/9/19		962
	769	Dynergy Holdings Inc., Term Loan B-1, 4.00%, due 5/1/20		769
	1,231	Dynergy Holdings Inc., Term Loan B-2, 4.00%, due 5/1/20		1,230
	3,202	Essential Power, Term Loan B, 4.25%, due 8/8/19		3,236
				7,194
		Total Bank Loan Obligations (Cost $427,358)		433,785
Corporate Debt Securities (5.7%)
Airlines (0.1%)
	510	Continental Airlines, Inc., Senior Secured Notes, 6.75%, due 9/15/15		534	^ñØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Chemicals (1.2%)
$	1,535	Hexion US Finance Corp., Senior Secured Notes, 6.63%, due 4/15/20	$	1,600
	1,680	Hexion US Finance Corp., Senior Secured Notes, 6.63%, due 4/15/20		1,752	^ñ
	1,215	Momentive Performance Materials, Inc., Senior Secured Notes, 8.88%, due 10/15/20		1,324
	1,080	Momentive Performance Materials, Inc., Senior Secured Notes, 10.00%, due 10/15/20		1,142
				5,818
Consumer - Commercial Lease Financing (0.4%)
	1,065	CIT Group, Inc., Senior Unsecured Notes, Ser. C, 5.25%, due 4/1/14		1,104	^ñØØ
	680	CIT Group, Inc., Senior Unsecured Notes, 6.63%, due 4/1/18		794	^ñØØ
				1,898
Electronics (0.2%)
	685	Ceridian Corp., Senior Secured Notes, 8.88%, due 7/15/19		804	^ñØØ
Food - Wholesale (0.4%)
	1,950	Hawk Acquisition Sub, Inc., Secured Notes, 4.25%, due 10/15/20		1,974	^ñ
Health Facilities (0.6%)
	1,475	CHS/Community Health Systems, Inc., Senior Secured Notes, 5.13%, due 8/15/18		1,578	^ØØ
	960	HCA, Inc., Senior Secured Notes, 5.88%, due 3/15/22		1,066	^ØØ
				2,644
Media - Broadcast (0.6%)
	1,650	Clear Channel Communications, Inc., Senior Secured Notes, 9.00%, due 3/1/21		1,613
	995	Univision Communications, Inc., Senior Secured Notes, 6.88%, due 5/15/19		1,087	^ñØØ
				2,700
Media - Cable (1.1%)
	2,705	Lynx I Corp., Senior Secured Notes, 5.38%, due 4/15/21		2,887	^ñ
	2,160	Unitymedia Hessen GmbH & Co. KG, Senior Secured Notes, 5.50%, due 1/15/23		2,236	^ñ
				5,123
Packaging (0.3%)
	1,511	Reynolds Group Issuer, Inc., Senior Secured Notes, 5.75%, due 10/15/20		1,583
Software - Services (0.5%)
	1,490	First Data Corp., Senior Secured Notes, 7.38%, due 6/15/19		1,620	^ñØØ
	840	First Data Corp., Senior Secured Notes, 6.75%, due 11/1/20		901	^ñØØ
				2,521
Support - Services (0.3%)
	1,595	313 Group, Inc., Senior Secured Notes, 6.38%, due 12/1/19		1,607	^ñØØ
		Total Corporate Debt Securities (Cost $25,702)		27,206

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Floating Rate Income Fund (Unaudited) (cont'd)

NUMBER OF SHARES			VALUE^†
(000's omitted)			(000's omitted)^z
Short-Term Investments (8.7%)
	34	State Street Institutional Government Money Market Fund Institutional Class	$	0
	41,439,550	State Street Institutional Liquid Reserves Fund Institutional Class		41,440	^ØØ
		Total Short-Term Investments (Cost $41,440)		41,440
		Total Investments (105.5%) (Cost $494,500)		502,431	^##
		Liabilities, less cash, receivables and other assets [(5.5%)]		(26,226	)
		Total Net Assets (100.0%)	$	476,205

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Bank Loan Obligations^µ (6.1%)
All Telecom (0.7%)
$	6,205	Integra Telecom, Term Loan, 6.00%, due 2/22/19	$	6,329
	8,682	Intelsat Jackson HLDG, Term Loan B-1, 4.25%, due 4/2/18		8,791
	9,925	Windstream Corp., Term Loan B-3, 4.00%, due 8/8/19		10,027
				25,147
Automotive (0.4%)
	12,761	Navistar, Inc., Term Loan B, 5.75%, due 8/17/17		12,992
Building & Development (0.6%)
	21,630	Realogy Corporation, Term Loan B, 4.50%, due 3/5/20		21,880
Business Equipment & Services (0.2%)
	8,786	Ceridian Corp., Term Loan, 5.95%, due 5/9/17		8,935
Cable & Satellite Television (0.2%)
	7,878	Charter Communications Operating LLC, Term Loan D, 4.00%, due 5/15/19		7,900
Chemicals & Plastics (0.2%)
	5,575	Dupont Performance Coatings, Term Loan B, 4.75%, due 2/1/20		5,644
Electronics - Electrical (0.1%)
	4,931	Datatel-Sophia LP, Term Loan B, 4.50%, due 7/19/18		4,989
Financial Intermediaries (0.3%)
	5,250	First Data Corporation, Term Loan, due 3/24/17		5,242	^{¢^^}
	4,663	First Data Corporation, Term Loan, 4.20%, due 3/23/18		4,655
				9,897
Health Care (0.9%)
	11,810	DaVita, Inc., Term Loan B-2, 4.00%, due 11/1/19		11,934
	6,080	Hologic, Term Loan B, 4.50%, due 8/1/19		6,159
	13,093	United Surgical Partners International, Inc., Term Loan B, 4.75%, due 4/3/19		13,159
				31,252
Industrial Equipment (0.1%)
	4,187	Generac Power Systems Inc., Term Loan, 6.25%, due 5/30/18		4,270
Lodging & Casinos (0.9%)
	3,996	Caesars Entertainment Operating Co., Term Loan B5, 4.45%, due 1/28/18		3,570
	15,552	Graton Resort & Casino, First Lien Term Loan B, 9.00%, due 8/22/18		16,291
	3,162	MGM Resorts, Term Loan B, 4.25%, due 12/20/19		3,206
	8,270	Station Casinos, Term Loan B, 5.00%, due 3/2/20		8,364
				31,431
Oil & Gas (1.2%)
	42,013	Chesapeake Energy, Term Loan B, 5.75%, due 12/2/17		43,512	^{¢^^}

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Radio & Television (0.1%)
$	2,986	Univision Communications Inc., First Lien Term Loan, 4.45%, due 3/31/17	$	3,009
Retailers (except food & drug) (0.2%)
	7,104	Toys R US Delaware, Inc., Term Loan B-2, 5.25%, due 5/25/18		6,891
		Total Bank Loan Obligations (Cost $212,313)		217,749
Corporate Debt Securities (90.3%)
Airlines (0.3%)
	7,865	Continental Airlines, Inc., Senior Secured Notes, 6.75%, due 9/15/15		8,229	^ñ
	3,009	United Airlines, Inc., Pass-Through Certificates, Ser. 2009-2, Class A, 9.75%, due 1/15/17		3,490
				11,719
Auto Loans (0.5%)
	16,705	General Motors Financial Co., Inc., Guaranteed Notes, 4.75%, due 8/15/17		17,624	^ñ
Auto Parts & Equipment (0.5%)
	18,435	Goodyear Tire & Rubber Co., Guaranteed Notes, 6.50%, due 3/1/21		19,288
Automakers (0.7%)
	2,670	Ford Motor Co., Senior Unsecured Notes, 8.90%, due 1/15/32		3,663
	3,734	Ford Motor Co., Senior Unsecured Notes, 9.98%, due 2/15/47		5,682
	14,910	Navistar Int'l Corp., Guaranteed Notes, 8.25%, due 11/1/21		15,525
				24,870
Banking (2.0%)
	5,000	Ally Financial, Inc., Guaranteed Notes, 3.13%, due 1/15/16		5,101
	10,275	Ally Financial, Inc., Guaranteed Notes, 5.50%, due 2/15/17		11,199
	13,230	Ally Financial, Inc., Guaranteed Notes, 6.25%, due 12/1/17		15,015	^ØØ
	14,125	Ally Financial, Inc., Guaranteed Notes, 8.00%, due 3/15/20		17,762
	5,515	Ally Financial, Inc., Guaranteed Notes, 7.50%, due 9/15/20		6,811
	12,210	Ally Financial, Inc., Guaranteed Notes, 8.00%, due 11/1/31		16,071
				71,959
Beverages (0.3%)
	2,240	Constellation Brands, Inc., Guaranteed Notes, 7.25%, due 9/1/16		2,576
	3,790	Constellation Brands, Inc., Senior Unsecured Notes, 3.75%, due 5/1/21		3,790	^Ø
	5,050	Constellation Brands, Inc., Senior Unsecured Notes, 4.25%, due 5/1/23		5,050	^Ø
				11,416
Building & Construction (1.3%)
	4,565	D.R. Horton, Inc., Guaranteed Notes, 4.38%, due 9/15/22		4,645
	27,945	Lennar Corp., Guaranteed Notes, 4.75%, due 12/15/17		29,587
	3,065	Standard Pacific Corp., Guaranteed Notes, 8.38%, due 1/15/21		3,666
	6,470	Taylor Morrison Communities, Inc./Monarch Communities, Inc., Guaranteed Notes, 5.25%, due 4/15/21		6,616	^ñ
				44,514

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Building Materials (1.3%)
$	2,685	Associated Materials LLC/AMH New Finance, Inc., Senior Secured Notes, 9.13%, due 11/1/17	$	2,896	^ñØ
	2,010	Associated Materials LLC/AMH New Finance, Inc., Senior Secured Notes, 9.13%, due 11/1/17		2,168
	4,910	Masco Corp., Senior Unsecured Notes, 6.13%, due 10/3/16		5,522
	17,520	USG Corp., Senior Unsecured Notes, 9.75%, due 1/15/18		20,805	^ØØ
	12,490	USG Corp., Guaranteed Notes, 8.38%, due 10/15/18		13,802	^ñ
				45,193
Chemicals (3.7%)
	5,025	Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/20		5,691
	9,065	Huntsman Int'l LLC, Guaranteed Notes, 4.88%, due 11/15/20		9,496	^ñ
	10,900	Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/21		12,535
	24,150	Momentive Performance Materials, Inc., Senior Secured Notes, 8.88%, due 10/15/20		26,324
	4,180	Momentive Performance Materials, Inc., Senior Secured Notes, 10.00%, due 10/15/20		4,420
	54,384	Momentive Performance Materials, Inc., Secured Notes, 9.00%, due 1/15/21		47,178	^ØØ
	18,405	PQ Corp., Secured Notes, 8.75%, due 5/1/18		19,877	^ñ
	4,525	US Coatings Acquisition, Inc., Guaranteed Notes, 7.38%, due 5/1/21		4,830	^ñ
				130,351
Computer Hardware (0.3%)
	10,100	Seagate HDD Cayman, Guaranteed Notes, 7.00%, due 11/1/21		11,135
Consumer - Commercial Lease Financing (3.8%)
	13,165	CIT Group, Inc., Senior Unsecured Notes, 4.25%, due 8/15/17		13,955
	2,990	CIT Group, Inc., Senior Unsecured Notes, 6.63%, due 4/1/18		3,491	^ñ
	45,115	CIT Group, Inc., Senior Unsecured Notes, 5.50%, due 2/15/19		50,867	^ñ
	7,770	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.63%, due 9/15/15		8,858
	10,000	Int'l Lease Finance Corp., Senior Unsecured Notes, 5.75%, due 5/15/16		10,877
	6,330	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.75%, due 3/15/17		7,612
	6,625	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.88%, due 9/1/17		8,041
	2,600	Int'l Lease Finance Corp., Senior Unsecured Notes, 3.88%, due 4/15/18		2,639
	1,315	Int'l Lease Finance Corp., Senior Unsecured Notes, 5.88%, due 4/1/19		1,443
	3,845	Int'l Lease Finance Corp., Senior Unsecured Notes, 6.25%, due 5/15/19		4,311
	17,515	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.63%, due 1/15/22		22,769
				134,863
Department Stores (1.5%)
	3,810	JC Penney Corp., Inc., Senior Unsecured Notes, 7.13%, due 11/15/23		5,486
	46,951	Sears Holdings Corp., Secured Notes, 6.63%, due 10/15/18		46,599
				52,085
Electric - Generation (2.5%)
	13,735	Calpine Corp., Senior Secured Notes, 7.88%, due 7/31/20		15,555	^ñ
	5,200	Calpine Corp., Senior Secured Notes, 7.88%, due 1/15/23		5,954	^ñ
	14,250	NRG Energy, Inc., Guaranteed Notes, 7.63%, due 5/15/19		15,461
	8,800	NRG Energy, Inc., Guaranteed Notes, 8.50%, due 6/15/19		9,724
	15,490	NRG Energy, Inc., Guaranteed Notes, 8.25%, due 9/1/20		17,620
	22,895	NRG Energy, Inc., Guaranteed Notes, 7.88%, due 5/15/21		25,929
				90,243

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Electric - Integrated (0.5%)
$	13,535	IPALCO Enterprises, Inc., Senior Secured Notes, 7.25%, due 4/1/16	$	15,193	^ñ
	3,545	IPALCO Enterprises, Inc., Senior Secured Notes, 5.00%, due 5/1/18		3,829
				19,022
Electronics (2.1%)
	5,135	Amkor Technology, Inc., Guaranteed Notes, 7.38%, due 5/1/18		5,462
	9,005	Amkor Technology, Inc., Senior Unsecured Notes, 6.38%, due 10/1/22		9,275
	6,850	Ceridian Corp., Guaranteed Notes, 11.25%, due 11/15/15		7,098
	5,324	Ceridian Corp., Guaranteed Notes, 12.25%, due 11/15/15		5,523	^c
	6,270	Ceridian Corp., Senior Secured Notes, 8.88%, due 7/15/19		7,359	^ñ
	11,435	Flextronics Int'l Ltd., Guaranteed Notes, 5.00%, due 2/15/23		11,664	^ñ
	13,275	Freescale Semiconductor, Inc., Senior Secured Notes, 9.25%, due 4/15/18		14,603	^ñ
	7,390	Freescale Semiconductor, Inc., Guaranteed Notes, 8.05%, due 2/1/20		7,963
	5,135	NXP BV Funding LLC, Senior Secured Notes, 9.75%, due 8/1/18		5,803	^ñ
				74,750
Energy - Exploration & Production (9.0%)
	5,200	Berry Petroleum Co., Senior Unsecured Notes, 6.38%, due 9/15/22		5,558
	12,080	Chesapeake Energy Corp., Guaranteed Notes, 6.50%, due 8/15/17		13,530
	8,425	Chesapeake Energy Corp., Guaranteed Notes, 6.63%, due 8/15/20		9,531
	5,565	Chesapeake Energy Corp., Guaranteed Notes, 5.75%, due 3/15/23		6,038
	5,330	Cimarex Energy Co., Guaranteed Notes, 5.88%, due 5/1/22		5,810
	894	Concho Resources, Inc., Guaranteed Notes, 5.50%, due 10/1/22		954
	2,055	Denbury Resources, Inc., Guaranteed Notes, 8.25%, due 2/15/20		2,332
	37,766	EP Energy LLC/EP Energy Finance, Inc., Senior Unsecured Notes, 9.38%, due 5/1/20		43,997
	2,285	EP Energy LLC/Everest Acquisition Finance, Inc., Guaranteed Notes, 7.75%, due 9/1/22		2,622
	4,665	EPE Holdings LLC/EP Energy Bond Co., Inc., Senior Unsecured Notes, 8.13%, due 12/15/17		4,968	^ñc
	25,920	EXCO Resources, Inc., Guaranteed Notes, 7.50%, due 9/15/18		25,661
	11,135	Forest Oil Corp., Guaranteed Notes, 7.25%, due 6/15/19		11,274
	12,715	Forest Oil Corp., Guaranteed Notes, 7.50%, due 9/15/20		13,541	^ñ
	23,285	Linn Energy LLC, Guaranteed Notes, 6.25%, due 11/1/19		24,333	^ñ
	10,375	Linn Energy LLC, Guaranteed Notes, 8.63%, due 4/15/20		11,594
	15,241	Linn Energy LLC, Guaranteed Notes, 7.75%, due 2/1/21		16,689
	32,088	Newfield Exploration Co., Senior Unsecured Notes, 5.75%, due 1/30/22		35,497
	10,010	Newfield Exploration Co., Senior Unsecured Notes, 5.63%, due 7/1/24		10,761
	2,210	Range Resources Corp., Guaranteed Notes, 8.00%, due 5/15/19		2,420
	4,495	Range Resources Corp., Guaranteed Notes, 5.75%, due 6/1/21		4,911
	2,910	Range Resources Corp., Guaranteed Notes, 5.00%, due 8/15/22		3,099
	8,040	Rosetta Resources, Inc., Guaranteed Notes, 5.63%, due 5/1/21		8,382	^Ø
	15,965	SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 3/15/21		16,564
	16,995	SandRidge Energy, Inc., Guaranteed Notes, 8.13%, due 10/15/22		18,100
	6,705	SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 2/15/23		6,906
	5,190	WPX Energy, Inc., Senior Unsecured Notes, 5.25%, due 1/15/17		5,553
	6,915	WPX Energy, Inc., Senior Unsecured Notes, 6.00%, due 1/15/22		7,485
				318,110
Food & Drug Retailers (0.7%)
	3,935	Rite Aid Corp., Secured Notes, 7.50%, due 3/1/17		4,053
	3,985	Rite Aid Corp., Secured Notes, 10.25%, due 10/15/19		4,593
	4,105	Rite Aid Corp., Guaranteed Notes, 9.25%, due 3/15/20		4,751
	11,124	Rite Aid Corp., Senior Secured Notes, 8.00%, due 8/15/20		12,709
				26,106

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT				VALUE^†
(000's omitted)				(000's omitted)^z
Food - Wholesale (0.1%)
$	2,984	��	US Foods, Inc., Guaranteed Notes, 8.50%, due 6/30/19	$	3,245	^ñ
Gaming (6.4%)
	3,580		Boyd Gaming Corp., Senior Subordinated Notes, 7.13%, due 2/1/16		3,625
	2,470		Caesars Entertainment Operating Co., Inc., Senior Secured Notes, 9.00%, due 2/15/20		2,433	^ñ
	3,615		Caesars Operating Escrow LLC, Senior Secured Notes, 9.00%, due 2/15/20		3,561	^ñ
	4,035		Caesars Operating Escrow LLC, Senior Secured Notes, 9.00%, due 2/15/20		3,974	^ñ
	12,830		CityCenter Holdings LLC, Senior Secured Notes, 7.63%, due 1/15/16		13,776
	9,865		Graton Economic Development Authority, Senior Secured Notes, 9.63%, due 9/1/19		11,197	^ñ
	3,410		MGM Resorts Int'l, Guaranteed Notes, 7.63%, due 1/15/17		3,870
	3,740		MGM Resorts Int'l, Guaranteed Notes, 6.75%, due 10/1/20		4,105	^ñ
	14,990		MGM Resorts Int'l, Guaranteed Notes, 6.63%, due 12/15/21		16,283
	35,585		MGM Resorts Int'l, Guaranteed Notes, 7.75%, due 3/15/22		40,656
	8,325		Mohegan Tribal Gaming Authority, Secured Notes, 10.50%, due 12/15/16		8,283	^ñ
	2,000		Mohegan Tribal Gaming Authority, Secured Notes, 11.50%, due 11/1/17		2,235	^ñ
	36,200		Mohegan Tribal Gaming Authority, Guaranteed Notes, 11.00%, due 9/15/18		34,661	^ñ
	12,920		Peninsula Gaming LLC, Guaranteed Notes, 8.38%, due 2/15/18		13,954	^ñ
	11,435		Pinnacle Entertainment, Inc., Guaranteed Notes, 7.75%, due 4/1/22		12,521
	7,345		Seminole Indian Tribe of Florida, Secured Notes, 7.75%, due 10/1/17		7,933	^ñ
	38,580		Station Casinos LLC, Guaranteed Notes, 7.50%, due 3/1/21		40,702	^ñ
	3,057		Wynn Las Vegas LLC, 1st Mortgage, 7.75%, due 8/15/20		3,500
					227,269
Gas Distribution (4.4%)
	9,240		Access Midstream Partners L.P., Guaranteed Notes, 6.13%, due 7/15/22		10,164
	6,890		Access Midstream Partners L.P., Guaranteed Notes, 4.88%, due 5/15/23		7,114
	13,885		AmeriGas Finance LLC, Guaranteed Notes, 6.75%, due 5/20/20		15,378
	17,491		AmeriGas Finance LLC, Guaranteed Notes, 7.00%, due 5/20/22		19,546
	10,400		El Paso Corp., Senior Secured Notes, 7.00%, due 6/15/17		11,966
	6,535		El Paso Corp., Senior Secured Global Medium-Term Notes, 7.80%, due 8/1/31		7,395
	5,970		El Paso Corp., Senior Secured Global Medium-Term Notes, 7.75%, due 1/15/32		6,804
	16,665		Energy Transfer Equity L.P., Senior Secured Notes, 7.50%, due 10/15/20		19,498
	13,775		Ferrellgas L.P., Senior Unsecured Notes, 9.13%, due 10/1/17		14,739
	10,190		MarkWest Energy Partners L.P., Guaranteed Notes, 4.50%, due 7/15/23		10,623
	12,890		Regency Energy Partners L.P., Guaranteed Notes, 6.88%, due 12/1/18		14,082
	4,285		Regency Energy Partners L.P., Guaranteed Notes, 4.50%, due 11/1/23		4,435	^ñ
	6,201		Suburban Propane Partners L.P./Suburban Energy Finance Corp., Senior Unsecured Notes, 7.50%, due 10/1/18		6,759
	5,982		Suburban Propane Partners L.P./Suburban Energy Finance Corp., Senior Unsecured Notes, 7.38%, due 8/1/21		6,655
					155,158
Health Facilities (4.6%)
	19,490		CHS/Community Health Systems, Inc., Senior Secured Notes, 5.13%, due 8/15/18		20,854
	6,015		CHS/Community Health Systems, Inc., Guaranteed Notes, 8.00%, due 11/15/19		6,820
	1,590		Columbia Healthcare Corp., Senior Unsecured Notes, 7.50%, due 12/15/23		1,725
	1,985		Columbia/HCA Corp., Senior Unsecured Notes, 7.69%, due 6/15/25		2,149
	1,370		Columbia/HCA Corp., Senior Unsecured Notes, 7.05%, due 12/1/27		1,387
	7,245		DaVita, Inc., Guaranteed Notes, 5.75%, due 8/15/22		7,716
	5,050		HCA Holdings, Inc., Senior Unsecured Notes, 6.25%, due 2/15/21		5,530
	9,515		HCA, Inc., Senior Secured Notes, 4.75%, due 5/1/23		9,919
	8,640		Health Management Associates, Inc., Guaranteed Notes, 7.38%, due 1/15/20		9,590
	14,350		IASIS Healthcare LLC/IASIS Capital Corp., Guaranteed Notes, 8.38%, due 5/15/19		15,175
	4,275		OMEGA Healthcare Investors, Inc., Guaranteed Notes, 7.50%, due 2/15/20		4,767

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	13,195	OMEGA Healthcare Investors, Inc., Guaranteed Notes, 6.75%, due 10/15/22	$	14,679
	8,070	OMEGA Healthcare Investors, Inc., Guaranteed Notes, 5.88%, due 3/15/24		8,817
	9,625	Tenet Healthcare Corp., Senior Secured Notes, 6.25%, due 11/1/18		10,852
	6,690	Tenet Healthcare Corp., Senior Secured Notes, 8.88%, due 7/1/19		7,560
	7,285	Tenet Healthcare Corp., Senior Unsecured Notes, 6.75%, due 2/1/20		7,904
	4,755	Tenet Healthcare Corp., Senior Secured Notes, 4.75%, due 6/1/20		4,945	^ñ
	6,915	Tenet Healthcare Corp., Senior Secured Notes, 4.50%, due 4/1/21		7,053	^ñ
	12,420	United Surgical Partners Int'l, Inc., Guaranteed Notes, 9.00%, due 4/1/20		14,035
				161,477
Health Services (0.2%)
	5,675	CDRT Holding Corp., Senior Notes, 9.25%, due 10/1/17		5,923	^ñc
Investments & Misc. Financial Services (1.0%)
	7,510	Icahn Enterprises L.P., Guaranteed Notes, 7.75%, due 1/15/16		7,820
	25,080	Icahn Enterprises L.P., Guaranteed Notes, 8.00%, due 1/15/18		26,961
				34,781
Leisure (0.6%)
	7,620	Cedar Fair L.P., Guaranteed Notes, 9.13%, due 8/1/18		8,539
	10,845	Cedar Fair L.P., Guaranteed Notes, 5.25%, due 3/15/21		11,089	^ñ
				19,628
Machinery (1.4%)
	14,385	Case New Holland, Inc., Guaranteed Notes, 7.88%, due 12/1/17		17,118
	8,960	CNH Capital LLC, Guaranteed Notes, 3.88%, due 11/1/15		9,274
	5,355	Terex Corp., Guaranteed Notes, 6.50%, due 4/1/20		5,837
	6,095	Terex Corp., Guaranteed Notes, 6.00%, due 5/15/21		6,552
	5,280	The Manitowoc Co., Inc., Guaranteed Notes, 9.50%, due 2/15/18		5,808
	5,585	The Manitowoc Co., Inc., Guaranteed Notes, 8.50%, due 11/1/20		6,367
				50,956
Media - Broadcast (2.6%)
	4,560	AMC Networks, Inc., Guaranteed Notes, 7.75%, due 7/15/21		5,244
	360	Clear Channel Communications, Inc., Senior Unsecured Notes, 5.50%, due 9/15/14		355
	4,390	Clear Channel Communications, Inc., Guaranteed Notes, 10.75%, due 8/1/16		3,775
	24,683	Clear Channel Communications, Inc., Senior Secured Notes, 11.25%, due 3/1/21		26,164	^ñ
	20,670	Cumulus Media Holdings, Inc., Guaranteed Notes, 7.75%, due 5/1/19		21,083
	4,465	Sirius XM Radio, Inc., Guaranteed Notes, 8.75%, due 4/1/15		5,001	^ñ
	13,671	Univision Communications, Inc., Senior Secured Notes, 6.88%, due 5/15/19		14,936	^ñ
	3,764	Univision Communications, Inc., Guaranteed Notes, 8.50%, due 5/15/21		4,197	^ñ
	11,255	XM Satellite Radio, Inc., Guaranteed Notes, 7.63%, due 11/1/18		12,493	^ñ
				93,248
Media - Cable (6.7%)
	9,405	CCO Holdings LLC, Guaranteed Notes, 7.25%, due 10/30/17		10,181
	9,015	CCO Holdings LLC, Guaranteed Notes, 7.00%, due 1/15/19		9,793
	2,965	CCO Holdings LLC, Guaranteed Notes, 8.13%, due 4/30/20		3,350
	11,405	CCO Holdings LLC, Guaranteed Notes, 5.25%, due 3/15/21		11,690	^ñ
	2,700	CCO Holdings LLC, Guaranteed Notes, 5.25%, due 9/30/22		2,751
	6,130	CCO Holdings LLC, Guaranteed Notes, 5.13%, due 2/15/23		6,191
	8,940	CCO Holdings LLC, Guaranteed Notes, 5.75%, due 9/1/23		9,275	^ñ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	9,300	CCO Holdings LLC, Guaranteed Notes, 5.75%, due 1/15/24	$	9,684	^Ø
	20,052	Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp., Senior Unsecured Notes, 6.38%, due 9/15/20		21,355	^ñ
	3,890	CSC Holdings LLC, Senior Unsecured Notes, 7.63%, due 7/15/18		4,571
	13,705	CSC Holdings LLC, Senior Unsecured Notes, 6.75%, due 11/15/21		15,658
	4,510	DISH DBS Corp., Guaranteed Notes, 4.63%, due 7/15/17		4,578
	16,775	DISH DBS Corp., Senior Notes, 4.25%, due 4/1/18		16,481	^ñ
	19,040	DISH DBS Corp., Senior Unsecured Notes, 5.13%, due 5/1/20		18,850	^ñ
	28,224	DISH DBS Corp., Guaranteed Notes, 6.75%, due 6/1/21		30,482
	3,665	DISH DBS Corp., Guaranteed Notes, 5.88%, due 7/15/22		3,738
	8,270	DISH DBS Corp., Guaranteed Notes, 5.00%, due 3/15/23		8,022	^ñ
	9,475	EchoStar DBS Corp., Guaranteed Notes, 6.63%, due 10/1/14		10,067
	240	EchoStar DBS Corp., Guaranteed Notes, 7.13%, due 2/1/16		265
	5,725	Lynx I Corp., Senior Secured Notes, 5.38%, due 4/15/21		6,111	^ñ
	2,890	Lynx II Corp., Senior Unsecured Notes, 6.38%, due 4/15/23		3,128	^ñ
	14,475	UPCB Finance III Ltd., Senior Secured Notes, 6.63%, due 7/1/20		15,742	^ñ
	12,711	Virgin Media Finance PLC, Guaranteed Notes, 8.38%, due 10/15/19		14,348
				236,311
Media - Services (0.8%)
	8,065	Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 7.63%, due 3/15/20		8,690
	4,150	Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. A, 6.50%, due 11/15/22		4,409	^ñ
	11,215	Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 6.50%, due 11/15/22		12,028	^ñ
	770	Nielsen Finance LLC/Nielsen Finance Co., Guaranteed Notes, 7.75%, due 10/15/18		858
	2,173	WMG Acquisition Corp., Senior Secured Notes, 6.00%, due 1/15/21		2,325	^ñ
				28,310
Medical Products (1.0%)
	2,630	Biomet, Inc., Guaranteed Notes, 6.50%, due 8/1/20		2,867	^ñ
	1,945	DJO Finance LLC/DJO Finance Corp., Guaranteed Notes, 7.75%, due 4/15/18		2,032
	1,820	DJO Finance LLC/DJO Finance Corp., Guaranteed Notes, 9.88%, due 4/15/18		2,007
	7,525	Fresenius Medical Care US Finance II, Inc., Guaranteed Notes, 5.63%, due 7/31/19		8,409	^ñ
	2,635	Fresenius Medical Care US Finance II, Inc., Guaranteed Notes, 5.88%, due 1/31/22		3,017	^ñ
	9,315	Fresenius Medical Care US Finance, Inc., Guaranteed Notes, 6.50%, due 9/15/18		10,782	^ñ
	5,085	Hologic, Inc., Guaranteed Notes, 6.25%, due 8/1/20		5,492
				34,606
Metals - Mining Excluding Steel (3.2%)
	9,560	Alpha Natural Resources, Inc., Guaranteed Notes, 9.75%, due 4/15/18		10,373
	6,086	Alpha Natural Resources, Inc., Guaranteed Notes, 6.00%, due 6/1/19		5,690
	4,750	Alpha Natural Resources, Inc., Guaranteed Notes, 6.25%, due 6/1/21		4,370
	7,689	Arch Coal, Inc., Guaranteed Notes, 9.88%, due 6/15/19		7,997	^ñ
	1,284	Arch Coal, Inc., Guaranteed Notes, 7.25%, due 10/1/20		1,181
	10,515	Arch Coal, Inc., Guaranteed Notes, 7.25%, due 6/15/21		9,621
	15,260	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 7.00%, due 11/1/15		15,985	^ñ
	19,680	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 6.00%, due 4/1/17		20,467	^ñ
	12,365	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 8.25%, due 11/1/19		13,602	^ñ
	9,005	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 6.88%, due 4/1/22		9,658	^ñ
	8,500	Peabody Energy Corp., Guaranteed Notes, 6.00%, due 11/15/18		9,180
	5,825	Walter Energy, Inc., Guaranteed Notes, 8.50%, due 4/15/21		6,058	^ñ
				114,182

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Packaging (4.0%)
$	45,040	Berry Plastics Corp., Secured Notes, 9.75%, due 1/15/21	$	53,373
	6,148	Owens-Brockway Glass Container, Inc., Guaranteed Notes, 7.38%, due 5/15/16		7,040
	15,330	Reynolds Group Issuer, Inc., Guaranteed Notes, 9.00%, due 4/15/19		16,556
	27,600	Reynolds Group Issuer, Inc., Guaranteed Notes, 9.88%, due 8/15/19		30,981
	18,070	Reynolds Group Issuer, Inc., Senior Secured Notes, 7.88%, due 8/15/19		20,238	^ØØ
	4,545	Reynolds Group Issuer, Inc., Guaranteed Notes, 8.25%, due 2/15/21		4,823
	7,560	Reynolds Group Issuer, Inc., Senior Secured Notes, 6.88%, due 2/15/21		8,240
				141,251
Pharmaceuticals (2.1%)
	6,370	Endo Pharmaceuticals Holdings, Inc., Guaranteed Notes, 7.00%, due 7/15/19		6,975
	4,445	Jaguar Holding Co., Senior Unsecured Notes, 9.38%, due 10/15/17		4,779	^ñc
	7,860	Jaguar Holding Co. II/Jaguar Merger Sub, Inc.,, Senior Unsecured Notes, 9.50%, due 12/1/19		9,098	^ñ
	3,880	Sky Growth Acquisition Corp., Guaranteed Notes, 7.38%, due 10/15/20		4,142	^ñ
	9,390	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.75%, due 10/1/17		10,188	^ñ
	36,747	VPI Escrow Corp., Guaranteed Notes, 6.38%, due 10/15/20		40,697	^ñ
				75,879
Printing & Publishing (3.4%)
	3,590	Gannett Co., Inc., Guaranteed Notes, 9.38%, due 11/15/17		3,895
	21,955	Gannett Co., Inc., Guaranteed Notes, 7.13%, due 9/1/18		23,931
	11,315	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.25%, due 5/15/18		12,305
	35,940	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 8.25%, due 3/15/19		40,073
	24,450	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.63%, due 6/15/20		26,406
	11,980	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.88%, due 3/15/21		13,058
				119,668
Real Estate Dev. & Mgt. (0.3%)
	9,520	Realogy Corp., Senior Secured Notes, 7.63%, due 1/15/20		10,924	^ñ
Software - Services (3.5%)
	14,425	First Data Corp., Guaranteed Notes, 11.25%, due 3/31/16		14,677
	9,060	First Data Corp., Senior Secured Notes, 7.38%, due 6/15/19		9,853	^ñ
	7,155	First Data Corp., Senior Secured Notes, 6.75%, due 11/1/20		7,674	^ñ
	20,075	First Data Corp., Guaranteed Notes, 11.25%, due 1/15/21		20,978	^ñ
	12,715	First Data Corp., Guaranteed Notes, 12.63%, due 1/15/21		13,796
	10,895	First Data Corp., Guaranteed Notes, 10.63%, due 6/15/21		11,208	^ñ
	16,325	Sophia, L.P., Guaranteed Notes, 9.75%, due 1/15/19		18,284	^ñ
	3,845	SunGard Data Systems, Inc., Guaranteed Notes, 7.38%, due 11/15/18		4,153
	14,965	SunGard Data Systems, Inc., Guaranteed Notes, 6.63%, due 11/1/19		15,919	^ñ
	3,805	SunGard Data Systems, Inc., Guaranteed Notes, 7.63%, due 11/15/20		4,204	^ØØ
	4,000	Syniverse Holdings, Inc., Guaranteed Notes, 9.13%, due 1/15/19		4,430
				125,176
Specialty Retail (1.5%)
	3,133	Limited Brands, Inc., Guaranteed Notes, 8.50%, due 6/15/19		3,885
	5,295	Party City Holdings, Inc., Senior Unsecured Notes, 8.88%, due 8/1/20		5,983	^ñ
	21,500	Toys "R" Us Property Co. I LLC, Guaranteed Notes, 10.75%, due 7/15/17		22,978
	18,550	Toys "R" Us Property Co. II LLC, Senior Secured Notes, 8.50%, due 12/1/17		19,918
				52,764

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Steel Producers - Products (1.3%)
$	7,515	ArcelorMittal, Senior Unsecured Notes, 6.13%, due 6/1/18	$	8,232
	27,614	ArcelorMittal, Senior Unsecured Notes, 5.75%, due 8/5/20		29,212
	1,315	ArcelorMittal, Senior Unsecured Notes, 6.00%, due 3/1/21		1,393
	5,050	ArcelorMittal, Senior Unsecured Notes, 7.50%, due 10/15/39		5,313
				44,150
Support - Services (1.6%)
	5,885	Hertz Corp., Guaranteed Notes, 5.88%, due 10/15/20		6,429
	7,460	Iron Mountain, Inc., Guaranteed Notes, 7.75%, due 10/1/19		8,430
	2,300	Iron Mountain, Inc., Senior Subordinated Notes, 8.38%, due 8/15/21		2,570
	10,795	Iron Mountain, Inc., Guaranteed Notes, 5.75%, due 8/15/24		11,119
	7,010	Knowledge Learning Corp., Inc., Guaranteed Notes, 7.75%, due 2/1/15		6,870	^ñ
	9,580	ServiceMaster Co., Guaranteed Notes, 8.00%, due 2/15/20		10,311
	2,365	ServiceMaster Co., Guaranteed Notes, 7.00%, due 8/15/20		2,451	^ñ
	8,260	United Rental N.A., Inc., Senior Unsecured Notes, 8.25%, due 2/1/21		9,416
				57,596
Telecom - Integrated Services (6.4%)
	3,442	CenturyLink, Inc., Senior Unsecured Notes, Ser. N, 6.00%, due 4/1/17		3,830
	9,745	CenturyLink, Inc., Senior Unsecured Notes, Ser. V, 5.63%, due 4/1/20		10,404
	16,460	CenturyLink, Inc., Senior Unsecured Notes, Ser. S, 6.45%, due 6/15/21		18,224
	8,605	CenturyLink, Inc., Senior Unsecured Notes, Ser. T, 5.80%, due 3/15/22		9,108
	21,320	Citizens Communications Co., Senior Unsecured Notes, 9.00%, due 8/15/31		22,226
	2,760	Frontier Communications Corp., Senior Unsecured Notes, 9.25%, due 7/1/21		3,222
	6,970	Frontier Communications Corp., Senior Unsecured Notes, 7.63%, due 4/15/24		7,266
	6,865	Hughes Satellite Systems Corp., Senior Secured Notes, 6.50%, due 6/15/19		7,637
	2,340	Intelsat Jackson Holdings SA, Guaranteed Notes, 8.50%, due 11/1/19		2,632
	7,290	Intelsat Luxembourg SA, Guaranteed Notes, 7.75%, due 6/1/21		7,691	^ñ
	5,920	Intelsat Luxembourg SA, Guaranteed Notes, 8.13%, due 6/1/23		6,305	^ñ
	2,830	Level 3 Communications, Inc., Senior Unsecured Notes, 8.88%, due 6/1/19		3,127	^ñ
	2,280	Level 3 Financing, Inc., Guaranteed Notes, 9.38%, due 4/1/19		2,571
	15,705	Level 3 Financing, Inc., Guaranteed Notes, 8.13%, due 7/1/19		17,315
	12,825	Level 3 Financing, Inc., Guaranteed Notes, 8.63%, due 7/15/20		14,492
	1,390	PAETEC Holding Corp., Guaranteed Notes, 9.88%, due 12/1/18		1,599
	3,600	Qwest Communications Int'l, Inc., Guaranteed Notes, 7.13%, due 4/1/18		3,746
	5,705	Qwest Corp., Senior Unsecured Notes, 6.75%, due 12/1/21		6,714
	8,630	U.S. West Communications Group, Senior Unsecured Notes, 6.88%, due 9/15/33		8,695
	1,585	Windstream Corp., Guaranteed Notes, 8.13%, due 8/1/13		1,610
	34,250	Windstream Corp., Guaranteed Notes, 7.88%, due 11/1/17		39,987
	3,000	Windstream Corp., Guaranteed Notes, 8.13%, due 9/1/18		3,300
	4,005	Windstream Corp., Guaranteed Notes, 7.75%, due 10/15/20		4,395
	12,290	Windstream Corp., Guaranteed Notes, 7.50%, due 6/1/22		13,550
	6,045	Windstream Corp., Guaranteed Notes, 6.38%, due 8/1/23		6,257
				225,903
Telecom - Wireless (2.2%)
	8,255	MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 11/15/20		8,936
	11,220	MetroPCS Wireless, Inc., Guaranteed Notes, 6.25%, due 4/1/21		12,048	^ñ
	12,120	MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 4/1/23		13,029	^ñ
	4,495	SBA Telecommunications, Inc., Guaranteed Notes, 5.75%, due 7/15/20		4,787	^ñ
	13,025	Sprint Capital Corp., Guaranteed Notes, 6.88%, due 11/15/28		13,318
	11,235	Sprint Capital Corp., Guaranteed Notes, 8.75%, due 3/15/32		13,285
	7,270	Sprint Nextel Corp., Guaranteed Notes, 9.00%, due 11/15/18		8,942	^ñ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman High Income Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	3,755	Telesat Canada/Telesat LLC, Senior Unsecured Notes, 6.00%, due 5/15/17	$	3,999	^ñ
				78,344
		Total Corporate Debt Securities (Cost $2,991,161)		3,199,997
NUMBER OF SHARES
Short-Term Investments (4.8%)
	169,299,674	State Street Institutional Liquid Reserves Fund Institutional Class (Cost $169,300)		169,300
		Total Investments (101.2%) (Cost $3,372,774)		3,587,046	^##
		Liabilities, less cash, receivables and other assets [(1.2%)]		(41,352	)
		Total Net Assets (100.0%)	$	3,545,694

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Municipal Notes (103.9%)
Arizona (1.8%)
$	705	Arizona St. Cert. of Participation Ref. (Dept. Administration), Ser. 2013-B, 5.00%, due 10/1/21	$	856
	1,000	Phoenix Civic Imp. Corp. Wastewater Sys. Jr. Lien Ref. Rev., Ser. 2011, 2.00%, due 7/1/18		1,038
	1,000	Tempe Union High Sch. Dist. Number 213 G.O. (Sch. Imp. Proj.), Ser. 2013-A, 3.00%, due 7/1/23		1,059
				2,953
Arkansas (2.0%)
	1,605	Arkansas St. Dev. Fin. Au. St. Park Fac. Ref. Rev. (Mt. Magazine Proj.), Ser. 2012, (AGM Insured), 3.00%, due 1/1/22		1,679
	1,470	Springdale Sales & Use Rev., Ser. 2012, 3.00%, due 11/1/21		1,570
				3,249
California (10.6%)
	675	Acalanes Union High Sch. Dist. G.O. Ref. Rev., Ser. 2012, 4.00%, due 8/1/22		803
	1,000	California Pub. Works Board Lease Rev. Dept. of Mental Hlth. (Coalinga St. Hosp.), Ser. 2004-A, 5.50%, due 6/1/21 Pre-Refunded 6/1/2014		1,057	^ØØ
	2,055	California Statewide Communities Dev. Au. PCR (So. California Edison Co.), Ser. 2006, 1.90%, due 4/1/28 Putable 4/1/2020		2,087	^µß
	795	Inglewood Pub. Fin. Au. Lease Ref. Rev., Ser. 2012, 5.00%, due 8/1/16		827
	1,500	Irvine Imp. Bond Act 1915 Ltd. Oblig. (Spec. Assessment Dist. Number 12-1), Ser. 2012, 3.00%, due 9/2/16		1,593
	1,190	Mesa Cons. Wtr. Dist. Cert. of Participation, Ser. 2010, 5.00%, due 3/15/22		1,424
	200	Mountain View-Whisman Sch. Dist. G.O. (Election 2012), Ser. 2013-A, 4.00%, due 9/1/27		223
	300	Mountain View-Whisman Sch. Dist. G.O. (Election 2012), Ser. 2013-A, 4.00%, due 9/1/28		333
	705	Oakland G.O. Ref., Ser. 2012, 5.00%, due 1/15/20		846
	625	Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24		671
	900	Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24		1,076
	905	San Diego Pub. Fac. Fin. Au. Lease Ref. Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/21		1,004	^ñ
	1,500	San Francisco City & Co. Pub. Utils. Commission Wtr. Ref. Rev., Ser. 2011-D, 5.00%, due 11/1/24		1,845
	740	San Marcos Unified Sch. Dist. G.O. (Election 2010), Ser. 2012-B, 0.00%, due 8/1/26		445
	645	San Marcos Unified Sch. Dist. G.O. (Election 2010), Ser. 2012-B, 0.00%, due 8/1/27		369
	1,090	Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 2.63%, due 6/1/21		1,072
	1,000	St. Helena Unified Sch. Dist. G.O. (Election 2012), Ser. 2013-A1, 4.00%, due 8/1/27		710
	1,000	Turlock Irrigation Dist. Ref. Rev. (First Priority), Ser. 2011, 5.00%, due 1/1/19		1,180
				17,565
Colorado (3.4%)
	1,000	Commerce City No. Infrastructure Gen. Imp. Dist. G.O., Ser. 2013, (AGM Insured), 5.00%, due 12/1/24		1,202
	730	Denver City & Co. Cert. of Participation (Wastewater/Rosyn Properties), Ser. 2010-B, 3.00%, due 12/1/16		782
	475	No. Colorado Wtr. Conservancy Dist. Cert. of Participation, Ser. 2012, 4.00%, due 7/1/18		534
	450	No. Colorado Wtr. Conservancy Dist. Cert. of Participation, Ser. 2012, 4.00%, due 7/1/19		509
	475	No. Colorado Wtr. Conservancy Dist. Cert. of Participation, Ser. 2012, 3.00%, due 7/1/20		507
	1,500	Reg. Trans. Dist. Cert. of Participation Ref., Ser. 2013-A, 4.00%, due 6/1/15		1,605	^Ø
	500	Westminster Cert. of Participation Ref., Ser. 2013, 4.00%, due 12/1/25		554
				5,693
Connecticut (1.3%)
	1,945	Connecticut St. G.O., Ser. 2013-B, 4.00%, due 3/1/29		2,123

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Delaware (0.1%)
$	100	Univ. of Delaware Rev., Ser. 2004-B, (LOC: Bank of America), 0.21%, due 11/1/34	$	100	^µØØ
District of Columbia (2.0%)
	1,000	Dist. of Columbia Rev. (Assoc. of American Med. College), Ser. 2011-B, 5.00%, due 10/1/22		1,198	^ß
	355	Dist. of Columbia Rev. (Assoc. of American Med. College), Ser. 2011-A, 4.00%, due 10/1/19		402	^ß
	460	Dist. of Columbia Rev. (Assoc. of American Med. College), Ser. 2011-A, 5.00%, due 10/1/21		557	^ß
	350	Dist. of Columbia Rev. (Assoc. of American Med. College), Ser. 2011-A, 5.00%, due 10/1/22		425	^ß
	505	Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 2.15%, due 6/1/15		505	^ß
	165	Dist. of Columbia Univ. Ref. Rev. (Georgetown Univ.), Ser. 2009-A, 5.00%, due 4/1/21		192	^ß
				3,279
Florida (10.7%)
	1,000	CityPlace Comm. Dev. Dist. Spec. Assessment Ref. Rev., Ser. 2012, 5.00%, due 5/1/26		1,151
	2,300	Collier Co. Gas Tax Ref. Rev., Ser. 2012, 5.00%, due 6/1/16		2,555	^ØØ
	1,495	Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 4.00%, due 5/1/19		1,670	^ØØ
	1,420	Gulf Breeze Rev. (Local Gov't), Ser. 1985, 1.70%, due 12/1/20 Putable 12/1/2017		1,458	^µ
	1,000	JEA Elec. Sys. Rev., Ser. 2013-A, 5.00%, due 10/1/29		1,167
	1,000	Miami-Dade Co. Sch. Board Cert. of Participation, Ser. 2012-A, 5.00%, due 8/1/22		1,211
	1,000	Orange Co. Sch. Board Cert. of Participation, Ser. 2012-A, 5.00%, due 8/1/19		1,182
	1,000	Palm Beach Co. G.O. Ref. (Rec. & Cultural Facs.), Ser. 2010, 5.00%, due 7/1/20		1,237
	750	Palm Beach Co. Solid Waste Au. Rev., Ser. 2002-B, (AMBAC Insured), 0.00%, due 10/1/15		728
	1,255	Port St. Lucie Research Facs. Rev. (Oregon Hlth. and Science Univ. Vaccine and Gene Therapy Institute Florida Corp. Proj.), Ser. 2010, 5.00%, due 5/1/22		1,415	^ß
	1,580	Port St. Lucie Research Facs. Rev. (Oregon Hlth. and Science Univ. Vaccine and Gene Therapy Institute Florida Corp. Proj.), Ser. 2010, 5.00%, due 5/1/23		1,763	^ß
	2,000	Space Coast Infrastructure Agcy. Imp. Rev. (I-95 Brevard Co. DBF Proj.), Ser. 2012, 4.00%, due 6/15/17		2,146	^ØØ
				17,683
Georgia (2.7%)
	1,645	Bulloch Co. Dev. Au. Std. Hsg. Rev. Ref. (Georgia So. Univ. Hsg. Foundation One LLC), Ser. 2012, (AGM Insured), 5.00%, due 8/1/22		1,965	^ß
	1,000	Georgia St. G.O. Ref., Ser. 2013-C, 4.00%, due 10/1/22		1,204
	1,000	Gwinnett Co. Sch. Dist. G.O. Ref., Ser. 2010, 5.00%, due 2/1/25		1,322
				4,491
Illinois (6.0%)
	2,000	Chicago G.O., Ser. 2010-A, 5.00%, due 12/1/15		2,216
	1,000	Chicago O'Hare Int'l Arpt. Gen. Arpt. Third Lien Ref. Rev., Ser. 2005-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 1/1/17		1,149
	1,165	Chicago Park Dist. G.O., Ser. 2011-C, 5.00%, due 1/1/24		1,427
	1,400	Cook Co. Sch. Dist. Number 144 Prairie Hills G.O. (Ltd. Sch.), Ser. 2010-A, (AGM Insured), 5.25%, due 12/1/27 Pre-Refunded 12/1/2020		1,797
	200	Cook Co. Sch. Dist. Number 144 Prairie Hills G.O. (Ltd. Sch.), Ser. 2010-A, (AGM Insured), 5.25%, due 12/1/27		222
	1,000	Cook Co. Sch. Dist. Number 83 G.O. (Ref. Sch.), Ser. 2011-D, 5.13%, due 12/1/30		1,137
	750	Dekalb Kane LaSalle Cos. Comm. College Dist. Number 523 G.O., Ser. 2011-B, 0.00%, due 2/1/25		461
	1,500	Illinois St. G.O. Ref., Ser. 2010, (AGM Insured), 5.00%, due 1/1/15		1,600
				10,009

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Indiana (3.8%)
$	1,000	Boone Co. Hosp. Assoc. Lease Rev., Ser. 2005, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/10/17	$	1,093
	500	Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 5.00%, due 6/1/32		541	^ß
	1,615	Indiana St. Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2009-A1, 5.00%, due 2/1/21		1,964
	940	Indiana St. Muni. Pwr. Agcy. Ref. Rev., Ser. 2010-B, 5.00%, due 1/1/22		1,131
	1,280	Indiana St. Muni. Pwr. Agcy. Rev., Ser. 2011-A, 5.00%, due 1/1/18		1,499
				6,228
Kansas (0.5%)
	720	Olathe Hlth. Facs. Rev. (Med. Ctr.), Ser. 2012-A, 3.00%, due 9/1/16		766	^ß
Louisiana (1.8%)
	1,280	Louisiana St. Local Gov't Env. Facs. & Comm. Dev. Au. Rev. (Plaquemines Proj.), Ser. 2012, (AGM Insured), 4.00%, due 9/1/21		1,434
	100	Louisiana St. Pub. Facs. Au. Rev. (Air Prods. & Chemicals, Inc. Proj.), Ser. 2008-C, 0.17%, due 12/1/43		100	^µß
	795	Monroe Sales & Use Tax Ref. Rev., Ser. 2012, 4.00%, due 7/1/23		864
	570	Terrebonne Parish LA Hosp. Svc. Dist. Number 1 Hosp. Ref. Rev. (Gen. Med. Ctr. Proj.), Ser. 2010, 4.00%, due 4/1/15		605
				3,003
Maryland (0.6%)
	1,000	Maryland St. G.O. (St. & Local Facs. Loan), Ser. 2012-B, 3.00%, due 3/15/23		1,066
Massachusetts (3.7%)
	2,000	Massachusetts Bay Trans. Au. Rev. (Assessment), Ser. 2006-A, 5.25%, due 7/1/30		2,609
	950	Massachusetts Bay Trans. Au. Sr. Sales Tax Rev., Ser. 2006-A, 5.25%, due 7/1/34		1,246
	600	Massachusetts St. HFA Hsg. Rev. (Single Family), Ser. 2009-144, 3.95%, due 6/1/18		644
	500	Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Berklee College of Music), Ser. 2007-A, 5.00%, due 10/1/15		551	^ß
	1,000	Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Northeastern Univ.), Ser. 2008-T3, 2.70%, due 10/1/37 Putable 2/20/2014		1,015	^µß
				6,065
Michigan (0.8%)
	350	Forest Hills Pub. Schs. G.O. Ref., Ser. 2005, (AGM Insured), 5.00%, due 5/1/21		378
	900	Michigan St. Hosp. Fin. Au. Rev. (Ascension Hlth. Credit Group), Ser. 2010-F-4, 1.95%, due 11/15/47 Putable 4/1/2020		915	^µß
				1,293
Minnesota (0.5%)
	755	Willmar G.O. Ref. (Rice Mem. Hosp. Proj.), Ser. 2012-A, 5.00%, due 2/1/19		917
Mississippi (2.5%)
	1,330	Lamar Co. Sch. Dist. Ref. G.O., Ser. 2013, 2.63%, due 6/1/19		1,412
	1,045	Mississippi Dev. Bank Spec. Oblig. (Dept. Corrections), Ser. 2010-D, 5.00%, due 8/1/22		1,229
	1,250	Mississippi Dev. Bank Spec. Oblig. (Madison Co. Hwy. Proj.), Ser. 2013-C, 5.00%, due 1/1/27		1,541	^Ø
				4,182

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Missouri (0.9%)
$	750	Missouri St. Dev. Fin. Board Infrastructure Facs. Rev. (St. Joseph Swr. Sys. Imp.), Ser. 2012-C, 3.25%, due 11/1/24	$	750
	750	Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24		826	^ß
				1,576
Nebraska (0.9%)
	1,220	Omaha Pub. Fac. Corp. Lease Rev. (Baseball Stadium Proj.), Ser. 2009, 5.00%, due 6/1/22		1,434
Nevada (0.5%)
	750	Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23		858
New Jersey (5.4%)
	305	Harrison G.O., Ser. 2012-A, 5.00%, due 4/15/18		354
	1,000	Jersey City G.O. Ref., Ser. 2012, (AGM Insured), 4.00%, due 9/1/19		1,123
	755	Morristown Parking Au. Rev., Ser. 2011, 4.00%, due 8/1/18		838
	1,000	New Jersey Econ. Dev. Au. Rev. (Sch. Fac. Construction), Ser. 2010-DD1, 5.00%, due 12/15/18		1,193
	1,000	New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev., Ser. 2006-A, 5.25%, due 12/15/19		1,224
	2,000	New Jersey Trans. Trust Fund Au., Ser. 2006-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/15/21		2,500
	360	Union Co. Imp. Au. Rev. (Correctional Fac. Proj.), Ser. 2013, 3.00%, due 6/15/20		391
	370	Union Co. Imp. Au. Rev. (Correctional Fac. Proj.), Ser. 2013, 3.00%, due 6/15/21		399
	375	Union Co. Imp. Au. Rev. (Correctional Fac. Proj.), Ser. 2013, 4.00%, due 6/15/22		431
	395	Union Co. Imp. Au. Rev. (Correctional Fac. Proj.), Ser. 2013, 4.00%, due 6/15/23		454
				8,907
New Mexico (0.5%)
	750	Albuquerque Muni. Sch. Dist. Number 012 (Sch. Bldg.) G.O., Ser. 2008-B, 4.50%, due 8/1/19		835
New York (6.9%)
	1,630	Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/22		1,864
	1,850	New York G.O., Ser. 2011-I1, 5.00%, due 8/1/18		2,224	^ØØ
	1,000	New York St. Dorm. Au. (St. Personal Income Tax), Ser. 2011-C, 4.00%, due 3/15/19		1,162
	1,500	New York St. Dorm. Au. Rev. (St. Personal Income Tax), Ser. 2012-D, 3.00%, due 2/15/21		1,657
	50	New York St. Urban Dev. Corp. Ref. Rev. (Correctional Facs.), Ser. 1994-A, (AGM Insured), 5.50%, due 1/1/14		52
	750	New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2009-A1, 5.00%, due 12/15/19		907
	1,000	New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2010-A, 5.00%, due 3/15/19		1,219
	1,000	Port Au. New York & New Jersey Rev. (One Hundred Fifty-Third), Ser. 2008, 4.50%, due 7/15/27		1,119
	1,000	Suffolk Co. Wtr. Au. Ref. Rev., Ser. 2012, 4.00%, due 6/1/24		1,149
				11,353
North Carolina (1.7%)
	1,500	North Carolina Muni. Pwr. Agcy. Number 1 Rev. (Catawba Elec.), Ser. 2012-A, 3.00%, due 1/1/16		1,602
	650	North Carolina St. Cap. Imp. Ltd. Oblig. (Annual Appropriation), Ser. 2009-A, 5.00%, due 5/1/19		801
	295	Western Carolina Univ. Research & Dev. Corp. Cert. of Participation (Western Carolina Univ. Std. Hsg.), Ser. 2008, (Assured Guaranty Insured), 5.25%, due 6/1/20		347	^ß
				2,750

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Ohio (3.2%)
$	2,000	Kent St. Univ. Rev. Gen. Receipts, Ser. 2012-A, 3.50%, due 5/1/27	$	2,043
	500	Lorain G.O., Ser. 2013, (AGM Insured), 3.63%, due 12/1/25		509
	1,000	Lorain G.O., Ser. 2013, (AGM Insured), 3.88%, due 12/1/27		1,019
	500	Lorain G.O., Ser. 2013, (AGM Insured), 4.00%, due 12/1/29		508
	1,000	Ohio St. Adult Correctional Cap. Fac. Ref. Rev. (Lease Appropriation Bldg. Fund), Ser. 2012-A, 5.00%, due 4/1/21		1,197
				5,276
Oregon (0.4%)
	670	Oregon St. Hsg. & Comm. Svc. Dept. Mtge. Rev. (Single Family Mtge. Prog.), Ser. 2005-D, 4.40%, due 7/1/19		695
Pennsylvania (3.7%)
	710	Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.35%, due 5/1/24		721	^ß
	1,000	Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27		1,047
	1,285	Pennsylvania St. HFA Single Family Mtge. Rev., Ser. 2010-109, 2.45%, due 4/1/16		1,327
	340	Pennsylvania St. Pub. Sch. Bldg. Au. College Rev. (Montgomery Co. Comm. College), Ser. 2008, (AGM Insured), 5.00%, due 5/1/21		390	^ß
	1,870	Philadelphia G.O. Ref., Ser. 2007-A, (AGM Insured), 5.00%, due 8/1/18		2,136
	500	Philadelphia Hosp. & Higher Ed. Facs. Au. Rev. (Children's Hosp. Philadelphia), Ser. 2005-A, (LOC: Wells Fargo Bank N.A.), 0.17%, due 2/15/21		500	^µ
				6,121
Puerto Rico (1.5%)
	800	Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985, (National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15		810
	500	Puerto Rico Elec. Pwr. Au. Rev., Ser. 2010-XX, 5.25%, due 7/1/27		510
	500	Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Fin. Au. Ref. Rev. (Int'l American Univ. Proj.), Ser. 2012, 4.00%, due 10/1/14		516	^ß
	600	Puerto Rico Pub. Bldg. Au. Rev. (Unrefunded Bal. Gov't Fac.), Ser. 2002-C, 5.75%, due 7/1/20		645
				2,481
Rhode Island (1.7%)
	1,420	Cranston G.O., Ser. 2012-B, 3.00%, due 7/1/16		1,481
	1,200	Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2010-A, 4.40%, due 12/1/19		1,288
				2,769
South Carolina (4.0%)
	870	Charleston Co. G.O. (Cap. Imp. Plan), Ser. 2011, 5.00%, due 11/1/18		1,059
	1,140	Rock Hill Ltd. Oblig. Rev. (Hosp. Fee Pledge), Ser. 2013, 5.00%, due 4/1/22		1,378	^Ø
	1,195	Rock Hill Ltd. Oblig. Rev. (Hosp. Fee Pledge), Ser. 2013, 5.00%, due 4/1/23		1,445	^Ø
	2,335	South Carolina St. Pub. Svc. Au. Ref. Rev. (Santee Cooperative), Ser. 2012-A, 4.00%, due 12/1/20		2,719	^ØØ
				6,601
Tennessee (3.0%)
	1,750	Memphis Ref. G.O. (Gen. Imp.), Ser. 2011, 5.00%, due 5/1/24		2,155
	1,000	Metro. Gov't Nashville & Davidson Co. Hlth. & Ed. Fac. Board, Ser. 2012, 5.00%, due 11/1/26		1,143	^ß
	1,600	Metro. Nashville Arpt. Au. Ref. Rev. Imp., Ser. 2010-B, (AGM Insured), 4.00%, due 7/1/15		1,699
				4,997

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Municipal Intermediate Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Texas (10.1%)
$	1,000	Alamo Comm. College Dist. G.O. (Maintenance Tax Notes), Ser. 2011, 4.00%, due 2/15/20	$	1,164
	750	Brownsville G.O., Ser. 2011-A, 4.00%, due 2/15/18		850
	705	Brownsville G.O., Ser. 2011-A, 4.00%, due 2/15/20		812
	1,085	Dallas Co. Sch. G.O. (Pub. Prop. Fin. Contractual Oblig.), Ser. 2012-A, 4.00%, due 12/1/18		1,241
	460	Dallas Fort Worth Int'l Arpt. Ref. Rev., Ser. 2009-A, 5.00%, due 11/1/24		518
	420	El Paso Independent Sch. Dist. Ref. G.O., Ser. 2011, (PSF Insured), 4.00%, due 8/15/26		463
	1,000	Grapevine Combination Tax & Tax Increment Reinvestment Zone Rev. Cert. of Oblig. G.O., Ser. 2000, (National Public Finance Guarantee Corp. Insured), 5.63%, due 8/15/15		1,004
	500	Gulf Coast Waste Disp. Au. Rev. (Bayport Area Sys.), Ser. 2013, (AGM Insured), 3.00%, due 10/1/25		493	^Ø
	500	Gulf Coast Waste Disp. Au. Rev. (Bayport Area Sys.), Ser. 2013, (AGM Insured), 3.00%, due 10/1/26		486	^Ø
	225	Harris Co. Cultural Ed. Fac. Fin. Corp. Rev. (Methodist Hosp. Sys.), Ser. 2008-B, 5.25%, due 12/1/17		261	^ß
	400	Harris-Montgomery Cos. Muni. Utils. (Dist. Number 386) G.O., Ser. 2012, (AGM Insured), 3.00%, due 9/1/24		401
	1,110	Houston Hotel Occupancy Tax & Spec. Ref. Rev. (Convention & Entertainment Facs.), Ser. 2012, 5.00%, due 9/1/28		1,124
	1,000	Houston Wtr. & Swr. Sys. Jr. Lien Ref. Rev., Ser. 2001-B, (National Public Finance Guarantee Corp. Insured), 5.50%, due 12/1/24		1,348
	2,000	La Joya Independent Sch. Dist. Ref. G.O., Ser. 2013, (PSF Insured), 5.00%, due 2/15/33		2,450
	2,300	Port of Port Arthur Navigation Dist. Rev. (Motiva Enterprises Proj.), Ser. 2010-A, 0.17%, due 4/1/40		2,300	^µß
	375	Texas A&M Univ. Perm. Univ. Fund Rev., Ser. 2011, 3.00%, due 7/1/17		411
	555	Texas A&M Univ. Perm. Univ. Fund Rev., Ser. 2011, 3.00%, due 7/1/18		615
	415	Texas St. Technical College Sys. Rev. Ref. & Imp., Ser. 2011, 5.00%, due 8/1/17		476
	245	Texas St. Technical College Sys. Rev. Ref. & Imp., Ser. 2011, 5.00%, due 8/1/18		286
				16,703
Virginia (3.2%)
	1,200	Newport News Ref. G.O., Ser. 2011-B, 4.00%, due 7/1/19		1,398
	2,000	Virginia Commonwealth Trans. Board Rev. (Cap. Proj.), Ser. 2011, 4.00%, due 5/15/29		2,196
	1,690	Virginia St. Hsg. Dev. Au. Homeownership Mtge. Rev., Ser. 2010-B, 2.10%, due 9/1/15		1,734
				5,328
Washington (1.5%)
	1,385	Energy Northwest Elec. Ref. Rev. (Proj. Number 3), Ser. 2010-A, 5.00%, due 7/1/18		1,669	^ß
	795	Washington St. Ref. G.O. (Var. Purp.), Ser. 2010-R-2011B, 4.00%, due 7/1/26		879
				2,548
		Total Investments (103.9%) (Cost $164,047)		171,897	^##
		Liabilities, less cash, receivables and other assets [(3.9%)]		(6,407	)
		Total Net Assets (100.0%)	$	165,490

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman New York Municipal Income Fund (Unaudited)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
Municipal Notes (98.5%)
New York (96.9%)
$	1,425	Addison Central Sch. Dist. Ref. G.O., Ser. 2012, 5.00%, due 6/1/19	$	1,687
	380	Ausable Valley Central Sch. Dist. Ref. G.O., Ser. 2012, 2.50%, due 6/15/13		381
	2,000	Brookhaven G.O. (Pub. Imp.), Ser. 2013-A, 3.00%, due 9/15/27		2,036
	1,360	Cayuga Co. G.O., Ser. 2013-A, (BAM Insured), 2.50%, due 2/1/23		1,390
	1,380	Cayuga Co. G.O., Ser. 2013-A, (BAM Insured), 2.75%, due 2/1/26		1,385
	525	East Moriches Union Free Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 3.00%, due 7/1/18		559
	385	East Moriches Union Free Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 3.00%, due 7/1/19		409
	460	East Moriches Union Free Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 3.00%, due 7/1/20		483
	2,000	Erie Co. IDA Sch. Fac. Rev. (City Sch. Dist. Buffalo Proj.), Ser. 2007-A, (AGM Insured), 5.75%, due 5/1/25		2,322
	300	Genesee Valley Central Sch. Dist. Ref. G.O. (Sch. Dist. at Angelica-Belmont), Ser. 2012, (AGM Insured), 3.00%, due 6/15/14		307
	295	Genesee Valley Central Sch. Dist. Ref. G.O. (Sch. Dist. at Angelica-Belmont), Ser. 2012, (AGM Insured), 4.00%, due 6/15/15		313
	1,090	Geneva City Sch. Dist. Ref. G.O., Ser. 2012, 3.00%, due 6/15/14		1,119
	565	Hempstead Town Local Dev. Corp. Rev. (Adelphi Univ. Proj.), Ser. 2011, 3.00%, due 6/1/13		566	^ß
	250	Hempstead Town Local Dev. Corp. Rev. (Hofstra Univ. Proj.), Ser. 2011, 4.63%, due 7/1/36		269	^ß
	750	Hornell City Sch. Dist. Ref. G.O., Ser. 2011, 3.00%, due 6/15/13		752
	1,000	Hudson Yards Infrastructure Corp. Rev., Ser. 2011-A, 5.75%, due 2/15/47		1,174
	750	Ithaca Ref. G.O., Ser. 2012-A, 3.00%, due 1/15/16		792
	250	Ithaca Ref. G.O., Ser. 2012-B, 3.00%, due 8/1/15		263
	1,310	Jamestown City Sch. Dist. Ref. G.O., Ser. 2012, 4.00%, due 11/1/19		1,491
	335	Johnson City Central Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 5.00%, due 6/15/22		404
	400	Johnson City Central Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 5.00%, due 6/15/26		474
	500	Long Island Pwr. Au. Rev., Ser. 2008-A, 6.00%, due 5/1/33		601
	250	Mechanicville City Sch. Dist. Ref. G.O., Ser. 2011, 3.00%, due 6/15/13		251
	1,500	Metropolitan Trans. Au. Rev., Ser. 2008-C, 6.50%, due 11/15/28		1,887
	1,250	Metropolitan Trans. Au. Rev., Ser. 2013-A, 5.00%, due 11/15/27		1,479
	350	New Rochelle Ref. G.O., Ser. 2013-A, 4.00%, due 3/15/17		392
	475	New Rochelle Ref. G.O., Ser. 2013-A, 4.00%, due 3/15/18		539
	350	New Rochelle Ref. G.O., Ser. 2013-A, 4.00%, due 3/15/19		402
	480	New Rochelle Ref. G.O., Ser. 2013-A, 4.00%, due 3/15/20		555
	165	New York City Hsg. Dev. Corp. Rev., Ser. 2008-M, 4.40%, due 5/1/14		170
	330	New York City Hsg. Dev. Corp. Rev., Ser. 2008-M, 4.45%, due 11/1/14		344
	340	New York City Hsg. Dev. Corp. Rev., Ser. 2008-M, 4.60%, due 5/1/15		360
	350	New York City Hsg. Dev. Corp. Rev., Ser. 2008-M, 4.65%, due 11/1/15		376
	1,000	New York City Hsg. Dev. Corp. Rev., Ser. 2008-M, 6.75%, due 11/1/33		1,177
	1,125	New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2012-GG, 5.00%, due 6/15/17		1,256
	2,000	New York St. G.O., Ser. 2008-E-1, 6.25%, due 10/15/28		2,483
	905	New York St. G.O., Ser. 2013-G, 5.00%, due 8/1/21		1,128
	90	New York St. G.O. (Unrefunded Bal.), Ser. 2002-C, 5.50%, due 8/1/14		90
	1,015	New York St. Dorm. Au. Rev. (Med. College), Ser. 1998, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/13		1,018	^ß
	3,540	New York St. Dorm. Au. Rev. (Spec. Active Sch. Dist. Prog.), Ser. 1995, (National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/19		3,556
	3,140	New York St. Dorm. Au. Rev. (Upstate Comm. Colleges), Ser. 2004, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/15		3,323
	130	New York St. Dorm. Au. Rev. Non St. Supported Debt (Catholic Hlth. Sys. Oblig. Group), Ser. 2012-A, 2.00%, due 7/1/14		131	^ß
	340	New York St. Dorm. Au. Rev. Non St. Supported Debt (Catholic Hlth. Sys. Oblig. Group), Ser. 2012-A, 3.00%, due 7/1/15		349	^ß
	300	New York St. Dorm. Au. Rev. Non St. Supported Debt (Catholic Hlth. Sys. Oblig. Group), Ser. 2012-A, 3.00%, due 7/1/16		310	^ß
	500	New York St. Dorm. Au. Rev. Non St. Supported Debt (Hosp. Spec. Surgery), Ser. 2009, (FHA Insured), 6.00%, due 8/15/38		601	^ß
	500	New York St. Dorm. Au. Rev. Non St. Supported Debt (Mem. Sloan-Kettering), Ser. 2012-1, 5.00%, due 7/1/20		615	^ß

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman New York Municipal Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT		SECURITY	VALUE^†
(000's omitted)			(000's omitted)^z
$	1,150	New York St. Dorm. Au. Rev. Non St. Supported Debt (Mem. Sloan-Kettering), Ser. 2012-1, 4.00%, due 7/1/22	$	1,343	^ß
	2,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Muni. Hlth. Fac. Lease), Ser. 2001, 5.00%, due 1/15/18		2,351
	150	New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), Ser. 2009-B, 4.25%, due 5/1/39		157	^ß
	200	New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), Ser. 2011-A, 5.00%, due 5/1/22		239	^ß
	735	New York St. Dorm. Au. Rev. Non St. Supported Debt (Sch. Dist. Fin. Prog.), Ser. 2012-A, 3.00%, due 4/1/14		752
	500	New York St. Dorm. Au. Rev. Non St. Supported Debt (Sch. Dist. Fin. Prog.), Ser. 2012-A, 4.00%, due 10/1/14		524
	100	New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Lawrence Lewis), Ser. 2007, (AGM Insured), 4.00%, due 8/15/18		109	^ß
	110	New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Lawrence Lewis), Ser. 2007, (AGM Insured), 4.13%, due 8/15/20		119	^ß
	100	New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Lawrence Lewis), Ser. 2007, (AGM Insured), 4.25%, due 8/15/21		108	^ß
	2,305	New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Rochester), Ser. 2007-A1, 5.00%, due 7/1/19		2,636	^ß
	3,000	New York St. Dorm. Au. Rev. St. Personal Income Tax Rev. Ref. (Gen. Purp. Bonds), Ser. 2012-A, 5.00%, due 12/15/29		3,598
	1,500	New York St. Dorm. Au. Rev. St. Supported Debt (City Univ. Cons. 5th), Ser. 2008-E, 6.13%, due 1/1/31		1,793
	1,000	New York St. Dorm. Au. Rev. St. Supported Debt (Dept. Ed.), Ser. 2006-A, 5.00%, due 7/1/18		1,126
	2,500	New York St. Dorm. Au. Rev. St. Supported Debt (Mental. Hlth. Svcs. Fac. Imp.), Ser. 2005-A, (AMBAC Insured), 5.00%, due 2/15/19		2,700
	1,500	New York St. Dorm. Au. Rev. St. Supported Debt (Mental. Hlth. Svcs. Fac. Imp.), Ser. 2008-F, 6.25%, due 2/15/31		1,788
	1,500	New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking Rev. Revolving Fund Muni. Wtr. Fin. Auth. Proj.), Ser. 2012-D, 5.00%, due 6/15/24		1,885
	1,000	New York St. Env. Facs. Corp. Rev. (United Wtr. New Rochelle), Ser. 2010-A, 4.88%, due 9/1/40		1,067
	1,000	New York St. Urban. Dev. Corp. Rev. Ref., Ser. 2008-D, 5.00%, due 1/1/15		1,076
	350	North Syracuse Central Sch. Dist. Ref. G.O., Ser. 2012-B, 5.00%, due 6/15/19		420
	300	North Syracuse Central Sch. Dist. Ref. G.O., Ser. 2012-B, 5.00%, due 6/15/21		366
	1,000	Oneida Co. Ref. G.O. (Pub. Imp.), Ser. 2013, 5.00%, due 4/1/20		1,211
	735	Orange Co. Funding Corp. Rev. (Mount St. Mary College), Ser. 2012-B, 4.00%, due 7/1/23		815	^ß
	695	Orange Co. Funding Corp. Rev. (Mount St. Mary College), Ser. 2012-B, 4.00%, due 7/1/24		764	^ß
	250	Otego-Unadilla Central Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 3.00%, due 6/15/19		267
	250	Otego-Unadilla Central Sch. Dist. Ref. G.O., Ser. 2012, (AGM Insured), 4.00%, due 6/15/20		282
	250	Schuylerville Central Sch. Dist. Ref. G.O., Ser. 2012, 3.00%, due 6/15/13		251
	350	Sullivan West Central Sch. Dist. Ref. G.O., Ser. 2011, (AGM Insured), 3.00%, due 6/15/13		351
	310	Triborough Bridge & Tunnel Au. Rev. Ref., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/15/22		311
	1,205	Triborough Bridge & Tunnel Au. Rev. Ref., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/15/23		1,209
	1,500	Triborough Bridge & Tunnel Au. Rev. Ref., Ser. 2013-A, 5.00%, due 11/15/27		1,797
	375	Warsaw Central Sch. Dist. Ref. G.O., Ser. 2012, 2.63%, due 6/15/13		376
				73,760
Puerto Rico (1.6%)
	500	Puerto Rico Commonwealth Gov't Dev. Bank Rev. Ref., Ser. 1985, (National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15		507
	700	Puerto Rico Elec. Pwr. Au. Rev., Ser. 2010-XX, 5.25%, due 7/1/27		713
				1,220
		Total Investments (98.5%) (Cost $70,992)		74,980	^##
		Cash, receivables and other assets, less liabilities (1.5%)		1,108
		Total Net Assets (100.0%)	$	76,088

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration Bond Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (12.3%)
$	1,500	U.S. Treasury Notes, 0.38%, due 7/31/13 & 3/15/16	$	1,503
	3,590	U.S. Treasury Notes, 0.25%, due 11/30/14 & 4/15/16		3,587
	3,295	U.S. Treasury Notes, 2.13%, due 11/30/14		3,396
		Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $8,553)		8,486
Mortgage-Backed Securities (29.8%)
Adjustable Mixed Balance (3.1%)
	828	Credit Suisse First Boston Mortgage Securities Corp., Ser. 2004-AR4, Class 2A1, 2.75%, due 5/25/34		823	^µ
	1,226	First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5, Class 2A1, 2.71%, due 11/25/35		1,158	^µ
	132	Harborview Mortgage Loan Trust, Ser. 2004-4, Class 3A, 1.33%, due 6/19/34		130	^µ
				2,111
Commercial Mortgage-Backed (16.6%)
	205	Bear Stearns Commercial Mortgage Securities, Inc., Ser. 2005-PWR8, Class AAB, 4.58%, due 6/11/41		206
	130	Citigroup Commercial Mortgage Trust, Ser. 2006-C4, Class A2, 5.93%, due 3/15/49		132	^µ
	111	Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser. 2006-CD2, Class AAB, 5.51%, due 1/15/46		113	^µ
	1,025	Commercial Mortgage Pass-Through Certificates, Ser. 2003-LB1A, Class C, 4.23%, due 6/10/38		1,029
	645	Credit Suisse Commercial Mortgage Trust, Ser. 2006-C3, Class A3, 5.99%, due 6/15/38		723	^µ
	66	Credit Suisse Commercial Mortgage Trust, Ser. 2007-C2, Class A2, 5.45%, due 1/15/49		67
	651	GMAC Commercial Mortgage Securities, Inc., Ser. 2004-C3, Class AAB, 4.70%, due 12/10/41		665
	1,500	GS Mortgage Securities Trust, Ser. 2006-GG6, Class A4, 5.55%, due 4/10/38		1,665
due 2/15/46 836		JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2011-C3, Class A1, 1.87%,		847	^ñ
	875	LB-UBS Commercial Mortgage Trust, Ser. 2003-C7, Class C, 5.63%, due 7/15/37		877	^µ
	487	Morgan Stanley Capital I Trust, Ser. 2011-C1, Class A1, 2.60%, due 9/15/47		499	^ñ
	935	Morgan Stanley Capital I Trust, Ser. 2011-C3, Class A1, 2.18%, due 7/15/49		957
	1,615	Wachovia Bank Commercial Mortgage Trust, Ser. 2003-C6, Class D, 5.13%, due 8/15/35		1,623
	45	Wachovia Bank Commercial Mortgage Trust, Ser. 2005-C22, Class A3, 5.49%, due 12/15/44		45	^µ
	1,305	Wachovia Bank Commercial Mortgage Trust, Ser. 2006-C23, Class A4, 5.42%, due 1/15/45		1,429
	546	WF-RBS Commercial Mortgage Trust, Ser. 2011-C2, Class A1, 2.50%, due 2/15/44		558	^ñ
				11,435
Mortgage-Backed Non-Agency (3.1%)
	468	Countrywide Home Loans, Ser. 2005-R2, Class 2A4, 8.50%, due 6/25/35		502	^ñ
	1,265	GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4, 8.50%, due 3/25/35		1,366	^ñ
	269	GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4, 8.50%, due 9/25/35		287	^ñ
				2,155
Fannie Mae (3.5%)
	1,617	Pass-Through Certificates, 3.00%, due 9/1/27		1,710
	680	Pass-Through Certificates, 4.50%, due 4/1/39		733
				2,443
Freddie Mac (3.5%)
	3	ARM Certificates, 1.75%, due 1/1/17		3	^µ
	1,363	Pass-Through Certificates, 3.00%, due 1/1/27		1,440
	874	Pass-Through Certificates, 4.50%, due 11/1/39		937
				2,380

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Government National Mortgage Association (0.0%)
$	1	Pass-Through Certificates, 12.00%, due 3/15/14	$	2
		Total Mortgage-Backed Securities (Cost $20,702)		20,526
Corporate Debt Securities (41.2%)
Aerospace & Defense (0.2%)
	115	United Technologies Corp., Senior Unsecured Notes, 1.20%, due 6/1/15		117
Auto Manufacturers (0.9%)
	590	Daimler Finance N.A. LLC, Guaranteed Notes, 1.65%, due 4/10/15		597	^ñ
Banks (13.2%)
	305	American Express Centurion Bank, Guaranteed Notes, 0.88%, due 11/13/15		306
	360	Bank of America Corp., Senior Unsecured Medium-Term Notes, 3.63%, due 3/17/16		382
	835	Citigroup, Inc., Senior Unsecured Notes, 2.65%, due 3/2/15		860
	395	Goldman Sachs Group, Inc., Senior Unsecured Medium-Term Notes, 1.60%, due 11/23/15		400
	1,670	JPMorgan Chase & Co., Senior Unsecured Medium-Term Notes, 1.88%, due 3/20/15		1,708
	745	Morgan Stanley, Senior Unsecured Global Medium-Term Notes, 6.00%, due 5/13/14		784
	155	Morgan Stanley, Senior Unsecured Notes, 1.75%, due 2/25/16		156
	1,330	Royal Bank of Canada, Senior Unsecured Global Medium-Term Notes, 1.45%, due 10/30/14		1,349
	470	Sumitomo Mitsui Banking Corp., Bank Guaranteed Notes, 0.90%, due 1/18/16		470
	1,265	Wells Fargo & Co., Senior Unsecured Notes, 1.50%, due 7/1/15		1,287
	555	Westpac Banking Corp., Senior Unsecured Notes, 1.85%, due 12/9/13		560
	820	Westpac Banking Corp., Senior Unsecured Notes, 1.13%, due 9/25/15		829
				9,091
Beverages (2.1%)
	1,390	Anheuser-Busch InBev Finance, Inc., Guaranteed Notes, 0.80%, due 1/15/16		1,396
	80	Heineken NV, Senior Unsecured Notes, 0.80%, due 10/1/15		80	^ñ
				1,476
Commercial Services (0.7%)
	405	ERAC USA Finance LLC, Guaranteed Notes, 2.25%, due 1/10/14		409	^ñ
	90	ERAC USA Finance LLC, Guaranteed Notes, 1.40%, due 4/15/16		91	^ñ
				500
Computers (2.7%)
	425	Hewlett-Packard Co., Senior Unsecured Notes, 2.20%, due 12/1/15		434
	1,400	IBM Corp., Senior Unsecured Notes, 0.88%, due 10/31/14		1,411
				1,845
Diversified Financial Services (8.0%)
	745	American Express Credit Corp., Senior Unsecured Medium-Term Notes, Ser. C, 5.88%, due 5/2/13		745
	540	American Honda Finance Corp., Unsecured Notes, 1.00%, due 8/11/15		543	^ñ
	510	Caterpillar Financial Services Corp., Senior Unsecured Medium-Term Notes, 1.65%, due 4/1/14		516
	280	Caterpillar Financial Services Corp., Senior Unsecured Medium-Term Notes, 1.13%, due 12/15/14		283

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	955	General Electric Capital Corp., Senior Unsecured Notes, 5.90%, due 5/13/14	$	1,009	^ØØ
	455	General Electric Capital Corp., Senior Unsecured Notes, 2.15%, due 1/9/15		467
	530	General Electric Capital Corp., Senior Unsecured Medium-Term Notes, 1.00%, due 1/8/16		533
	415	Harley-Davidson Financial Services, Inc., Guaranteed Notes, 1.15%, due 9/15/15		417	^ñ
	490	John Deere Capital Corp., Senior Unsecured Notes, 0.88%, due 4/17/15		494
	525	Toyota Motor Credit Corp., Senior Unsecured Medium-Term Notes, 1.00%, due 2/17/15		530
				5,537
Food (0.2%)
	170	Kraft Foods Group, Inc., Senior Unsecured Notes, 1.63%, due 6/4/15		173
Insurance (0.8%)
	545	Berkshire Hathaway Finance Corp., Guaranteed Notes, 1.50%, due 1/10/14		549
Internet (0.6%)
	405	Amazon.com, Inc., Senior Unsecured Notes, 0.65%, due 11/27/15		405
Media (3.8%)
	995	DIRECTV Holdings LLC, Guaranteed Notes, 4.75%, due 10/1/14		1,049
	800	NBC Universal Media LLC, Guaranteed Notes, 2.10%, due 4/1/14		812
	750	Time Warner Cable, Inc., Guaranteed Notes, 3.50%, due 2/1/15		784
				2,645
Mining (0.5%)
	360	BHP Billiton Finance USA Ltd., Guaranteed Notes, 1.13%, due 11/21/14		364
Oil & Gas (1.3%)
	665	BP Capital Markets PLC, Guaranteed Notes, 1.70%, due 12/5/14		678
	190	Marathon Oil Corp., Senior Unsecured Notes, 0.90%, due 11/1/15		190
				868
Pharmaceuticals (3.5%)
	1,050	AbbVie, Inc., Guaranteed Notes, 1.20%, due 11/6/15		1,058	^ñ
	415	Express Scripts Holding Co., Guaranteed Notes, 2.10%, due 2/12/15		424
	165	McKesson Corp., Senior Unsecured Notes, 0.95%, due 12/4/15		166
	675	Novartis Capital Corp., Guaranteed Notes, 2.90%, due 4/24/15		707
	75	Zoetis, Inc., Senior Unsecured Notes, 1.15%, due 2/1/16		75	^ñ
				2,430
Pipelines (0.7%)
	215	Enterprise Products Operating LLC, Guaranteed Notes, 1.25%, due 8/13/15		217
	240	TransCanada PipeLines Ltd., Senior Unsecured Notes, 0.88%, due 3/2/15		241
				458
Retail (0.9%)
	625	Home Depot, Inc., Senior Unsecured Notes, 5.25%, due 12/16/13		644

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration Bond Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Telecommunications (1.1%)
$	570	AT&T, Inc., Senior Unsecured Notes, 0.88%, due 2/13/15	$	573
	165	AT&T, Inc., Senior Unsecured Notes, 0.90%, due 2/12/16		165
				738
		Total Corporate Debt Securities (Cost $28,047)		28,437
Asset-Backed Securities (15.7%)
	127	Ally Auto Receivables Trust, Ser. 2010-4, Class A3, 0.91%, due 11/17/14		127
	248	Ally Auto Receivables Trust, Ser. 2011-1, Class A3, 1.38%, due 1/15/15		249
	2,075	American Express Credit Account Master Trust, Ser. 2012-4, Class A, 0.44%, due 5/15/20		2,069	^µ
	1,200	Citibank Credit Card Issuance Trust, Ser. 2013-A1, Class A1, 0.30%, due 4/24/17		1,200	^Ø
	532	Ford Credit Auto Owner Trust, Ser. 2011-A, Class A3, 0.97%, due 1/15/15		533
	652	Hyundai Auto Receivables Trust, Ser. 2011-A, Class A3, 1.16%, due 4/15/15		654
	1,125	Mercedes-Benz Auto Receivables Trust, Ser. 2012-1, Class A2, 0.37%, due 3/16/15		1,126
	294	Mercedes-Benz Auto Receivables Trust, Ser. 2011-1, Class A3, 0.85%, due 3/16/15		294
	1,373	Nissan Auto Receivables Owner Trust, Ser. 2012-B, Class A2, 0.39%, due 4/15/15		1,373	^ØØ
	869	SLM Student Loan Trust, Ser. 2004-5, Class A4, 0.43%, due 1/25/21		868	^µ
	1,558	SLM Student Loan Trust, Ser. 2006-5, Class A4, 0.36%, due 4/25/23		1,556	^µ
	829	Soundview Home Equity Loan Trust, Ser. 2006-OPT3, Class 2A3, 0.37%, due 6/25/36		748	^µ
		Total Asset-Backed Securities (Cost $10,862)		10,797
Short-Term Investments (2.5%)
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (1.0%)
	700	U.S. Treasury Bills, Disc. Notes, 0.05%, due 8/1/13		700	^d
NUMBER OF SHARES
Money Market Fund (1.5%)
	1,060,963	State Street Institutional Liquid Reserves Fund Institutional Class		1,061
		Total Short-Term Investments (Cost $1,761)		1,761
		Total Investments (101.5%) (Cost $69,925)		70,007	^##
		Liabilities, less cash, receivables and other assets [(1.5%)]		(1,059	)
		Total Net Assets (100.0%)	$	68,948

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Bank Loan Obligations^µ (9.5%)
Air Transport (0.7%)
$	254	Delta Air Lines, Term Loan B, 4.25%, due 4/15/17	$	257
All Telecom (0.6%)
	145	Cricket Communications, Inc., Term Loan B, 4.75%, due 10/10/19		145
	85	Integra Telecom, Term Loan B, 6.00%, due 2/22/19		87
				232
Automotive (0.5%)
	174	Navistar, Inc., Term Loan B, 5.75%, due 8/17/17		178
Building & Development (0.7%)
	250	Realogy Corporation, Term Loan B, 4.50%, due 3/5/20		253
Business Equipment & Services (0.6%)
	239	Kronos, First Lien Term Loan, 4.50%, due 10/30/19		242
Chemicals & Plastics (0.5%)
	70	Dupont Performance Coatings, Term Loan B, 4.75%, due 2/1/20		71
	120	PQ Corporation, Term Loan, 4.50%, due 8/7/17		121
				192
Financial Intermediaries (0.7%)
	255	First Data Corporation, Term Loan, 4.20%, due 3/24/17		255
Food & Drug Retailers (0.1%)
	55	Rite Aid Corp., Second Lien Term Loan, 5.75%, due 8/21/20		57
Health Care (0.7%)
	241	CareStream Health Inc., Term Loan, 5.00%, due 2/25/17		242
Leisure Goods - Activities - Movies (0.7%)
	262	WMG Acquisition Corp., First Lien Term Loan, 6.25%, due 11/1/18		265
Lodging & Casinos (1.2%)
	152	Centaur Acquisition, LLC, Second Lien Term Loan, due 2/20/20		155	^{¢^^}
	275	Station Casinos, Term Loan B, 5.00%, due 3/2/20		278
				433
Oil & Gas (1.0%)
	375	Chesapeake Energy, Term Loan B, 5.75%, due 12/2/17		388

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Radio & Television (1.0%)
$	214	Cumulus Media, First Lien Term Loan B, 4.50%, due 9/17/18	$	218
	149	Univision Communications Inc., First Lien Term Loan, 4.45%, due 3/31/17		150
				368
Retailers (except food & drug) (0.5%)
	175	Toys R US Delaware Inc., Term Loan B, due 9/1/16		175	^{¢^^}
		Total Bank Loan Obligations (Cost $3,478)		3,537
Corporate Debt Securities (86.1%)
Aerospace & Defense (0.1%)
	45	Bombardier, Inc., Senior Notes, 4.25%, due 1/15/16		47	^ñ
Airlines (1.1%)
	375	Continental Airlines, Inc., Senior Secured Notes, 6.75%, due 9/15/15		392	^ñ
Auto Loans (0.4%)
	150	General Motors Financial Co., Inc., Guaranteed Notes, 4.75%, due 8/15/17		158	^ñ
Auto Parts & Equipment (0.5%)
	185	Goodyear Tire & Rubber Co., Guaranteed Notes, 6.50%, due 3/1/21		194
Banking (2.6%)
	620	Ally Financial, Inc., Guaranteed Notes, 4.63%, due 6/26/15		653	^ØØ
	130	Ally Financial, Inc., Guaranteed Notes, 3.13%, due 1/15/16		133
	145	Ally Financial, Inc., Guaranteed Notes, 5.50%, due 2/15/17		158
				944
Beverages (0.9%)
	275	Constellation Brands, Inc., Guaranteed Notes, 7.25%, due 5/15/17		320
Building & Construction (2.8%)
	65	Lennar Corp., Guaranteed Notes, Ser. B, 5.60%, due 5/31/15		70
	200	Lennar Corp., Guaranteed Notes, 4.75%, due 12/15/17		212
	305	Lennar Corp., Guaranteed Notes, 4.13%, due 12/1/18		310	^ñ
	120	Ryland Group Inc., Guaranteed Notes, 8.40%, due 5/15/17		144
	135	Shea Homes L.P., Senior Secured Notes, 8.63%, due 5/15/19		153
	125	Standard Pacific Corp., Guaranteed Notes, 10.75%, due 9/15/16		156
				1,045
Building Materials (1.6%)
	45	Associated Materials LLC/AMH New Finance, Inc., Senior Secured Notes, 9.13%, due 11/1/17		49
	20	Masco Corp., Senior Unsecured Notes, 6.13%, due 10/3/16		22
	175	USG Corp., Guaranteed Notes, 9.75%, due 8/1/14		192	^ñ
	300	USG Corp., Guaranteed Notes, 8.38%, due 10/15/18		332	^ñ
				595

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Chemicals (2.0%)
$	155	Ashland, Inc., Senior Unsecured Notes, 3.00%, due 3/15/16	$	158	^ñ
	50	Ashland, Inc., Senior Unsecured Notes, 3.88%, due 4/15/18		52	^ñ
	125	Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/20		142
	200	Momentive Performance Materials, Inc., Senior Secured Notes, 8.88%, due 10/15/20		218
	155	PQ Corp., Secured Notes, 8.75%, due 5/1/18		167	^ñ
				737
Computer Hardware (0.5%)
	175	Seagate HDD Cayman, Guaranteed Notes, 7.75%, due 12/15/18		193
Consumer - Commercial Lease Financing (5.1%)
	141	AWAS Aviation Capital Ltd., Senior Secured Notes, 7.00%, due 10/17/16		148	^ñ
	80	CIT Group, Inc., Senior Unsecured Notes, 4.75%, due 2/15/15		84	^ñ
	520	CIT Group, Inc., Senior Unsecured Notes, 5.00%, due 5/15/17		567	^ØØ
	135	CIT Group, Inc., Senior Unsecured Notes, 4.25%, due 8/15/17		143
	325	Int'l Lease Finance Corp., Senior Unsecured Medium-Term Notes, Ser. R, 5.65%, due 6/1/14		340
	400	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.63%, due 9/15/15		456
	125	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.75%, due 3/15/17		150
				1,888
Department Stores (0.8%)
	280	Sears Holdings Corp., Secured Notes, 6.63%, due 10/15/18		278
Electric - Generation (2.8%)
	291	Calpine Corp., Senior Secured Notes, 7.88%, due 7/31/20		330	^ñ
	115	NRG Energy, Inc., Guaranteed Notes, 7.63%, due 1/15/18		133
	400	NRG Energy, Inc., Guaranteed Notes, 8.50%, due 6/15/19		442
	125	RRI Energy, Inc., Senior Unsecured Notes, 7.63%, due 6/15/14		133
				1,038
Electric - Integrated (0.4%)
	115	IPALCO Enterprises, Inc., Senior Secured Notes, 7.25%, due 4/1/16		129	^ñ
Electronics (2.8%)
	160	Amkor Technology, Inc., Guaranteed Notes, 7.38%, due 5/1/18		170
	365	Ceridian Corp., Guaranteed Notes, 11.25%, due 11/15/15		378
	430	Freescale Semiconductor, Inc., Senior Secured Notes, 9.25%, due 4/15/18		473	^ñ
				1,021
Energy - Exploration & Production (7.0%)
	340	Chesapeake Energy Corp., Guaranteed Notes, 3.25%, due 3/15/16		344
	120	Chesapeake Energy Corp., Guaranteed Notes, 6.50%, due 8/15/17		134
	300	Denbury Resources, Inc., Guaranteed Notes, 8.25%, due 2/15/20		340
	255	EP Energy LLC/EP Energy Finance, Inc., Senior Unsecured Notes, 9.38%, due 5/1/20		297
	125	EP Energy LLC/Everest Acquisition Finance, Inc., Senior Secured Notes, 6.88%, due 5/1/19		137
	30	EPE Holdings LLC/EP Energy Bond Co., Inc., Senior Unsecured Notes, 8.13%, due 12/15/17		32	^ñc
	235	EXCO Resources, Inc., Guaranteed Notes, 7.50%, due 9/15/18		233
	285	Forest Oil Corp., Guaranteed Notes, 7.25%, due 6/15/19		289

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	435	Linn Energy LLC, Guaranteed Notes, 8.63%, due 4/15/20	$	486
	165	SandRidge Energy, Inc., Guaranteed Notes, 8.75%, due 1/15/20		177
	125	WPX Energy, Inc., Senior Unsecured Notes, 5.25%, due 1/15/17		134
				2,603
Food & Drug Retailers (1.2%)
	200	New Albertsons, Inc., Senior Unsecured Notes, 7.25%, due 5/1/13		200
	225	Rite Aid Corp., Senior Secured Notes, 8.00%, due 8/15/20		257
				457
Gaming (5.5%)
	45	Boyd Gaming Corp., Senior Subordinated Notes, 7.13%, due 2/1/16		46
	475	CityCenter Holdings LLC, Senior Secured Notes, 7.63%, due 1/15/16		510
	125	MGM Mirage, Inc., Guaranteed Notes, 7.50%, due 6/1/16		141
	385	MGM Resorts Int'l, Guaranteed Notes, 7.63%, due 1/15/17		437
	70	Mohegan Tribal Gaming Authority, Secured Notes, 11.50%, due 11/1/17		78	^ñ
	70	Peninsula Gaming LLC, Guaranteed Notes, 8.38%, due 2/15/18		76	^ñ
	225	Pinnacle Entertainment, Inc., Guaranteed Notes, 8.63%, due 8/1/17		238
	225	Seminole Indian Tribe of Florida, Secured Notes, 7.75%, due 10/1/17		243	^ñ
	100	Station Casinos LLC, Guaranteed Notes, 7.50%, due 3/1/21		105	^ñ
	140	Wynn Las Vegas LLC, 1st Mortgage, 7.75%, due 8/15/20		160
				2,034
Gas Distribution (3.8%)
	280	AmeriGas Partners L.P./AmeriGas Finance Corp., Senior Unsecured Notes, 6.25%, due 8/20/19		303
	250	El Paso Corp., Senior Secured Notes, 7.00%, due 6/15/17		288
	250	Ferrellgas L.P., Senior Unsecured Notes, 9.13%, due 10/1/17		267
	81	Kinder Morgan Finance Co., Senior Secured Notes, 5.70%, due 1/5/16		89
	410	Suburban Propane Partners L.P./Suburban Energy Finance Corp., Senior Unsecured Notes, 7.50%, due 10/1/18		447
				1,394
Health Facilities (4.5%)
	200	CHS/Community Health Systems, Inc., Senior Secured Notes, 5.13%, due 8/15/18		214
	295	HCA, Inc., Senior Secured Notes, 8.50%, due 4/15/19		325	^ØØ
	195	Health Management Associates, Inc., Guaranteed Notes, 7.38%, due 1/15/20		217
	75	IASIS Healthcare LLC/IASIS Capital Corp., Guaranteed Notes, 8.38%, due 5/15/19		79
	325	OMEGA Healthcare Investors, Inc., Guaranteed Notes, 7.50%, due 2/15/20		362
	225	Tenet Healthcare Corp., Senior Secured Notes, 8.88%, due 7/1/19		254
	65	United Surgical Partners Int'l, Inc., Guaranteed Notes, 9.00%, due 4/1/20		74
	125	Universal Health Services, Inc., Senior Secured Notes, 7.13%, due 6/30/16		143
				1,668
Health Services (1.2%)
	245	Emergency Medical Services Corp., Guaranteed Notes, 8.13%, due 6/1/19		271
	173	Service Corp. Int'l, Senior Unsecured Notes, 6.75%, due 4/1/15		190
				461

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Investments & Misc. Financial Services (2.2%)
$	760	Icahn Enterprises L.P., Guaranteed Notes, 8.00%, due 1/15/18	$	817
Leisure (2.0%)
	430	Cedar Fair L.P., Guaranteed Notes, 9.13%, due 8/1/18		482
	210	Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 7.25%, due 6/15/16		238
				720
Machinery (1.6%)
	125	Case New Holland, Inc., Guaranteed Notes, 7.88%, due 12/1/17		149
	70	CNH Capital LLC, Guaranteed Notes, 3.88%, due 11/1/15		72
	200	CNH Capital LLC, Guaranteed Notes, 6.25%, due 11/1/16		221
	125	The Manitowoc Co., Inc., Guaranteed Notes, 9.50%, due 2/15/18		138
				580
Media - Broadcast (1.4%)
	165	Clear Channel Communications, Inc., Senior Unsecured Notes, 5.50%, due 9/15/14		163
	310	Sirius XM Radio, Inc., Guaranteed Notes, 8.75%, due 4/1/15		347	^ñ
				510
Media - Cable (5.7%)
	400	CCO Holdings LLC, Guaranteed Notes, 7.25%, due 10/30/17		433	^ØØ
	200	CSC Holdings, Inc., Senior Unsecured Notes, 7.88%, due 2/15/18		235
	270	DISH DBS Corp., Senior Notes, 4.25%, due 4/1/18		265	^ñ
	635	EchoStar DBS Corp., Guaranteed Notes, 7.13%, due 2/1/16		702
	130	UPC Holding BV, Secured Notes, 9.88%, due 4/15/18		145	^ñ
	155	UPCB Finance III Ltd., Senior Secured Notes, 6.63%, due 7/1/20		169	^ñ
	135	Virgin Media Finance PLC, Guaranteed Notes, 8.38%, due 10/15/19		152
				2,101
Media - Services (1.1%)
	170	Lamar Media Corp., Guaranteed Notes, 9.75%, due 4/1/14		183
	195	Lamar Media Corp., Guaranteed Notes, 7.88%, due 4/15/18		213
				396
Medical Products (0.4%)
	125	Fresenius Medical Care US Finance, Inc., Guaranteed Notes, 6.88%, due 7/15/17		144
Metals - Mining Excluding Steel (2.5%)
	610	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 7.00%, due 11/1/15		639	^ñØØ
	250	Peabody Energy Corp., Guaranteed Notes, 7.38%, due 11/1/16		286
				925

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Packaging (2.3%)
$	225	Berry Plastics Corp., Secured Notes, 9.50%, due 5/15/18	$	250
	50	Owens-Brockway Glass Container, Inc., Guaranteed Notes, 7.38%, due 5/15/16		57
	495	Reynolds Group Issuer, Inc., Senior Secured Notes, 7.88%, due 8/15/19		555
				862
Pharmaceuticals (2.6%)
	105	Jaguar Holding Co. II/Jaguar Merger Sub, Inc., Senior Unsecured Notes, 9.50%, due 12/1/19		121	^ñ
	225	Mylan, Inc., Guaranteed Notes, 7.63%, due 7/15/17		250	^ñ
	300	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.50%, due 7/15/16		313	^ñ
	270	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.88%, due 12/1/18		294	^ñ
				978
Printing & Publishing (2.4%)
	250	Gannett Co., Inc., Guaranteed Notes, 6.38%, due 9/1/15		275
	125	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 5.50%, due 5/15/15		134
	350	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 8.60%, due 8/15/16		406	^ØØ
	80	R. R. Donnelley & Sons Co., Senior Unsecured Notes, 7.25%, due 5/15/18		87
				902
Software - Services (1.0%)
	200	First Data Corp., Senior Secured Notes, 7.38%, due 6/15/19		218	^ñ
	20	Sophia, L.P., Guaranteed Notes, 9.75%, due 1/15/19		22	^ñ
	105	Syniverse Holdings, Inc., Guaranteed Notes, 9.13%, due 1/15/19		116
				356
Specialty Retail (2.0%)
	190	Sally Holdings LLC/Sally Capital, Inc., Guaranteed Notes, 6.88%, due 11/15/19		213
	55	Toys "R" Us Property Co. I LLC, Guaranteed Notes, 10.75%, due 7/15/17		59
	450	Toys "R" Us Property Co. II LLC, Senior Secured Notes, 8.50%, due 12/1/17		483
				755
Steel Producers - Products (2.2%)
	170	ArcelorMittal, Senior Unsecured Notes, 4.25%, due 2/25/15		176
	125	ArcelorMittal, Senior Unsecured Notes, 4.25%, due 8/5/15		131
	410	ArcelorMittal, Senior Unsecured Notes, 5.00%, due 2/25/17		435
	75	Steel Dynamics, Inc., Guaranteed Notes, 6.13%, due 8/15/19		82	^ñ
				824
Support - Services (1.8%)
	220	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Guaranteed Notes, 4.88%, due 11/15/17		231	^ñ
	135	Hertz Corp., Guaranteed Notes, 4.25%, due 4/1/18		140	^ñ
	75	Hertz Corp., Guaranteed Notes, 7.50%, due 10/15/18		83
	125	Iron Mountain, Inc., Guaranteed Notes, 7.75%, due 10/1/19		141
	75	ServiceMaster Co., Guaranteed Notes, 8.00%, due 2/15/20		81
				676

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Short Duration High Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Telecom - Integrated Services (4.9%)
$	220	Intelsat Jackson Holdings SA, Guaranteed Notes, 8.50%, due 11/1/19	$	248
	100	Intelsat Luxembourg SA, Guaranteed Notes, 6.75%, due 6/1/18		105	^ñ
	275	Level 3 Financing, Inc., Guaranteed Notes, 10.00%, due 2/1/18		303
	290	Level 3 Financing, Inc., Guaranteed Notes, 8.13%, due 7/1/19		320
	215	tw telecom holdings, Inc., Guaranteed Notes, 8.00%, due 3/1/18		233
	515	Windstream Corp., Guaranteed Notes, 7.88%, due 11/1/17		601	^ØØ
				1,810
Telecom - Wireless (2.4%)
	60	Clearwire Communications LLC, Senior Secured Notes, 12.00%, due 12/1/15		64	^ñ
	190	MetroPCS Wireless, Inc., Guaranteed Notes, 6.25%, due 4/1/21		204	^ñ
	390	Sprint Nextel Corp., Senior Unsecured Notes, 6.00%, due 12/1/16		423
	200	Telesat Canada/Telesat LLC, Senior Unsecured Notes, 6.00%, due 5/15/17		213	^ñ
				904
		Total Corporate Debt Securities (Cost $31,338)		31,856
Convertible Bonds (0.7%)
	275	Alpha Appalachia Holdings, Inc., Guaranteed Notes, 3.25%, due 8/1/15 (Cost $265)		261
NUMBER OF SHARES
Short-Term Investments (3.1%)
	1,144,205	State Street Institutional Liquid Reserves Fund Institutional Class (Cost $1,144)		1,144
		Total Investments (99.4%) (Cost $36,225)		36,798	^##
		Cash, receivables and other assets, less liabilities (0.6%)		212
		Total Net Assets (100.0%)	$	37,010

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Bank Loan Obligations^µ (18.0%)
Aerospace & Defense (0.1%)
$	1,536	Sequa Corporation, Term Loan B, 5.25%, due 6/19/17	$	1,559
Air Transport (0.2%)
	654	Delta Air Lines, Term Loan B, 4.25%, due 4/15/17		662
	2,405	United Air Lines, Inc., Term Loan B, 4.00%, due 4/1/19		2,428
				3,090
All Telecom (1.1%)
	2,144	Cricket Communications, Inc., Term Loan C, 4.75%, due 2/22/20		2,153
	863	Crown Castle Operating Corp., Term Loan B, 3.25%, due 1/31/19		867
	865	Integra Telecom, Term Loan, 6.00%, due 2/22/19		882
	440	Integra Telecom, Second Lien Term Loan, 9.75%, due 2/15/20		451
	1,686	Intelsat Jackson HLDG, Term Loan B-1, 4.25%, due 4/2/18		1,707
	1,020	Level 3 Financing Inc., Term Loan B, 5.25%, due 8/1/19		1,033
	1,831	Level 3 Financing Inc., Term Loan B-11, 4.75%, due 8/1/19		1,850
	1,675	Lightower Fiber Networks, First Lien Term Loan, 4.50%, due 3/15/20		1,692
	951	Syniverse Technologies, Term Loan, 5.00%, due 4/23/19		958
	1,725	Syniverse Technologies, Term Loan B, due 4/23/19		1,730	^{¢^^††}
	859	Windstream Corp., Term Loan B-3, 4.00%, due 8/8/19		868
	1,944	Windstream Corp., Term Loan B-4, 3.50%, due 1/23/20		1,950
				16,141
Automotive (0.7%)
	1,921	Allison Transmission, Term Loan B-3, 4.25%, due 8/23/19		1,946
	1,667	Chrysler Automotive, Term Loan B, 6.00%, due 5/24/17		1,688
	1,420	Goodyear Tire & Rubber Company, Second Lien Term Loan, 4.75%, due 4/30/19		1,431
	1,018	Navistar, Inc., Term Loan B, 5.75%, due 8/17/17		1,036
	3,920	TI Group Automotive, Term Loan, 5.50%, due 3/28/19		3,979	^Ñ
				10,080
Beverage & Tobacco (0.2%)
	2,590	HJ Heinz Company, Term Loan B, due 3/27/20		2,613	^{¢^^}
Building & Development (0.8%)
	2,985	American Builders & Co., Inc., Term Loan B, 3.50%, due 4/16/20		3,009
	1,788	Capital Automotive LP, Term Loan B, 4.75%, due 3/11/17		1,801
	1,894	Capital Automotive LP, Term Loan B-1, due 4/10/19		1,908	^{¢^^}
	1,379	Capital Automotive LP, Second Lien Term Loan B, due 4/1/20		1,420	^{Ñ¢^^}
	92	Realogy Corporation, Letter of Credit, 0.05%, due 10/10/16		93
	2,632	Realogy Corporation, Term Loan B, 4.50%, due 3/5/20		2,663
				10,894
Business Equipment & Services (1.6%)
	1,526	Acosta Inc., Term Loan D, 5.00%, due 3/2/18		1,548
	1,132	Advantage Sales & Marketing, First Lien Term Loan, due 12/18/17		1,145	^{¢^^}
	836	Advantage Sales & Marketing, Second Lien Term Loan, 8.25%, due 6/17/18		838
	339	Brand Services, Inc., First Lien Term Loan B-2, 5.75%, due 10/23/16		344	^Ñ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	81	Brand Services, Inc., Term Loan B-2, 5.75%, due 10/23/16	$	82	^Ñ
	1,280	Brickman Group Holdings Inc., Term Loan B-1, 5.50%, due 10/14/16		1,296
	1,030	Brock Holdings III, First Lien Term Loan, 6.00%, due 3/16/17		1,040
	475	Brock Holdings III, Second Lien Term Loan, 10.00%, due 3/16/18		479
	2,123	Ceridian Corp., Term Loan, 5.95%, due 5/9/17		2,159
	1,453	KAR Auction Services, Inc., Term Loan, 3.75%, due 5/19/17		1,472
	1,008	Kronos, First Lien Term Loan, 4.50%, due 10/30/19		1,020
	1,015	Kronos, Second Lien Term Loan, 9.75%, due 4/30/20		1,071	^Ñ
	1,149	McJunkin Red Man Corporation, Term Loan, 6.25%, due 11/8/19		1,170
	1,445	Monitronics, Term Loan B, 4.25%, due 3/23/18		1,465
	963	Protection One, Term Loan B, 4.25%, due 3/20/19		975	^Ñ
	845	Quintiles Transnational, Term Loan B-2, 4.50%, due 6/8/18		856
	594	SunGard Data Systems, Term Loan D, 4.50%, due 1/31/20		600
	2,019	SunGard Data Systems, Term Loan E, 4.00%, due 3/8/20		2,042
	555	SymphonyIRI Group, Inc., Term Loan, 4.50%, due 12/1/17		561
	1,899	West Corporation, Term Loan B-8, 4.25%, due 6/30/18		1,929	^{¢^^}
				22,092
Cable & Satellite Television (0.5%)
	2,000	Cequel Communications, LLC, Term Loan B, 3.50%, due 2/14/19		2,014
	880	Charter Communications Operating LLC, Term Loan D, 4.00%, due 5/15/19		882
	750	Charter Communications Operating LLC, Term Loan F-1, due 1/31/21		749	^{¢^^}
	1,100	UPC Financing Partnership, Term Loan AF, 4.00%, due 1/31/21		1,112
	2,772	UPC Financing Partnership, First Lien Term Loan AH, due 6/30/21		2,768	^{¢^^}
				7,525
Chemicals & Plastics (0.5%)
	1,300	Dupont Performance Coatings, Term Loan B, 4.75%, due 2/1/20		1,316
	1,018	Ineos Holdings, Term Loan, 6.50%, due 5/4/18		1,029
	2,784	PQ Corporation, Term Loan, 4.50%, due 8/7/17		2,813
	1,024	Taminco Global Chemical, Term Loan B-2, 4.25%, due 2/15/19		1,035
	1,361	Univar Inc., Term Loan B, 5.00%, due 6/30/17		1,368
				7,561
Clothing - Textiles (0.2%)
	1,475	PVH, Term Loan B, 3.25%, due 2/13/20		1,487
	1,356	Wolverine Worldwide, Term Loan B, 4.00%, due 10/9/19		1,368
				2,855
Conglomerates (0.5%)
	1,380	Apex Tool Group, Term Loan, 4.50%, due 1/31/20		1,398
	1,397	Spectrum Brands, Inc., Term Loan, 4.50%, due 12/17/19		1,416
	3,602	Wilsonart, LLC, Term Loan B, 4.00%, due 10/31/19		3,613
				6,427
Containers & Glass Products (0.5%)
	1,750	Berlin Packaging, First Lien Term Loan, 4.75%, due 4/2/19		1,768
	1,560	Berry Plastics, Term Loan D, 3.50%, due 2/10/20		1,557
	1,023	Exopack, Term Loan B, 6.50%, due 5/31/17		1,035

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	1,420	Reynolds Group, Term Loan, 4.75%, due 9/28/18	$	1,442
	1,282	Sealed Air Corporation, Term Loan B-1, 4.00%, due 10/3/18		1,302
				7,104
Cosmetics - Toiletries (0.1%)
	420	Huish Detergent Inc., Term Loan B, 5.50%, due 3/23/20		423	^Ñ
	1,022	Yankee Candle Company, Term Loan, 5.25%, due 4/2/19		1,027
				1,450
Drugs (0.3%)
	1,923	Par Pharmaceutical Companies, Inc., Term Loan B-1, 4.25%, due 9/30/19		1,941
	663	Warner Chilcott Company, Inc., Term Loan B-1, 4.25%, due 3/15/18		672
	289	Warner Chilcott Company, Inc., Term Loan B-1, 4.25%, due 3/15/18		293
	235	Warner Chilcott Company, Inc., Term Loan B-2, 4.25%, due 3/15/18		238
	523	Warner Chilcott Company, Inc., Term Loan B-3, 4.25%, due 3/15/18		530
				3,674
Ecological Services & Equipment (0.2%)
	1,526	ADS Waste Holdings, Inc., Term Loan B, 4.25%, due 10/9/19		1,545
	1,122	Progressive Waste Solutions, Ltd., Term Loan B, 3.50%, due 10/24/19		1,135
				2,680
Electronics - Electrical (1.0%)
	1,320	Arris Group, Term Loan B, 3.50%, due 2/15/20		1,321
	2,345	BOC Edwards, First Lien Term Loan, 4.75%, due 3/26/20		2,356
	2,000	CDW Corp, Term Loan B-1, due 4/15/20		2,004	^{¢^^}
	1,422	Datatel-Sophia LP, Term Loan B, 4.50%, due 7/19/18		1,439
	768	Epicor Software Corp., Term Loan B, 4.50%, due 5/16/18		779
	1,472	Freescale Semiconductor, Term Loan B-4, 5.00%, due 3/1/20		1,492
	688	Genesys, Term Loan, 4.00%, due 2/8/20		694
	565	Go Daddy, Term Loan B-2, 4.25%, due 12/17/18		568
	349	NXP Funding, Term Loan C, 4.75%, due 1/10/20		357
	1,187	Riverbed Technology, Term Loan, 4.00%, due 12/18/19		1,208	^Ñ
	959	SkillSoft, Term Loan, 5.00%, due 5/26/17		974
	2,395	Verint Systems Inc., Term Loan, 4.00%, due 9/6/19		2,410
				15,602
Equipment Leasing (0.2%)
	783	AWAS Fin Lux 2012 SA, Term Loan B, 3.50%, due 6/13/16		790
	982	AWAS Fin Lux 2012 SA, Term Loan, 4.75%, due 7/16/18		987
	1,233	International Lease Finance Co., Term Loan, 3.50%, due 6/30/17		1,244
				3,021
Financial Intermediaries (1.7%)
	1,439	American Capital, Senior Secured Term Loan, 5.50%, due 8/22/16		1,459
	2,839	CITCO, Term Loan, 4.25%, due 6/29/18		2,842
	1,159	First Data Corporation, Term Loan, 4.20%, due 3/24/17		1,158
	480	First Data Corporation, Term Loan, 4.20%, due 3/23/18		478
	585	First Data Corporation, Term Loan B, 4.20%, due 9/24/18		582

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	880	Harbourvest Partners L.P., Term Loan, 4.75%, due 11/21/17	$	885	^Ñ
	2,656	Mondrian Investment, Term Loan B-1, 4.00%, due 3/15/20		2,672	^Ñ
	4,155	MoneyGram International, Term Loan, 4.25%, due 3/27/20		4,188
	1,794	Nuveen Inv., Term Loan B-1, 5.20%, due 5/13/17		1,814
	2,090	Ocwen Financial, Term Loan, 5.00%, due 2/15/18		2,123
	801	Springleaf, Term Loan, 5.50%, due 5/10/17		804
	1,771	TCW Group, Term Loan, 4.00%, due 2/6/20		1,787
	2,799	Walter Investment Mgmt., Term Loan B, 5.75%, due 11/28/17		2,845
				23,637
Food & Drug Retailers (0.2%)
	2,440	Rite Aid Corp., Term Loan, 4.00%, due 2/21/20		2,469
Food Products (0.6%)
	1,385	Del Monte Corp., Term Loan, 4.00%, due 3/8/18		1,395
	2,980	Pinnacle Foods Finance LLC, Term Loan G-1, due 4/15/20		2,989	^{¢^^}
	4,025	Weight Watchers International, Term Loan B-2, 3.75%, due 4/2/20		4,012
				8,396
Food Service (0.2%)
	1,099	OSI Restaurant Partners, Term Loan, 3.50%, due 10/28/19		1,105
	246	US Foodservice Inc., Term Loan, 5.75%, due 3/31/17		249
	1,283	US Foodservice Inc., Term Loan, 5.75%, due 3/31/17		1,298
				2,652
Health Care (1.7%)
	2,081	Bausch & Lomb, Term Loan, 5.25%, due 5/17/19		2,103
	1,481	Bausch & Lomb, Term Loan B, due 5/17/19		1,497	^{¢^^}
	353	Biomet, Inc., Term Loan B-1, 3.95%, due 7/25/17		358
	1,236	CareStream Health Inc., Term Loan, 5.00%, due 2/25/17		1,244
	1,130	CHS/Community Health, Term Loan, 3.79%, due 1/25/17		1,140
	1,962	DaVita, Inc., Term Loan B-2, 4.00%, due 11/1/19		1,983
	414	dj Orthopedics LLC, Term Loan B, 4.75%, due 9/15/17		421
	1,613	EMS-Emergency Medical Services, Term Loan, 4.00%, due 5/25/18		1,632
	843	Grifols, Term Loan B, 4.25%, due 6/1/17		853
	1,682	Health Management Associates Inc., Term Loan B-2, 3.50%, due 11/16/18		1,697
	841	Hologic, Term Loan B, 4.50%, due 8/1/19		852
	825	IASIS Healthcare Corporation, Term Loan B-2, 4.50%, due 5/3/18		837
	2,583	Immucor, Term Loan B-2, 5.00%, due 8/19/18		2,617	^{¢^^}
	958	IMS Health Incorporated, Term Loan B-1, 3.75%, due 9/1/17		965
	1,429	Pharmaceutical Product Development, Inc., Term Loan, 4.25%, due 12/5/18		1,449
	1,260	Sheridan Healthcare, First Lien Term Loan, 4.50%, due 6/29/18		1,275
	1,489	United Surgical Partners International, Inc., Term Loan B, 4.75%, due 4/3/19		1,496
	1,626	Valeant Pharmaceuticals, Term Loan B, 3.50%, due 2/13/19		1,642
				24,061
Home Furnishings (0.1%)
	1,380	AOT Bedding Super Holdings, LLC, Term Loan, 5.00%, due 10/1/19		1,397

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Industrial Equipment (0.6%)
$	1,142	Generac Power Systems Inc., Term Loan, 6.25%, due 5/30/18	$	1,164
	2,860	Goodyear Engineered Products, Term Loan, 5.25%, due 9/8/17		2,874
	1,636	Husky Injection Molding, Term Loan, 4.25%, due 6/30/18		1,664
	1,531	Silver II/Hamilton Sundstrand Corporation, Term Loan, 4.00%, due 12/13/19		1,541
	1,008	Terex Corp., Term Loan, 4.50%, due 4/28/17		1,029	^{¢^^}
				8,272
Leisure Goods - Activities - Movies (0.3%)
	1,770	Bombardier Recreational Products, Inc., Term Loan B, 5.00%, due 1/17/19		1,787
	2,944	EMI Publishing, Term Loan B, 4.25%, due 6/29/18		2,980
				4,767
Lodging & Casinos (0.8%)
	1,164	Boyd Gaming Corporation, Term Loan, 6.00%, due 12/17/15		1,176
	1,023	Cannery Casinos, First Lien Term Loan, 6.00%, due 10/2/18		1,041
	746	Cannery Casinos, Second Lien Term Loan, 10.00%, due 10/2/19		730
	805	Centaur Acquisition, LLC, First Lien Term Loan, 5.25%, due 2/20/19		817
	1,730	Centaur Acquisition, LLC, Second Lien Term Loan, 8.75%, due 2/20/20		1,756	^{¢^^}
	1,377	MGM Resorts, Term Loan B, 4.25%, due 12/20/19		1,396
	1,029	Mohegan Tribal Gaming, Term Loan A, 5.50%, due 3/31/15		1,031
	1,436	Peninsula Gaming, Term Loan B, 6.75%, due 11/20/17		1,454
	1,097	Penn National Gaming, Term Loan B, 3.75%, due 7/16/18		1,107
				10,508
Nonferrous Metals - Minerals (0.3%)
	1,450	Arch Coal, Term Loan, 5.75%, due 5/16/18		1,468
	1,323	Fairmount Minerals, Ltd., Term Loan B, 5.25%, due 3/15/17		1,338
	1,512	FMG Resources, Term Loan, 5.25%, due 10/18/17		1,539
				4,345
Oil & Gas (0.4%)
	1,736	Everest Acquisition LLC, Term Loan B-1, 5.00%, due 5/24/18		1,743
	100	Everest Acquisition LLC, Term Loan B-2, 4.50%, due 4/30/19		101
	775	NFR Energy, Second Lien Term Loan, 8.75%, due 12/31/18		795	^Ñ
	2,290	Plains Exploration & Production Company, Term Loan, 4.00%, due 11/30/19		2,292
	897	Samson Investment Company, Second Lien Term Loan, 6.00%, due 9/25/18		907
				5,838
Publishing (0.2%)
	1,172	Getty Images, Term Loan, 4.75%, due 10/18/19		1,188
	1,456	Tribune Company, Term Loan B, 4.00%, due 12/31/19		1,473
				2,661

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Radio & Television (0.5%)
$	870	Clear Channel, Term Loan B, 3.85%, due 1/29/16	$	797
	1,883	Cumulus Media, First Lien Term Loan, 4.50%, due 9/17/18		1,916
	760	Cumulus Media, Second Lien Term Loan, 7.50%, due 9/16/19		788
	473	Formula One, Term Loan B2, 6.00%, due 4/30/19		480
	858	FoxCo Acquisition, Term Loan, 5.50%, due 7/14/17		871
	654	Univision Communications Inc., First Lien Term Loan, 4.45%, due 3/31/17		659
	1,140	Univision Communications Inc., First Lien Term Loan, 4.75%, due 3/1/20		1,151
				6,662
Retailers (except food & drug) (1.1%)
	2,142	99¢ Only Stores, Term Loan B-1, 5.25%, due 1/11/19		2,169
	1,117	David's Bridal, Term Loan, 5.00%, due 10/11/19		1,131
	743	Leslie's Poolmart, Term Loan B, 5.25%, due 10/16/19		752	^††
	510	Lord & Taylor, Term Loan B, 6.75%, due 1/11/19		513
	4,195	Michaels Stores Inc., Term Loan B, 3.75%, due 1/28/20		4,234
	2,311	Neiman Marcus Group, Inc., Term Loan, 4.00%, due 5/16/18		2,328
	617	PETCO Animal Supply Inc., Term Loan, 4.00%, due 11/24/17		625
	236	Pilot Travel Centers, Term Loan B, 4.25%, due 8/7/19		233
	1,137	Servicemaster Company, Term Loan C, 4.25%, due 1/31/17		1,146
	1,405	Toys R US Delaware Inc., Term Loan, 6.00%, due 9/1/16		1,404
	1,183	Toys R US Delaware Inc., Term Loan B-2, 5.25%, due 5/25/18		1,150
				15,685
Steel (0.1%)
	1,523	International Mill Services, Inc., First Lien Term Loan, 4.75%, due 3/20/19		1,533
Surface Transport (0.2%)
	2,402	Avis Budget Car Rental, Term Loan B, 3.75%, due 3/15/19		2,433
Utilities (0.3%)
	2,051	Calpine Corp., Term Loan B-1, 4.00%, due 4/1/18		2,077	^{¢^^}
	262	Calpine Corp., Term Loan B-2, 4.00%, due 4/1/18		265
	19	Calpine Corp., Term Loan B-3, 4.00%, due 10/9/19		19
	1,850	Essential Power, Term Loan B, 4.25%, due 8/8/19		1,870
				4,231
		Total Bank Loan Obligations (Cost $250,422)		253,915
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (9.3%)
	5,815	U.S. Treasury Bonds, 6.25%, due 8/15/23		8,339
	11,890	U.S. Treasury Bonds, 6.88%, due 8/15/25		18,327	^ØØ
	35,724	U.S. Treasury Inflation Index Bonds, 0.50%, due 4/15/15		37,002
	13,545	U.S. Treasury Inflation Index Bonds, 0.13%, due 4/15/17		14,422
	24,476	U.S. Treasury Inflation Index Bonds, 2.00%, due 1/15/26		32,132
	5,429	U.S. Treasury Inflation Index Bonds, 3.88%, due 4/15/29		8,956
	2,258	U.S. Treasury Inflation Index Notes, 1.13%, due 1/15/21		2,653
	6,606	U.S. Treasury Inflation Index Notes, 2.38%, due 1/15/25		8,887
	685	U.S. Treasury Notes, 3.63%, due 8/15/19		799
		Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $130,647)		131,517

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
U.S. Government Agency Securities (2.0%)
$	2,650	Federal Farm Credit Banks, Bonds, 1.46%, due 11/19/19	$	2,650	^ØØ
	3,825	Federal Home Loan Bank, Bonds, 5.50%, due 7/15/36		5,272	^ØØ
	1,800	Federal National Mortgage Association, Notes, 1.50%, due 10/23/19		1,805	^ØØ
	14,160	Federal National Mortgage Association, Notes, 1.55%, due 10/29/19		14,184	^ØØ
	4,580	Federal National Mortgage Association, Notes, 1.60%, due 12/24/20		4,567	^ØØ
		Total U.S. Government Agency Securities (Cost $28,138)		28,478
Mortgage-Backed Securities (38.6%)
Collateralized Mortgage Obligations (0.7%)
	1,567	Banc of America Funding Corp., Ser. 2006-G, Class 2A1, 0.42%, due 7/20/36		1,471	^µØØ
	473	Credit Suisse First Boston Mortgage Securities Corp., Ser. 2004-AR4, Class 2A1, 2.75%, due 5/25/34		471	^µØØ
	1,145	JP Morgan Alternative Loan Trust, Ser. 2006-A5, Class 1A1, 0.36%, due 10/25/36		830	^µØØ
	2,802	JP Morgan Mortgage Trust, Ser. 2005-A3, Class 6A5, 2.85%, due 6/25/35		2,668	^µØØ
	1,187	MortgageIT Trust, Ser. 2005-3, Class A1, 0.50%, due 8/25/35		1,156	^µØØ
	3,472	Residential Accredit Loans, Inc., Ser. 2006-QS9, Class 2A1, 7.00%, due 7/25/36		2,426	^ØØ
	204	WaMu Mortgage Pass-Through Certificates, Ser. 2006-AR10, Class 1A1, 2.66%, due 9/25/36		172	^µØØ
				9,194
Commercial Mortgage-Backed (12.9%)
	1,884	Banc of America Commercial Mortgage, Inc., Ser. 2006-3, Class A4, 5.89%, due 7/10/44		2,132	^ØØ
	3,780	Banc of America Commercial Mortgage, Inc., Ser. 2006-6, Class A4, 5.36%, due 10/10/45		4,222	^ØØ
	200	Banc of America Commercial Mortgage, Inc., Ser. 2006-4, Class A4, 5.63%, due 7/10/46		225	^ØØ
	3,415	Banc of America Commercial Mortgage, Inc., Ser. 2006-5, Class A4, 5.41%, due 9/10/47		3,822	^ØØ
	2,335	Banc of America Commercial Mortgage, Inc., Ser. 2007-1, Class A4, 5.45%, due 1/15/49		2,659	^ØØ
	3,000	Banc of America Commercial Mortgage, Inc., Ser. 2007-3, Class A4, 5.80%, due 6/10/49		3,444	^µØØ
	2,025	Bear Stearns Commercial Mortgage Securities, Ser. 2007-PW15, Class A4, 5.33%, due 2/11/44		2,291	^ØØ
	550	Bear Stearns Commercial Mortgage Securities, Ser. 2007-PW17, Class A4, 5.69%, due 6/11/50		644	^ØØ
	6,555	Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser. 2007-CD4, Class A4, 5.32%, due 12/11/49		7,464	^ØØ
	3,500	Commercial Mortgage Loan Trust, Ser. 2008-LS1, Class A4B, 6.21%, due 12/10/49		4,128	^µØØ
	31,110	Commercial Mortgage Pass-Through Certificates, Ser. 2013-LC6, Class XB, 0.50%, due 1/10/46		1,087	^ñµØØ
	500	Commercial Mortgage Pass-Through Certificates, Ser. 2006-C8, Class A4, 5.31%, due 12/10/46		567	^ØØ
	14,860	Commercial Mortgage Trust, Ser. 2012-CR2, Class XA, 2.12%, due 8/15/45		1,885	^µØØ
	46,679	Commercial Mortgage Trust, Ser. 2013-LC6, Class XA, 1.96%, due 1/10/46		5,185	^µØØ
	34,000	Commercial Mortgage Trust, Ser. 2013-CR6, Class XB, 0.78%, due 3/10/46		1,825	^µØØ
	1,490	Credit Suisse Commercial Mortgage Trust, Ser. 2006-C1, Class A4, 5.58%, due 2/15/39		1,652	^µØØ
	4,566	Credit Suisse Mortgage Capital Certificates, Ser. 2006-C3, Class A3, 5.99%, due 6/15/38		5,121	^µØØ
	2,000	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C3, Class A4, 5.87%, due 6/15/39		2,302	^µØØ
	1,754	Credit Suisse Mortgage Capital Certificates, Ser. 2006-C4, Class A3, 5.47%, due 9/15/39		1,970	^ØØ
	2,000	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C4, Class A4, 5.95%, due 9/15/39		2,299	^µØØ
	1,385	Credit Suisse Mortgage Capital Certificates, Ser. 2006-C5, Class A3, 5.31%, due 12/15/39		1,554	^ØØ
	715	Credit Suisse Mortgage Capital Certificates, Ser. 2007-C5, Class A4, 5.70%, due 9/15/40		831	^ØØ
	5,100	CW Capital Cobalt Ltd., Ser. 2007-C3, Class A4, 5.99%, due 5/15/46		5,984	^µØØ
	500	CW Capital Cobalt Ltd., Ser. 2007-C2, Class A3, 5.48%, due 4/15/47		574	^ØØ
	3,000	CW Capital Cobalt Ltd., Ser. 2006-C1, Class A4, 5.22%, due 8/15/48		3,346	^ØØ
	929	DBUBS Mortgage Trust, Ser. 2011-LC1A, Class A1, 3.74%, due 11/10/46		996	^ñØØ
	4,055	Greenwich Capital Commercial Funding Corp., Ser. 2007-GG9, Class A4, 5.44%, due 3/10/39		4,635	^ØØ
	6,000	Greenwich Capital Commercial Funding Corp., Ser. 2007-GG11, Class A4, 5.74%, due 12/10/49		6,990	^ØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	700	GS Mortgage Securities Corp. II, Ser. 2005-GG4, Class A4, 4.76%, due 7/10/39	$	746	^ØØ
	845	GS Mortgage Securities Corp. II, Ser. 2006-GG8, Class A4, 5.56%, due 11/10/39		961	^ØØ
	7,500	GS Mortgage Securities Trust, Ser. 2007-GG10, Class A4, 5.98%, due 8/10/45		8,631	^µØØ
	14,758	GS Mortgage Securities Trust, Ser. 2012-GC6, Class XA, 2.38%, due 1/10/45		2,018	^ñµØØ
	1,300	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2006-CB15, Class A4, 5.81%, due 6/12/43		1,458	^ØØ
	1,000	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2006-CB17, Class A4, 5.43%, due 12/12/43		1,124	^ØØ
	3,915	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2006-LDP9, Class A3, 5.34%, due 5/15/47		4,437	^ØØ
	3,475	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-CB18, Class A4, 5.44%, due 6/12/47		3,970	^ØØ
	3,715	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LDPX, Class A3, 5.42%, due 1/15/49		4,250	^ØØ
	6,000	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-CB19, Class A4, 5.91%, due 2/12/49		6,939	^µØØ
	3,000	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LD11, Class A4, 6.00%, due 6/15/49		3,472	^µØØ
	1,610	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-CB20, Class A4, 5.79%, due 2/12/51		1,894	^ØØ
	5,195	JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2007-LD12, Class A4, 5.88%, due 2/15/51		6,072	^ØØ
	5,023	LB-UBS Commercial Mortgage Trust, Ser. 2007-C1, Class A4, 5.42%, due 2/15/40		5,740
	839	LB-UBS Commercial Mortgage Trust, Ser. 2007-C6, Class A4, 5.86%, due 7/15/40		964	^ØØ
	3,743	Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2007-5, Class A4, 5.38%, due 8/12/48		4,258	^ØØ
	6,500	Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2006-4, Class A3, 5.17%, due 12/12/49		7,295	^ØØ
	2,729	Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2007-7, Class A4, 5.81%, due 6/12/50		3,130	^µØØ
	2,650	Morgan Stanley Capital I, Ser. 2007-IQ16, Class A4, 5.81%, due 12/12/49		3,117	^ØØ
	36,718	Morgan Stanley/Bank of America/Merrill Lynch Trust, Ser. 2013-C7, Class XA, 1.91%, due 2/15/46		4,179	^µØØ
	19,000	Morgan Stanley/Bank of America/Merrill Lynch Trust, Ser. 2013-C9, Class XA, 1.62%, due 5/15/46		1,758	^Ø
	24,946	UBS-Barclays Commercial Mortgage Trust, Ser. 2013-C5, Class XA, 1.31%, due 3/10/46		2,065	^ñµØØ
	1,500	Wachovia Bank Commercial Mortgage Trust, Ser. 2007-C30, Class A5, 5.34%, due 12/15/43		1,715
	3,863	Wachovia Bank Commercial Mortgage Trust, Ser. 2006-C23, Class A4, 5.42%, due 1/15/45		4,230	^ØØ
	3,968	Wachovia Bank Commercial Mortgage Trust, Ser. 2007-C31, Class A4, 5.51%, due 4/15/47		4,496	^ØØ
	5,630	Wachovia Bank Commercial Mortgage Trust, Ser. 2007-C32, Class A3, 5.92%, due 6/15/49		6,526	^µØØ
	32,625	WF-RBS Commercial Mortgage Trust, Ser. 2013-C11, Class XA, 1.66%, due 3/15/45		3,115	^ñµØØ
	12,890	WF-RBS Commercial Mortgage Trust, Ser. 2012-C9, Class XA, 2.44%, due 11/15/45		1,836	^ñµØØ
	11,990	WF-RBS Commercial Mortgage Trust, Ser. 2013-C12, Class XA, 1.68%, due 3/15/48		1,242	^ñµ
				181,472
Fannie Mae (10.3%)
	1,915	Pass-Through Certificates, 5.50%, due 7/1/33 – 1/1/39		2,082	^ØØ
	364	Pass-Through Certificates, 6.00%, due 9/1/33 – 9/1/40		403	^ØØ
	2	Pass-Through Certificates, 6.50%, due 9/1/32		3
	5	Pass-Through Certificates, 7.00%, due 7/1/29		6
	1	Pass-Through Certificates, 7.50%, due 12/1/32		2
	1,509	Pass-Through Certificates, 4.00%, due 10/1/39 – 11/1/42		1,616	^ØØ
	31	Pass-Through Certificates, 5.00%, due 7/1/39 – 7/1/40		34	^ØØ
	15,115	Pass-Through Certificates, 3.00%, TBA, 30 Year Maturity		15,809	^Ø
	44,550	Pass-Through Certificates, 3.50%, TBA, 30 Year Maturity		47,450	^Ø
	56,595	Pass-Through Certificates, 4.00%, TBA, 30 Year Maturity		60,574	^Ø
	16,245	Pass-Through Certificates, 4.50%, TBA, 30 Year Maturity		17,514	^Ø
				145,493

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Freddie Mac (14.7%)
$	4	Pass-Through Certificates, 4.50%, due 8/1/18	$	4
	553	Pass-Through Certificates, 5.00%, due 5/1/18 – 8/1/39		595	^ØØ
	712	Pass-Through Certificates, 5.50%, due 9/1/17 – 4/1/36		773	^ØØ
	2	Pass-Through Certificates, 6.00%, due 4/1/17		2
	1	Pass-Through Certificates, 6.50%, due 3/1/16		1
	1	Pass-Through Certificates, 7.00%, due 6/1/32		1
	19,989	Pass-Through Certificates, 4.00%, due 9/1/39 – 1/1/41		21,408	^ØØ
	140,080	Pass-Through Certificates, 3.50%, TBA, 30 Year Maturity		148,901	^Ø
	33,605	Pass-Through Certificates, 4.00%, TBA, 30 Year Maturity		35,879	^Ø
				207,564
Government National Mortgage Association (0.0%)
	3	Pass-Through Certificates, 6.50%, due 7/15/32		3
	2	Pass-Through Certificates, 7.00%, due 8/15/32		3
				6
		Total Mortgage-Backed Securities (Cost $524,395)		543,729
Corporate Debt Securities (35.9%)
Aerospace & Defense (0.4%)
	200	Bombardier, Inc., Senior Notes, 4.25%, due 1/15/16		209	^ñØØ
	5,205	L-3 Communications Corp., Guaranteed Notes, 3.95%, due 11/15/16		5,610	^ØØ
				5,819
Agriculture (0.6%)
	4,025	Imperial Tobacco Finance PLC, Guaranteed Notes, 3.50%, due 2/11/23		4,122	^ñØØ
	3,570	Reynolds American, Inc., Guaranteed Notes, 4.75%, due 11/1/42		3,541	^ØØ
				7,663
Airlines (1.2%)
	5,270	Air Canada, Pass-Through Certificates, Ser. 2013-1, Class A, 4.13%, due 5/15/25		5,322	^ñØ
	280	Continental Airlines, Inc., Senior Secured Notes, 6.75%, due 9/15/15		293	^ñØØ
	5,005	Continental Airlines, Inc., Pass-Through Certificates, Ser. 2013-1, Class A, 4.00%, due 10/29/24		5,268	^ØØ
	5,855	US Airways Group, Inc., Pass-Through Certificates, Ser. 2012-2, Class A, 4.63%, due 6/3/25		6,148	^ØØ
				17,031
Auto Loans (0.0%)
	520	General Motors Financial Co., Inc., Guaranteed Notes, 4.75%, due 8/15/17		549	^ñØØ
Auto Parts & Equipment (0.1%)
	980	Goodyear Tire & Rubber Co., Guaranteed Notes, 6.50%, due 3/1/21		1,025	^ØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Automakers (0.1%)
$	375	Chrysler Group LLC/CG Co-Issuer, Inc., Secured Notes, 8.00%, due 6/15/19	$	420	^ØØ
	805	Ford Motor Co., Senior Unsecured Notes, 7.45%, due 7/16/31		1,071	^ØØ
	145	Ford Motor Co., Senior Unsecured Notes, 9.98%, due 2/15/47		221	^ØØ
				1,712
Banking (0.2%)
	1,085	Ally Financial, Inc., Guaranteed Notes, 5.50%, due 2/15/17		1,182	^ØØ
	665	Ally Financial, Inc., Guaranteed Notes, 6.25%, due 12/1/17		755	^ØØ
	550	Ally Financial, Inc., Guaranteed Notes, 8.00%, due 3/15/20		692	^ØØ
	390	Ally Financial, Inc., Guaranteed Notes, 8.00%, due 11/1/31		513	^ØØ
				3,142
Banks (5.7%)
	8,785	Bank of America Corp., Senior Unsecured Notes, 1.50%, due 10/9/15		8,837	^ØØ
	3,615	Bank of America Corp., Senior Unsecured Notes, 2.00%, due 1/11/18		3,627
	5,715	Citigroup, Inc., Senior Unsecured Notes, 2.65%, due 3/2/15		5,884	^ØØ
	1,650	Citigroup, Inc., Senior Unsecured Notes, 6.13%, due 11/21/17		1,962	^ØØ
	8,705	FirstMerit Corp., Subordinated Notes, 4.35%, due 2/4/23		9,146	^ØØ
	3,585	Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.30%, due 5/3/15		3,740	^ØØ
	5,725	Goldman Sachs Group, Inc., Senior Unsecured Notes, 2.38%, due 1/22/18		5,835	^ØØ
	2,430	Goldman Sachs Group, Inc., Senior Unsecured Notes, 5.75%, due 1/24/22		2,901	^ØØ
	2,445	JPMorgan Chase & Co., Senior Unsecured Notes, 3.45%, due 3/1/16		2,609	^ØØ
	7,315	JPMorgan Chase & Co., Subordinated Notes, 3.38%, due 5/1/23		7,297	^Ø
	4,020	Morgan Stanley, Senior Unsecured Notes, 2.13%, due 4/25/18		4,029
	8,010	Morgan Stanley, Senior Unsecured Medium-Term Notes, Ser. F, 5.63%, due 9/23/19		9,331	^ØØ
	2,005	Morgan Stanley, Senior Unsecured Notes, 6.38%, due 7/24/42		2,542	^ØØ
	7,250	Sumitomo Mitsui Banking Corp., Bank Guaranteed Notes, 1.50%, due 1/18/18		7,274	^ØØ
	5,150	Swedbank AB, Senior Unsecured Notes, 1.75%, due 3/12/18		5,192	^ñ
				80,206
Beverages (0.3%)
	380	Constellation Brands, Inc., Guaranteed Notes, 7.25%, due 9/1/16		437	^ØØ
	215	Constellation Brands, Inc., Guaranteed Notes, 7.25%, due 5/15/17		251	^ØØ
	35	Constellation Brands, Inc., Senior Unsecured Notes, 3.75%, due 5/1/21		35	Ø
	50	Constellation Brands, Inc., Senior Unsecured Notes, 4.25%, due 5/1/23		50	Ø
	2,660	Pernod-Ricard SA, Senior Unsecured Notes, 5.50%, due 1/15/42		3,085	^ñØØ
				3,858
Building & Construction (0.1%)
	345	Lennar Corp., Guaranteed Notes, 4.75%, due 12/15/17		365	^ØØ
	190	Shea Homes L.P., Senior Secured Notes, 8.63%, due 5/15/19		216	^ØØ
	350	Standard Pacific Corp., Guaranteed Notes, 8.38%, due 5/15/18		417	^ØØ
				998
Building Materials (0.1%)
	530	Masco Corp., Senior Unsecured Notes, 6.13%, due 10/3/16		596	^ØØ
	830	USG Corp., Guaranteed Notes, 8.38%, due 10/15/18		917	^ñØØ
				1,513

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Chemicals (0.4%)
$	890	Ashland, Inc., Senior Unsecured Notes, 3.88%, due 4/15/18	$	917	^ñØØ
	995	Hexion US Finance Corp., Senior Secured Notes, 6.63%, due 4/15/20		1,037	^ñØØ
	1,550	Hexion US Finance Corp., Senior Secured Notes, 6.63%, due 4/15/20		1,616	^ØØ
	330	Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/20		374	^ØØ
	75	Huntsman Int'l LLC, Guaranteed Notes, 4.88%, due 11/15/20		79	^ñØØ
	425	Huntsman Int'l LLC, Guaranteed Notes, 8.63%, due 3/15/21		489	^ØØ
	170	LyondellBasell Industries NV, Senior Unsecured Notes, 6.00%, due 11/15/21		206	^ØØ
	745	Momentive Performance Materials, Inc., Senior Secured Notes, 8.88%, due 10/15/20		812	^ØØ
	650	Momentive Performance Materials, Inc., Senior Secured Notes, 10.00%, due 10/15/20		687	^ØØ
				6,217
Commercial Services (0.2%)
	1,955	ERAC USA Finance LLC, Guaranteed Notes, 7.00%, due 10/15/37		2,576	^ñØØ
Computer Hardware (0.0%)
	260	Seagate HDD Cayman, Guaranteed Notes, 6.88%, due 5/1/20		282	^ØØ
	270	Seagate HDD Cayman, Guaranteed Notes, 7.00%, due 11/1/21		298	^ØØ
				580
Computers (1.5%)
	9,340	Apple, Inc., Senior Unsecured Notes, 3.85%, due 5/4/43		9,286
	5,975	Hewlett-Packard Co., Senior Unsecured Notes, 2.60%, due 9/15/17		6,079	^ØØ
	5,285	Hewlett-Packard Co., Senior Unsecured Notes, 4.65%, due 12/9/21		5,468	^ØØ
				20,833
Consumer - Commercial Lease Financing (0.4%)
	308	AWAS Aviation Capital Ltd., Senior Secured Notes, 7.00%, due 10/17/16		324	^ñØØ
	650	CIT Group, Inc., Senior Unsecured Notes, Ser. C, 5.25%, due 4/1/14		674	^ñØØ
	585	CIT Group, Inc., Senior Unsecured Notes, 5.00%, due 5/15/17		638	^ØØ
	1,225	CIT Group, Inc., Senior Unsecured Notes, 4.25%, due 8/15/17		1,299	^ØØ
	75	CIT Group, Inc., Senior Unsecured Notes, 5.25%, due 3/15/18		83	^ØØ
	310	CIT Group, Inc., Senior Unsecured Notes, 6.63%, due 4/1/18		362	^ñØØ
	435	CIT Group, Inc., Senior Unsecured Notes, 5.50%, due 2/15/19		490	^ñØØ
	535	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.75%, due 3/15/17		643	^ØØ
	1,295	Int'l Lease Finance Corp., Senior Unsecured Notes, 6.25%, due 5/15/19		1,452	^ØØ
	205	Int'l Lease Finance Corp., Senior Unsecured Notes, 8.25%, due 12/15/20		256	^ØØ
				6,221
Department Stores (0.1%)
	630	Sears Holdings Corp., Secured Notes, 6.63%, due 10/15/18		625	^ØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Diversified Financial Services (2.5%)
$	2,520	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.00%, due 6/12/17	$	2,612	^ØØ
	4,760	Ford Motor Credit Co. LLC, Senior Unsecured Notes, 4.25%, due 9/20/22		5,033	^ØØ
	1,930	General Electric Capital Corp., Senior Unsecured Medium-Term Notes, 2.30%, due 4/27/17		2,008	^ØØ
	4,435	General Electric Capital Corp., Senior Unsecured Global Medium-Term Notes, 3.10%, due 1/9/23		4,500	^ØØ
	4,705	General Electric Capital Corp., Junior Subordinated Notes, Ser. B, 6.25%, due 12/31/49		5,201	^µØØ
	5,520	Jefferies Group, Inc., Senior Unsecured Notes, 5.13%, due 1/20/23		5,990	^ØØ
	9,270	Nomura Holdings, Inc., Senior Unsecured Medium-Term Notes, 2.00%, due 9/13/16		9,319
	300	PSALM Corp., Government Guaranteed Notes, 7.39%, due 12/2/24		409
				35,072
Electric (0.5%)
	6,110	Exelon Generation Co., LLC, Senior Unsecured Notes, 4.00%, due 10/1/20		6,553	^ØØ
Electric - Generation (0.2%)
	1,000	NRG Energy, Inc., Guaranteed Notes, 7.63%, due 1/15/18		1,159	^ØØ
	1,385	NRG Energy, Inc., Guaranteed Notes, 7.88%, due 5/15/21		1,568	^ØØ
				2,727
Electric - Integrated (0.1%)
	545	IPALCO Enterprises, Inc., Senior Secured Notes, 7.25%, due 4/1/16		612	^ñØØ
	960	IPALCO Enterprises, Inc., Senior Secured Notes, 5.00%, due 5/1/18		1,037	^ØØ
				1,649
Electronics (0.2%)
	940	Ceridian Corp., Senior Secured Notes, 8.88%, due 7/15/19		1,103	^ñØØ
	530	Flextronics International Ltd., Guaranteed Notes, 4.63%, due 2/15/20		542	^ñØØ
	345	Flextronics International Ltd., Guaranteed Notes, 5.00%, due 2/15/23		352	^ñØØ
	225	Freescale Semiconductor, Inc., Senior Secured Notes, 9.25%, due 4/15/18		247	^ñØØ
	435	NXP BV Funding LLC, Senior Secured Notes, 9.75%, due 8/1/18		492	^ñØØ
				2,736
Energy - Exploration & Production (0.8%)
	400	Chesapeake Energy Corp., Guaranteed Notes, 9.50%, due 2/15/15		452	^ØØ
	40	Chesapeake Energy Corp., Guaranteed Notes, 6.50%, due 8/15/17		45	^ØØ
	15	Chesapeake Energy Corp., Guaranteed Notes, 6.63%, due 8/15/20		17	^ØØ
	565	Chesapeake Energy Corp., Guaranteed Notes, 6.13%, due 2/15/21		621	^ØØ
	200	Chesapeake Energy Corp., Guaranteed Notes, 5.75%, due 3/15/23		217
	520	Cimarex Energy Co., Guaranteed Notes, 5.88%, due 5/1/22		567	^ØØ
	830	Continental Resources, Inc., Guaranteed Notes, 5.00%, due 9/15/22		903	^ØØ
	885	Denbury Resources, Inc., Guaranteed Notes, 4.63%, due 7/15/23		894	^ØØ
	115	EP Energy LLC/Everest Acquisition Finance, Inc., Senior Secured Notes, 6.88%, due 5/1/19		126	^ØØ
	85	EP Energy LLC/Everest Acquisition Finance, Inc., Guaranteed Notes, 7.75%, due 9/1/22		98	^ØØ
	125	EPE Holdings LLC/EP Energy Bond Co., Inc., Senior Unsecured Notes, 8.13%, due 12/15/17		133	^ñcØØ
	1,180	Everest Acquisition LLC/EP Energy Finance, Inc., Senior Unsecured Notes, 9.38%, due 5/1/20		1,375	^ØØ
	510	EXCO Resources, Inc., Guaranteed Notes, 7.50%, due 9/15/18		505	^ØØ
	565	Forest Oil Corp., Guaranteed Notes, 7.50%, due 9/15/20		602	^ñØØ
	345	Linn Energy LLC, Guaranteed Notes, 6.25%, due 11/1/19		360	^ñØØ
	595	Linn Energy LLC, Guaranteed Notes, 8.63%, due 4/15/20		665	^ØØ
	453	Linn Energy LLC, Guaranteed Notes, 7.75%, due 2/1/21		496	^ØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	865	Newfield Exploration Co., Senior Unsecured Notes, 5.75%, due 1/30/22	$	957	^ØØ
	210	Newfield Exploration Co., Senior Unsecured Notes, 5.63%, due 7/1/24		226	^ØØ
	195	Range Resources Corp., Guaranteed Notes, 5.75%, due 6/1/21		213	^ØØ
	115	Range Resources Corp., Guaranteed Notes, 5.00%, due 8/15/22		122	^ØØ
	195	Rosetta Resources, Inc., Guaranteed Notes, 5.63%, due 5/1/21		203	^Ø
	430	SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 3/15/21		446	^ØØ
	435	SandRidge Energy, Inc., Guaranteed Notes, 8.13%, due 10/15/22		463	^ØØ
	560	WPX Energy, Inc., Senior Unsecured Notes, 5.25%, due 1/15/17		599	^ØØ
				11,305
Food (0.2%)
	2,005	Kraft Foods Group, Inc., Senior Unsecured Notes, 5.00%, due 6/4/42		2,272	^ØØ
Food - Wholesale (0.1%)
	1,825	Hawk Acquisition Sub, Inc., Secured Notes, 4.25%, due 10/15/20		1,848	^ñ
Gaming (0.3%)
	530	CityCenter Holdings LLC, Senior Secured Notes, 7.63%, due 1/15/16		569	^ØØ
	790	Graton Economic Development Authority, Senior Secured Notes, 9.63%, due 9/1/19		897	^ñØØ
	325	MGM Resorts Int'l, Guaranteed Notes, 6.75%, due 10/1/20		357	^ñØØ
	215	MGM Resorts Int'l, Guaranteed Notes, 6.63%, due 12/15/21		233	^ØØ
	1,210	MGM Resorts Int'l, Guaranteed Notes, 7.75%, due 3/15/22		1,382	^ØØ
	170	Pinnacle Entertainment, Inc., Guaranteed Notes, 7.75%, due 4/1/22		186	^ØØ
	460	Seminole Indian Tribe of Florida, Secured Notes, 7.75%, due 10/1/17		497	^ñØØ
	378	Wynn Las Vegas LLC, 1st Mortgage, 7.75%, due 8/15/20		433	^ØØ
				4,554
Gas Distribution (0.9%)
	645	Access Midstream Partners L.P., Guaranteed Notes, 6.13%, due 7/15/22		709	^ØØ
	240	Access Midstream Partners L.P., Guaranteed Notes, 4.88%, due 5/15/23		248	^ØØ
	220	AmeriGas Finance LLC, Guaranteed Notes, 6.75%, due 5/20/20		244	^ØØ
	857	AmeriGas Finance LLC, Guaranteed Notes, 7.00%, due 5/20/22		958	^ØØ
	310	El Paso Corp., Senior Secured Notes, 7.00%, due 6/15/17		357	^ØØ
	700	El Paso Corp., Senior Secured Global Medium-Term Notes, 7.80%, due 8/1/31		792	^ØØ
	90	El Paso Corp., Senior Secured Global Medium-Term Notes, 7.75%, due 1/15/32		102	^ØØ
	3,045	El Paso Pipeline Partners Operating Co. LLC, Guaranteed Notes, 4.70%, due 11/1/42		3,044	^ØØ
	1,210	Energy Transfer Equity L.P., Senior Secured Notes, 7.50%, due 10/15/20		1,416	^ØØ
	350	Ferrellgas L.P., Senior Unsecured Notes, 9.13%, due 10/1/17		374	^ØØ
	1,640	Kinder Morgan Energy Partners L.P., Senior Unsecured Notes, 6.50%, due 9/1/39		2,079	^ØØ
	815	Kinder Morgan Finance Co., Senior Secured Notes, 5.70%, due 1/5/16		891	^ØØ
	175	MarkWest Energy Partners L.P., Guaranteed Notes, 6.25%, due 6/15/22		195
	370	MarkWest Energy Partners L.P., Guaranteed Notes, 4.50%, due 7/15/23		386	^ØØ
	455	Regency Energy Partners L.P., Guaranteed Notes, 6.88%, due 12/1/18		497	^ØØ
	150	Regency Energy Partners L.P., Guaranteed Notes, 4.50%, due 11/1/23		155	^ñ
	655	Suburban Propane Partners L.P., Senior Unsecured Notes, 7.50%, due 10/1/18		714	^ØØ
				13,161

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Health Facilities (0.8%)
$	1,915	CHS/Community Health Systems, Inc., Senior Secured Notes, 5.13%, due 8/15/18	$	2,049	^ØØ
	75	CHS/Community Health Systems, Inc., Guaranteed Notes, 8.00%, due 11/15/19		85	^ØØ
	80	Columbia Healthcare Corp., Senior Unsecured Notes, 7.50%, due 12/15/23		87	^ØØ
	1,120	DaVita, Inc., Guaranteed Notes, 5.75%, due 8/15/22		1,193	^ØØ
	980	HCA, Inc., Senior Secured Notes, 8.50%, due 4/15/19		1,080	^ØØ
	955	HCA, Inc., Guaranteed Notes, 7.50%, due 2/15/22		1,141	^ØØ
	1,250	HCA, Inc., Senior Secured Notes, 5.88%, due 3/15/22		1,387	^ØØ
	515	Health Management Associates, Inc., Guaranteed Notes, 7.38%, due 1/15/20		572	^ØØ
	1,045	OMEGA Healthcare Investors, Inc., Guaranteed Notes, 6.75%, due 10/15/22		1,163	^ØØ
	560	OMEGA Healthcare Investors, Inc., Guaranteed Notes, 5.88%, due 3/15/24		612	^ØØ
	830	Tenet Healthcare Corp., Senior Secured Notes, 6.25%, due 11/1/18		936	^ØØ
	320	Tenet Healthcare Corp., Senior Secured Notes, 4.75%, due 6/1/20		333	^ñØØ
	260	Tenet Healthcare Corp., Senior Secured Notes, 4.50%, due 4/1/21		265	^ñØØ
				10,903
Healthcare - Products (0.0%)
	330	St. Jude Medical, Inc., Senior Unsecured Notes, 4.75%, due 4/15/43		353
Insurance (1.6%)
	11,035	Prudential Financial, Inc., Junior Subordinated Notes, 5.88%, due 9/15/42		11,925	^µØØ
	3,645	Prudential Financial, Inc., Junior Subordinated Notes, 5.20%, due 3/15/44		3,709	^µ
	6,645	Wilton Re Finance LLC, Guaranteed Notes, 5.88%, due 3/30/33		6,661	^ñµ
				22,295
Investments & Misc. Financial Services (0.1%)
	830	Icahn Enterprises L.P., Guaranteed Notes, 7.75%, due 1/15/16		864	^ØØ
	1,055	Icahn Enterprises L.P., Guaranteed Notes, 8.00%, due 1/15/18		1,134	^ØØ
				1,998
Iron - Steel (0.3%)
	4,115	Cliffs Natural Resources, Inc., Senior Unsecured Notes, 4.88%, due 4/1/21		4,155	^ØØ
Leisure (0.1%)
	275	Cedar Fair L.P., Guaranteed Notes, 9.13%, due 8/1/18		308	^ØØ
	580	Cedar Fair L.P., Guaranteed Notes, 5.25%, due 3/15/21		593	^ñØØ
	635	Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 7.25%, due 6/15/16		721	^ØØ
				1,622
Lodging (0.2%)
	2,545	Wyndham Worldwide Corp., Senior Unsecured Notes, 2.50%, due 3/1/18		2,566	^ØØ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Machinery (0.2%)
$	1,355	Case New Holland, Inc., Guaranteed Notes, 7.88%, due 12/1/17	$	1,613	^ØØ
	320	CNH Capital LLC, Guaranteed Notes, 3.88%, due 11/1/15		331	^ØØ
	345	Terex Corp., Guaranteed Notes, 6.50%, due 4/1/20		376	^ØØ
	215	Terex Corp., Guaranteed Notes, 6.00%, due 5/15/21		231	^ØØ
	245	The Manitowoc Co., Inc., Guaranteed Notes, 8.50%, due 11/1/20		279	^ØØ
				2,830
Media (1.9%)
	7,005	DirecTV Holdings LLC, Guaranteed Notes, 1.75%, due 1/15/18		7,009	^ØØ
	3,300	DirecTV Holdings LLC, Guaranteed Notes, 6.00%, due 8/15/40		3,692	^ØØ
	1,505	NBCUniversal Media LLC, Guaranteed Notes, 6.40%, due 4/30/40		2,021	^ØØ
	1,820	Time Warner Cable, Inc., Guaranteed Notes, 6.75%, due 7/1/18		2,260	^ØØ
	2,845	Time Warner Cable, Inc., Guaranteed Notes, 8.75%, due 2/14/19		3,804	^ØØ
	5,275	Time Warner Cable, Inc., Guaranteed Notes, 5.50%, due 9/1/41		5,704	^ØØ
	1,365	Time Warner, Inc., Guaranteed Notes, 6.10%, due 7/15/40		1,675	^ØØ
	815	Time Warner, Inc., Guaranteed Notes, 5.38%, due 10/15/41		924	^ØØ
				27,089
Media - Broadcast (0.3%)
	140	AMC Networks, Inc., Guaranteed Notes, 7.75%, due 7/15/21		161	^ØØ
	960	Clear Channel Communications, Inc., Senior Secured Notes, 9.00%, due 3/1/21		938
	1,380	Univision Communications, Inc., Senior Secured Notes, 6.88%, due 5/15/19		1,508	^ñØØ
	1,100	XM Satellite Radio, Inc., Guaranteed Notes, 7.63%, due 11/1/18		1,221	^ñØØ
				3,828
Media - Cable (1.0%)
	1,080	CCO Holdings LLC, Guaranteed Notes, 7.25%, due 10/30/17		1,169	^ØØ
	60	CCO Holdings LLC, Guaranteed Notes, 7.00%, due 1/15/19		65	^ØØ
	585	CCO Holdings LLC, Guaranteed Notes, 8.13%, due 4/30/20		661	^ØØ
	505	CCO Holdings LLC, Guaranteed Notes, 5.13%, due 2/15/23		510	^ØØ
	735	Cequel Communications Escrow I LLC, Senior Unsecured Notes, 6.38%, due 9/15/20		783	^ñØØ
	1,550	CSC Holdings LLC, Senior Unsecured Notes, 6.75%, due 11/15/21		1,771	^ØØ
	270	DISH DBS Corp., Guaranteed Notes, 4.63%, due 7/15/17		274	^ØØ
	95	DISH DBS Corp., Senior Notes, 4.25%, due 4/1/18		93	^ñ
	435	DISH DBS Corp., Guaranteed Notes, 7.88%, due 9/1/19		496	^ØØ
	910	DISH DBS Corp., Senior Unsecured Notes, 5.13%, due 5/1/20		901	^ñ
	555	DISH DBS Corp., Guaranteed Notes, 5.88%, due 7/15/22		566	^ØØ
	150	EchoStar DBS Corp., Guaranteed Notes, 7.13%, due 2/1/16		166	^ØØ
	2,205	Lynx I Corp., Senior Secured Notes, 5.38%, due 4/15/21		2,354	^ñØØ
	225	Lynx II Corp., Senior Unsecured Notes, 6.38%, due 4/15/23		243	^ñØØ
	1,395	Unitymedia Hessen GmbH & Co. KG, Senior Secured Notes, 5.50%, due 1/15/23		1,444	^ñØØ
	525	UPC Holding BV, Secured Notes, 9.88%, due 4/15/18		585	^ñØØ
	285	UPCB Finance III Ltd., Senior Secured Notes, 6.63%, due 7/1/20		310	^ñ
	555	Videotron Ltee, Guaranteed Notes, 9.13%, due 4/15/18		584	^ØØ
	530	Virgin Media Finance PLC, Guaranteed Notes, 5.25%, due 2/15/22		541	^ØØ
				13,516

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Media - Services (0.1%)
$	310	Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. A, 6.50%, due 11/15/22	$	330	^ñØØ
	845	Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 6.50%, due 11/15/22		906	^ñØØ
	100	WMG Acquisition Corp., Senior Secured Notes, 6.00%, due 1/15/21		107	^ñØØ
				1,343
Medical Products (0.1%)
	300	Biomet, Inc., Guaranteed Notes, 6.50%, due 8/1/20		327	^ñØØ
	315	Fresenius Medical Care US Finance II, Inc., Guaranteed Notes, 5.63%, due 7/31/19		352	^ñØØ
	110	Fresenius Medical Care US Finance II, Inc., Guaranteed Notes, 5.88%, due 1/31/22		126	^ñØØ
	395	Fresenius Medical Care US Finance, Inc., Guaranteed Notes, 6.50%, due 9/15/18		457	^ñØØ
	530	Hologic, Inc., Guaranteed Notes, 6.25%, due 8/1/20		573
				1,835
Metals - Mining Excluding Steel (0.2%)
	665	Alpha Natural Resources, Inc., Guaranteed Notes, 6.25%, due 6/1/21		612
	320	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 7.00%, due 11/1/15		335	^ñØØ
	565	FMG Resources (August 2006) Pty Ltd., Guaranteed Notes, 6.00%, due 4/1/17		588	^ñØØ
	400	Peabody Energy Corp., Guaranteed Notes, 7.38%, due 11/1/16		458	^ØØ
	780	Peabody Energy Corp., Guaranteed Notes, 6.00%, due 11/15/18		842	^ØØ
	100	Walter Energy, Inc., Guaranteed Notes, 8.50%, due 4/15/21		104	^ñ
				2,939
Mining (1.1%)
	3,895	Barrick Gold Corp., Unsecured Notes, 2.50%, due 5/1/18		3,914	^ñ
	6,870	Barrick Gold Corp., Unsecured Notes, 4.10%, due 5/1/23		6,884	^ñ
	100	Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 7.50%, due 1/15/19		127
	5,150	Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes, 3.88%, due 3/15/23		5,191	^ñØØ
				16,116
Oil & Gas (1.4%)
	7,455	Anadarko Petroleum Corp., Senior Unsecured Notes, 5.95%, due 9/15/16		8,572	^ØØ
	6,035	CNPC General Capital Ltd., Guaranteed Notes, 1.45%, due 4/16/16		6,034	^ñ
	4,095	Marathon Oil Corp., Senior Unsecured Notes, 6.60%, due 10/1/37		5,359
				19,965
Packaging (0.2%)
	475	Reynolds Group Issuer, Inc., Senior Secured Notes, 7.13%, due 4/15/19		512	^ØØ
	225	Reynolds Group Issuer, Inc., Senior Secured Notes, 7.88%, due 8/15/19		252	^ØØ
	1,439	Reynolds Group Issuer, Inc., Senior Secured Notes, 5.75%, due 10/15/20		1,507	^ØØ
	450	Reynolds Group Issuer, Inc., Senior Secured Notes, 6.88%, due 2/15/21		491	^ØØ
				2,762

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Pharmaceuticals (0.6%)
$	665	Endo Pharmaceuticals Holdings, Inc., Guaranteed Notes, 7.00%, due 7/15/19	$	728	^ØØ
	4,165	Express Scripts Holding Co., Guaranteed Notes, 2.65%, due 2/15/17		4,378	^ØØ
	280	Jaguar Holding Co., Senior Unsecured Notes, 9.50%, due 12/1/19		324	^ñØØ
	355	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.50%, due 7/15/16		370	^ñØØ
	295	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.75%, due 10/1/17		320	^ñØØ
	730	Valeant Pharmaceuticals Int'l, Guaranteed Notes, 6.88%, due 12/1/18		795	^ñØØ
	825	VPI Escrow Corp., Guaranteed Notes, 6.38%, due 10/15/20		914	^ñØØ
				7,829
Pipelines (0.6%)
	4,830	Energy Transfer Partners LP, Senior Unsecured Notes, 6.50%, due 2/1/42		5,817
	2,690	Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, due 3/15/44		2,891
				8,708
Printing & Publishing (0.3%)
	670	Gannett Co., Inc., Guaranteed Notes, 9.38%, due 11/15/17		727	^ØØ
	1,020	Gannett Co., Inc., Guaranteed Notes, 7.13%, due 9/1/18		1,112	^ØØ
	165	R.R. Donnelley & Sons Co., Senior Unsecured Notes, 8.60%, due 8/15/16		191	^ØØ
	1,167	R.R. Donnelley & Sons Co., Senior Unsecured Notes, 7.25%, due 5/15/18		1,269	^ØØ
	675	R.R. Donnelley & Sons Co., Senior Unsecured Notes, 8.25%, due 3/15/19		753	^ØØ
	305	R.R. Donnelley & Sons Co., Senior Unsecured Notes, 7.88%, due 3/15/21		332	^ØØ
				4,384
Real Estate Investment Trusts (1.9%)
	4,205	American Tower Corp., Senior Unsecured Notes, 3.50%, due 1/31/23		4,248	^ØØ
	7,075	Entertainment Properties Trust, Guaranteed Notes, 5.75%, due 8/15/22		7,878	^ØØ
	4,195	Health Care REIT, Inc., Senior Unsecured Notes, 3.75%, due 3/15/23		4,368	^ØØ
	9,800	Ventas Realty L.P., Guaranteed Notes, 2.70%, due 4/1/20		9,959
				26,453
Software (0.4%)
	385	Fidelity National Information Services, Inc., Guaranteed Notes, 5.00%, due 3/15/22		424	^ØØ
	5,775	Fidelity National Information Services, Inc., Guaranteed Notes, 3.50%, due 4/15/23		5,825
				6,249
Software - Services (0.2%)
	1,240	First Data Corp., Senior Secured Notes, 7.38%, due 6/15/19		1,348	^ñØØ
	780	First Data Corp., Senior Secured Notes, 6.75%, due 11/1/20		837	^ñØØ
				2,185
Specialty Retail (0.6%)
	5,840	QVC, Inc., Senior Secured Notes, 4.38%, due 3/15/23		5,981	^ñØØ
	840	Sally Holdings LLC, Guaranteed Notes, 5.75%, due 6/1/22		905	^ØØ
	760	Toys "R" Us Property Co. I LLC, Guaranteed Notes, 10.75%, due 7/15/17		812	^ØØ
	545	Toys "R" Us Property Co. II LLC, Senior Secured Notes, 8.50%, due 12/1/17		585	^ØØ
				8,283

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Steel Producers - Products (0.5%)
$	110	ArcelorMittal, Senior Unsecured Notes, 5.00%, due 2/25/17	$	117	^ØØ
	4,685	ArcelorMittal, Senior Unsecured Notes, 6.13%, due 6/1/18		5,132	^ØØ
	605	ArcelorMittal, Senior Unsecured Notes, 5.75%, due 8/5/20		640	^ØØ
	310	ArcelorMittal, Senior Unsecured Notes, 6.00%, due 3/1/21		328	^ØØ
	140	ArcelorMittal, Senior Unsecured Notes, 6.75%, due 2/25/22		154	^ØØ
	210	ArcelorMittal, Senior Unsecured Notes, 7.50%, due 10/15/39		221	^ØØ
	540	Steel Dynamics, Inc., Guaranteed Notes, 6.13%, due 8/15/19		591	^ñØØ
	300	Steel Dynamics, Inc., Guaranteed Notes, 5.25%, due 4/15/23		310	^ñ
				7,493
Support - Services (0.3%)
	1,025	313 Group, Inc., Senior Secured Notes, 6.38%, due 12/1/19		1,033	^ñØØ
	595	Corrections Corp. of America, Guaranteed Notes, 4.13%, due 4/1/20		614	^ñ
	310	Hertz Corp., Guaranteed Notes, 4.25%, due 4/1/18		322	^ñ
	145	Hertz Corp., Guaranteed Notes, 5.88%, due 10/15/20		158	^ØØ
	615	Iron Mountain, Inc., Guaranteed Notes, 7.75%, due 10/1/19		695	^ØØ
	265	Knowledge Learning Corp., Guaranteed Notes, 7.75%, due 2/1/15		260	^ñØØ
	220	ServiceMaster Co., Guaranteed Notes, 8.00%, due 2/15/20		237	^ØØ
	85	ServiceMaster Co., Guaranteed Notes, 7.00%, due 8/15/20		88	^ñØØ
	340	United Rentals N.A., Inc., Secured Notes, 5.75%, due 7/15/18		371	^ØØ
				3,778
Telecom - Integrated Services (1.5%)
	350	CenturyLink, Inc., Senior Unsecured Notes, Ser. V, 5.63%, due 4/1/20		374
	560	CenturyLink, Inc., Senior Unsecured Notes, Ser. T, 5.80%, due 3/15/22		593	^ØØ
	35	Citizens Communications Co., Senior Unsecured Notes, 9.00%, due 8/15/31		36	^ØØ
	250	Frontier Communications Corp., Senior Unsecured Notes, 7.63%, due 4/15/24		261
	1,020	Intelsat Jackson Holdings SA, Guaranteed Notes, 8.50%, due 11/1/19		1,148	^ØØ
	260	Qwest Capital Funding, Inc., Guaranteed Notes, 6.88%, due 7/15/28		260	^ØØ
	1,345	Qwest Communications Int'l, Inc., Guaranteed Notes, 7.13%, due 4/1/18		1,399	^ØØ
	10,940	Qwest Corp., Senior Unsecured Notes, 6.75%, due 12/1/21		12,875	^ØØ
	850	tw telecom holdings, Inc., Guaranteed Notes, 5.38%, due 10/1/22		890	^ØØ
	330	U.S. West Communications Group, Senior Unsecured Notes, 6.88%, due 9/15/33		332	^ØØ
	125	Windstream Corp., Guaranteed Notes, 8.13%, due 8/1/13		127	^ØØ
	1,205	Windstream Corp., Guaranteed Notes, 7.75%, due 10/15/20		1,323	^ØØ
	600	Windstream Corp., Guaranteed Notes, 7.75%, due 10/1/21		663	^ØØ
	300	Windstream Corp., Guaranteed Notes, 7.50%, due 6/1/22		331	^ØØ
	185	Windstream Corp., Guaranteed Notes, 6.38%, due 8/1/23		191
				20,803
Telecom - Wireless (0.4%)
	535	MetroPCS Wireless, Inc., Guaranteed Notes, 6.25%, due 4/1/21		574	^ñ
	565	MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 4/1/23		607	^ñ
	705	SBA Telecommunications, Inc., Guaranteed Notes, 5.75%, due 7/15/20		751	^ñØØ
	945	Sprint Capital Corp., Guaranteed Notes, 6.90%, due 5/1/19		1,027	^ØØ
	295	Sprint Capital Corp., Guaranteed Notes, 6.88%, due 11/15/28		302	^ØØ
	960	Sprint Nextel Corp., Senior Unsecured Notes, 6.00%, due 12/1/16		1,042	^ØØ
	410	Sprint Nextel Corp., Guaranteed Notes, 7.00%, due 3/1/20		466	^ñØØ
	555	Telesat Canada/Telesat LLC, Senior Unsecured Notes, 6.00%, due 5/15/17		591	^ñØØ
				5,360

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Telecommunications (1.5%)
$	6,420	AT&T, Inc., Senior Unsecured Notes, 6.55%, due 2/15/39	$	8,238	^ØØ
	1,510	Rogers Communications, Inc., Guaranteed Notes, 4.50%, due 3/15/43		1,597	^ØØ
	4,830	SK Telecom Co. Ltd., Senior Unsecured Notes, 2.13%, due 5/1/18		4,864	^ñØØ
	5,750	Telefonaktiebolaget LM Ericsson, Senior Unsecured Notes, 4.13%, due 5/15/22		6,098	^ØØ
				20,797
Transportation (0.3%)
	3,245	Burlington Northern Santa Fe LLC, Senior Unsecured Notes, 4.45%, due 3/15/43		3,408	^ØØ
	1,390	CSX Corp., Senior Unsecured Notes, 4.10%, due 3/15/44		1,366	^ØØ
				4,774
		Total Corporate Debt Securities (Cost $484,068)		505,656
Asset-Backed Securities (7.8%)
	2,980	Accredited Mortgage Loan Trust, Ser. 2005-3, Class M1, 0.65%, due 9/25/35		2,612	µ^ØØ
	3,480	Accredited Mortgage Loan Trust, Ser. 2005-4, Class A2D, 0.52%, due 12/25/35		3,299	^µØØ
	1,781	ACE Securities Corp., Ser. 2007-ASP2, Class A2D, 0.48%, due 6/25/37		1,308	^µØØ
	4,750	Aegis Asset Backed Securities Trust, Ser. 2005-1, Class M3, 0.75%, due 3/25/35		4,363	^µØØ
	4,548	Argent Securities, Inc., Ser. 2003-W3, Class M1, 1.33%, due 9/25/33		4,441	^µ
	1,060	Asset Backed Securities Corp. Home Equity, Ser. 2004-HE5, Class M2, 2.08%, due 8/25/34		871	^µØØ
	3,221	Asset Backed Securities Corp. Home Equity, Ser. 2006-HE1, Class A3, 0.40%, due 1/25/36		3,005	^µØØ
	1,320	Bear Stearns Asset Backed Securities Trust, Ser. 2006-HE1, Class 2M1, 0.61%, due 2/25/36		1,135	^µØØ
	3,958	Carrington Mortgage Loan Trust, Ser. 2005-NC3, Class M2, 0.66%, due 6/25/35		3,550	^µØØ
	5,922	Carrington Mortgage Loan Trust, Ser. 2006-RFC1, Class A3, 0.35%, due 5/25/36		5,489	^µØØ
	2,905	Carrington Mortgage Loan Trust, Ser. 2006-NC4, Class A5, 0.26%, due 10/25/36		2,426	^µØØ
	2,500	Citigroup Mortgage Loan Trust, Inc., Ser. 2005-HE2, Class M1, 0.95%, due 5/25/35		2,370	^ñµØØ
	1,930	Citigroup Mortgage Loan Trust, Inc., Ser. 2006-WFH1, Class M2, 0.57%, due 1/25/36		1,600	^µ
	1,043	Citigroup Mortgage Loan Trust, Inc., Ser. 2006-AMC1, Class A2B, 0.36%, due 9/25/36		599	^µØØ
	1,875	Credit-Based Asset Servicing and Securitization, Ser. 2006-CB3, Class AV3, 0.37%, due 3/25/36		1,364	^µØØ
	6,503	First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2005-FF1, Class M1, 0.94%, due 12/25/34		6,153	^µØØ
	1,905	First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2004-FFH4, Class M5, 1.78%, due 1/25/35		1,799	^µØØ
	3,300	First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2005-FF5, Class M2, 0.69%, due 3/25/35		2,986	^µØØ
	1,018	Fremont Home Loan Trust, Ser. 2004-2, Class M2, 1.13%, due 7/25/34		962	^µØØ
	2,849	Home Equity Mortgage Trust, Ser. 2004-5, Class M2, 1.80%, due 2/25/35		2,664	^µØØ
	1,346	JP Morgan Mortgage Acquisition Corp., Ser. 2007-HE1, Class AF1, 0.30%, due 3/25/47		995	^µØØ
	1,914	Morgan Stanley Capital I, Ser. 2005-WMC1, Class M2, 0.94%, due 1/25/35		1,832	^µØØ
	7,843	Morgan Stanley Home Equity Loan Trust, Ser. 2006-2, Class A4, 0.48%, due 2/25/36		6,692	^µØØ
	543	Morgan Stanley Home Equity Loan Trust, Ser. 2006-3, Class A3, 0.36%, due 4/25/36		375	^µØØ
	3,282	New Century Home Equity Loan Trust, Ser. 2004-3, Class M2, 1.18%, due 11/25/34		3,110	^µØØ
	3,500	Newcastle Mortgage Securities Trust, Ser. 2006-1, Class A4, 0.48%, due 3/25/36		3,335	^µØØ
	9,335	Park Place Securities, Inc., Ser. 2004-WHQ2, Class M3, 0.89%, due 2/25/35		8,682	^µØØ
	1,233	Residential Asset Mortgage Products, Inc., Ser. 2003-RS2, Class AII, 0.88%, due 3/25/33		1,069	^µØØ
	1,693	Residential Asset Mortgage Products, Inc., Ser. 2006-RS1, Class AI2, 0.43%, due 1/25/36		1,563	^µØØ
	3,280	Residential Asset Mortgage Products, Inc., Ser. 2006-RZ1, Class M1, 0.60%, due 3/25/36		2,945	^µ
	1,350	Saxon Asset Securities Trust, Ser. 2004-2, Class MV1, 1.07%, due 8/25/35		1,133	^µØØ
	1,145	Soundview Home Equity Loan Trust, Ser. 2006-3, Class A3, 0.36%, due 11/25/36		862	^µØØ
	12,746	Structured Asset Investment Loan Trust, Ser. 2004-6, Class A3, 1.00%, due 7/25/34		12,077	^µ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	3,490	Structured Asset Investment Loan Trust, Ser. 2004-8, Class M1, 1.10%, due 9/25/34	$	3,274	^µØØ
	4,255	Structured Asset Securities Corp., Ser. 2005-NC2, Class M3, 0.63%, due 5/25/35		3,955	^µØØ
	1,713	Structured Asset Securities Corp., Ser. 2006-NC1, Class A4, 0.35%, due 5/25/36		1,629	^µØØ
	2,350	Structured Asset Securities Corp., Ser. 2006-BC5, Class A4, 0.37%, due 12/25/36		1,685	^µØØ
	1,952	Wells Fargo Home Equity Trust, Ser. 2006-3, Class A2, 0.35%, due 1/25/37		1,797	^µØØ
		Total Asset-Backed Securities (Cost $91,771)		110,006
Government Securities (6.5%)
Quasi - Sovereign (1.9%)
	600	Banco Nacional de Desenvolvimento Economico e Social, Senior Unsecured Notes, 5.50%, due 7/12/20		692
	1,800	Bank of China Hong Kong, Subordinated Notes, 5.55%, due 2/11/20		2,041
	600	Development Bank of Kazakhstan JSC, Senior Unsecured Notes, 4.13%, due 12/10/22		591
	200	Empresa Nacional del Petroleo, Senior Unsecured Notes, 5.25%, due 8/10/20		215
	200	Eskom Holdings SOC Ltd., Senior Unsecured Notes, 5.75%, due 1/26/21		224
	1,400	Export Credit Bank of Turkey, Senior Unsecured Notes, 5.88%, due 4/24/19		1,591
	400	Export-Import Bank of India, Senior Unsecured Euro Medium-Term Notes, 4.00%, due 8/7/17		424
	200	Intergas Finance BV, Guaranteed Notes, 6.38%, due 5/14/17		225
	1,500	KazMunayGaz National Co., Guaranteed Global Medium-Term Notes, Ser. 2, 9.13%, due 7/2/18		1,916
	400	KazMunayGaz National Co., Guaranteed Notes, 7.00%, due 5/5/20		482
	900	KazMunayGaz National Co., Senior Unsecured Notes, 11.75%, due 1/23/15		1,042
	500	KazMunayGaz National Co., Senior Unsecured Notes, 6.38%, due 4/9/21		586
	400	Lembaga Pembiayaan Ekspor Indonesia, Senior Unsecured Notes, 3.75%, due 4/26/17		416
	900	Majapahit Holding BV, Guaranteed Notes, 7.25%, due 6/28/17		1,050
	1,000	Majapahit Holding BV, Guaranteed Notes, 7.75%, due 1/20/20		1,247
	500	Majapahit Holding BV, Guaranteed Notes, 7.88%, due 6/29/37		662
	2,200	Nak Naftogaz Ukraine, Government Guaranteed, 9.50%, due 9/30/14		2,282
	270	Pemex Project Funding Master Trust, Guaranteed Notes, 5.75%, due 3/1/18		315
	330	Pemex Project Funding Master Trust, Guaranteed Notes, 6.63%, due 6/15/35		415
	1,500	Pemex Project Funding Master Trust, Guaranteed Notes, 6.63%, due 6/15/38		1,894
	1,500	Petroleos de Venezuela SA, Guaranteed Notes, 5.25%, due 4/12/17		1,301
	850	Petroleos de Venezuela SA, Guaranteed Notes, 12.75%, due 2/17/22		948
	1,400	Petroleos de Venezuela SA, Guaranteed Notes, 9.75%, due 5/17/35		1,318
	500	Petroleos de Venezuela SA, Guaranteed Notes, 5.50%, due 4/12/37		340
	300	Petroleos Mexicanos, Guaranteed Notes, 5.50%, due 1/21/21		352
	200	Russian Agricultural Bank OJSC Via RSHB Capital SA, Senior Unsecured Notes, 7.13%, due 1/14/14		208
	600	Russian Agricultural Bank OJSC Via RSHB Capital SA, Senior Unsecured Notes, 6.30%, due 5/15/17		661
	800	Russian Agricultural Bank OJSC Via RSHB Capital SA, Senior Unsecured Notes, 5.30%, due 12/27/17		856
	900	Russian Agricultural Bank OJSC Via RSHB Capital SA, Senior Unsecured Notes, 7.75%, due 5/29/18		1,055
	400	Russian Agricultural Bank OJSC Via RSHB Capital SA, Subordinated Notes, 6.00%, due 6/3/21		414	^µ
	1,000	Transnet SOC Ltd., Senior Unsecured Notes, 4.50%, due 2/10/16		1,060
				26,823

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
Sovereign (4.6%)
$	100	Arab Republic of Egypt, Senior Unsecured Notes, 6.88%, due 4/30/40	$	86
AUD	6,750	Australian Government Bond, Senior Unsecured Notes, 5.25%, due 3/15/19		7,909	^a
CAD	4,060	Canadian Government Bond, Bonds, 4.25%, due 12/1/21		5,680	^a
CAD	5,250	Canadian Government Bond, Unsecured Notes, 1.50%, due 3/1/17		5,284	^a
	300	Dominican Republic, Senior Unsecured Notes, 7.50%, due 5/6/21		345
	100	Gabonese Republic, Bonds, 8.20%, due 12/12/17		122
	600	Ivory Coast Government International Bond, Senior Unsecured Notes, 5.75%, due 12/31/32		573
JPY	289,985	Japanese Government Cpi Linked Bond, Senior Unsecured Notes, 1.40%, due 6/10/18		3,418	^a
	200	Kingdom of Morocco, Senior Unsecured Notes, 4.25%, due 12/11/22		207
	430	Lebanese Republic, Unsubordinated Global Medium-Term Notes, 6.38%, due 3/9/20		444
	1,100	Mexico Government International Bond, Senior Unsecured Notes, 5.63%, due 1/15/17		1,268
NZD	9,000	New Zealand Government Bond, Senior Unsecured Notes, 6.00%, due 12/15/17		8,814	^a
NZD	2,100	New Zealand Government Bond, Senior Unsecured Notes, 5.50%, due 4/15/23		2,152	^a
	450	Republic of Bulgaria, Senior Unsecured Notes, 8.25%, due 1/15/15		505
	100	Republic of Chile, Senior Unsecured Notes, 3.25%, due 9/14/21		107
	300	Republic of Colombia, Senior Unsecured Notes, 7.38%, due 1/27/17		365
	230	Republic of Colombia, Senior Unsecured Notes, 11.75%, due 2/25/20		366
	100	Republic of Colombia, Senior Unsecured Notes, 6.13%, due 1/18/41		135
	1,200	Republic of Croatia, Senior Unsecured Notes, 6.75%, due 11/5/19		1,372
	100	Republic of Ecuador, Notes, 9.38%, due 12/15/15		105
	700	Republic of El Salvador, Senior Unsecured Notes, 7.38%, due 12/1/19		831
	200	Republic of El Salvador, Senior Unsecured Notes, 7.65%, due 6/15/35		233
	150	Republic of El Salvador, Senior Unsecured Notes, 7.63%, due 2/1/41		174
	100	Republic of Ghana, Senior Unsecured Notes, 8.50%, due 10/4/17		115
	1,300	Republic of Hungary, Senior Unsecured Notes, 4.75%, due 2/3/15		1,336
	400	Republic of Hungary, Senior Unsecured Notes, 6.38%, due 3/29/21		448
	400	Republic of Hungary, Senior Unsecured Notes, 5.38%, due 2/21/23		412
	800	Republic of Indonesia, Senior Unsecured Notes, 6.88%, due 1/17/18		965
	600	Republic of Indonesia, Unsecured Notes, 3.75%, due 4/25/22		631
	800	Republic of Latvia, Senior Unsecured Notes, 5.25%, due 2/22/17		896
	550	Republic of Lithuania, Senior Unsecured Notes, 7.38%, due 2/11/20		711
	1,000	Republic of Lithuania, Senior Unsecured Notes, 5.13%, due 9/14/17		1,125
	600	Republic of Panama, Senior Unsecured Notes, 5.20%, due 1/30/20		713
	200	Republic of Panama, Senior Unsecured Notes, 7.13%, due 1/29/26		278
	200	Republic of Panama, Senior Unsecured Notes, 6.70%, due 1/26/36		278
	200	Republic of Philippines, Senior Unsecured Notes, 8.38%, due 6/17/19		271
	400	Republic of Philippines, Senior Unsecured Notes, 4.00%, due 1/15/21		451
	170	Republic of Philippines, Senior Unsecured Notes, 6.38%, due 10/23/34		237
	600	Republic of Poland, Senior Unsecured Notes, 3.88%, due 7/16/15		636
	500	Republic of Poland, Senior Unsecured Notes, 6.38%, due 7/15/19		620
	400	Republic of Poland, Senior Unsecured Notes, 5.13%, due 4/21/21		470
	600	Republic of Sri Lanka, Senior Unsecured Notes, 6.25%, due 10/4/20		651
	100	Republic of Turkey, Senior Unsecured Notes, 7.50%, due 7/14/17		121
	200	Republic of Turkey, Senior Unsecured Notes, 7.50%, due 11/7/19		255
	200	Republic of Turkey, Senior Unsecured Notes, 7.00%, due 6/5/20		251
	700	Republic of Turkey, Senior Unsecured Notes, 5.63%, due 3/30/21		821
	800	Republic of Turkey, Senior Unsecured Notes, 6.25%, due 9/26/22		986
	300	Republic of Turkey, Senior Unsecured Notes, 7.38%, due 2/5/25		401
	100	Republic of Turkey, Senior Unsecured Notes, 7.25%, due 3/5/38		137
	200	Republic of Turkey, Unsecured Notes, 6.00%, due 1/14/41		241
	800	Romanian Government International Bond, Senior Unsecured Notes, 6.75%, due 2/7/22		980
	600	Russian Federation Bond, Senior Unsecured Notes, 3.25%, due 4/4/17		634
	500	Russian Federation Bond, Senior Unsecured Notes, 5.00%, due 4/29/20		577
	520	Russian Federation Bond, Senior Unsecured Notes, 12.75%, due 6/24/28		1,019
	3	Russian Federation Bond, Senior Unsecured Notes, 7.50%, due 3/31/30		4
	518	Russian Federation Bond, Senior Unsecured Notes, 7.50%, due 3/31/30		652
	800	Russian Federation Bond, Senior Unsecured Notes, 5.63%, due 4/4/42		952

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Strategic Income Fund (Unaudited) (cont'd)

PRINCIPAL AMOUNT			VALUE^†
(000's omitted)			(000's omitted)^z
$	800	Socialist Republic of Vietnam Bond, Senior Unsecured Notes, 6.75%, due 1/29/20	$	950
	1,200	Ukraine Government Bond, Senior Unsecured Notes, 6.58%, due 11/21/16		1,170
	1,000	Ukraine Government Bond, Senior Unsecured Notes, 7.75%, due 9/23/20		1,015
	1,000	Ukraine Government Bond, Senior Unsecured Notes, 7.80%, due 11/28/22		996
	1,000	United Mexican States, Senior Unsecured Notes, Ser. A, 5.13%, due 1/15/20		1,195
	250	Uruguay Government International Bond, Senior Unsecured Notes, 4.13%, due 11/20/45		243
				65,339
		Total Government Securities (Cost $90,768)		92,162
NUMBER OF SHARES
Short-Term Investments (4.5%)
	62,788,707	State Street Institutional Liquid Reserves Fund Institutional Class (Cost $62,789)		62,789	^ØØ
		Total Investments (122.6%) (Cost $1,662,998)		1,728,252	^##
		Liabilities, less cash, receivables and other assets [(22.6%)]		(318,964	)^±
		Total Net Assets (100.0%)	$	1,409,288

See Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"), all investments held by each of Neuberger Berman Core Bond Fund ("Core Bond"), Neuberger Berman Floating Rate Income Fund ("Floating Rate Income"), Neuberger Berman High Income Bond Fund ("High Income"), Neuberger Berman Municipal Intermediate Bond Fund ("Municipal Intermediate Bond"), Neuberger Berman New York Municipal Income Fund ("New York Municipal Income"), Neuberger Berman Short Duration Bond Fund ("Short Duration"), Neuberger Berman Short Duration High Income Fund ("Short Duration High Income") and Neuberger Berman Strategic Income Fund ("Strategic Income") (each individually a "Fund," and collectively, the "Funds") are carried at the value that Neuberger Berman Management LLC ("Management") believes a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

• Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by an independent pricing service to value certain types of debt securities of the Funds:

Corporate Debt Securities. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, spread to the U.S. Treasury market, and other market information which may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available ("Other Market Information").

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, dealer quotes, conversion premiums, listed bond and preferred stock prices and other market information, which may include benchmark curves, trade execution data, and sensitivity analysis, when available.

U.S. Treasury Securities. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

U.S. Government Agency Securities. Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset-Backed Securities and Mortgage-Backed Securities. Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

High Yield Securities. Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

Municipal Debt Securities. Inputs used to value municipal debt securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

Emerging Markets Debt, Sovereign Debt and Quasi-Sovereign Debt. Inputs used to value emerging markets debt, sovereign debt and quasi-sovereign debt generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

The value of bank loan securities is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of financial futures contracts is determined by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, the applicable Fund seeks to obtain quotations from principal market makers (generally considered Level 3 inputs). If such quotations are not readily available, the security is valued using methods the Neuberger Berman Income Funds' Board of Trustees (the "Board") has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or 3 inputs, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of April 30, 2013:

Asset Valuation Inputs (000's omitted)	Level 1		Level 2		Level 3^§		Total
Core Bond
Investments:
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government	$	—	$	88,832	$	—	$	88,832
U.S. Government Agency Securities		—		6,075		—		6,075
Mortgage-Backed Securities^		—		116,722		324		117,046

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs (000's omitted)	Level 1		Level 2		Level 3^§		Total
Corporate Debt Securities
Airlines	$	—	$	—	$	1,823	$	1,823
Other Corporate Debt Securities^		—		65,081		—		65,081
Total Corporate Debt Securities		—		65,081		1,823		66,904
Asset-Backed Securities		—		1,229		—		1,229
Short-Term Investments		—		12,681		—		12,681
Total Investments		—		290,620		2,147		292,767
Floating Rate Income
Investments:
Bank Loan Obligations
Automotive		—		8,436		2,537		10,973
Business Equipment & Services		—		31,576		4,387		35,963
Cosmetics—Toiletries		—		1,600		3,869		5,469
Electronics—Electrical		—		27,291		1,914		29,205
Financial Intermediaries		—		37,376		6,293		43,669
Oil & Gas		—		8,026		6,342		14,368
Other Bank Loan Obligations^		—		294,138		—		294,138
Total Bank Loan Obligations		—		408,443		25,342		433,785
Corporate Debt Securities^		—		27,206		—		27,206
Short-Term Investments		—		41,440		—		41,440
Total Investments		—		477,079		25,342		502,431
High Income
Investments:
Bank Loan Obligations^		—		217,749		—		217,749
Corporate Debt Securities
Airlines		—		8,229		3,490		11,719
Other Corporate Debt Securities^		—		3,188,278		—		3,188,278
Total Corporate Debt Securities		—		3,196,507		3,490		3,199,997
Short-Term Investments		—		169,300		—		169,300
Total Investments		—		3,583,556		3,490		3,587,046
Municipal Intermediate Bond
Investments:
Municipal Notes^		—		171,897		—		171,897
Total Investments		—		171,897		—		171,897
New York Municipal Income
Investments:
Municipal Notes^		—		74,980		—		74,980
Total Investments		—		74,980		—		74,980

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs (000's omitted)	Level 1		Level 2		Level 3^§		Total
Short Duration
Investments:
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government	$	—	$	8,486	$	—	$	8,486
Mortgage-Backed Securities^		—		20,526		—		20,526
Corporate Debt Securities^		—		28,437		—		28,437
Asset-Backed Securities		—		9,597		1,200		10,797
Short-Term Investments^		—		1,761		—		1,761
Total Investments		—		68,807		1,200		70,007
Short Duration High Income
Investments:
Bank Loan Obligations^		—		3,537		—		3,537
Corporate Debt Securities^		—		31,856		—		31,856
Convertible Bonds		—		261		—		261
Short-Term Investments		—		1,144		—		1,144
Total Investments		—		36,798		—		36,798
Strategic Income
Investments:
Bank Loan Obligations
Automotive		—		6,101		3,979		10,080
Building & Development		—		9,474		1,420		10,894
Business Equipment & Services		—		19,620		2,472		22,092
Cosmetics—Toiletries		—		1,027		423		1,450
Electronics—Electrical		—		14,394		1,208		15,602
Financial Intermediaries		—		20,080		3,557		23,637
Oil & Gas		—		5,043		795		5,838
Other Bank Loan Obligations^		—		164,322		—		164,322
Total Bank Loan Obligations		—		240,061		13,854		253,915
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government		—		131,517		—		131,517
U.S. Government Agency Securities		—		28,478		—		28,478
Mortgage-Backed Securities
Commercial Mortgage-Backed		—		179,714		1,758		181,472
Other Mortgage-Backed Securities^		—		362,257		—		362,257
Total Mortgage-Backed Securities		—		541,971		1,758		543,729

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs (000's omitted)	Level 1		Level 2		Level 3^§		Total
Corporate Debt Securities
Airlines	$	—	$	293	$	16,738	$	17,031
Insurance		—		15,634		6,661		22,295
Other Corporate Debt Securities^		—		466,330		—		466,330
Total Corporate Debt Securities		—		482,257		23,399		505,656
Asset-Backed Securities		—		110,006		—		110,006
Government Securities^		—		92,162		—		92,162
Short-Term Investments		—		62,789		—		62,789
Total Investments		—		1,689,241		39,011		1,728,252

^ The Schedule of Investments provides information on the industry or state categorization for the portfolio.

§ The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/12		Accrued discounts/ (premiums)		Realized gain/loss			Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance, as of 4/30/13		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/13
Investments in Securities:
Core Bond
Mortgage-Backed Securities
Commercial
Mortgage-Backed	$	—	$	—	$	—		$	1	$	323	$	—		$	—	$	—		$	324	$	1
Corporate Debt Securities
Airlines		655		—		—			13		1,155		—			—		—			1,823		13
Total		655		—		—			14		1,478		—			—		—			2,147		14
Floating Rate Income
Bank Loan Obligations
Automotive		—		—		—			62		2,475		—			—		—			2,537		62
Business Equipment & Services		2,817		3		(1	)		135		3,584		(513	)		1,179		(2,817	)		4,387		135
Containers & Glass Products		1,721		—		—			—		—		—			—		(1,721	)		—		—
Cosmetics—Toiletries		—		—		26			67		5,158		(1,382	)		—		—			3,869		67
Electronics—Electrical		—		1	��	—			42		2,050		(179	)		—		—			1,914		42
Equipment Leasing		1,640		—		—			—		—		—			—		(1,640	)		—		—

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

(000's omitted)	Beginning balance, as of 11/1/12		Accrued discounts/ (premiums)		Realized gain/loss			Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance, as of 4/30/13		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/13
Financial Intermediaries	$	626	$	3	$	21		$	22		$	5,159	$	(919	)	$	1,381	$	—		$	6,293	$	36
Oil & Gas		294		1		—			209			6,132		—			—		(294	)		6,342		209
Steel		1,990		—		—			—			—		—			—		(1,990	)		—		—
Utilities		1,854		—		—			—			—		—			—		(1,854	)		—		—
Total		10,942		8		46			537			24,558		(2,993	)		2,560		(10,316	)		25,342		551
High Income
Corporate Debt Securities
Airlines		3,904		—		(24	)		(26	)		—		(364	)		—		—			3.490		(26	)
Total		3,904		—		(24	)		(26	)		—		(364	)		—		—			3,490		(26	)
Short Duration
Asset-Backed Securities		—		—		—			—			1,200		—			—		—			1,200		—
Total		—		—		—			—			1,200		—			—		—			1,200		—
Short Duration High Income
Bank Loan Obligations
Leisure Goods— Activities—Movies		266		—		—			—			—		—			—		(266	)		—		—
Total		266		—		—			—			—		—			—		(266	)		—		—
Strategic Income
Bank Loan Obligations
Automotive		—		—		—			98			3,881		—			—		—			3,979		98
Building & Development		—		—		—			48			1,372		—			—		—			1,420		48
Business Equipment & Services		1,629		2		(1	)		81			2,038		(335	)		687		(1,629	)		2,472		81
Containers & Glass Products		1,028		—		—			—			—		—			—		(1,028	)		—		—
Cosmetics—Toiletries		—		—		15			7			1,233		(832	)		—		—			423		7
Equipment Leasing		1,014		—		—			—			—		—			—		(1,014	)		—		—
Electronics—Electrical		—		—		1			26			1,294		(113	)		—		—			1,208		26
Financial Intermediaries		381		2		11			8			2,967		(500	)		688		—			3,557		17
Oil & Gas		100		—		—			28			767		—			—		(100	)		795		28
Steel		1,110		—		—			—			—		—			—		(1,110	)		—		—
Utilities		1,086		—		—			—			—		—			—		(1,086	)		—		—
Mortgage-Backed Securities
Commercial Mortgage- Backed		—		—		—			5			1,753		—			—		—			1,758		5

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

(000's omitted)	Beginning balance, as of 11/1/12		Accrued discounts/ (premiums)		Realized gain/loss		Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance, as of 4/30/13		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/13
Corporate Debt Securities
Airlines	$	5,205	$	—	$	—	$	408	$	11,125	$	—		$	—	$	—		$	16,738	$	408
Insurance		—		—		—		16		6,645		—			—		—			6,661		16
Total		11,553		4		26		725		33,075		(1,780	)		1,375		(5,967	)		39,011		734

The Funds had no transfers between Levels 1 and 2 during the period ended April 30, 2013. As of April 30, 2013, seven securities in Floating Rate Income, one security in Short Duration High Income and seven securities in Strategic Income transferred from Level 3 to Level 2 as a result of an increase in the number of observable quotations that were readily available to the independent pricing service. As of April 30, 2013, two securities in Floating Rate Income and Strategic Income transferred from Level 2 to Level 3 as a result of a decrease in the number of observable quotations that were readily available to the independent pricing service.

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2013:

(000's omitted)	Level 1		Level 2		Level 3		Total
Core Bond
Futures contracts (unrealized appreciation)	$	—	$	—	$	—	$	—
Strategic Income
Futures contracts (unrealized appreciation)	$	114	$	—	$	—	$	114
Liability Valuation Inputs

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2013:

(000's omitted)	Level 1			Level 2		Level 3		Total
Core Bond
Futures contracts (unrealized depreciation)	$	(696	)	$	—	$	—	$	(696	)
Strategic Income
Futures contracts (unrealized depreciation)	$	(3,063	)	$	—	$	—	$	(3,063	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

## At April 30, 2013, selected fund information on a U.S. federal income tax basis was as follows:

(000's omitted)	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond	$	285,025	$	8,756	$	1,014	$	7,742
Floating Rate Income		494,649		7,821		39		7,782
High Income		3,374,229		213,961		1,144		212,817
Municipal Intermediate Bond		164,047		7,959		109		7,850
New York Municipal Income		70,992		3,992		4		3,988
Short Duration		70,294		348		635		(287	)
Short Duration High Income		36,233		605		40		565
Strategic Income		1,665,866		64,524		2,138		62,386

ñ Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At April 30, 2013, these securities amounted to approximately $14,686,000 or 5.9% of net assets for Core Bond, approximately $17,300,000 or 3.6% of net assets for Floating Rate Income, approximately $956,454,000 or 27.0% of net assets for High Income, approximately $1,004,000 or 0.6% of net assets for Municipal Intermediate Bond, approximately $7,329,000 or 10.6% of net assets for Short Duration, approximately $7,328,000 or 19.8% of net assets for Short Duration High Income and approximately $113,983,000 or 8.1% of net assets for Strategic Income.

Ñ These securities have been deemed by the investment manager to be illiquid. At April 30, 2013, these securities amounted to approximately $25,342,000 or 5.3% of net assets for Floating Rate Income and approximately $13,854,000 or 1.0% of net assets for Strategic Income.

Ø All or a portion of this security was purchased on a when-issued basis. At April 30, 2013, these securities amounted to $47,344,000 for Core Bond, $29,662,000 for High Income, $6,948,000 for Municipal Intermediate Bond, $1,200,000 for Short Duration and $340,792,000 for Strategic Income.

ß Security is guaranteed by the corporate or non-profit obligor.

¢ All or a portion of this security was purchased on a delayed delivery basis.

†† As of April 30, 2013, the value of unfunded loan commitments was approximately $3,053,000 for Floating Rate Income and $1,742,000 for Strategic Income pursuant to the following loan agreements:

Floating Rate Income
Borrower	Principal Amount		Value
Leslie's Poolmart, Term Loan B, 5.25%, due 10/16/19	$	19,000	$	19,000
Syniverse Technologies, Term Loan B, due 4/23/19		3,025,000		3,034,000
Strategic Income
Borrower	Principal Amount		Value
Leslie's Poolmart, Term Loan B, 5.25%, due 10/16/19	$	12,000	$	12,000
Syniverse Technologies, Term Loan B, due 4/23/19		1,725,000		1,730,000

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

^^ All or a portion of this security has not settled as of April 30, 2013 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

ØØ All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments and/or financial futures contracts and/or delayed delivery purchase commitments.

µ Floating rate securities are securities whose yields vary with a designated index or market rate. These securities are shown at their current rates as of April 30, 2013, and their final maturities.

c Payment-in-kind security for which part of the income earned may be paid as additional principal.

a Principal amount is stated in the currency in which the security is denominated.

AUD = Australian Dollar

CAD = Canadian Dollar

JPY = Japanese Yen

NZD = New Zealand Dollar

d Interest rate represents discount rate at time of purchase, not coupon rate.

z A zero balance may reflect actual amounts rounding to less than $1,000.

± See Note A-12 in the Notes to Financial Statements for the Funds' open derivatives at April 30, 2013.

See Notes to Financial Statements

Statements of Assets and Liabilities (Unaudited)

Neuberger Berman Income Funds
(000's omitted except per share amounts)

	CORE BOND FUND			FLOATING RATE INCOME FUND			HIGH INCOME BOND FUND		MUNICIPAL INTERMEDIATE BOND FUND
	April 30, 2013			April 30, 2013			April 30, 2013		April 30, 2013
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	292,767		$	502,431		$	3,587,046	$	171,897
Cash		—			—			—		44
Foreign currency		—			—			—		—
Deposits with brokers for futures contracts (Note A)		544			—			—		—
Dividends and interest receivable		1,204			1,783			56,476		1,854
Receivable for securities sold		9,642			4,146			26,044		105
Receivable for variation margin (Note A)		—			—			—		—
Receivable for Fund shares sold		153			3,538			6,772		7
Receivable from Management-net (Note B)		—			—			—		—
Prepaid expenses and other assets		42			47			129		35
Total Assets		304,352			511,945			3,676,467		173,942
Liabilities
Distributions payable		120			245			3,522		59
Due to custodian		—			5			—		—
Payable for securities purchased		55,237			34,722			119,894		7,601
Payable for Fund shares redeemed		249			443			4,884		682
Payable to investment manager-net (Note B)		51			187			1,359		34
Payable to administrator-net (Note B)		15			44			684		4
Payable to trustees		—			—			—		—
Payable for variation margin (Note A)		30			—			—		—
Accrued expenses and other payables		73			94			430		72
Total Liabilities		55,775			35,740			130,773		8,452
Net Assets	$	248,577		$	476,205		$	3,545,694	$	165,490
Net Assets consist of:
Paid-in capital	$	240,249		$	469,801		$	3,276,128	$	156,678
Undistributed net investment income (loss)		—			—			183		—
Distributions in excess of net investment income		(562	)		(250	)		—		—
Accumulated net realized gains (losses) on investments		1,550			(1,277	)		55,111		962
Net unrealized appreciation (depreciation) in value of investments		7,340			7,931			214,272		7,850
Net Assets	$	248,577		$	476,205		$	3,545,694	$	165,490
Net Assets
Investor Class	$	15,314		$	—		$	337,835	$	20,840
Trust Class		—			—			—		—
Institutional Class		193,767			381,449			2,530,933		136,473
Class A		33,069			62,335			533,425		6,450
Class C		6,427			32,421			70,638		1,727
Class R3		—			—			11,182		—
Class R6		—			—			61,681		—
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		1,425			—			34,680		1,730
Trust Class		—			—			—		—
Institutional Class		17,991			36,820			259,404		11,339
Class A		3,081			6,017			54,746		536
Class C		598			3,129			7,239		143
Class R3		—			—			1,147		—
Class R6		—			—			6,324		—
Net Asset Value, offering and redemption price per share
Investor Class	$	10.75		$	—		$	9.74	$	12.05
Trust Class		—			—			—		—
Institutional Class		10.77			10.36			9.76		12.04
Class R3		—			—			9.75		—
Class R6		—			—			9.75		—
Net Asset Value and redemption price per share
Class A	$	10.73		$	10.36		$	9.74	$	12.04
Offering Price per share
Class A‡	$	11.21		$	10.82		$	10.17	$	12.57
Net Asset Value and offering price per share
Class C^	$	10.75		$	10.36		$	9.76	$	12.04
* Cost of Investments	$	284,731		$	494,500		$	3,372,774	$	164,047
Total cost of foreign currency	$	—		$	—		$	—	$	—

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

100

	NEW YORK MUNICIPAL INCOME FUND		SHORT DURATION BOND FUND			SHORT DURATION HIGH INCOME FUND				STRATEGIC INCOME FUND
	April 30, 2013		April 30, 2013			April 30, 2013				April 30, 2013
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	74,980	$	70,007		$	36,798			$	1,728,252
Cash		322		—			96				—
Foreign currency		—		—			—				279
Deposits with brokers for futures contracts (Note A)		—		—			—				2,002
Dividends and interest receivable		995		269			595				8,991
Receivable for securities sold		—		2,002			129				66,649
Receivable for variation margin (Note A)		—		—			—				450
Receivable for Fund shares sold		—		6			160				15,063
Receivable from Management-net (Note B)		—		11			29				—
Prepaid expenses and other assets		—		47			38				94
Total Assets		76,297		72,342			37,845				1,821,780
Liabilities
Distributions payable		15		9			—				1,097
Due to custodian		—		—			—				24
Payable for securities purchased		—		3,286			711		��		407,537
Payable for Fund shares redeemed		82		14			19				2,653
Payable to investment manager-net (Note B)		16		14			13				614
Payable to administrator-net (Note B)		9		—			—				357
Payable to trustees		7		—			1				—
Payable for variation margin (Note A)		—		—			—				—
Accrued expenses and other payables		80		71			91				210
Total Liabilities		209		3,394			835				412,492
Net Assets	$	76,088	$	68,948		$	37,010			$	1,409,288
Net Assets consist of:
Paid-in capital	$	72,084	$	87,754		$	36,309			$	1,345,449
Undistributed net investment income (loss)		16		—			—				—
Distributions in excess of net investment income		—		(111	)		(15	)			(1,458	)
Accumulated net realized gains (losses) on investments		—		(18,777	)		143				2,981
Net unrealized appreciation (depreciation) in value of investments		3,988		82			573				62,316
Net Assets	$	76,088	$	68,948		$	37,010			$	1,409,288
Net Assets
Investor Class	$	—	$	35,787		$	—			$	—
Trust Class		—		4,516			—				39,988
Institutional Class		76,088		23,188			36,461				776,848
Class A		—		4,055			518				364,389
Class C		—		1,402			31				220,012
Class R3		—		—			—				—
Class R6		—		—			—				8,051
Shares Outstanding ($.001 par value; unlimited shares authorized)
Investor Class		—		4,453			—				—
Trust Class		—		590			—				3,453
Institutional Class		4,264		2,887			3,563				67,070
Class A		—		530			51				31,433
Class C		—		183			3				18,993
Class R3		—		—			—				—
Class R6		—		—			—				695
Net Asset Value, offering and redemption price per share
Investor Class	$	—	$	8.04		$	—			$	—
Trust Class		—		7.66			—				11.58
Institutional Class		17.84		8.03			10.23				11.58
Class R3		—		—			—				—
Class R6		—		—			—				11.58
Net Asset Value and redemption price per share
Class A	$	—	$	7.66		$	10.23			$	11.59
Offering Price per share
Class A‡	$	—	$	7.86		$	10.68			$	12.10
Net Asset Value and offering price per share
Class C^	$	—	$	7.66		$	10.23			$	11.58
* Cost of Investments	$	70,992	$	69,925		$	36,225			$	1,662,998
Total cost of foreign currency	$	—	$	—		$	—			$	272

101

Statements of Operations (Unaudited)

Neuberger Berman Income Funds
(000's omitted)

	CORE BOND FUND			FLOATING RATE INCOME FUND		HIGH INCOME BOND FUND			MUNICIPAL INTERMEDIATE BOND FUND
	For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013		For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013
Investment Income:
Income (Note A):
Interest income-unaffiliated issuers	$	2,882		$	9,166	$	111,605		$	2,186
Foreign taxes withheld		(1	)		—		(17	)		—
Total income	$	2,881		$	9,166	$	111,588		$	2,186
Expenses:
Investment management fees (Note B)		331			900		7,905			195
Administration fees (Note B)		79			108		988			46
Administration fees (Note B):
Investor Class		16			—		349			22
Trust Class		—			—		—			—
Institutional Class		92			132		1,061			58
Class A		40			48		539			5
Class C		7			22		74			2
Class R3		—			—		10			—
Class R6		—			—		1			—
Distribution fees (Note B):
Investor Class		19			—		—			—
Trust Class		—			—		—			—
Class A		47			57		642			6
Class C		35			108		355			8
Class R3		—			—		24			—
Shareholder servicing agent fees:
Investor Class		9			—		65			5
Trust Class		—			—		—			—
Institutional Class		9			12		126			6
Class A		15			4		87			1
Class C		2			2		10			—
Class R3		—			—		1			—
Class R6		—			—		1			—
Builder Class (Note B)		—			—		—			—
Premier Class (Note B)		—			—		—			—
Audit fees		14			15		28			27
Custodian fees		79			148		292			57
Insurance expense		5			3		74			2
Legal fees		50			68		80			49
Registration and filing fees:		43			46		231			34
Builder Class		—			—		—			—
Premier Class		—			—		—			—
Shareholder reports		19			10		111			8
Trustees' fees and expenses		21			21		21			21
Miscellaneous		14			20		106			6
Fund accounting fees (Note B)		—			—		—			—
Compliance service fees (Note B)		—			—		—			—
Total expenses		946			1,724		13,181			558

See Notes to Financial Statements

102

	NEW YORK MUNICIPAL INCOME FUND				SHORT DURATION BOND FUND		SHORT DURATION HIGH INCOME FUND		STRATEGIC INCOME FUND
	For the Period March 1, 2013 to April 30, 2013		For the Year Ended February 28, 2013		For the Six Months Ended April 30, 2013		For the Six Months Ended April 30, 2013		For the Six Months Ended April 30, 2013
Investment Income:
Income (Note A):
Interest income-unaffiliated issuers	$	412	$	2,248	$	519	$	777	$	23,902
Foreign taxes withheld		—		—		—		—		(14	)
Total income	$	412	$	2,248	$	519	$	777	$	23,888
Expenses:
Investment management fees (Note B)		35		324		88		66		3,238
Administration fees (Note B)		13		81		21		9		353
Administration fees (Note B):
Investor Class		—		—		38		—		—
Trust Class		—		—		11		—		55
Institutional Class		10		—		11		13		274
Class A		—		—		4		—		353
Class C		—		—		1		—		211
Class R3		—		—		—		—		—
Class R6		—		—		—		—		—
Distribution fees (Note B):
Investor Class		—		—		—		—		—
Trust Class		—		—		—		—		16
Class A		—		—		5		—		420
Class C		—		—		7		—		1,005
Class R3		—		—		—		—		—
Shareholder servicing agent fees:
Investor Class		—		—		16		—		—
Trust Class		—		—		1		—		3
Institutional Class		7		—		1		3		31
Class A		—		—		—		2		68
Class C		—		—		—		1		22
Class R3		—		—		—		—		—
Class R6		—		—		—		—		—
Builder Class (Note B)		—		39		—		—		—
Premier Class (Note B)		1		18		—		—		—
Audit fees		10		29		29		16		30
Custodian fees		11		33		41		32		261
Insurance expense		—		12		1		—		17
Legal fees		16		59		50		64		112
Registration and filing fees:		1		7		41		39		128
Builder Class		—		14		—		—		—
Premier Class		—		7		—		—		—
Shareholder reports		6		41		8		15		37
Trustees' fees and expenses		7		63		22		23		21
Miscellaneous		5		15		4		1		40
Fund accounting fees (Note B)		—		44		—		—		—
Compliance service fees (Note B)		—		36		—		—		—
Total expenses		122		822		400		284		6,695

103

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Income Funds
(000's omitted) (cont'd)

	CORE BOND FUND			FLOATING RATE INCOME FUND			HIGH INCOME BOND FUND			MUNICIPAL INTERMEDIATE BOND FUND
	For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013
Expenses reimbursed by Management (Note B)		(201	)		(251	)		—			(135	)
Expenses reduced by custodian fee expense offset arrangement (Note A)		—			—			(1	)		—
Total net expenses		745			1,473			13,180			423
Net investment income (loss)	$	2,136		$	7,693		$	98,408		$	1,763
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		2,115			(361	)		56,531			981
Financial futures contracts		(295	)		—			—			—
Foreign currency		1			—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(1,560	)		5,592			80,882			(226	)
Financial futures contracts		(615	)		—			—			—
Foreign currency		—			—			—			—
Net gain (loss) on investments		(354	)		5,231			137,413			755
Net increase (decrease) in net assets resulting from operations	$	1,782		$	12,924		$	235,821		$	2,518

See Notes to Financial Statements

104

	NEW YORK MUNICIPAL INCOME FUND				SHORT DURATION BOND FUND			SHORT DURATION HIGH INCOME FUND			STRATEGIC INCOME FUND
	For the Period March 1, 2013 to April 30, 2013		For the Year Ended February 28, 2013		For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013			For the Six Months Ended April 30, 2013
Expenses reimbursed by Management (Note B)		—		—		(164	)		(173	)		(440	)
Expenses reduced by custodian fee expense offset arrangement (Note A)		—		—		—			—			—
Total net expenses		122		822		236			111			6,255
Net investment income (loss)	$	290	$	1,426	$	283		$	666		$	17,633
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		14		3		(642	)		143			6,138
Financial futures contracts		—		—		—			—			(409	)
Foreign currency		—		—		—			—			(35	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		192		187		1,027			632			16,273
Financial futures contracts		—		—		—			—			(2,494	)
Foreign currency		—		—		—			—			7
Net gain (loss) on investments		206		190		385			775			19,480
Net increase (decrease) in net assets resulting from operations	$	496	$	1,616	$	668		$	1,441		$	37,113

105

Statements of Changes in Net Assets

Neuberger Berman Income Funds
(000's omitted)

	CORE BOND FUND						FLOATING RATE INCOME FUND
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	2,136		$	4,959		$	7,693		$	11,321
Net realized gain (loss) on investments		1,821			7,747			(361	)		660
Change in net unrealized appreciation (depreciation) of investments		(2,175	)		4,526			5,592			5,876
Net increase (decrease) in net assets resulting from operations		1,782			17,232			12,924			17,857
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		(131	)		(273	)		—			—
Trust Class		—			—			—			—
Institutional Class		(2,121	)		(4,043	)		(6,551	)		(9,613	)
Class A		(315	)		(537	)		(932	)		(1,324	)
Class C		(32	)		(72	)		(352	)		(388	)
Class R3		—			—			—			—
Class R6		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net realized gain on investments:
Investor Class		(386	)		(402	)		—			—
Trust Class		—			—			—			—
Institutional Class		(5,095	)		(4,669	)		—			—
Class A		(1,055	)		(714	)		—			—
Class C		(173	)		(157	)		—			—
Class R3		—			—			—			—
Total distributions to shareholders		(9,308	)		(10,867	)		(7,835	)		(11,325	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		1,165			3,488			—			—
Trust Class		—			—			—			—
Institutional Class		20,856			67,757			161,809			119,417
Class A		5,037			35,547			31,210			17,827
Class C		1,054			9,546			18,844			9,419
Class R3		—			—			—			—
Class R6		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		496			655			—			—
Trust Class		—			—			—			—
Institutional Class		6,551			7,245			5,688			8,930
Class A		1,274			1,169			701			926
Class C		80			85			168			175
Class R3		—			—			—			—
Class R6		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Payments for shares redeemed:
Investor Class		(2,193	)		(3,928	)		—			—
Trust Class		—			—			—			—
Institutional Class		(46,864	)		(41,708	)		(31,635	)		(73,816	)
Class A		(19,373	)		(16,628	)		(7,008	)		(5,453	)
Class C		(1,487	)		(7,345	)		(1,338	)		(3,208	)
Class R3		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from shares issued in connection with the Reorganization (Note F):
Institutional Class		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net increase (decrease) from Fund share transactions		(33,404	)		55,883			178,439			74,217
Net Increase (Decrease) in Net Assets		(40,930	)		62,248			183,528			80,749
Net Assets:
Beginning of period		289,507			227,259			292,677			211,928
End of period	$	248,577		$	289,507		$	476,205		$	292,677
Undistributed net investment income (loss) at end of period	$	—		$	—		$	—		$	—
Distributions in excess of net investment income at end of period	$	(562	)	$	(99	)	$	(250	)	$	(108	)

See Notes to Financial Statements

106

	HIGH INCOME BOND FUND						MUNICIPAL INTERMEDIATE BOND FUND
	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	98,408		$	172,169		$	1,763		$	3,449
Net realized gain (loss) on investments		56,531			37,595			981			964
Change in net unrealized appreciation (depreciation) of investments		80,882			107,173			(226	)		5,272
Net increase (decrease) in net assets resulting from operations		235,821			316,937			2,518			9,685
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		(9,852	)		(20,435	)		(222	)		(1,061	)
Trust Class		—			—			—			—
Institutional Class		(71,716	)		(124,640	)		(1,486	)		(2,334	)
Class A		(14,616	)		(23,703	)		(45	)		(38	)
Class C		(1,755	)		(3,100	)		(10	)		(16	)
Class R3		(260	)		(360	)		—			—
Class R6		(289	)		—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net realized gain on investments:
Investor Class		(3,851	)		(2,732	)		(134	)		(765	)
Trust Class		—			—			—			—
Institutional Class		(26,761	)		(13,495	)		(813	)		(46	)
Class A		(5,861	)		(2,809	)		(24	)		(1	)
Class C		(823	)		(434	)		(10	)		(5	)
Class R3		(104	)		(29	)		—			—
Total distributions to shareholders		(135,888	)		(191,737	)		(2,744	)		(4,266	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		38,678			87,461			468			8,368
Trust Class		—			—			—			—
Institutional Class		527,307			1,383,112			21,766			124,889
Class A		107,387			275,080			3,215			3,475
Class C		6,763			36,975			502			1,065
Class R3		4,120			7,723			—			—
Class R6		60,297			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		12,863			21,678			295			1,681
Trust Class		—			—			—			—
Institutional Class		74,420			94,585			2,053			2,192
Class A		17,913			22,873			48			32
Class C		1,536			2,019			11			9
Class R3		284			282			—			—
Class R6		289			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Payments for shares redeemed:
Investor Class		(64,072	)		(92,592	)		(715	)		(109,723	)
Trust Class		—			—			—			—
Institutional Class		(448,213	)		(776,274	)		(11,856	)		(10,339	)
Class A		(112,395	)		(151,755	)		(234	)		(309	)
Class C		(12,042	)		(16,273	)		(286	)		(227	)
Class R3		(3,265	)		(1,577	)		—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from shares issued in connection with the Reorganization (Note F):
Institutional Class		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net increase (decrease) from Fund share transactions		211,870			893,317			15,267			21,113
Net Increase (Decrease) in Net Assets		311,803			1,018,517			15,041			26,532
Net Assets:
Beginning of period		3,233,891			2,215,374			150,449			123,917
End of period	$	3,545,694		$	3,233,891		$	165,490		$	150,449
Undistributed net investment income (loss) at end of period	$	183		$	263		$	—		$	—
Distributions in excess of net investment income at end of period	$	—		$	—		$	—		$	—

107

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Income Funds
(000's omitted)

	NEW YORK MUNICIPAL INCOME FUND									SHORT DURATION BOND FUND
	Period from March 1, 2013 to April 30, 2013 (Unaudited)			Year Ended February 28, 2013			Year Ended February 29, 2012 (see Note A-1)			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	290		$	1,426		$	1,664		$	283		$	979
Net realized gain (loss) on investments		14			3			1			(642	)		(957	)
Change in net unrealized appreciation (depreciation) of investments		192			187			1,649			1,027			2,587
Net increase (decrease) in net assets resulting from operations		496			1,616			3,314			668			2,609
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			(280	)		(947	)
Trust Class		—			—			—			(35	)		(127	)
Institutional Class		(252	)		—			—			(209	)		(374	)
Class A		—			—			—			(24	)		(16	)
Class C		—			—			—			(4	)		(16	)
Class R3		—			—			—			—			—
Class R6		—			—			—			—			—
Builder Class		(17	)		(632	)		(751	)		—			—
Premier Class		(21	)		(792	)		(911	)		—			—
Net realized gain on investments:
Investor Class		—			—			—			—			—
Trust Class		—			—			—			—			—
Institutional Class		—			—			—			—			—
Class A		—			—			—			—			—
Class C		—			—			—			—			—
Class R3		—			—			—			—			—
Total distributions to shareholders		(290	)		(1,424	)		(1,662	)		(552	)		(1,480	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			1,706			3,431
Trust Class		—			—			—			765			920
Institutional Class		125			—			—			8,939			17,490
Class A		—			—			—			3,815			2,227
Class C		—			—			—			589			1,375
Class R3		—			—			—			—			—
Class R6		—			—			—			—			—
Builder Class		38			1,303			747			—			—
Premier Class		6			2,176			1,197			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			261			888
Trust Class		—			—			—			34			126
Institutional Class		258			—			—			191			358
Class A		—			—			—			16			13
Class C		—			—			—			2			7
Class R3		—			—			—			—			—
Class R6		—			—			—			—			—
Builder Class		—			589			698			—			—
Premier Class		—			628			756			—			—
Payments for shares redeemed:
Investor Class		—			—			—			(5,025	)		(10,394	)
Trust Class		—			—			—			(1,843	)		(1,985	)
Institutional Class		(1,423	)		—			—			(8,157	)		(13,811	)
Class A		—			—			—			(2,124	)		(91	)
Class C		—			—			—			(872	)		(699	)
Class R3		—			—			—			—			—
Builder Class		(177	)		(3,422	)		(2,738	)		—			—
Premier Class		—			(6,619	)		(2,546	)		—			—
Proceeds from shares issued in connection with the Reorganization (Note F):
Institutional Class		76,649			—			—			—			—
Builder Class		(35,911	)		—			—			—			—
Premier Class		(40,738	)		—			—			—			—
Net increase (decrease) from Fund share transactions		(1,173	)		(5,345	)		(1,886	)		(1,703	)		(145	)
Net Increase (Decrease) in Net Assets		(967	)		(5,153	)		(234	)		(1,587	)		984
Net Assets:
Beginning of period		77,055			82,208			82,442			70,535			69,551
End of period	$	76,088		$	77,055		$	82,208		$	68,948		$	70,535
Undistributed net investment income (loss) at end of period	$	16		$	16		$	14		$	—		$	158
Distributions in excess of net investment income at end of period	$	—		$	—		$	—		$	(111	)	$	—

See Notes to Financial Statements

108

	SHORT DURATION HIGH INCOME FUND						STRATEGIC INCOME FUND
	Six Months Ended April 30, 2013 (Unaudited)			Period from September 28, 2012 (Commencement of Operations) to October 31, 2012			Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	666		$	71		$	17,633		$	24,624
Net realized gain (loss) on investments		143			75			5,694			23,145
Change in net unrealized appreciation (depreciation) of investments		632			(59	)		13,786			37,198
Net increase (decrease) in net assets resulting from operations		1,441			87			37,113			84,967
Distributions to Shareholders From (Note A):
Net investment income:
Investor Class		—			—			—			—
Trust Class		—			—			(568	)		(801	)
Institutional Class		(677	)		(71	)		(11,778	)		(13,396	)
Class A		(3	)		(0	)		(5,795	)		(8,730	)
Class C		(1	)		(0	)		(2,782	)		(4,324	)
Class R3		—			—			—			—
Class R6		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net realized gain on investments:
Investor Class		—			—			—			—
Trust Class		—			—			(551	)		(212	)
Institutional Class		(75	)		—			(10,770	)		(2,545	)
Class A		(0	)		—			(6,272	)		(2,165	)
Class C		(0	)		—			(3,817	)		(1,374	)
Class R3		—			—			—			—
Total distributions to shareholders		(756	)		(71	)		(42,333	)		(33,547	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Investor Class		—			—			—			—
Trust Class		—			—			16,670			10,465
Institutional Class		11,482			35,040			340,513			374,157
Class A		443			67			143,947			174,063
Class C		—			30			52,464			75,610
Class R3		—			—			—			—
Class R6		—			—			8,050			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Investor Class		—			—			—			—
Trust Class		—			—			1,105			990
Institutional Class		752			71			15,354			10,004
Class A		3			—			9,959			9,064
Class C		1			—			3,865			3,060
Class R3		—			—			—			—
Class R6		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Payments for shares redeemed:
Investor Class		—			—			—			—
Trust Class		—			—			(4,252	)		(5,762	)
Institutional Class		(1,502	)		(10,078	)		(103,408	)		(92,839	)
Class A		—			—			(96,599	)		(86,202	)
Class C		—			—			(19,882	)		(24,726	)
Class R3		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Proceeds from shares issued in connection with the Reorganization (Note F):
Institutional Class		—			—			—			—
Builder Class		—			—			—			—
Premier Class		—			—			—			—
Net increase (decrease) from Fund share transactions		11,179			25,130			367,786			447,884
Net Increase (Decrease) in Net Assets		11,864			25,146			362,566			499,304
Net Assets:
Beginning of period		25,146			—			1,046,722			547,418
End of period	$	37,010		$	25,146		$	1,409,288		$	1,046,722
Undistributed net investment income (loss) at end of period	$	—		$	—		$	—		$	1,832
Distributions in excess of net investment income at end of period	$	(15	)	$	—		$	(1,458	)	$	—

109

Notes to Financial Statements Income Funds (Unaudited)

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Income Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated June 24, 2009. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the 1933 Act. Each Fund is a separate operating series of the Trust and is diversified. Four Funds offer Investor Class shares, two offer Trust Class shares, eight offer Institutional Class shares, seven offer Class A shares, seven offer Class C shares, one offers Class R3 shares and two offer Class R6 shares. Short Duration High Income had no operations until September 28, 2012 other than matters relating to its organization and registration of shares under the 1933 Act. New York Municipal Income had no operations until March 11, 2013, other than matters relating to its organization and registration of its shares as a series of the Trust under the 1933 Act. New York Municipal Income was the successor to The Empire Builder Tax Free Bond Fund (the "Predecessor Fund") pursuant to a reorganization that took place prior to March 11, 2013. The financial information prior to March 11, 2013, for the Institutional Class of New York Municipal Income is that of the Builder Class of the Predecessor Fund (see Notes F and H for more information). The Board may establish additional series or classes of shares without the approval of shareholders.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

A zero balance, if any, reflects an actual amount rounding to less than $1,000.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.

3 Foreign currency translation: Core Bond, Floating Rate Income, High Income, Short Duration, Short Duration High Income and Strategic Income may invest in foreign securities denominated in foreign currencies. The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern time, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

4 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions (for each Fund) and foreign currency transactions (for Core Bond, Floating Rate Income, High Income, Short Duration, Short Duration High Income and Strategic Income), if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain (loss) on investments are proceeds from the settlements of class action litigation in which Core Bond, High Income and Strategic Income participated as class members. The amounts of such proceeds for the six months ended April 30, 2013 were $159,599, $24,959 and $670 for Core Bond, High Income and Strategic Income, respectively.

110

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years 2009 - 2011 (February 28, 2010 - February 28, 2012 for New York Municipal Income). As of April 30, 2013, the Funds did not have any unrecognized tax positions.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

As determined on October 31, 2012, except for New York Municipal Income (see footnote 1), permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to one or more of the following: amortization of bond premium, non-deductible 12b-1 fees, tax treatment of deflation adjustments on U.S. Treasury Inflation Protected Bonds, capital loss carryforwards expiring, paydown gains and losses, foreign currency gains and losses and distribution redesignations. These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2012, except for New York Municipal Income (see footnote 1), the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gains (Losses) on Investments
Core Bond	$	—		$	2,524	$	(2,524	)
Floating Rate Income		(1	)		—		1
High Income		1			—		(1	)
Municipal Intermediate Bond		—			—		—
New York Municipal Income⁽¹⁾		—			—		—
Short Duration		(2,468,731	)		486,680		1,982,051
Short Duration High Income		(40	)		40		—
Strategic Income		—			3,584,345		(3,584,345	)

(1) For the year ended February 28, 2013.

111

For tax purposes, distributions of short-term gains are taxable to shareholders as ordinary income.

The tax character of distributions paid during the years ended October 31, 2012 and October 31, 2011, except for New York Municipal Income (see footnotes 2 and 3), was as follows:

	Distributions Paid From:
	Taxable Income						Tax-Exempt Income						Long-Term Capital Gain						Return of Capital						Total
	2012			2011			2012			2011			2012			2011			2012			2011			2012			2011
Core Bond	$	9,598,829		$	9,057,417		$	—		$	—		$	1,267,893		$	283,730		$	—		$	—		$	10,866,722		$	9,341,147
Floating Rate Income		11,325,064			9,226,504			—			—			—			—			—			—			11,325,064			9,226,504
High Income		175,342,574			77,865,786			—			—			16,394,086			7,083,769			—			—			191,736,660			84,949,555
Municipal Intermediate Bond		237,224			40,358			3,448,763			3,561,892			580,339			486,576			—			—			4,266,326			4,088,826
New York Municipal Income		—	⁽²⁾		—	⁽³⁾		1,423,654	⁽²⁾		1,662,562	⁽³⁾		—	⁽²⁾		—	⁽³⁾		—	⁽²⁾		—	⁽³⁾		1,423,654	⁽²⁾		1,662,562	⁽³⁾
Short Duration		1,479,347			1,882,953			—			—			—			—			—			—			1,479,347			1,882,953
Short Duration High Income		71,279	⁽¹⁾		—			—	⁽¹⁾		—			—	⁽¹⁾		—			—	⁽¹⁾		—			71,279	⁽¹⁾		—
Strategic Income		30,907,548			22,870,889			—			—			2,639,229			727,415			—			—			33,546,777			23,598,304

(1) Period from September 28, 2012 (Commencement of Operations) to October 31, 2012.

(2) Year ended February 28, 2013.

(3) Year ended February 29, 2012.

As of October 31, 2012, except for New York Municipal Income (see footnote 1), the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Gain		Unrealized Appreciation (Depreciation)		Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Core Bond	$	4,520,655	$	—	$	2,185,554	$	9,246,905	$	—		$	(99,383	)	$	15,853,731
Floating Rate Income		253,052		—		—		2,202,996		(886,739	)		(254,727	)		1,314,582
High Income		38,084,670		—		3,255,046		131,732,122		—			(3,439,254	)		169,632,584
Municipal Intermediate Bond		762,203		36,259		218,863		8,057,599		—			(36,419	)		9,038,505

112

	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Gain		Unrealized Appreciation (Depreciation)			Loss Carryforwards and Deferrals			Other Temporary Differences			Total
New York Municipal Income⁽¹⁾	$	—	$	25,158	$	—	$	3,815,255		$	(28,934	)	$	(13,250	)	$	3,798,229
Short Duration		162,942		—		—		(1,321,832	)		(17,758,332	)		(5,504	)		(18,922,726	)
Short Duration High Income		85,423		—		—		(64,894	)		—			(3,992	)		16,537
Strategic Income		21,103,288		—		3,071,502		45,746,308			—			(862,159	)		69,058,939

(1) As of February 28, 2013.

The differences between book basis and tax basis distributable earnings are primarily due to: timing differences of distribution payments, delayed settlement compensation on bank loans, timing differences of wash sales, mark to market on certain futures contract transactions, organization expenses, capital loss carryforwards, current year straddle losses deferred and amortization of bond premium/discount.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. The Regulated Investment Company ("RIC") Modernization Act of 2010 (the "Act") became effective for the Funds on November 1, 2011 (March 1, 2011 for New York Municipal Income and September 28, 2012 (Commencement of Operations) for Short Duration High Income). The Act modernizes several of the federal income and excise tax provisions related to RICs. Among the changes made are changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term ("Post-Enactment"). Rules in effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character ("Pre-Enactment"). As determined at October 31, 2012, except for New York Municipal Income (see footnote 1), the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Pre-Enactment
	Expiring in:
	2013		2014		2015		2016		2017		2018		2019
Floating Rate Income	$	—	$	—	$	—	$	—	$	—	$	—	$	886,739
Short Duration		3,168,736		2,244,689		643,625		—		8,069,282		850,271		1,276,932

	Post-Enactment (No Expiration Date)
	Long-Term		Short-Term
New York Municipal Income⁽¹⁾	$	—	$	28,934
Short Duration		1,420,063		84,734

(1) At February 28, 2013.

Post-Enactment capital loss carryforwards must be fully used before Pre-Enactment capital loss carryforwards; therefore, under certain circumstances, Pre-Enactment capital loss carryforwards available as of the report date may expire unused.

During the year ended October 31, 2012, Floating Rate Income utilized capital loss carryforwards of $637,174. During the year ended February 28, 2013, New York Municipal Income utilized capital loss carryforwards of $2,777. During the year ended October 31, 2012, Short Duration had capital loss carryforwards expire of $2,468,731.

113

6 Distributions to shareholders: Each Fund earns income, net of expenses, daily on its investments. Ordinarily, distributions from net investment income are declared on each business day and paid monthly, and distributions from net realized capital gains, if any, are generally distributed once a year (usually in December). Distributions to shareholders are recorded on the ex-date.

7 Expense allocation: Certain expenses are applicable to multiple funds. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.

8 Dollar rolls: Core Bond, Floating Rate Income, High Income, Short Duration, Short Duration High Income and Strategic Income may enter into dollar roll transactions with respect to mortgage-backed securities. In a dollar roll transaction, a Fund sells securities for delivery in the current month and simultaneously agrees to repurchase substantially similar (i.e., same type and coupon) securities on a specified future date from the same party. During the period before this repurchase, a Fund forgoes principal and interest payments on the securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls may increase fluctuations in a Fund's NAV and may be viewed as a form of leverage. There is a risk that the counterparty will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund.

9 When-Issued/Delayed Delivery Securities: Each Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to a Fund until payment takes place. At the time a Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. When-issued and delayed delivery transactions can have a leverage-like effect on a Fund, which can increase fluctuations in the Fund's share price. Certain risks may arise upon entering into when-issued or delayed delivery securities from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

10 Foreign taxes: Foreign taxes withheld represent amounts withheld by foreign tax authorities, net of refunds recoverable.

11 Investments in foreign securities: Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

12 Derivative instruments: During the six months ended April 30, 2013, certain of the Funds' use of derivatives, as described below, was limited to financial futures contracts. The Funds have adopted the provisions of ASC 815

114

"Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Financial futures contracts: During the period ended April 30, 2013, Floating Rate Income, High Income, Municipal Intermediate Bond, New York Municipal Income, Short Duration and Short Duration High Income did not enter into any financial futures contracts. During the period ended April 30, 2013, Core Bond and Strategic Income entered into financial futures contracts for economic hedging purposes, including as a maturity or duration management device.

At the time a Fund enters into a financial futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the financial futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some financial futures contracts by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching financial futures contracts. When the contracts are closed, a Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause that Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

At April 30, 2013, open positions in financial futures contracts were:

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Core Bond

June 2013

22 U.S. Ultra Bond

Short

(98,619

)

Core Bond

June 2013

31 U.S. Treasury Note, 2 Year

Short

(7,390

)

Core Bond

June 2013

310 U.S. Treasury Note, 5 Year

Short

(237,818

)

Core Bond

June 2013

20 U.S. Long Bond

Short

(79,277

)

Core Bond

June 2013

157 U.S. Treasury Note, 10 Year

Short

(272,791

)

Total

(695,895

)

115

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Strategic Income

June 2013

17 Mini Japanese, 10 Year

Short

3,010

Strategic Income

June 2013

53 Australian Dollar

Short

(69,125

)

Strategic Income

June 2013

55 Canadian Dollar

Short

(105,559

)

Strategic Income

June 2013

27 Japanese Yen

Short

46,123

Strategic Income

June 2013

117 U.S. Ultra Bond

Short

(52,749

)

Strategic Income

June 2013

713 U.S. Treasury Note, 5 Year

Short

(537,602

)

Strategic Income

June 2013

161 U.S. Long Bond

Short

(131,659

)

Strategic Income

June 2013

90 New Zealand Dollar

Short

(298,283

)

Strategic Income

June 2013

1,075 U.S. Treasury Note, 10 Year

Short

(1,867,722

)

Strategic Income

September 2014

263 Canada Bankers Acceptance, 3 Month

Long

64,350

Total

(2,949,216

)

During the six months ended April 30, 2013, the average notional value of financial futures contracts was:

	Long Positions		Short Positions
Core Bond	$	6,897,270	$	(64,022,797	)
Strategic Income	$	106,314,861	$	(322,537,431	)

At April 30, 2013, the notional value of financial futures contracts was:

	Long Positions		Short Positions
Core Bond	$	—	$	(72,998,453	)
Strategic Income	$	64,901,825	$	(297,420,613	)

At April 30, 2013, the Funds had deposited the following in segregated accounts to cover margin requirements on open futures contracts:

Core Bond				$	543,866
Strategic Income				$	2,002,644

At April 30, 2013, the Funds had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Total
Core Bond
Futures Contracts		$	—	$	—	$	—
Total Value		$	—	$	—	$	—
	Receivable/Payable for variation margin⁽¹⁾
Strategic Income
Futures Contracts		$	67,360	$	46,123	$	113,483
Total Value		$	67,360	$	46,123	$	113,483

116

Liability Derivatives

	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Total
Core Bond
Futures Contracts		$	(695,895	)	$	—		$	(695,895	)
Total Value		$	(695,895	)	$	—		$	(695,895	)
	Receivable/Payable for variation margin⁽¹⁾
Strategic Income
Futures Contracts		$	(2,589,732	)	$	(472,967	)	$	(3,062,699	)
Total Value		$	(2,589,732	)	$	(472,967	)	$	(3,062,699	)

(1) "Futures Contracts" reflects the cumulative appreciation (depreciation) of futures contracts as of April 30, 2013, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of April 30, 2013, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin."

The impact of the use of these derivative instruments on the Statements of Operations during the six months ended April 30, 2013, was as follows:

Realized Gain (Loss)

	Statements of Operations Location	Interest Rate Risk			Currency Risk		Total
Core Bond
Futures Contracts		$	(294,710	)	$	—	$	(294,710	)
Total Realized Gain (Loss) Strategic Income	Net realized gain (loss) on: financial futures contracts	$	(294,710	)	$	—	$	(294,710	)
Futures Contracts		$	(764,489	)	$	355,215	$	(409,274	)
Total Realized Gain (Loss)		$	(764,489	)	$	355,215	$	(409,274	)

Change in Appreciation (Depreciation)

	Statements of Operations Location	Interest Rate Risk			Currency Risk			Total
Core Bond
Futures Contracts		$	(615,608	)	$	—		$	(615,608	)
Total Change in Appreciation (Depreciation)	Change in net unrealized appreciation	$	(615,608	)	$	—		$	(615,608	)
Strategic Income	(depreciation) in
Futures Contracts	value of:	$	(2,329,068	)	$	(164,639	)	$	(2,493,707	)
Total Change in Appreciation (Depreciation)	financial futures contracts	$	(2,329,068	)	$	(164,639	)	$	(2,493,707	)

117

Management has concluded that the Funds, except Core Bond and Strategic Income, did not hold any derivative instruments during the six months ended April 30, 2013 that require additional disclosures pursuant to ASC 815.

13 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

14 Expense offset arrangement: Prior to January 1, 2013, each Fund (prior to August 2, 2010 for New York Municipal Income) had an expense offset arrangement in connection with its custodian contract. For the six months ended April 30, 2013, the impact of this arrangement was a reduction of expenses of $43, $220, $1,349, $83, $39, $15 and $260 for Core Bond, Floating Rate Income, High Income, Municipal Intermediate Bond, Short Duration, Short Duration High Income and Strategic Income, respectively.

15 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

Note B—Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, Core Bond, Municipal Intermediate Bond, New York Municipal Income (as of March 11, 2013) and Short Duration each pays Management a fee at the annual rate of 0.25% of the first $500 million of that Fund's average daily net assets, 0.225% of the next $500 million, 0.20% of the next $500 million, 0.175% of the next $500 million, and 0.15% of average daily net assets in excess of $2 billion. Accordingly, for the period ended April 30, 2013, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.25%, 0.25% , 0.25% and 0.25% of Core Bond's, Municipal Intermediate Bond's, New York Municipal Income's and Short Duration's average daily net assets, respectively. For such investment management services, Floating Rate Income, High Income, Short Duration High Income and Strategic Income each pays Management a fee at the annual rate of 0.50%, 0.48%, 0.45%, and 0.55%, respectively, of its average daily net assets.

Prior to March 11, 2013, New York Municipal Income's Predecessor Fund retained Glickenhaus & Co. (the "prior Adviser") to act as investment adviser pursuant to an Investment Advisory Agreement. As compensation for its advisory services, the prior Adviser received a fee, accrued daily and paid monthly, at an annual rate of 0.40% of the first $100 million of average daily net assets and 0.3333% of such assets in excess of $100 million. The prior Adviser had agreed to a reduction of its advisory fees to the extent that the Predecessor Fund's total expenses, including the advisory fees, exceeded 1.50% per annum of the Predecessor Fund's average daily net assets. For the period prior to March 11, 2013, there was no reduction of advisory fees pursuant to this agreement.

Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Investor Class, Class A, Class C and Class R3 of each Fund that offers those classes pays Management an administration fee at the annual rate of 0.21% of its average daily net assets, Trust Class of each of Short Duration and Strategic Income pays Management an administration fee at the annual rate of 0.44% and 0.34%, respectively, of its average daily net assets, Institutional Class of each Fund (as of March 11, 2013 for New York Municipal Income) that offers that class pays Management an administration fee at the annual rate of 0.09% of its average daily net assets and Class R6 of each of High Income and Strategic Income pays Management an administrative fee at the annual rate of 0.02% of its average daily net assets, under this agreement. Additionally, Management retains State Street Bank and Trust Company ("State Street") as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.

118

Prior to March 11, 2013, New York Municipal Income's Predecessor Fund retained Ultimus Fund Solutions, LLC ("Ultimus") as it's administrator under an Administration Agreement. For the performance of these administrative services, the Predecessor Fund paid Ultimus a fee at the annual rate of 0.10% of the average value of its daily net assets up to $250 million, 0.075% of such assets from $250 million to $500 million and 0.05% of such assets in excess of $500 million, provided, however, that the minimum fee was $5,000 per month.

Prior to March 11, 2013, under the terms of a Fund Accounting Agreement with New York Municipal Income's Predecessor Fund, Ultimus provided the Fund with accounting and pricing services. For calculating daily net asset value per share and maintaining such books and records as was necessary to enable Ultimus to perform its duties, the Predecessor Fund paid Ultimus a base fee of $3,000 per month, plus an asset-based fee at the annual rate of 0.01% of the average value of its daily net assets up to $500 million and 0.005% of such assets in excess of $500 million.

Prior to March 11, 2013, under the terms of a Transfer Agent and Shareholder Services Agreement with New York Municipal Income's Predecessor Fund, Ultimus served as transfer agent and shareholder services agent for the Predecessor Fund.

Prior to March 11, 2013, under the terms of a Compliance Consulting Agreement between New York Municipal Income's Predecessor Fund and Ultimus (the "Compliance Agreement"), Ultimus made available an individual to serve as the Predecessor Fund's Chief Compliance Officer ("CCO"). Under the Compliance Agreement, Ultimus also provided infrastructure and support in implementing the written policies and procedures comprising the Predecessor Fund's compliance program, including supporting services to the CCO.

Management has contractually agreed to waive current payment of fees and/or reimburse certain expenses of the Investor Class, Trust Class, Institutional Class, Class A, Class C, Class R3 and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses and dividend expense on short sales, if any; consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees were waived or reimbursed. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the period ended April 30, 2013, there was no reimbursement to Management under this agreement.

At April 30, 2013, contingent liabilities to Management under the contractual expense limitations were as follows:

					Expenses Reimbursed in Fiscal Period Ending, October 31,
					2010			2011		2012		2013
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2013			2014		2015		2016
Core Bond Investor Class		0.85	%	10/31/21	$	25,560		$	29,269	$	27,514	$	17,228
Core Bond Institutional Class		0.45	%	10/31/21		54,638			134,496		154,024		144,391
Core Bond Class A		0.85	%	10/31/21		6,716			16,514		26,508		33,822
Core Bond Class C		1.60	%	10/31/21		957			2,434		6,318		5,381
Floating Rate Income Institutional Class		0.70	%	10/31/16		410,835	⁽³⁾		358,055		374,906		202,811
Floating Rate Income Class A		1.07	%	10/31/21		57,005	⁽²⁾		54,980		58,121		32,761
Floating Rate Income Class C		1.82	%	10/31/21		6,128	⁽³⁾		11,494		21,016		15,188
High Income Investor Class		1.00	%	10/31/16		—			—		—		—

119

					Expenses Reimbursed in Fiscal Period Ending, October 31,
					2010			2011		2012			2013
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2013			2014		2015			2016
High Income Institutional Class		0.75	%	10/31/16		—			—		—			—
High Income Class A		1.12	%	10/31/16		—			—		—			—
High Income Class C		1.87	%	10/31/16		—			—		—			—
High Income Class R3		1.37	%	10/31/16		—			—		—			—
High Income Class R6		0.68	%	10/31/16		—			—		—			—	⁽⁷⁾
Municipal Intermediate Bond Investor Class		0.65	%	10/31/16		402,491			364,558		93,905			18,616
Municipal Intermediate Bond Institutional Class		0.50	%	10/31/16		3,630	⁽⁴⁾		11,099		179,948			110,299
Municipal Intermediate Bond Class A		0.87	%	10/31/16		3,660	⁽⁴⁾		1,607		4,964			4,285
Municipal Intermediate Bond Class C		1.62	%	10/31/16		3,637	⁽⁴⁾		1,310		3,645			1,793
New York Municipal Income Institutional Class		1.00	%	10/31/15		—			—		—			—	⁽⁸⁾
Short Duration Investor Class		0.70	%	10/31/16		322,782			256,301		194,144			83,749
Short Duration Trust Class		0.80	%	10/31/16		59,964			43,741		31,215			12,685
Short Duration Institutional Class		0.50	%	10/31/16		3,653	⁽⁴⁾		55,445		72,550			55,797
Short Duration Class A		0.87	%	10/31/16		3,698	⁽⁴⁾		2,715		4,577			8,221
Short Duration Class C		1.62	%	10/31/16		3,646	⁽⁴⁾		2,242		6,131			3,438
Short Duration High Income Institutional Class		0.75	%⁽⁶⁾	10/31/16		—			—		177,932	⁽⁵⁾		168,399
Short Duration High Income Class A		1.12	%⁽⁶⁾	10/31/16		—			—		382	⁽⁵⁾		2,412
Short Duration High Income Class C		1.87	%⁽⁶⁾	10/31/16		—			—		242	⁽⁵⁾		1,742
Strategic Income Trust Class		1.10	%	10/31/16		28,331			28,723		21,192			12,869
Strategic Income Institutional Class		0.75	%	10/31/21		153,882			219,304		285,110			213,241
Strategic Income Class A		1.15	%	10/31/21		196,672			259,854		211,303			113,001
Strategic Income Class C		1.85	%	10/31/21		157,265			184,718		176,962			100,030
Strategic Income Class R6		0.68	%	10/31/16		—			—		—			407	⁽⁷⁾

(1) Expense limitation per annum of the respective class's average daily net assets.

(2) Period from December 29, 2009 to October 31, 2010.

(3) Period from December 30, 2009 to October 31, 2010.

(4) Period from June 21, 2010 to October 31, 2010.

(5) Period from September 28, 2012 to October 31, 2012.

(6) In addition, Management voluntarily waived expenses as necessary to maintain a minimum yield from September 28, 2012 (Commencement of Operations) to October 2, 2012. For the period ended October 31, 2012, voluntary reimbursements for the Institutional Class, Class A and Class C of Short Duration High Income amounted to $935, $5 and $8, respectively. These amounts are not subject to recovery by Management. This undertaking was in addition to the contractual undertakings as stated above.

(7) Period from March 15, 2013 to April 30, 2013.

(8) Period from March 11, 2013 to April 30, 2013.

120

Management and Neuberger Berman Fixed Income LLC ("NBFI") are indirect subsidiaries of Neuberger Berman Group LLC (("NBG") and together with its consolidated subsidiaries ("NB Group")). NBSH Acquisition, LLC ("NBSH" and together with NBG, the "NB Parties"), which is owned by portfolio managers, members of the NB Group management team and certain of NB Group's key employees, senior professionals, and certain of their permitted transferees, owns, as of March 14, 2013, approximately 72% of NBG's common units, and Lehman Brothers Holdings Inc. ("LBHI") and certain of its subsidiaries (collectively the "LBHI Parties") own the remaining 28% of such common units. Pursuant to agreements among the NB Parties and the LBHI Parties, as well as the issuance of NBSH common equity to employees with respect to their previously made equity elections relating to 2013 compensation, it is expected that NBSH will own 81% of NBG's common units as of January 1, 2014. NBG has the opportunity to continue to redeem the remaining NBG Class A common units from the LBHI Parties through a process that is expected to end in 2016 (and if necessary, 2017).

NBFI, as the sub-adviser to High Income, Municipal Intermediate Bond, Short Duration and Strategic Income, is retained by Management to furnish it with investment recommendations and research information without added cost to each Fund it sub-advises. NBFI, as the sub-adviser to Core Bond, Floating Rate Income, New York Municipal Income and Short Duration High Income, is retained by Management to provide day-to-day investment management services and receives a monthly fee paid by Management. As investment manager, Management is responsible for overseeing the investment activities of NBFI. Several individuals who are officers and/or Trustees of the Trust are also employees of NBFI, Neuberger Berman LLC ("Neuberger") and/or Management.

Prior to March 11, 2013, certain officers and Trustees of New York Municipal Income's Predecessor Fund were affiliated with the prior Adviser or Ultimus. Except as disclosed above in connection with the Compliance Agreement, such officers and Trustees received no compensation from the Fund for serving in their respective roles. Each of the four non-interested Trustees who served on the Fund's Board were paid a retainer of $2,600 per quarter and an additional $900 fee for each Board meeting attended, plus reimbursement for certain expenses. The non-interested Trustees who served on committees of the Board received an additional fee of $750 for attendance at each committee meeting held on a day other than a regular quarterly Board meeting. Prior to March 6, 2012, the quarterly retainer paid to each Trustee was $2,100.

Each Fund also has a distribution agreement with Management with respect to each class of shares. Management acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below for Class A and Class C shares, and bears advertising and promotion expenses.

However, Management receives fees from Core Bond's Investor Class, Strategic Income's Trust Class, High Income's Class R3, and each Fund's Class A and Class C under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, Management's activities and expenses related to the sale and distribution of these classes of shares, and ongoing services provided to investors in these classes, Management receives from each of these respective classes a fee at the annual rate of 0.25% of Core Bond Investor Class', Core Bond Class A's, Floating Rate Income Class A's, High Income Class A's, Municipal Intermediate Bond Class A's, Short Duration Class A's, Short Duration High Income Class A's and Strategic Income Class A's average daily net assets; 0.10% of Strategic Income Trust Class' average daily net assets; 0.50% of High Income Class R3's average daily net assets; and 1.00% of Core Bond Class C's, Floating Rate Income Class C's, High Income Class C's, Municipal Intermediate Bond Class C's, Short Duration Class C's, Short Duration High Income Class C's and Strategic Income Class C's average daily net assets. Management receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

121

Class A shares of each Fund (except Short Duration) are generally sold with an initial sales charge of up to 4.25%. Class A shares of Short Duration are generally sold with an initial sales charge of up to 2.50% (4.25% prior to June 15, 2011). Class A shares of each Fund are generally sold with no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the six months ended April 30, 2013, Management, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charges		CDSC		Net Initial Sales Charges		CDSC
Core Bond Class A	$	358	$	1,941	$	—	$	—
Core Bond Class C		—		758		—		—
Floating Rate Income Class A		7,740		1,000		—		—
Floating Rate Income Class C		—		1,822		—		—
High Income Class A		10,033		12,372		—		—
High Income Class C		—		13,200		—		—
Municipal Intermediate Bond Class A		927		—		—		—
Municipal Intermediate Bond Class C		—		120		—		—
Short Duration Class A		309		—		—		—
Short Duration Class C		—		—		—		—
Short Duration High Income Class A		—		—		—		—
Short Duration High Income Class C		—		—		—		—
Strategic Income Class A		23,128		14,239		—		—
Strategic Income Class C		—		24,671		—		—

Note C—Securities Transactions:

Cost of purchases and proceeds of sales and maturities of long-term securities (excluding financial futures contracts) for the six months ended April 30, 2013, were as follows:

	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities excluding U.S. Government and Agency Obligations
Core Bond	$	455,602,602	$	55,899,896	$	466,285,526	$	61,845,957
Floating Rate Income		—		299,426,351		—		126,449,836
High Income		—		1,437,969,157		—		1,281,867,172
Municipal Intermediate Bond		—		64,194,973		—		44,964,171
New York Municipal Income⁽¹⁾		—		26,296,235		—		18,626,399
Short Duration		16,481,472		19,476,118		20,297,996		10,818,956
Short Duration High Income		—		23,160,465		—		12,759,088
Strategic Income		1,827,994,957		739,875,186		1,738,957,603		414,509,151

(1) Period from March 1, 2013 to April 30, 2013.

122

Note D—Fund Share Transactions:

Share activity for the six months ended April 30, 2013 and for the year ended October 31, 2012 was as follows:

	For the Six Months Ended April 30, 2013															For the Year Ended October 31, 2012
(000's omitted)	Shares Sold			Shares Issued on Reinvestment of Dividends and Distributions			Shares Issued in Connection with Reorganization (Note F)			Shares Redeemed			Total			Shares Sold			Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total
Core Bond:
Investor Class		108			46			—			(203	)		(49	)		324			61			(363	)		22
Institutional Class		1,924			609			—			(4,343	)		(1,810	)		6,241			677			(3,852	)		3,066
Class A		466			119			—			(1,798	)		(1,213	)		3,279			109			(1,539	)		1,849
Class C		97			8			—			(139	)		(34	)		885			8			(671	)		222
Floating Rate Income:
Institutional Class		15,722			553			—			(3,076	)		13,199			11,780			886			(7,359	)		5,307
Class A		3,031			68			—			(681	)		2,418			1,760			92			(541	)		1,311
Class C		1,831			16			—			(130	)		1,717			932			17			(319	)		630
High Income:
Investor Class		4,069			1,349			—			(6,722	)		(1,304	)		9,593			2,373			(10,115	)		1,851
Institutional Class		55,135			7,797			—			(46,884	)		16,048			150,548			10,305			(84,435	)		76,418
Class A		11,278			1,879			—			(11,803	)		1,354			29,869			2,498			(16,668	)		15,699
Class C		707			161			—			(1,261	)		(393	)		4,013			221			(1,766	)		2,468
Class R3		430			30			—			(343	)		117			841			31			(172	)		700
Class R6⁽⁴⁾		6,294			30			—			—			6,324			—			—			—			—
Municipal Intermediate Bond:
Investor Class		39			25			—			(60	)		4			708			143			(9,175	)		(8,324	)
Institutional Class		1,812			171			—			(984	)		999			10,438			183			(866	)		9,755
Class A		268			4			—			(19	)		253			292			3			(26	)		269
Class C		41			1			—			(24	)		18			90			1			(19	)		72
New York Municipal Income:
Institutional Class		7	⁽²⁾		14	⁽²⁾		4,323	⁽²⁾		(80	)⁽²⁾		4,264	⁽²⁾		—			—			—			—
Builder Class		2	⁽¹⁾		—	⁽¹⁾		(2,025	)		(10	)⁽¹⁾		(2,033	)		73	⁽³⁾		33	⁽³⁾		(192	)⁽³⁾		(86	)⁽³⁾
Premier Class		—	⁽¹⁾		—	⁽¹⁾		(2,297	)		—	⁽¹⁾		(2,297	)		123	⁽³⁾		35	⁽³⁾		(372	)⁽³⁾		(214	)⁽³⁾
Short Duration:
Investor Class		212			33			—			(626	)		(381	)		431			112			(1,308	)		(765	)
Trust Class		100			5			—			(241	)		(136	)		121			17			(262	)		(124	)
Institutional Class		1,114			23			—			(1,016	)		121			2,194			45			(1,744	)		495
Class A		499			2			—			(277	)		224			293			2			(12	)		283
Class C		77			0	^z		—			(114	)		(37	)		181			1			(92	)		90
Short Duration High Income:
Institutional Class		1,134			74			—			(148	)		1,060			3,503			7			(1,007	)		2,503	⁽¹⁾
Class A		44			—			—			—			44			7			—			—			7	⁽¹⁾
Class C		—			—			—			—			—			3			—			—			3	⁽¹⁾

123

	For the Six Months Ended April 30, 2013											For the Year Ended October 31, 2012
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Issued in Connection with Reorganization (Note F)		Shares Redeemed			Total		Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Strategic Income:
Trust Class		1,450		96		—		(369	)		1,177		936		89		(520	)		505
Institutional Class		29,627		1,336		—		(8,994	)		21,969		33,284		894		(8,282	)		25,896
Class A		12,496		866		—		(8,399	)		4,963		15,491		814		(7,673	)		8,632
Class C		4,548		337		—		(1,727	)		3,158		6,746		275		(2,201	)		4,820
Class R6⁽⁴⁾		695		—		—		—			695		—		—		—			—

(1) For the period March 1, 2013 to March 8, 2013. Shares redeemed for Builder Class and Premier Class includes approximately 2,025,000 and 2,297,000 shares, respectively, which were converted to Institutional Class shares of New York Municipal Income on March 11, 2013 in connection with the reorganization (see Note F).

(2) Approximately 4,323,000 Institutional Class shares were issued in connection with conversion of approximately 2,025,000 Builder Class shares and 2,297,000 Premier Class shares (See Note F).

(3) Share activity for the year ended February 28, 2013 for the Predecessor Fund of New York Municipal Income. Share activity for the year ended February 29, 2012 for the Predecessor Fund of New York Municipal Income was as follows:

	For the Year Ended February 29, 2012
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
New York Municipal Income:
Builder Class		42		40		(156	)		(74	)
Premier Class		68		43		(145	)		(34	)

(4) Period from March 15, 2013 to April 30, 2013.

z A zero balance, if any, reflects an actual amount rounding to less than 1,000.

Note E—Line of Credit:

At April 30, 2013, each Fund (except New York Municipal Income and Short Duration High Income) was a participant in a single committed, unsecured $200,000,000 line of credit with State Street, to be used only for temporary or emergency purposes. Other investment companies managed by Management also participate in this line of credit on the same terms. Interest is charged on borrowings under this line of credit at the higher of (a) the Federal Funds Rate plus 1.25% per annum or (b) the Overnight LIBOR Rate plus 1.25% per annum. A commitment fee of 0.10% per annum of the available line of credit is charged, of which each participating Fund has agreed to pay its pro rata share, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable. The fee is paid quarterly in arrears. Because several mutual funds participate, there is no assurance that an individual Fund will have access to all or any part of the $200,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at April 30, 2013. During the six months ended April 30, 2013, none of the Funds utilized this line of credit.

124

Note F—Reorganization of New York Municipal Income:

After the close of business on March 8, 2013, all the net assets and liabilities of the Predecessor Fund, a Massachusetts business trust, were reorganized into New York Municipal Income. The Predecessor Fund was registered as a non-diversified, open-end management investment company under the 1940 Act. The reorganization was performed pursuant to a plan of reorganization approved by the Predecessor Fund's shareholders on February 22, 2013.

The reorganization was accomplished by a tax-free exchange of 2,025,214 shares of the Institutional Class of New York Municipal Income (valued at $35,911,391) for 2,025,214 shares of the Builder Class of the Predecessor Fund and 2,297,401 shares of the Institutional Class of New York Municipal Income (valued at $40,737,640) for 2,297,171 shares of the Premier Class of the Predecessor Fund outstanding on March 8, 2013. The Predecessor Fund's aggregate net assets at that date ($76,649,031 including $28,376 of undistributed net realized gains and $3,523,309 of net unrealized appreciation) were combined with those of the New York Municipal Income. The aggregate net assets of New York Municipal Income and the Predecessor Fund immediately after the reorganization were $76,649,031.

Note G—Change in Year End:

The Board of Trustees adopted a change in New York Municipal Income's fiscal year end to October 31. This change was effective beginning with this fiscal period, beginning March 1, 2013 for New York Municipal Income.

Note H—Change in Independent Auditors:

On March 5, 2013, PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") was replaced as independent auditor of the Predecessor Fund, and Tait, Weller & Baker LLP ("Tait Weller") was selected as the Predecessor Fund's new independent auditor. The Predecessor Fund's selection of Tait Weller as its independent auditor was recommended and approved by the Predecessor Fund's audit committee and was ratified by the Predecessor Fund's Board of Trustees.

PricewaterhouseCoopers reports on the Predecessor Fund's financial statements for the prior two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal years, and through the date of PricewaterhouseCoopers replacement, there were no disagreements between the Predecessor Fund and PricewaterhouseCoopers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of PricewaterhouseCoopers, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years. Prior to March 5, 2013, Tait Weller was not contacted during the prior two fiscal years regarding the application of accounting principles to any particular financial matter.

Note I—Recent Accounting Pronouncement:

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. At this time, Management is evaluating the implications of ASU 2011-11 and its impact on the financial statements.

Note J—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

125

Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information
derived from the Financial Statements. Per share amounts that round to less than $.01 or $(0.01) per share are presented as $0.00
or $(0.00), respectively. Net Asset amounts with a zero balance may reflect actual amounts rounding to less than $0.1 million.

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
Core Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	11.04	$	0.07	^@	$	(0.01	)	$	0.06		$	(0.09	)	$	(0.26	)	$	—	$	(0.35	)
10/31/2012	$	10.79	$	0.18	^@	$	0.52		$	0.70		$	(0.18	)	$	(0.27	)	$	—	$	(0.45	)
10/31/2011	$	10.86	$	0.23	^@	$	0.22		$	0.45		$	(0.25	)	$	(0.27	)	$	—	$	(0.52	)
10/31/2010	$	10.19	$	0.28	^@	$	0.72		$	1.00		$	(0.28	)	$	(0.05	)	$	—	$	(0.33	)
10/31/2009	$	8.64	$	0.40	^@	$	1.55		$	1.95		$	(0.40	)	$	(0.00	)	$	—	$	(0.40	)
10/31/2008	$	9.76	$	0.39	^@	$	(1.12	)	$	(0.73	)	$	(0.39	)	$	—		$	—	$	(0.39	)
Institutional Class
4/30/2013 (Unaudited)	$	11.06	$	0.09	^@	$	(0.01	)	$	0.08		$	(0.11	)	$	(0.26	)	$	—	$	(0.37	)
10/31/2012	$	10.81	$	0.22	^@	$	0.53		$	0.75		$	(0.23	)	$	(0.27	)	$	—	$	(0.50	)
10/31/2011	$	10.88	$	0.28	^@	$	0.22		$	0.50		$	(0.30	)	$	(0.27	)	$	—	$	(0.57	)
10/31/2010	$	10.21	$	0.32	^@	$	0.73		$	1.05		$	(0.33	)	$	(0.05	)	$	—	$	(0.38	)
10/31/2009	$	8.65	$	0.43	^@	$	1.57		$	2.00		$	(0.44	)	$	(0.00	)	$	—	$	(0.44	)
10/31/2008	$	9.77	$	0.43	^@	$	(1.12	)	$	(0.69	)	$	(0.43	)	$	—		$	—	$	(0.43	)
Class A
4/30/2013 (Unaudited)	$	11.02	$	0.07	^@	$	(0.01	)	$	0.06		$	(0.09	)	$	(0.26	)	$	—	$	(0.35	)
10/31/2012	$	10.77	$	0.17	^@	$	0.53		$	0.70		$	(0.18	)	$	(0.27	)	$	—	$	(0.45	)
10/31/2011	$	10.85	$	0.23	^@	$	0.21		$	0.44		$	(0.25	)	$	(0.27	)	$	—	$	(0.52	)
10/31/2010	$	10.18	$	0.28	^@	$	0.72		$	1.00		$	(0.28	)	$	(0.05	)	$	—	$	(0.33	)
10/31/2009	$	8.64	$	0.37	^@	$	1.57		$	1.94		$	(0.40	)	$	(0.00	)	$	—	$	(0.40	)
Period from 12/20/2007^{^} to 10/31/2008	$	9.77	$	0.33	^@	$	(1.13	)	$	(0.80	)	$	(0.33	)	$	—		$	—	$	(0.33	)
Class C
4/30/2013 (Unaudited)	$	11.03	$	0.03	^@	$	0.00		$	0.03		$	(0.05	)	$	(0.26	)	$	—	$	(0.31	)
10/31/2012	$	10.78	$	0.09	^@	$	0.53		$	0.62		$	(0.10	)	$	(0.27	)	$	—	$	(0.37	)
10/31/2011	$	10.86	$	0.15	^@	$	0.21		$	0.36		$	(0.17	)	$	(0.27	)	$	—	$	(0.44	)
10/31/2010	$	10.18	$	0.19	^@	$	0.74		$	0.93		$	(0.20	)	$	(0.05	)	$	—	$	(0.25	)
10/31/2009	$	8.64	$	0.32	^@	$	1.55		$	1.87		$	(0.33	)	$	(0.00	)	$	—	$	(0.33	)
Period from 12/20/2007^{^} to 10/31/2008	$	9.77	$	0.26	^@	$	(1.12	)	$	(0.86	)	$	(0.27	)	$	—		$	—	$	(0.27	)

See Notes to Financial Highlights

126

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Core Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	—	$	10.75		.61	%**	$	15.3		1.07	%*		.85	%*		1.33	%*		174	%^a**
10/31/2012	$	—	$	11.04		6.74	%	$	16.3		1.08	%		.85	%		1.69	%		360	%^a
10/31/2011	$	—	$	10.79		4.41	%	$	15.7		1.12	%		.85	%		2.18	%		379	%^a
10/31/2010	$	—	$	10.86		10.03	%	$	18.6		1.19	%		.85	%		2.66	%		340	%^a
10/31/2009	$	—	$	10.19		23.10	%	$	25.0		1.40	%		.86	%		4.39	%		450	%^a
10/31/2008	$	—	$	8.64		(7.72	)%	$	44.2		1.25	%		.85	%		4.08	%		430	%^a
Institutional Class
4/30/2013 (Unaudited)	$	—	$	10.77		.81	%**	$	193.8		.59	%*		.45	%*		1.72	%*		174	%^a**
10/31/2012	$	—	$	11.06		7.16	%	$	218.9		.59	%		.45	%		2.08	%		360	%^a
10/31/2011	$	—	$	10.81		4.82	%	$	180.8		.62	%		.45	%		2.58	%		379	%^a
10/31/2010	$	—	$	10.88		10.45	%	$	120.3		.70	%		.45	%		3.02	%		340	%^a
10/31/2009	$	—	$	10.21		23.70	%	$	59.1		.94	%		.45	%		4.60	%		450	%^a
10/31/2008	$	—	$	8.65		(7.34	)%	$	32.1		.83	%		.45	%		4.48	%		430	%^a
Class A
4/30/2013 (Unaudited)	$	—	$	10.73		.61	%**	$	33.1		1.03	%*		.85	%*		1.32	%*		174	%^a**
10/31/2012	$	—	$	11.02		6.75	%	$	47.3		.99	%		.85	%		1.61	%		360	%^a
10/31/2011	$	—	$	10.77		4.32	%	$	26.3		1.01	%		.85	%		2.18	%		379	%^a
10/31/2010	$	—	$	10.85		10.04	%	$	23.4		1.09	%		.85	%		2.64	%		340	%^a
10/31/2009	$	—	$	10.18		22.96	%	$	18.5		1.36	%		.85	%		3.81	%		450	%^a
Period from 12/20/2007^{^} to 10/31/2008	$	—	$	8.64		(8.37	)%**	$	0.1		2.73	%*		.85	%*		4.01	%*		430	%^{^^a}
Class C
4/30/2013 (Unaudited)	$	—	$	10.75		.33	%**	$	6.4		1.76	%*		1.60	%*		.57	%*		174	%^a**
10/31/2012	$	—	$	11.03		5.95	%	$	7.0		1.74	%		1.60	%		.86	%		360	%^a
10/31/2011	$	—	$	10.78		3.54	%	$	4.4		1.77	%		1.60	%		1.43	%		379	%^a
10/31/2010	$	—	$	10.86		9.31	%	$	2.9		1.84	%		1.60	%		1.83	%		340	%^a
10/31/2009	$	—	$	10.18		22.04	%	$	0.8		2.68	%		1.61	%		3.39	%		450	%^a
Period from 12/20/2007^{^} to 10/31/2008	$	—	$	8.64		(8.98	)%**	$	0.1		3.43	%*		1.60	%*		3.24	%*		430	%^{^^a}

127

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
Floating Rate Income Fund
Institutional Class
4/30/2013 (Unaudited)	$	10.22	$	0.22	^@	$	0.15		$	0.37		$	(0.23	)	$	—		$	—	$	(0.23	)
10/31/2012	$	9.91	$	0.53	^@	$	0.31		$	0.84		$	(0.53	)	$	—		$	—	$	(0.53	)
10/31/2011	$	10.17	$	0.54	^@	$	(0.22	)	$	0.32		$	(0.56	)	$	(0.02	)	$	—	$	(0.58	)
Period from 12/30/2009^{^} to 10/31/2010	$	10.00	$	0.44	^@	$	0.17		$	0.61		$	(0.44	)	$	—		$	—	$	(0.44	)
Class A
4/30/2013 (Unaudited)	$	10.22	$	0.20	^@	$	0.15		$	0.35		$	(0.21	)	$	—		$	—	$	(0.21	)
10/31/2012	$	9.91	$	0.49	^@	$	0.32		$	0.81		$	(0.50	)	$	—		$	—	$	(0.50	)
10/31/2011	$	10.17	$	0.50	^@	$	(0.22	)	$	0.28		$	(0.52	)	$	(0.02	)	$	—	$	(0.54	)
Period from 12/29/2009^{^} to 10/31/2010	$	10.00	$	0.41	^@	$	0.16		$	0.57		$	(0.40	)	$	—		$	—	$	(0.40	)
Class C
4/30/2013 (Unaudited)	$	10.22	$	0.16	^@	$	0.15		$	0.31		$	(0.17	)	$	—		$	—	$	(0.17	)
10/31/2012	$	9.91	$	0.41	^@	$	0.32		$	0.73		$	(0.42	)	$	—		$	—	$	(0.42	)
10/31/2011	$	10.17	$	0.42	^@	$	(0.22	)	$	0.20		$	(0.44	)	$	(0.02	)	$	—	$	(0.46	)
Period from 12/30/2009^{^} to 10/31/2010	$	10.00	$	0.35	^@	$	0.18		$	0.53		$	(0.36	)	$	—		$	—	$	(0.36	)
High Income Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	9.46	$	0.28	^@	$	0.39		$	0.67		$	(0.28	)	$	(0.11	)	$	—	$	(0.39	)
10/31/2012	$	9.06	$	0.58	^@	$	0.48		$	1.06		$	(0.58	)	$	(0.08	)	$	—	$	(0.66	)
10/31/2011	$	9.49	$	0.65	^@	$	(0.36	)	$	0.29		$	(0.65	)	$	(0.07	)	$	—	$	(0.72	)
10/31/2010	$	8.66	$	0.76	^@	$	0.87		$	1.63		$	(0.80	)	$	—		$	—	$	(0.80	)
10/31/2009	$	6.57	$	0.74	^@	$	2.02		$	2.76		$	(0.67	)	$	—		$	—	$	(0.67	)
10/31/2008	$	9.00	$	0.66	^@	$	(2.44	)	$	(1.78	)	$	(0.66	)	$	—		$	—	$	(0.66	)
Institutional Class
4/30/2013 (Unaudited)	$	9.48	$	0.29	^@	$	0.39		$	0.68		$	(0.29	)	$	(0.11	)	$	—	$	(0.40	)
10/31/2012	$	9.07	$	0.59	^@	$	0.49		$	1.08		$	(0.59	)	$	(0.08	)	$	—	$	(0.67	)
10/31/2011	$	9.50	$	0.64	^@	$	(0.34	)	$	0.30		$	(0.66	)	$	(0.07	)	$	—	$	(0.73	)
10/31/2010	$	8.68	$	0.77	^@	$	0.87		$	1.64		$	(0.82	)	$	—		$	—	$	(0.82	)
Period from 5/27/2009^{^} to 10/31/2009	$	7.51	$	0.36	^@	$	1.14		$	1.50		$	(0.33	)	$	—		$	—	$	(0.33	)

See Notes to Financial Highlights

128

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Floating Rate Income Fund
Institutional Class
4/30/2013 (Unaudited)	$	—	$	10.36		3.66	%**	$	381.4		.84	%*		.70	%*		4.39	%*		35	%**
10/31/2012	$	—	$	10.22		8.73	%	$	241.5		.91	%		.70	%		5.26	%		112	%
10/31/2011	$	—	$	9.91		3.16	%	$	181.5		.95	%		.70	%		5.39	%		147	%
Period from 12/30/2009^{^} to 10/31/2010	$	—	$	10.17		6.24	%**	$	70.5		1.87	%*		.70	%*		5.28	%*		112	%**
Class A
4/30/2013 (Unaudited)	$	—	$	10.36		3.46	%**	$	62.3		1.22	%*		1.07	%*		4.00	%*		35	%**
10/31/2012	$	—	$	10.22		8.33	%	$	36.8		1.29	%		1.07	%		4.87	%		112	%
10/31/2011	$	—	$	9.91		2.77	%	$	22.7		1.34	%		1.07	%		5.00	%		147	%
Period from 12/29/2009^{^} to 10/31/2010	$	—	$	10.17		5.85	%**	$	12.9		2.21	%*		1.07	%*		4.87	%*		112	%**
Class C
4/30/2013 (Unaudited)	$	—	$	10.36		3.07	%**	$	32.4		1.97	%*		1.82	%*		3.21	%*		35	%**
10/31/2012	$	—	$	10.22		7.51	%	$	14.4		2.05	%		1.82	%		4.10	%		112	%
10/31/2011	$	—	$	9.91		1.98	%	$	7.8		2.06	%		1.82	%		4.22	%		147	%
Period from 12/30/2009^{^} to 10/31/2010	$	—	$	10.17		5.39	%**	$	0.7		3.39	%*		1.82	%*		4.23	%*		112	%**
High Income Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	—	$	9.74		7.24	%**	$	337.8		.85	%*		.85	%*		5.93	%*		40	%**
10/31/2012	$	—	$	9.46		12.17	%	$	340.5		.84	%		.84	%		6.29	%		82	%
10/31/2011	$	—	$	9.06		3.09	%	$	309.2		.86	%		.86	%		6.92	%		88	%
10/31/2010	$	—	$	9.49		19.71	%	$	363.6		.96	%		.96	%§		8.50	%		144	%
10/31/2009	$	—	$	8.66		44.38	%	$	422.2		1.04	%		1.00	%		9.90	%		167	%
10/31/2008	$	0.01	$	6.57		(20.86	)%	$	172.3		.92	%		.92	%		7.96	%		115	%
Institutional Class
4/30/2013 (Unaudited)	$	—	$	9.76		7.31	%**	$	2,530.9		.70	%*		.70	%*		6.08	%*		40	%**
10/31/2012	$	—	$	9.48		12.44	%	$	2,306.1		.70	%		.70	%		6.42	%		82	%
10/31/2011	$	—	$	9.07		3.23	%	$	1,514.7		.73	%		.73	%§		6.93	%		88	%
10/31/2010	$	—	$	9.50		19.81	%	$	266.2		.77	%		.75	%		8.55	%		144	%
Period from 5/27/2009^{^} to 10/31/2009	$	—	$	8.68		20.23	%**	$	86.6		.91	%*		.75	%*		9.86	%*		167	%^{^^}

129

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
Class A
4/30/2013 (Unaudited)	$	9.46	$	0.27	^@	$	0.39		$	0.66		$	(0.27	)	$	(0.11	)	$	—	$	(0.38	)
10/31/2012	$	9.06	$	0.55	^@	$	0.49		$	1.04		$	(0.56	)	$	(0.08	)	$	—	$	(0.64	)
10/31/2011	$	9.49	$	0.62	^@	$	(0.36	)	$	0.26		$	(0.62	)	$	(0.07	)	$	—	$	(0.69	)
10/31/2010	$	8.66	$	0.70	^@	$	0.91		$	1.61		$	(0.78	)	$	—		$	—	$	(0.78	)
Period from 5/27/2009^{^} to 10/31/2009	$	7.51	$	0.33	^@	$	1.13		$	1.46		$	(0.31	)	$	—		$	—	$	(0.31	)
Class C
4/30/2013 (Unaudited)	$	9.48	$	0.23	^@	$	0.39		$	0.62		$	(0.23	)	$	(0.11	)	$	—	$	(0.34	)
10/31/2012	$	9.07	$	0.48	^@	$	0.50		$	0.98		$	(0.49	)	$	(0.08	)	$	—	$	(0.57	)
10/31/2011	$	9.50	$	0.54	^@	$	(0.35	)	$	0.19		$	(0.55	)	$	(0.07	)	$	—	$	(0.62	)
10/31/2010	$	8.67	$	0.64	^@	$	0.91		$	1.55		$	(0.72	)	$	—		$	—	$	(0.72	)
Period from 5/27/2009^{^} to 10/31/2009	$	7.51	$	0.30	^@	$	1.14		$	1.44		$	(0.28	)	$	—		$	—	$	(0.28	)
Class R3
4/30/2013 (Unaudited)	$	9.47	$	0.26	^@	$	0.39		$	0.65		$	(0.26	)	$	(0.11	)	$	—	$	(0.37	)
10/31/2012	$	9.06	$	0.53	^@	$	0.49		$	1.02		$	(0.53	)	$	(0.08	)	$	—	$	(0.61	)
10/31/2011	$	9.49	$	0.59	^@	$	(0.35	)	$	0.24		$	(0.60	)	$	(0.07	)	$	—	$	(0.67	)
10/31/2010	$	8.67	$	0.69	^@	$	0.89		$	1.58		$	(0.76	)	$	—		$	—	$	(0.76	)
Period from 5/27/2009^{^} to 10/31/2009	$	7.51	$	0.33	^@	$	1.13		$	1.46		$	(0.30	)	$	—		$	—	$	(0.30	)
Class R6
Period from 3/15/2013^{^} to 4/30/2013 (Unaudited)	$	9.59	$	0.07	^@	$	0.16		$	0.23		$	(0.07	)	$	—		$	—	$	(0.07	)
Municipal Intermediate Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	12.07	$	0.13	^@	$	0.06		$	0.19		$	(0.13	)	$	(0.08	)	$	—	$	(0.21	)
10/31/2012	$	11.58	$	0.30	^@	$	0.56		$	0.86		$	(0.29	)	$	(0.08	)	$	—	$	(0.37	)
10/31/2011	$	11.59	$	0.35	^@	$	0.04		$	0.39		$	(0.35	)	$	(0.05	)	$	—	$	(0.40	)
10/31/2010	$	11.22	$	0.36	^@	$	0.37		$	0.73		$	(0.36	)	$	—		$	—	$	(0.36	)
10/31/2009	$	10.60	$	0.35	^@	$	0.64		$	0.99		$	(0.37	)	$	—		$	—	$	(0.37	)
10/31/2008	$	11.20	$	0.41	^@	$	(0.59	)	$	(0.18	)	$	(0.41	)	$	(0.01	)	$	—	$	(0.42	)

See Notes to Financial Highlights

130

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Class A
4/30/2013 (Unaudited)	$	—	$	9.74		7.11	%**	$	533.4		1.09	%*		1.09	%*		5.69	%*		40	%**
10/31/2012	$	—	$	9.46		11.90	%	$	505.3		1.08	%		1.08	%		6.01	%		82	%
10/31/2011	$	—	$	9.06		2.83	%	$	341.6		1.12	%		1.12	%§		6.64	%		88	%
10/31/2010	$	—	$	9.49		19.52	%	$	277.5		1.16	%		1.12	%		7.75	%		144	%
Period from 5/27/2009^{^} to 10/31/2009	$	—	$	8.66		19.69	%**	$	24.3		1.27	%*		1.12	%*		9.19	%*		167	%^{^^}
Class C
4/30/2013 (Unaudited)	$	—	$	9.76		6.71	%**	$	70.6		1.83	%*		1.83	%*		4.94	%*		40	%**
10/31/2012	$	—	$	9.48		11.15	%	$	72.3		1.85	%		1.85	%§		5.25	%		82	%
10/31/2011	$	—	$	9.07		2.06	%	$	46.9		1.87	%		1.87	%		5.82	%		88	%
10/31/2010	$	—	$	9.50		18.60	%	$	25.5		1.93	%		1.87	%		7.05	%		144	%
Period from 5/27/2009^{^} to 10/31/2009	$	—	$	8.67		19.43	%**	$	2.6		2.02	%*		1.87	%*		8.26	%*		167	%^{^^}
Class R3
4/30/2013 (Unaudited)	$	—	$	9.75		6.98	%**	$	11.2		1.33	%*		1.33	%*		5.45	%*		40	%**
10/31/2012	$	—	$	9.47		11.72	%	$	9.7		1.35	%		1.35	%§		5.73	%		82	%
10/31/2011	$	—	$	9.06		2.58	%	$	3.0		1.37	%		1.37	%§		6.32	%		88	%
10/31/2010	$	—	$	9.49		19.08	%	$	0.5		1.72	%		1.37	%		7.60	%		144	%
Period from 5/27/2009^{^} to 10/31/2009	$	—	$	8.67		19.76	%**	$	0.1		5.53	%*		1.37	%*		9.29	%*		167	%^{^^}
Class R6
Period from 3/15/2013^{^} to 4/30/2013 (Unaudited)	$	—	$	9.75		2.45	%**	$	61.7		.65	%*		.65	%*		5.99	%*		40	%^{^^}**
Municipal Intermediate Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	—	$	12.05		1.56	%**	$	20.8		.83	%*		.65	%*		2.15	%*		28	%**
10/31/2012	$	—	$	12.07		7.49	%	$	20.8		.88	%		.65	%		2.55	%		54	%
10/31/2011	$	—	$	11.58		3.53	%	$	116.4		.98	%		.65	%		3.10	%		79	%
10/31/2010	$	—	$	11.59		6.56	%	$	118.8		1.01	%		.65	%		3.12	%		101	%
10/31/2009	$	—	$	11.22		9.42	%	$	92.3		1.12	%		.65	%		3.15	%		146	%
10/31/2008	$	—	$	10.60		(1.74	)%	$	25.6		1.24	%		.64	%		3.65	%		39	%

131

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions
Institutional Class
4/30/2013 (Unaudited)	$	12.06	$	0.14	^@	$	0.06		$	0.20	$	(0.14	)	$	(0.08	)	$	—	$	(0.22	)
10/31/2012	$	11.57	$	0.30	^@	$	0.58		$	0.88	$	(0.31	)	$	(0.08	)	$	—	$	(0.39	)
10/31/2011	$	11.59	$	0.36	^@	$	0.04		$	0.40	$	(0.37	)	$	(0.05	)	$	—	$	(0.42	)
Period from 6/21/2010^{^} to 10/31/2010	$	11.36	$	0.14	^@	$	0.23		$	0.37	$	(0.14	)	$	—		$	—	$	(0.14	)
Class A
4/30/2013 (Unaudited)	$	12.06	$	0.11	^@	$	0.07		$	0.18	$	(0.12	)	$	(0.08	)	$	—	$	(0.20	)
10/31/2012	$	11.58	$	0.25	^@	$	0.57		$	0.82	$	(0.26	)	$	(0.08	)	$	—	$	(0.34	)
10/31/2011	$	11.60	$	0.33	^@	$	0.03		$	0.36	$	(0.33	)	$	(0.05	)	$	—	$	(0.38	)
Period from 6/21/2010^{^} to 10/31/2010	$	11.36	$	0.12	^@	$	0.24		$	0.36	$	(0.12	)	$	—		$	—	$	(0.12	)
Class C
4/30/2013 (Unaudited)	$	12.06	$	0.07	^@	$	0.06		$	0.13	$	(0.07	)	$	(0.08	)	$	—	$	(0.15	)
10/31/2012	$	11.58	$	0.17	^@	$	0.56		$	0.73	$	(0.17	)	$	(0.08	)	$	—	$	(0.25	)
10/31/2011	$	11.59	$	0.23	^@	$	0.05		$	0.28	$	(0.24	)	$	(0.05	)	$	—	$	(0.29	)
Period from 6/21/2010^{^} to 10/31/2010	$	11.36	$	0.09	^@	$	0.23		$	0.32	$	(0.09	)	$	—		$	—	$	(0.09	)
New York Municipal Income Fund
Institutional Class^ØØ
Period from 3/1/2013^ß to 4/30/2013 (Unaudited)	$	17.80	$	0.07	^@	$	0.04		$	0.11	$	(0.07	)	$	—		$	—	$	(0.07	)
2/28/2013	$	17.75	$	0.31		$	0.05		$	0.36	$	(0.31	)	$	—		$	—	$	(0.31	)
2/28/2012	$	17.40	$	0.35		$	0.35		$	0.70	$	(0.35	)	$	—		$	—	$	(0.35	)
2/28/2011	$	17.60	$	0.37		$	(0.17	)	$	0.20	$	(0.37	)	$	(0.03	)	$	—	$	(0.40	)
2/28/2010	$	17.34	$	0.40		$	0.28		$	0.68	$	(0.40	)	$	(0.02	)	$	—	$	(0.42	)
2/28/2009	$	16.97	$	0.47		$	0.37		$	0.84	$	(0.47	)	$	—		$	—	$	(0.47	)

See Notes to Financial Highlights

132

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Institutional Class
4/30/2013 (Unaudited)	$	—	$	12.04		1.64	%**	$	136.5		.67	%*		.50	%*		2.31	%*		28	%**
10/31/2012	$	—	$	12.06		7.65	%	$	124.7		.70	%		.50	%		2.53	%		54	%
10/31/2011	$	—	$	11.57		3.60	%	$	6.8		.77	%		.50	%		3.19	%		79	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	11.59		3.25	%**	$	0.1		26.10	%*		.50	%*		3.30	%*		101	%^{^^}
Class A
4/30/2013 (Unaudited)	$	—	$	12.04		1.45	%**	$	6.5		1.05	%*		.87	%*		1.92	%*		28	%**
10/31/2012	$	—	$	12.06		7.16	%	$	3.4		1.15	%		.87	%		2.11	%		54	%
10/31/2011	$	—	$	11.58		3.22	%	$	0.2		1.87	%		.87	%		2.91	%		79	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	11.60		3.20	%**	$	0.2		23.88	%*		.87	%*		3.00	%*		101	%^{^^}
Class C
4/30/2013 (Unaudited)	$	—	$	12.04		1.08	%**	$	1.7		1.83	%*		1.62	%*		1.18	%*		28	%**
10/31/2012	$	—	$	12.06		6.37	%	$	1.5		1.95	%		1.62	%		1.44	%		54	%
10/31/2011	$	—	$	11.58		2.54	%	$	0.6		2.39	%		1.62	%		1.99	%		79	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	11.59		2.83	%**	$	0.1		22.28	%*		1.62	%*		2.14	%*		101	%^{^^}
New York Municipal Income Fund
Institutional Class^ØØ
Period from 3/1/2013^ß to 4/30/2013 (Unaudited)	$	—	$	17.84		.60	%**	$	76.1		.95	%*		.95	%*		2.28	%*		25	%**
2/28/2013	$	—	$	17.80		2.01	%	$	36.2		1.06	%		1.06	%		1.71	%		28	%
2/28/2012	$	—	$	17.75		4.05	%	$	37.6		1.07	%		1.07	%		1.99	%		19	%
2/28/2011	$	—	$	17.40		1.08	%	$	38.2		1.16	%		1.16	%		2.07	%		25	%
2/28/2010	$	—	$	17.60		3.97	%	$	40.0		1.41	%		1.41	%		2.28	%		18	%
2/28/2009	$	—	$	17.34		5.01	%	$	40.3		1.31	%		1.31	%		2.74	%		75	%

133

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Tax Return of Capital		Total Distributions
Short Duration Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	8.02	$	0.03	^@	$	0.05		$	0.08		$	(0.06	)	$	—	$	—	$	(0.06	)
10/31/2012	$	7.88	$	0.12	^@	$	0.20		$	0.32		$	(0.18	)	$	—	$	—	$	(0.18	)
10/31/2011	$	8.09	$	0.15	^@	$	(0.13	)	$	0.02		$	(0.23	)	$	—	$	—	$	(0.23	)
10/31/2010	$	7.83	$	0.17	^@	$	0.38		$	0.55		$	(0.29	)	$	—	$	—	$	(0.29	)
10/31/2009	$	7.91	$	0.35	^@	$	(0.05	)	$	0.30		$	(0.38	)	$	—	$	—	$	(0.38	)
10/31/2008	$	9.13	$	0.41	^@	$	(1.18	)	$	(0.77	)	$	(0.45	)	$	—	$	—	$	(0.45	)
Trust Class
4/30/2013 (Unaudited)	$	7.65	$	0.03	^@	$	0.03		$	0.06		$	(0.05	)	$	—	$	—	$	(0.05	)
10/31/2012	$	7.51	$	0.11	^@	$	0.19		$	0.30		$	(0.16	)	$	—	$	—	$	(0.16	)
10/31/2011	$	7.71	$	0.14	^@	$	(0.13	)	$	0.01		$	(0.21	)	$	—	$	—	$	(0.21	)
10/31/2010	$	7.46	$	0.16	^@	$	0.35		$	0.51		$	(0.26	)	$	—	$	—	$	(0.26	)
10/31/2009	$	7.54	$	0.33	^@	$	(0.06	)	$	0.27		$	(0.35	)	$	—	$	—	$	(0.35	)
10/31/2008	$	8.70	$	0.38	^@	$	(1.12	)	$	(0.74	)	$	(0.42	)	$	—	$	—	$	(0.42	)
Institutional Class
4/30/2013 (Unaudited)	$	8.02	$	0.04	^@	$	0.04		$	0.08		$	(0.07	)	$	—	$	—	$	(0.07	)
10/31/2012	$	7.88	$	0.13	^@	$	0.20		$	0.33		$	(0.19	)	$	—	$	—	$	(0.19	)
10/31/2011	$	8.09	$	0.17	^@	$	(0.14	)	$	0.03		$	(0.24	)	$	—	$	—	$	(0.24	)
Period from 6/21/2010^{^} to 10/31/2010	$	7.97	$	0.06	^@	$	0.16		$	0.22		$	(0.10	)	$	—	$	—	$	(0.10	)
Class A
4/30/2013 (Unaudited)	$	7.64	$	0.02	^@	$	0.05		$	0.07		$	(0.05	)	$	—	$	—	$	(0.05	)
10/31/2012	$	7.51	$	0.08	^@	$	0.21		$	0.29		$	(0.16	)	$	—	$	—	$	(0.16	)
10/31/2011	$	7.72	$	0.13	^@	$	(0.14	)	$	(0.01	)	$	(0.20	)	$	—	$	—	$	(0.20	)
Period from 6/21/2010^{^} to 10/31/2010	$	7.60	$	0.05	^@	$	0.15		$	0.20		$	(0.08	)	$	—	$	—	$	(0.08	)
Class C
4/30/2013 (Unaudited)	$	7.65	$	(0.01	)^@	$	0.04		$	0.03		$	(0.02	)	$	—	$	—	$	(0.02	)
10/31/2012	$	7.51	$	0.04	^@	$	0.20		$	0.24		$	(0.10	)	$	—	$	—	$	(0.10	)
10/31/2011	$	7.72	$	0.07	^@	$	(0.13	)	$	(0.06	)	$	(0.15	)	$	—	$	—	$	(0.15	)
Period from 6/21/2010^{^} to 10/31/2010	$	7.60	$	0.03	^@	$	0.15		$	0.18		$	(0.06	)	$	—	$	—	$	(0.06	)

See Notes to Financial Highlights

134

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Short Duration Bond Fund
Investor Class
4/30/2013 (Unaudited)	$	—	$	8.04		1.01	%**	$	35.8		1.16	%*		.70	%*		.77	%*		47	%**
10/31/2012	$	—	$	8.02		4.09	%	$	38.8		1.17	%		.70	%		1.50	%		74	%
10/31/2011	$	—	$	7.88		.20	%	$	44.1		1.25	%		.71	%		1.93	%		84	%
10/31/2010	$	—	$	8.09		7.08	%	$	56.1		1.27	%		.70	%		2.19	%		69	%
10/31/2009	$	—	$	7.83		4.18	%	$	52.6		1.18	%		.70	%		4.73	%		48	%
10/31/2008	$	—	$	7.91		(8.70	)%	$	61.6		.95	%		.70	%		4.73	%		10	%
Trust Class
4/30/2013 (Unaudited)	$	—	$	7.66		.84	%**	$	4.5		1.32	%*		.80	%*		.66	%*		47	%**
10/31/2012	$	—	$	7.65		4.08	%	$	5.6		1.34	%		.80	%		1.40	%		74	%
10/31/2011	$	—	$	7.51		.10	%	$	6.4		1.41	%		.80	%		1.83	%		84	%
10/31/2010	$	—	$	7.71		7.01	%	$	9.4		1.48	%		.80	%		2.09	%		69	%
10/31/2009	$	—	$	7.46		4.02	%	$	8.1		1.58	%		.80	%		4.62	%		48	%
10/31/2008	$	—	$	7.54		(8.76	)%	$	9.3		1.27	%		.80	%		4.64	%		10	%
Institutional Class
4/30/2013 (Unaudited)	$	—	$	8.03		.99	%**	$	23.2		.96	%*		.50	%*		.97	%*		47	%**
10/31/2012	$	—	$	8.02		4.30	%	$	22.2		.98	%		.51	%		1.65	%		74	%
10/31/2011	$	—	$	7.88		.40	%	$	17.9		1.03	%		.51	%		2.09	%		84	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	8.09		2.73	%**	$	0.0		33.53	%*		.50	%*		2.16	%*		69	%^{^^}
Class A
4/30/2013 (Unaudited)	$	—	$	7.66		.94	%**	$	4.1		1.34	%*		.87	%*		.60	%*		47	%**
10/31/2012	$	—	$	7.64		3.87	%	$	2.3		1.41	%		.88	%		1.07	%		74	%
10/31/2011	$	—	$	7.51		(.10	)%	$	0.2		1.50	%		.87	%		1.75	%		84	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	7.72		2.67	%**	$	0.1		26.42	%*		.87	%*		1.83	%*		69	%^{^^}
Class C
4/30/2013 (Unaudited)	$	—	$	7.66		.44	%**	$	1.4		2.10	%*		1.62	%*		(.14	)%*		47	%**
10/31/2012	$	—	$	7.65		3.23	%	$	1.7		2.12	%		1.63	%		.51	%		74	%
10/31/2011	$	—	$	7.51		(.84	)%	$	1.0		2.17	%		1.62	%		.97	%		84	%
Period from 6/21/2010^{^} to 10/31/2010	$	—	$	7.72		2.39	%**	$	0.0		34.63	%*		1.62	%*		1.04	%*		69	%^{^^}

135

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Short Duration High Income Fund
Institutional Class
4/30/2013 (Unaudited)	$	10.01	$	0.23	^@	$	0.25		$	0.48		$	(0.23	)	$	(0.03	)	$	—		$	(0.26	)
Period from 9/28/2012^{^} to 10/31/2012	$	10.00	$	0.03	^@	$	0.01		$	0.04		$	(0.03	)	$	—		$	—		$	(0.03	)
Class A
4/30/2013 (Unaudited)	$	10.01	$	0.20	^@	$	0.26		$	0.46		$	(0.21	)	$	(0.03	)	$	—		$	(0.24	)
Period from 9/28/2012^{^} to 10/31/2012	$	10.00	$	0.03	^@	$	0.01		$	0.04		$	(0.03	)	$	—		$	—		$	(0.03	)
Class C
4/30/2013 (Unaudited)	$	10.01	$	0.17	^@	$	0.26		$	0.43		$	(0.18	)	$	(0.03	)	$	—		$	(0.21	)
Period from 9/28/2012^{^} to 10/31/2012	$	10.00	$	0.02	^@	$	0.01		$	0.03		$	(0.02	)	$	—		$	—		$	(0.02	)
Strategic Income Fund
Trust Class
4/30/2013 (Unaudited)	$	11.67	$	0.17	^@	$	0.17		$	0.34		$	(0.20	)	$	(0.23	)	$	—		$	(0.43	)
10/31/2012	$	10.98	$	0.37	^@	$	0.85		$	1.22		$	(0.41	)	$	(0.12	)	$	—		$	(0.53	)
10/31/2011	$	11.23	$	0.42	^@	$	(0.04	)	$	0.38		$	(0.44	)	$	(0.19	)	$	—		$	(0.63	)
10/31/2010	$	10.58	$	0.49	^@	$	0.81		$	1.30		$	(0.52	)	$	(0.13	)	$	—		$	(0.65	)
10/31/2009	$	8.77	$	0.43	^@	$	1.78		$	2.21		$	(0.40	)	$	—		$	—		$	(0.40	)
10/31/2008	$	10.38	$	0.42	^@	$	(1.05	)	$	(0.63	)	$	(0.27	)^@	$	(0.61	)^@	$	(0.10	)^@	$	(0.98	)
Institutional Class
4/30/2013 (Unaudited)	$	11.67	$	0.19	^@	$	0.17		$	0.36		$	(0.22	)	$	(0.23	)	$	—		$	(0.45	)
10/31/2012	$	10.98	$	0.41	^@	$	0.85		$	1.26		$	(0.45	)	$	(0.12	)	$	—		$	(0.57	)
10/31/2011	$	11.23	$	0.46	^@	$	(0.04	)	$	0.42		$	(0.48	)	$	(0.19	)	$	—		$	(0.67	)
10/31/2010	$	10.58	$	0.53	^@	$	0.81		$	1.34		$	(0.56	)	$	(0.13	)	$	—		$	(0.69	)
10/31/2009	$	8.78	$	0.45	^@	$	1.79		$	2.24		$	(0.44	)	$	—		$	—		$	(0.44	)
10/31/2008	$	10.38	$	0.44	^@	$	(1.02	)	$	(0.58	)	$	(0.31	)^@	$	(0.61	)^@	$	(0.10	)^@	$	(1.02	)

See Notes to Financial Highlights

136

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Short Duration High Income Fund
Institutional Class
4/30/2013 (Unaudited)	$	—	$	10.23		4.87	%**	$	36.5		1.90	%*		.75	%*		4.52	%*		45	%**
Period from 9/28/2012^{^} to 10/31/2012	$	—	$	10.01		.38	%**	$	25.0		4.24	%*^Ø		.71	%*^Ø		3.24	%*^Ø		35	%**
Class A
4/30/2013 (Unaudited)	$	—	$	10.23		4.68	%**	$	0.5		4.38	%*		1.12	%*		4.08	%*		45	%**
Period from 9/28/2012^{^} to 10/31/2012	$	—	$	10.01		.36	%**	$	0.1		4.79	%*^Ø		1.02	%*^Ø		3.18	%*^Ø		35	%**
Class C
4/30/2013 (Unaudited)	$	—	$	10.23		4.29	%**	$	0.0		13.33	%*		1.87	%*		3.41	%*		45	%**
Period from 9/28/2012^{^} to 10/31/2012	$	—	$	10.01		.30	%**	$	0.0		5.89	%*^Ø		1.60	%*^Ø		2.13	%*^Ø		35	%**
Strategic Income Fund
Trust Class
4/30/2013 (Unaudited)	$	—	$	11.58		2.97	%**	$	40.0		1.18	%*		1.10	%*		2.98	%*		153	%^a**
10/31/2012	$	—	$	11.67		11.46	%	$	26.6		1.20	%		1.10	%		3.28	%		329	%^a
10/31/2011	$	—	$	10.98		3.60	%	$	19.4		1.26	%		1.10	%		3.86	%		265	%^a
10/31/2010	$	—	$	11.23		12.78	%	$	16.3		1.36	%		1.10	%		4.56	%		238	%^a
10/31/2009	$	—	$	10.58		25.66	%	$	6.7		3.00	%		1.10	%		4.32	%		322	%^a
10/31/2008	$	—	$	8.77		(6.54	)%	$	0.3		9.14	%		1.14	%		4.36	%		323	%^a
Institutional Class
4/30/2013 (Unaudited)	$	—	$	11.58		3.15	%**	$	776.8		.82	%*		.75	%*		3.32	%*		153	%^a**
10/31/2012	$	—	$	11.67		11.85	%	$	526.3		.84	%		.75	%		3.61	%		329	%^a
10/31/2011	$	—	$	10.98		3.96	%	$	210.8		.90	%		.75	%		4.20	%		265	%^a
10/31/2010	$	—	$	11.23		13.17	%	$	118.8		.96	%		.75	%		4.88	%		238	%^a
10/31/2009	$	—	$	10.58		25.97	%	$	18.7		2.47	%		.75	%		4.59	%		322	%^a
10/31/2008	$	—	$	8.78		(6.09	)%	$	4.6		4.03	%		.83	%		4.54	%		323	%^a

137

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Gains or Losses on Securities (both realized and unrealized)			Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital			Total Distributions
Class A
4/30/2013 (Unaudited)	$	11.68	$	0.16	^@	$	0.18		$	0.34		$	(0.20	)	$	(0.23	)	$	—		$	(0.43	)
10/31/2012	$	10.99	$	0.36	^@	$	0.86		$	1.22		$	(0.41	)	$	(0.12	)	$	—		$	(0.53	)
10/31/2011	$	11.24	$	0.42	^@	$	(0.04	)	$	0.38		$	(0.44	)	$	(0.19	)	$	—		$	(0.63	)
10/31/2010	$	10.59	$	0.48	^@	$	0.81		$	1.29		$	(0.51	)	$	(0.13	)	$	—		$	(0.64	)
10/31/2009	$	8.78	$	0.43	^@	$	1.77		$	2.20		$	(0.39	)	$	—		$	—		$	(0.39	)
Period from 12/20/2007^{^} to 10/31/2008	$	10.19	$	0.36	^@	$	(0.78	)	$	(0.42	)	$	(0.28	)^@	$	(0.61	)^@	$	(0.10	)^@	$	(0.99	)
Class C
4/30/2013 (Unaudited)	$	11.67	$	0.13	^@	$	0.17		$	0.30		$	(0.16	)	$	(0.23	)	$	—		$	(0.39	)
10/31/2012	$	10.98	$	0.28	^@	$	0.86		$	1.14		$	(0.33	)	$	(0.12	)	$	—		$	(0.45	)
10/31/2011	$	11.23	$	0.34	^@	$	(0.04	)	$	0.30		$	(0.36	)	$	(0.19	)	$	—		$	(0.55	)
10/31/2010	$	10.58	$	0.41	^@	$	0.81		$	1.22		$	(0.44	)	$	(0.13	)	$	—		$	(0.57	)
10/31/2009	$	8.78	$	0.36	^@	$	1.76		$	2.12		$	(0.32	)	$	—		$	—		$	(0.32	)
Period from 12/20/2007^{^} to 10/31/2008	$	10.19	$	0.29	^@	$	(0.77	)	$	(0.48	)	$	(0.22	)^@	$	(0.61	)^@	$	(0.10	)^@	$	(0.93	)
Class R6
Period from 3/15/2013 ^{^} to 4/30/2013 (Unaudited)	$	11.44	$	0.05	^@	$	0.15		$	0.20		$	(0.06	)	$	—		$	—		$	(0.06	)

See Notes to Financial Highlights

138

	Capital Contributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets^‡			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Class A
4/30/2013 (Unaudited)	$	—	$	11.59		2.94	%**	$	364.4		1.22	%*		1.15	%*		2.88	%*		153	%^a**
10/31/2012	$	—	$	11.68		11.39	%	$	309.1		1.24	%		1.15	%		3.22	%		329	%^a
10/31/2011	$	—	$	10.99		3.55	%	$	196.0		1.31	%		1.15	%		3.79	%		265	%^a
10/31/2010	$	—	$	11.24		12.72	%	$	142.9		1.37	%		1.15	%		4.44	%		238	%^a
10/31/2009	$	—	$	10.59		25.51	%	$	68.2		1.93	%		1.15	%		4.25	%		322	%^a
Period from 12/20/2007^{^} to 10/31/2008	$	—	$	8.78		(4.64	)%**	$	0.2		7.52	%*		1.20	%*		4.36	%*		323	%^{^^a}
Class C
4/30/2013 (Unaudited)	$	—	$	11.58		2.59	%**	$	220.0		1.95	%*		1.85	%*		2.19	%*		153	%^a**
10/31/2012	$	—	$	11.67		10.62	%	$	184.8		1.97	%		1.85	%		2.52	%		329	%^a
10/31/2011	$	—	$	10.98		2.83	%	$	120.9		2.03	%		1.85	%		3.09	%		265	%^a
10/31/2010	$	—	$	11.23		11.93	%	$	93.3		2.10	%		1.85	%		3.75	%		238	%^a
10/31/2009	$	—	$	10.58		24.47	%	$	36.2		2.55	%		1.85	%		3.53	%		322	%^a
Period from 12/20/2007^{^} to 10/31/2008	$	—	$	8.78		(5.22	)%**	$	0.1		8.75	%*		1.90	%*		3.56	%*		323	%^{^^a}
Class R6
Period from 3/15/2013 ^{^} to 4/30/2013 (Unaudited)	$	—	$	11.58		1.75	%**	$	8.1		6.96	%*		.68	%*		3.32	%*		153	%^{^^a}

139

Notes to Financial Highlights Income Funds (Unaudited)

†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period and assumes income dividends and other distributions, if any, were reinvested, but does not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. For each Fund, total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed expenses. For the year ended October 31, 2008, High Income recorded a capital contribution from Management in connection with a reallocation of expenses that are shared by the Fund and Management, which had a (.12)% impact on total return. The class action proceeds listed in Note A-4 had no impact on total return.

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee.

‡ After reimbursement of expenses and/or waiver of a portion of the investment management fee by Management (or, for certain Funds, as indicated below in footnote §, after repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable). The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had the Fund not received expense reductions related to expense offset arrangements, the annualized ratios of net expenses to average daily net assets would have been:

	Six Months Ended April 30,			Year Ended October 31,
	2013			2012			2011			2010			2009			2008
Core Bond Fund Investor Class		.85	%		.85	%		.85	%		.85	%		.86	%		.85	%
Core Bond Fund Institutional Class		.45	%		.45	%		.45	%		.45	%		.45	%		.45	%
Core Bond Fund Class A		.85	%		.85	%		.85	%		.85	%		.85	%		.85	%⁽¹⁾
Core Bond Fund Class C		1.60	%		1.60	%		1.60	%		1.60	%		1.61	%		1.60	%⁽¹⁾
Floating Rate Income Fund Institutional Class		.70	%		.70	%		.70	%		.70	%⁽⁴⁾		—			—
Floating Rate Income Fund Class A		1.07	%		1.07	%		1.07	%		1.07	%⁽³⁾		—			—
Floating Rate Income Fund Class C		1.82	%		1.82	%		1.82	%		1.82	%⁽⁴⁾		—			—
High Income Bond Fund Investor Class		.85	%		.84	%		.86	%		.96	%		1.00	%		.92	%
High Income Bond Fund Institutional Class		.70	%		.70	%		.73	%		.75	%		.75	%⁽²⁾		—
High Income Bond Fund Class A		1.09	%		1.08	%		1.12	%		1.12	%		1.12	%⁽²⁾		—
High Income Bond Fund Class C		1.83	%		1.85	%		1.87	%		1.87	%		1.87	%⁽²⁾		—
High Income Bond Fund Class R3		1.33	%		1.35	%		1.37	%		1.37	%		1.37	%⁽²⁾		—
High Income Bond Fund Class R6		.65	%⁽⁸⁾		—			—			—			—			—
Municipal Intermediate Bond Fund Investor Class		.65	%		.65	%		.65	%		.65	%		.65	%		.66	%
Municipal Intermediate Bond Fund Institutional Class		.50	%		.50	%		.50	%		.50	%⁽⁵⁾		—			—
Municipal Intermediate Bond Fund Class A		.87	%		.87	%		.87	%		.87	%⁽⁵⁾		—			—
Municipal Intermediate Bond Fund Class C		1.62	%		1.62	%		1.62	%		1.62	%⁽⁵⁾		—			—
New York Municipal Income Fund Institutional Class⁽⁹⁾		.95	%⁽⁷⁾		1.06	%⁽⁹⁾		1.07	%⁽⁹⁾		1.16	%⁽⁹⁾		1.41	%⁽⁹⁾		1.34	%⁽⁹⁾
Short Duration Bond Fund Investor Class		.70	%		.70	%		.71	%		.70	%		.70	%		.70	%
Short Duration Bond Fund Trust Class		.80	%		.80	%		.80	%		.80	%		.80	%		.80	%

140

Notes to Financial Highlights (Unaudited) (cont'd)

	Six Months Ended April 30,			Year Ended October 31,
	2013			2012			2011			2010			2009			2008
Short Duration Bond Fund Institutional Class		.50	%		.51	%		.51	%		.50	%⁽⁵⁾		—			—
Short Duration Bond Fund Class A		.87	%		.88	%		.87	%		.87	%⁽⁵⁾		—			—
Short Duration Bond Fund Class C		1.62	%		1.63	%		1.62	%		1.62	%⁽⁵⁾		—			—
Short Duration High Income Fund Institutional Class		.75	%		.71	%⁽⁶⁾		—			—			—			—
Short Duration High Income Fund Class A		1.12	%		1.02	%⁽⁶⁾		—			—			—			—
Short Duration High Income Fund Class C		1.87	%		1.60	%⁽⁶⁾		—			—			—			—
Strategic Income Fund Trust Class		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.15	%
Strategic Income Fund Institutional Class		.75	%		.75	%		.75	%		.75	%		.75	%		.84	%
Strategic Income Fund Class A		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.21	%⁽¹⁾
Strategic Income Fund Class C		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		1.91	%⁽¹⁾
Strategic Income Fund Class R6		.68	%⁽⁸⁾		—			—			—			—			—

(1) Period from December 20, 2007 to October 31, 2008.

(2) Period from May 27, 2009 to October 31, 2009.

(3) Period from December 29, 2009 to October 31, 2010. Organization expense, which is a non-recurring expense, is included in ratios on a non-annualized basis.

(4) Period from December 30, 2009 to October 31, 2010. Organization expense, which is a non-recurring expense, is included in ratios on a non-annualized basis.

(5) Period from June 21, 2010 to October 31, 2010.

(6) Period from September 28, 2012 to October 31, 2012. Organization expense, which is a non-recurring expense, is included in ratios on a non-annualized basis.

(7) Period from March 1, 2013 to April 30, 2013.

(8) Period from March 15, 2013 to April 30, 2013.

(9) Expense ratios disclosed for prior years represent the Predecessor Fund's Builder Class financial information and are for the years ended: February 28, 2013, February 29, 2012, February 28, 2011, February 28, 2010 and February 28, 2009. The Fund's fiscal year end changed to October 31 this fiscal period (see Note G).

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Six Months Ended April 30,					Year Ended October 31,
	2013		2012			2011			2010
High Income Bond Fund Investor Class		—		—			—			.93	%
High Income Bond Fund Institutional Class		—		—			.72	%		—
High Income Bond Fund Class A		—		—			1.11	%		—
High Income Bond Fund Class C		—		1.84	%		—			—
High Income Bond Fund Class R3		—		1.33	%		1.36	%		—

141

Notes to Financial Highlights (Unaudited) (cont'd)

^ The date investment operations commenced.

* Annualized.

** Not annualized.

@ Calculated based on the average number of shares outstanding during the fiscal period.

^^ Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2008 for Core Bond and Strategic Income (Class A and C), for the year ended October 31, 2009 for High Income (Institutional Class, Class A, Class C and Class R3) and for the year ended October 31, 2010 for Municipal Intermediate Bond and Short Duration (Institutional Class, Class A and Class C), and for the six months ended April 30, 2013 for High Income and Strategic Income (Class R6).

a The portfolio turnover rates not including mortgage dollar roll transactions were 77%, 162%, 115%, 112%, 238% and 104% for the six months ended April 30, 2013 and for the years ended October 31, 2012, 2011, 2010, 2009 and 2008 for Core Bond and 60%, 157%, 122%, 152%, 182%, and 145% for the six months ended April 30, 2013 and for the years ended October 31, 2012, 2011, 2010, 2009 and 2008 for Strategic Income, respectively.

ø Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

øø Effective after the close of business on March 8, 2013, Management succeeded Glickenhaus & Co., as the Fund's investment manager. The financial highlights for the period ended April 30, 2013 include the income and expenses attributable to the Empire Builder Tax Free Bond Fund prior to March 11, 2013, and the income and expenses of New York Municipal Income, thereafter.

^ß Start of fiscal year due to change in fiscal year end. See Note G in Notes to Financial Statements for more information.

142

Neuberger Berman Strategic Income Fund (NRSIX) N-CSRSCertified semi-annual shareholder report (management investment company)