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

As filed with the Securities and Exchange Commission on January 6, 2025

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 Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Income Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

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 Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.  Reports to Shareholders.

(a) Following are copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

0000723620neubergerberman:BloombergMunicipalBondIndex17688BroadBasedIndexMember2014-11-012024-10-31

Neuberger Berman 

Emerging Markets Debt Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NERIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$83	0.78%

How did the Fund perform last year?

Performance was positive for the period, largely driven by allocations in hard currency positions. A stronger U.S. dollar limited gains from local currency allocations, as inflation and monetary policy continued to be significant market concerns. Progress in restructuring defaulted hard currency sovereigns benefited the Fund, particularly with its emphasis on high-yield issuers.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Hard currency country allocations to high-yield credits - Argentina and Ecuador, and countries which progressed debt restructuring programs, including Sri Lanka, Ghana, and Zambia

• 

  Local currency positioning in South Africa, Malaysia and Indonesia 

• 

  Corporate sectors including telecom, media, and technology (TMT), financials, consumer, and oil & gas 

• 

  Allocation to local currency relative to hard currency as hard currency markets outperformed over the period

• 

  Bottom up positioning in local currency rates  allocations to Brazil, while foreign exchange (FX) positioning was also a negative contributor in absolute terms over the period 

• 

  Futures contracts 

• 

  Forward FX contracts

• 

  Swaps 

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,165,400	JPM EM Blend HC/LC 50-50 Index $1,184,500	50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI $1,181,200
10/31/14	$1,000,000	$1,000,000	$1,000,000
10/31/15	$893,600	$912,600	$912,400
10/31/16	$1,002,400	$1,011,600	$1,012,600
10/31/17	$1,070,200	$1,070,000	$1,070,900
10/31/18	$1,004,400	$1,018,900	$1,019,200
10/31/19	$1,137,600	$1,166,600	$1,168,500
10/31/20	$1,130,500	$1,159,600	$1,162,400
10/31/21	$1,169,900	$1,192,900	$1,194,100
10/31/22	$918,600	$946,200	$944,700
10/31/23	$1,023,000	$1,051,700	$1,049,100
10/31/24	$1,165,400	$1,184,500	$1,181,200

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	13.92%	0.48%	1.54%
JPM EM Blend HC/LC 50-50 Index	12.62%	0.30%	1.71%
50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI	12.59%	0.22%	1.68%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.05%/0.79% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 50% J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM) Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index (EMBI^®)—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—Diversified, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index.

Key Fund Statistics

Net Assets	$147,995,938
Number of Portfolio Holdings	802
Portfolio Turnover Rate	60%
Total Investment Advisory Fees Paid	$494,940

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	6.6%
Indonesia Government	5.1%
Republic of South Africa	5.1%
Malaysia Government	3.8%
China Government	3.4%
Republic of Poland Government	3.1%
India Government	3.1%
Colombian TES	3.1%
Czech Republic Government	2.3%
Mexico Government	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Foreign Government Securities	63.0%
Corporate Bonds	28.2%
Purchased Option Contracts	0.0%
Short-Term Investments	6.5%
Other Assets Less Liabilities	2.3%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Top Ten Countries

(as a % of Total Investments^{Footnote Reference*})

United States	7.3%
Indonesia	6.1%
Colombia	5.6%
South Africa	5.6%
Mexico	5.3%
Brazil	5.1%
China	4.6%
India	4.5%
Malaysia	4.1%
Poland	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

Z0239 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Institutional Class: NERIX

Neuberger Berman 

Emerging Markets Debt Fund

Annual Shareholder Report

October 31, 2024

Class A: NERAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$123	1.15%

How did the Fund perform last year?

Performance was positive for the period, largely driven by allocations in hard currency positions. A stronger U.S. dollar limited gains from local currency allocations, as inflation and monetary policy continued to be significant market concerns. Progress in restructuring defaulted hard currency sovereigns benefited the Fund, particularly with its emphasis on high-yield issuers.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Hard currency country allocations to high-yield credits - Argentina and Ecuador, and countries which progressed debt restructuring programs, including Sri Lanka, Ghana, and Zambia

• 

  Local currency positioning in South Africa, Malaysia and Indonesia 

• 

  Corporate sectors including telecom, media, and technology (TMT), financials, consumer, and oil & gas 

• 

  Allocation to local currency relative to hard currency as hard currency markets outperformed over the period

• 

  Bottom up positioning in local currency rates  allocations to Brazil, while foreign exchange (FX) positioning was also a negative contributor in absolute terms over the period 

• 

  Futures contracts 

• 

  Forward FX contracts

• 

  Swaps 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $10,728	JPM EM Blend HC/LC 50-50 Index $11,845	50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI $11,812
10/31/14	$9,575	$10,000	$10,000
10/31/15	$8,527	$9,126	$9,124
10/31/16	$9,529	$10,116	$10,126
10/31/17	$10,126	$10,700	$10,709
10/31/18	$9,467	$10,189	$10,192
10/31/19	$10,684	$11,666	$11,685
10/31/20	$10,576	$11,596	$11,624
10/31/21	$10,904	$11,929	$11,941
10/31/22	$8,525	$9,462	$9,447
10/31/23	$9,474	$10,517	$10,491
10/31/24	$10,728	$11,845	$11,812

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	13.24%	0.08%	1.14%
Class A (including sales charge)	8.50%	(0.78)%	0.71%
JPM EM Blend HC/LC 50-50 Index	12.62%	0.30%	1.71%
50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI	12.59%	0.22%	1.68%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.61%/1.16% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 50% J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM) Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index (EMBI^®)—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—Diversified, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index.

Key Fund Statistics

Net Assets	$147,995,938
Number of Portfolio Holdings	802
Portfolio Turnover Rate	60%
Total Investment Advisory Fees Paid	$494,940

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	6.6%
Indonesia Government	5.1%
Republic of South Africa	5.1%
Malaysia Government	3.8%
China Government	3.4%
Republic of Poland Government	3.1%
India Government	3.1%
Colombian TES	3.1%
Czech Republic Government	2.3%
Mexico Government	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Foreign Government Securities	63.0%
Corporate Bonds	28.2%
Purchased Option Contracts	0.0%
Short-Term Investments	6.5%
Other Assets Less Liabilities	2.3%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Top Ten Countries

(as a % of Total Investments^{Footnote Reference*})

United States	7.3%
Indonesia	6.1%
Colombia	5.6%
South Africa	5.6%
Mexico	5.3%
Brazil	5.1%
China	4.6%
India	4.5%
Malaysia	4.1%
Poland	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0237 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class A: NERAX

Neuberger Berman 

Emerging Markets Debt Fund

Annual Shareholder Report

October 31, 2024

Class C: NERCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$202	1.90%

How did the Fund perform last year?

Performance was positive for the period, largely driven by allocations in hard currency positions. A stronger U.S. dollar limited gains from local currency allocations, as inflation and monetary policy continued to be significant market concerns. Progress in restructuring defaulted hard currency sovereigns benefited the Fund, particularly with its emphasis on high-yield issuers.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Hard currency country allocations to high-yield credits - Argentina and Ecuador, and countries which progressed debt restructuring programs, including Sri Lanka, Ghana, and Zambia

• 

  Local currency positioning in South Africa, Malaysia and Indonesia 

• 

  Corporate sectors including telecom, media, and technology (TMT), financials, consumer, and oil & gas 

• 

  Allocation to local currency relative to hard currency as hard currency markets outperformed over the period

• 

  Bottom up positioning in local currency rates  allocations to Brazil, while foreign exchange (FX) positioning was also a negative contributor in absolute terms over the period 

• 

  Futures contracts 

• 

  Forward FX contracts

• 

  Swaps 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $10,406	JPM EM Blend HC/LC 50-50 Index $11,845	50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI $11,812
10/31/14	$10,000	$10,000	$10,000
10/31/15	$8,836	$9,126	$9,124
10/31/16	$9,802	$10,116	$10,126
10/31/17	$10,338	$10,700	$10,709
10/31/18	$9,593	$10,189	$10,192
10/31/19	$10,746	$11,666	$11,685
10/31/20	$10,571	$11,596	$11,624
10/31/21	$10,805	$11,929	$11,941
10/31/22	$8,385	$9,462	$9,447
10/31/23	$9,249	$10,517	$10,491
10/31/24	$10,406	$11,845	$11,812

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	12.50%	(0.64)%	0.40%
Class C (including sales charge)	11.50%	(0.64)%	0.40%
JPM EM Blend HC/LC 50-50 Index	12.62%	0.30%	1.71%
50% JPM GBI-EM/25% JPM EMBI®/25% JPM CEMBI	12.59%	0.22%	1.68%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 2.20%/1.91% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 50% J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM) Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index (EMBI^®)—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—Diversified, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the J.P. Morgan Emerging Markets Blend Hard Currency/Local Currency 50-50 Index.

Key Fund Statistics

Net Assets	$147,995,938
Number of Portfolio Holdings	802
Portfolio Turnover Rate	60%
Total Investment Advisory Fees Paid	$494,940

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	6.6%
Indonesia Government	5.1%
Republic of South Africa	5.1%
Malaysia Government	3.8%
China Government	3.4%
Republic of Poland Government	3.1%
India Government	3.1%
Colombian TES	3.1%
Czech Republic Government	2.3%
Mexico Government	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Foreign Government Securities	63.0%
Corporate Bonds	28.2%
Purchased Option Contracts	0.0%
Short-Term Investments	6.5%
Other Assets Less Liabilities	2.3%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Top Ten Countries

(as a % of Total Investments^{Footnote Reference*})

United States	7.3%
Indonesia	6.1%
Colombia	5.6%
South Africa	5.6%
Mexico	5.3%
Brazil	5.1%
China	4.6%
India	4.5%
Malaysia	4.1%
Poland	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/emerging-markets-debt-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0238 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class C: NERCX

Neuberger Berman 

Floating Rate Income Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NFIIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$64	0.61%

How did the Fund perform last year?

Relative to the Morningstar LSTA U.S. Leveraged Loan Index (the Index), security selection within and an underweight to software and security selection within B-rated issuers were the top performers. Security selection within diversified telecommunications services and security selection within CCC-rated issuers were additive. An underweight to and security selection within Information Technology (IT) services and an overweight to BB-rated issuers versus the Index were the top detractors. Security selection within and an overweight to health care providers & services detracted, as did an underweight to pharmaceuticals. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection within and an underweight to software versus the Index

• 

  Security selection within B-rated issuers

• 

  Security selection within diversified telecommunications services, and selection within CCC-rated issuers 

• 

  An underweight to and security selection within IT services

• 

  An overweight to BB-rated issuers

• 

  Security selection within and an overweight to health care providers & services

• 

  Underweight to pharmaceuticals versus the Index 

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,558,100	Bloomberg U.S. Aggregate Bond Index $1,159,300	Morningstar LSTA U.S. Leveraged Loan Index $1,616,900
10/31/14	$1,000,000	$1,000,000	$1,000,000
10/31/15	$1,014,800	$1,019,600	$1,004,800
10/31/16	$1,060,600	$1,064,100	$1,070,400
10/31/17	$1,104,500	$1,073,700	$1,124,600
10/31/18	$1,142,600	$1,051,700	$1,175,600
10/31/19	$1,166,900	$1,172,700	$1,207,000
10/31/20	$1,199,800	$1,245,300	$1,227,800
10/31/21	$1,297,300	$1,239,300	$1,331,800
10/31/22	$1,258,800	$1,045,000	$1,306,800
10/31/23	$1,405,800	$1,048,700	$1,462,500
10/31/24	$1,558,100	$1,159,300	$1,616,900

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	10.83%	5.95%	4.53%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
Morningstar LSTA U.S. Leveraged Loan Index	10.56%	6.02%	4.92%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.72%/0.61% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The Morningstar LSTA U.S. Leveraged Loan Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index.

Key Fund Statistics

Net Assets	$449,298,707
Number of Portfolio Holdings	373
Portfolio Turnover Rate	76%
Total Investment Advisory Fees Paid	$1,416,768

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	7.3%
Southern Veterinary Partners LLC	0.7%
Zayo Group Holdings, Inc.	0.6%
Waterbridge Midstream Operating LLC	0.6%
Peraton Corp.	0.6%
CSC Holdings LLC	0.6%
Boost Newco Borrower LLC	0.6%
Star Parent, Inc.	0.6%
Aveanna Healthcare LLC	0.6%
Athenahealth Group, Inc.	0.6%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Health Care	8.0%
Electronics - Electrical	7.6%
Investment Companies	7.3%
Business Equipment & Services	5.6%
Financial Intermediaries	3.6%
Oil & Gas	3.6%
Utilities	3.6%
Industrial Equipment	3.2%
Aerospace & Defense	3.1%
Chemicals	2.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0245 12/24

Annual Shareholder Report

October 31, 2024 

Institutional Class: NFIIX

Neuberger Berman 

Floating Rate Income Fund

Annual Shareholder Report

October 31, 2024

Class A: NFIAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$103	0.98%

How did the Fund perform last year?

Relative to the Morningstar LSTA U.S. Leveraged Loan Index (the Index), security selection within and an underweight to software and security selection within B-rated issuers were the top performers. Security selection within diversified telecommunications services and security selection within CCC-rated issuers were additive. An underweight to and security selection within Information Technology (IT) services and an overweight to BB-rated issuers versus the Index were the top detractors. Security selection within and an overweight to health care providers & services detracted, as did an underweight to pharmaceuticals. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection within and an underweight to software versus the Index

• 

  Security selection within B-rated issuers

• 

  Security selection within diversified telecommunications services, and selection within CCC-rated issuers 

• 

  An underweight to and security selection within IT services

• 

  An overweight to BB-rated issuers

• 

  Security selection within and an overweight to health care providers & services

• 

  Underweight to pharmaceuticals versus the Index 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $14,376	Bloomberg U.S. Aggregate Bond Index $11,593	Morningstar LSTA U.S. Leveraged Loan Index $16,169
10/31/14	$9,575	$10,000	$10,000
10/31/15	$9,670	$10,196	$10,048
10/31/16	$10,080	$10,641	$10,704
10/31/17	$10,458	$10,737	$11,246
10/31/18	$10,779	$10,517	$11,756
10/31/19	$10,968	$11,727	$12,070
10/31/20	$11,236	$12,453	$12,278
10/31/21	$12,104	$12,393	$13,318
10/31/22	$11,701	$10,450	$13,068
10/31/23	$13,019	$10,487	$14,625
10/31/24	$14,376	$11,593	$16,169

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	10.42%	5.56%	4.15%
Class A (including sales charge)	5.75%	4.66%	3.70%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
Morningstar LSTA U.S. Leveraged Loan Index	10.56%	6.02%	4.92%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.12%/0.98% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The Morningstar LSTA U.S. Leveraged Loan Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index.

Key Fund Statistics

Net Assets	$449,298,707
Number of Portfolio Holdings	373
Portfolio Turnover Rate	76%
Total Investment Advisory Fees Paid	$1,416,768

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	7.3%
Southern Veterinary Partners LLC	0.7%
Zayo Group Holdings, Inc.	0.6%
Waterbridge Midstream Operating LLC	0.6%
Peraton Corp.	0.6%
CSC Holdings LLC	0.6%
Boost Newco Borrower LLC	0.6%
Star Parent, Inc.	0.6%
Aveanna Healthcare LLC	0.6%
Athenahealth Group, Inc.	0.6%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Health Care	8.0%
Electronics - Electrical	7.6%
Investment Companies	7.3%
Business Equipment & Services	5.6%
Financial Intermediaries	3.6%
Oil & Gas	3.6%
Utilities	3.6%
Industrial Equipment	3.2%
Aerospace & Defense	3.1%
Chemicals	2.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0243 12/24

Annual Shareholder Report

October 31, 2024 

Class A: NFIAX

Neuberger Berman 

Floating Rate Income Fund

Annual Shareholder Report

October 31, 2024

Class C: NFICX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$181	1.73%

How did the Fund perform last year?

Relative to the Morningstar LSTA U.S. Leveraged Loan Index (the Index), security selection within and an underweight to software and security selection within B-rated issuers were the top performers. Security selection within diversified telecommunications services and security selection within CCC-rated issuers were additive. An underweight to and security selection within Information Technology (IT) services and an overweight to BB-rated issuers versus the Index were the top detractors. Security selection within and an overweight to health care providers & services detracted, as did an underweight to pharmaceuticals. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection within and an underweight to software versus the Index

• 

  Security selection within B-rated issuers

• 

  Security selection within diversified telecommunications services, and selection within CCC-rated issuers 

• 

  An underweight to and security selection within IT services

• 

  An overweight to BB-rated issuers

• 

  Security selection within and an overweight to health care providers & services

• 

  Underweight to pharmaceuticals versus the Index 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $13,918	Bloomberg U.S. Aggregate Bond Index $11,593	Morningstar LSTA U.S. Leveraged Loan Index $16,169
10/31/14	$10,000	$10,000	$10,000
10/31/15	$10,035	$10,196	$10,048
10/31/16	$10,372	$10,641	$10,704
10/31/17	$10,682	$10,737	$11,246
10/31/18	$10,927	$10,517	$11,756
10/31/19	$11,035	$11,727	$12,070
10/31/20	$11,221	$12,453	$12,278
10/31/21	$11,985	$12,393	$13,318
10/31/22	$11,510	$10,450	$13,068
10/31/23	$12,711	$10,487	$14,625
10/31/24	$13,918	$11,593	$16,169

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	9.49%	4.75%	3.36%
Class C (including sales charge)	8.49%	4.75%	3.36%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
Morningstar LSTA U.S. Leveraged Loan Index	10.56%	6.02%	4.92%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.84%/1.73% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The Morningstar LSTA U.S. Leveraged Loan Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index.

Key Fund Statistics

Net Assets	$449,298,707
Number of Portfolio Holdings	373
Portfolio Turnover Rate	76%
Total Investment Advisory Fees Paid	$1,416,768

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	7.3%
Southern Veterinary Partners LLC	0.7%
Zayo Group Holdings, Inc.	0.6%
Waterbridge Midstream Operating LLC	0.6%
Peraton Corp.	0.6%
CSC Holdings LLC	0.6%
Boost Newco Borrower LLC	0.6%
Star Parent, Inc.	0.6%
Aveanna Healthcare LLC	0.6%
Athenahealth Group, Inc.	0.6%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Health Care	8.0%
Electronics - Electrical	7.6%
Investment Companies	7.3%
Business Equipment & Services	5.6%
Financial Intermediaries	3.6%
Oil & Gas	3.6%
Utilities	3.6%
Industrial Equipment	3.2%
Aerospace & Defense	3.1%
Chemicals	2.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/floating-rate-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0244 12/24

Annual Shareholder Report

October 31, 2024 

Class C: NFICX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Investor Class: NHINX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$95	0.88%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Investor Class $14,449	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$10,000	$10,000	$10,000
10/31/15	$9,739	$10,196	$9,797
10/31/16	$10,508	$10,641	$10,795
10/31/17	$11,227	$10,737	$11,781
10/31/18	$11,243	$10,517	$11,883
10/31/19	$12,111	$11,727	$12,872
10/31/20	$12,456	$12,453	$13,187
10/31/21	$13,603	$12,393	$14,604
10/31/22	$12,022	$10,450	$12,932
10/31/23	$12,507	$10,487	$13,683
10/31/24	$14,449	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Investor Class	15.52%	3.59%	3.75%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Investor Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 0.88%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0249 12/24

Annual Shareholder Report

October 31, 2024 

Investor Class: NHINX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NHILX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$77	0.71%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,467,300	Bloomberg U.S. Aggregate Bond Index $1,159,300	ICE BofA U.S. High Yield Constrained Index $1,593,900
10/31/14	$1,000,000	$1,000,000	$1,000,000
10/31/15	$975,400	$1,019,600	$979,700
10/31/16	$1,055,100	$1,064,100	$1,079,500
10/31/17	$1,127,100	$1,073,700	$1,178,100
10/31/18	$1,130,600	$1,051,700	$1,188,300
10/31/19	$1,219,800	$1,172,700	$1,287,200
10/31/20	$1,256,600	$1,245,300	$1,318,700
10/31/21	$1,374,400	$1,239,300	$1,460,400
10/31/22	$1,216,900	$1,045,000	$1,293,200
10/31/23	$1,268,100	$1,048,700	$1,368,300
10/31/24	$1,467,300	$1,159,300	$1,593,900

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	15.71%	3.76%	3.91%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 0.72%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0254 12/24

Annual Shareholder Report

October 31, 2024 

Institutional Class: NHILX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Class A: NHIAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$118	1.10%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $13,481	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$9,575	$10,000	$10,000
10/31/15	$9,303	$10,196	$9,797
10/31/16	$10,015	$10,641	$10,795
10/31/17	$10,665	$10,737	$11,781
10/31/18	$10,651	$10,517	$11,883
10/31/19	$11,443	$11,727	$12,872
10/31/20	$11,737	$12,453	$13,187
10/31/21	$12,782	$12,393	$14,604
10/31/22	$11,267	$10,450	$12,932
10/31/23	$11,695	$10,487	$13,683
10/31/24	$13,481	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	15.28%	3.33%	3.48%
Class A (including sales charge)	10.45%	2.43%	3.03%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 1.12%. Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0250 12/24

Annual Shareholder Report

October 31, 2024 

Class A: NHIAX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Class C: NHICX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$200	1.87%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $13,106	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$10,000	$10,000	$10,000
10/31/15	$9,645	$10,196	$9,797
10/31/16	$10,318	$10,641	$10,795
10/31/17	$10,913	$10,737	$11,781
10/31/18	$10,812	$10,517	$11,883
10/31/19	$11,548	$11,727	$12,872
10/31/20	$11,749	$12,453	$13,187
10/31/21	$12,721	$12,393	$14,604
10/31/22	$11,137	$10,450	$12,932
10/31/23	$11,458	$10,487	$13,683
10/31/24	$13,106	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	14.39%	2.56%	2.74%
Class C (including sales charge)	13.39%	2.56%	2.74%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 1.86%. Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0253 12/24

Annual Shareholder Report

October 31, 2024 

Class C: NHICX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Class R3: NHIRX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R3	$145	1.35%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class R3 $13,766	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$10,000	$10,000	$10,000
10/31/15	$9,692	$10,196	$9,797
10/31/16	$10,417	$10,641	$10,795
10/31/17	$11,063	$10,737	$11,781
10/31/18	$11,008	$10,517	$11,883
10/31/19	$11,819	$11,727	$12,872
10/31/20	$12,096	$12,453	$13,187
10/31/21	$13,147	$12,393	$14,604
10/31/22	$11,564	$10,450	$12,932
10/31/23	$11,973	$10,487	$13,683
10/31/24	$13,766	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class R3	14.97%	3.10%	3.25%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class R3: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 1.37%, which includes the class's repayment of expenses previously reimbursed and/or waived under its contractual expense limitation. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0251 12/24

Annual Shareholder Report

October 31, 2024 

Class R3: NHIRX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Class R6: NRHIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$66	0.61%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class R6 $14,824	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$10,000	$10,000	$10,000
10/31/15	$9,761	$10,196	$9,797
10/31/16	$10,568	$10,641	$10,795
10/31/17	$11,311	$10,737	$11,781
10/31/18	$11,340	$10,517	$11,883
10/31/19	$12,261	$11,727	$12,872
10/31/20	$12,643	$12,453	$13,187
10/31/21	$13,842	$12,393	$14,604
10/31/22	$12,271	$10,450	$12,932
10/31/23	$12,800	$10,487	$13,683
10/31/24	$14,824	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class R6	15.81%	3.87%	4.01%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class R6: As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2023 was 0.62%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0252 12/24

Annual Shareholder Report

October 31, 2024 

Class R6: NRHIX

Neuberger Berman 

High Income Bond Fund

Annual Shareholder Report

October 31, 2024

Class E: NHIEX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class E	$9	0.08%

How did the Fund perform last year?

Relative to the ICE BofA U.S. High Yield Constrained Index (the Index), security selection within and an underweight within BB-rated securities contributed. Security selection within the Telecommunications and Utilities sectors, as well as an underweight and security selection within the Energy sector bolstered returns. Performance was negatively impacted by security selection within the CCC and below rated securities. An underweight and security selection in both the Healthcare and Diversified Financial Services sectors also detracted from the Fund's overall results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection and an underweight versus the Index within BB-rated securities 

• 

  Security selection within B-rated securities 

• 

  Security selection within the Telecommunications and Utilities sectors

• 

  Underweight and security selection within Energy sector 

• 

  Security selection within CCC and below rated securities

• 

  Underweight versus the Index and security selection within the Health Care and Diversified Financial Services sectors 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class E $14,758	Bloomberg U.S. Aggregate Bond Index $11,593	ICE BofA U.S. High Yield Constrained Index $15,939
10/31/14	$10,000	$10,000	$10,000
10/31/15	$9,739	$10,196	$9,797
10/31/16	$10,508	$10,641	$10,795
10/31/17	$11,227	$10,737	$11,781
10/31/18	$11,243	$10,517	$11,883
10/31/19	$12,111	$11,727	$12,872
10/31/20	$12,456	$12,453	$13,187
10/31/21	$13,603	$12,393	$14,604
10/31/22	$12,087	$10,450	$12,932
10/31/23	$12,674	$10,487	$13,683
10/31/24	$14,758	$11,593	$15,939

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class E	16.44%	4.03%	3.97%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%
ICE BofA U.S. High Yield Constrained Index	16.49%	4.37%	4.77%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance prior to Class E's inception date of January 11, 2022 is that of the Fund's Investor Class, which had higher expenses than Class E so its performance typically would have been lower than that of Class E. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class E: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.57%/0.09% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg U.S. Aggregate Bond Index in order to satisfy a change in regulatory requirements. The ICE BofA U.S. High Yield Constrained Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg U.S. Aggregate Bond Index. 

Key Fund Statistics

Net Assets	$628,340,418
Number of Portfolio Holdings	604
Portfolio Turnover Rate	102%
Total Investment Advisory Fees Paid	$3,086,786

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

State Street Institutional U.S. Government Money Market Fund Premier Class	2.7%
CCO Holdings LLC/CCO Holdings Capital Corp.	2.3%
TransDigm, Inc.	1.5%
CSC Holdings LLC	1.3%
NRG Energy, Inc.	1.0%
Medline Borrower LP	0.9%
Venture Global LNG, Inc.	0.9%
Vistra Operations Co. LLC	0.8%
Olympus Water U.S. Holding Corp.	0.8%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Top Ten Industry Allocation

(as a % of Total Investments^{Footnote Reference*})

Media	6.2%
Pipelines	5.4%
Commercial Services	5.2%
Chemicals	5.0%
Electric	4.7%
Telecommunications	4.5%
Retail	4.4%
Diversified Financial Services	4.0%
Insurance	3.9%
Healthcare - Services	3.5%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/high-income-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0317 12/24

Annual Shareholder Report

October 31, 2024 

Class E: NHIEX

Neuberger Berman 

Municipal High Income Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NMHIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$54	0.50%

How did the Fund perform last year?

The Fund having a long duration was beneficial as interest rates declined over the period. The Fund's emphasis on higher-yielding securities was also beneficial for returns. An overweight versus the 65% Bloomberg Municipal Bond Index and 35% Bloomberg High Yield Index (the Index) to BBB-rated securities was rewarded as these securities outperformed their high-quality counterparts. Security selection in several lower-quality project-specific finance securities negatively impacted returns. Holdings in Puerto Rico and the charter school sector detracted from performance.

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index 

• 

  Overweight to BBB-rated bonds versus the Index 

• 

  Lower-quality project-specific finance securities

• 

  Holdings in Puerto Rico and the charter school sector 

How did the Fund perform since inception? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,309,300	Bloomberg Municipal Bond Index $1,245,700	65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $1,330,500
6/22/15	$1,000,000	$1,000,000	$1,000,000
10/31/15	$1,022,700	$1,021,200	$1,014,100
10/31/16	$1,091,300	$1,062,600	$1,071,300
10/31/17	$1,115,700	$1,085,900	$1,097,900
10/31/18	$1,133,700	$1,080,400	$1,112,200
10/31/19	$1,242,800	$1,182,100	$1,225,600
10/31/20	$1,248,600	$1,224,600	$1,260,600
10/31/21	$1,346,400	$1,256,900	$1,328,500
10/31/22	$1,120,200	$1,106,300	$1,148,400
10/31/23	$1,129,600	$1,135,600	$1,184,100
10/31/24	$1,309,300	$1,245,700	$1,330,500

Average Annual Total Returns

Name	1 Year	5 Years	Since Inception 6/22/15
Institutional Class	15.90%	1.05%	2.92%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.37%
65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index	12.37%	1.66%	3.09%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted since inception, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.97%/0.51% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund’s investment strategy than the Bloomberg Municipal Bond Index. 

Key Fund Statistics

Net Assets	$64,161,876
Number of Portfolio Holdings	138
Portfolio Turnover Rate	116%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	9.8%
California	8.9%
Texas	8.0%
Florida	7.1%
Colorado	5.6%
South Carolina	4.9%
Ohio	4.6%
Wisconsin	4.1%
Alabama	4.0%
West Virginia	3.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	88.6%
General Obligations	5.4%
Tax Allocation	3.1%
Special Assessment	2.8%
Special Tax	0.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0263 12/24

Annual Shareholder Report

October 31, 2024 

Institutional Class: NMHIX

Neuberger Berman 

Municipal High Income Fund

Annual Shareholder Report

October 31, 2024

Class A: NMHAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$94	0.87%

How did the Fund perform last year?

The Fund having a long duration was beneficial as interest rates declined over the period. The Fund's emphasis on higher-yielding securities was also beneficial for returns. An overweight versus the 65% Bloomberg Municipal Bond Index and 35% Bloomberg High Yield Index (the Index) to BBB-rated securities was rewarded as these securities outperformed their high-quality counterparts. Security selection in several lower-quality project-specific finance securities negatively impacted returns. Holdings in Puerto Rico and the charter school sector detracted from performance.

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index 

• 

  Overweight to BBB-rated bonds versus the Index 

• 

  Lower-quality project-specific finance securities

• 

  Holdings in Puerto Rico and the charter school sector 

How did the Fund perform since inception? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $12,104	Bloomberg Municipal Bond Index $12,457	65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $13,305
6/22/15	$9,575	$10,000	$10,000
10/31/15	$9,793	$10,212	$10,141
10/31/16	$10,401	$10,626	$10,713
10/31/17	$10,595	$10,859	$10,979
10/31/18	$10,726	$10,804	$11,122
10/31/19	$11,706	$11,821	$12,256
10/31/20	$11,716	$12,246	$12,606
10/31/21	$12,588	$12,569	$13,285
10/31/22	$10,444	$11,063	$11,484
10/31/23	$10,493	$11,356	$11,841
10/31/24	$12,104	$12,457	$13,305

Average Annual Total Returns

Name	1 Year	5 Years	Since Inception 6/22/15
Class A (at NAV)	15.36%	0.67%	2.53%
Class A (including sales charge)	10.41%	(0.20)%	2.06%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.37%
65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index	12.37%	1.66%	3.09%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted since inception, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.33%/0.88% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund’s investment strategy than the Bloomberg Municipal Bond Index. 

Key Fund Statistics

Net Assets	$64,161,876
Number of Portfolio Holdings	138
Portfolio Turnover Rate	116%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	9.8%
California	8.9%
Texas	8.0%
Florida	7.1%
Colorado	5.6%
South Carolina	4.9%
Ohio	4.6%
Wisconsin	4.1%
Alabama	4.0%
West Virginia	3.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	88.6%
General Obligations	5.4%
Tax Allocation	3.1%
Special Assessment	2.8%
Special Tax	0.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0261 12/24

Annual Shareholder Report

October 31, 2024 

Class A: NMHAX

Neuberger Berman 

Municipal High Income Fund

Annual Shareholder Report

October 31, 2024

Class C: NMHCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$174	1.62%

How did the Fund perform last year?

The Fund having a long duration was beneficial as interest rates declined over the period. The Fund's emphasis on higher-yielding securities was also beneficial for returns. An overweight versus the 65% Bloomberg Municipal Bond Index and 35% Bloomberg High Yield Index (the Index) to BBB-rated securities was rewarded as these securities outperformed their high-quality counterparts. Security selection in several lower-quality project-specific finance securities negatively impacted returns. Holdings in Puerto Rico and the charter school sector detracted from performance.

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index 

• 

  Overweight to BBB-rated bonds versus the Index 

• 

  Lower-quality project-specific finance securities

• 

  Holdings in Puerto Rico and the charter school sector 

How did the Fund perform since inception? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $11,804	Bloomberg Municipal Bond Index $12,457	65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index $13,305
6/22/15	$10,000	$10,000	$10,000
10/31/15	$10,187	$10,212	$10,141
10/31/16	$10,749	$10,626	$10,713
10/31/17	$10,879	$10,859	$10,979
10/31/18	$10,921	$10,804	$11,122
10/31/19	$11,839	$11,821	$12,256
10/31/20	$11,772	$12,246	$12,606
10/31/21	$12,553	$12,569	$13,285
10/31/22	$10,329	$11,063	$11,484
10/31/23	$10,300	$11,356	$11,841
10/31/24	$11,804	$12,457	$13,305

Average Annual Total Returns

Name	1 Year	5 Years	Since Inception 6/22/15
Class C (at NAV)	14.61%	(0.06)%	1.79%
Class C (including sales charge)	13.61%	(0.06)%	1.79%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.37%
65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index	12.37%	1.66%	3.09%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted since inception, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 2.00%/1.63% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. A blended benchmark, which is composed of 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Index, will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund’s investment strategy than the Bloomberg Municipal Bond Index. 

Key Fund Statistics

Net Assets	$64,161,876
Number of Portfolio Holdings	138
Portfolio Turnover Rate	116%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	9.8%
California	8.9%
Texas	8.0%
Florida	7.1%
Colorado	5.6%
South Carolina	4.9%
Ohio	4.6%
Wisconsin	4.1%
Alabama	4.0%
West Virginia	3.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	88.6%
General Obligations	5.4%
Tax Allocation	3.1%
Special Assessment	2.8%
Special Tax	0.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-high-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0262 12/24

Annual Shareholder Report

October 31, 2024 

Class C: NMHCX

Neuberger Berman 

Municipal Impact Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NMIIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$45	0.43%

How did the Fund perform last year?

Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from the Fund’s performance as interest rates declined over the period. In terms of security selection, several lower-quality project-specific finance securities negatively impacted returns. Conversely, the Fund’s higher-yielding securities were advantageous for results. Security selection in the charter school, sewer and housing sectors was beneficial. Security selection of BBB-rated bonds was also additive for performance. In making such security selections, the Fund focused on sustainable issuers with what we viewed as having best-in-class operations, with managements that make sound financial decisions. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection in the charter school, sewer and housing sectors

• 

  Security selection of BBB-rated bonds 

• 

  Duration positioning versus the Index

• 

  Lower-quality project-specific finance securities

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,166,700	Bloomberg Municipal Bond Index $1,254,800
10/31/14	$1,000,000	$1,000,000
10/31/15	$1,019,900	$1,028,700
10/31/16	$1,054,300	$1,070,400
10/31/17	$1,063,200	$1,093,900
10/31/18	$1,046,100	$1,088,300
10/31/19	$1,139,500	$1,190,800
10/31/20	$1,176,900	$1,233,600
10/31/21	$1,195,700	$1,266,100
10/31/22	$1,065,600	$1,114,400
10/31/23	$1,077,500	$1,143,900
10/31/24	$1,166,700	$1,254,800

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	8.27%	0.47%	1.55%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.85%/0.43% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$74,393,565
Number of Portfolio Holdings	113
Portfolio Turnover Rate	69%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

Michigan	11.4%
New York	11.0%
Texas	9.2%
Illinois	7.1%
Kentucky	6.8%
West Virginia	6.0%
Indiana	4.7%
Florida	4.2%
Oklahoma	4.0%
South Carolina	3.7%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	71.7%
General Obligations	24.6%
Certificate Participation	2.3%
Pre-Refunded	1.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0277 12/24

Annual Shareholder Report

October 31, 2024 

Institutional Class: NMIIX

Neuberger Berman 

Municipal Impact Fund

Annual Shareholder Report

October 31, 2024

Class A: NIMAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$83	0.80%

How did the Fund perform last year?

Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from the Fund’s performance as interest rates declined over the period. In terms of security selection, several lower-quality project-specific finance securities negatively impacted returns. Conversely, the Fund’s higher-yielding securities were advantageous for results. Security selection in the charter school, sewer and housing sectors was beneficial. Security selection of BBB-rated bonds was also additive for performance. In making such security selections, the Fund focused on sustainable issuers with what we viewed as having best-in-class operations, with managements that make sound financial decisions. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection in the charter school, sewer and housing sectors

• 

  Security selection of BBB-rated bonds 

• 

  Duration positioning versus the Index

• 

  Lower-quality project-specific finance securities

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $10,909	Bloomberg Municipal Bond Index $12,548
10/31/14	$9,575	$10,000
10/31/15	$9,766	$10,287
10/31/16	$10,095	$10,704
10/31/17	$10,180	$10,939
10/31/18	$10,003	$10,883
10/31/19	$10,860	$11,908
10/31/20	$11,175	$12,336
10/31/21	$11,311	$12,661
10/31/22	$10,038	$11,144
10/31/23	$10,119	$11,439
10/31/24	$10,909	$12,548

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	7.80%	0.09%	1.31%
Class A (including sales charge)	3.23%	(0.77)%	0.87%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance prior to Class A's inception date of June 19, 2018, is that of the Fund's Institutional Class, which had lower expenses than Class A so its performance typically would have been higher than that of Class A.The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.07%/0.80% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$74,393,565
Number of Portfolio Holdings	113
Portfolio Turnover Rate	69%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

Michigan	11.4%
New York	11.0%
Texas	9.2%
Illinois	7.1%
Kentucky	6.8%
West Virginia	6.0%
Indiana	4.7%
Florida	4.2%
Oklahoma	4.0%
South Carolina	3.7%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	71.7%
General Obligations	24.6%
Certificate Participation	2.3%
Pre-Refunded	1.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0275 12/24

Annual Shareholder Report

October 31, 2024 

Class A: NIMAX

Neuberger Berman 

Municipal Impact Fund

Annual Shareholder Report

October 31, 2024

Class C: NIMCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$160	1.55%

How did the Fund perform last year?

Having a shorter duration than the Bloomberg Municipal Bond Index (the Index) detracted from the Fund’s performance as interest rates declined over the period. In terms of security selection, several lower-quality project-specific finance securities negatively impacted returns. Conversely, the Fund’s higher-yielding securities were advantageous for results. Security selection in the charter school, sewer and housing sectors was beneficial. Security selection of BBB-rated bonds was also additive for performance. In making such security selections, the Fund focused on sustainable issuers with what we viewed as having best-in-class operations, with managements that make sound financial decisions. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Security selection in the charter school, sewer and housing sectors

• 

  Security selection of BBB-rated bonds 

• 

  Duration positioning versus the Index

• 

  Lower-quality project-specific finance securities

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $10,860	Bloomberg Municipal Bond Index $12,548
10/31/14	$10,000	$10,000
10/31/15	$10,199	$10,287
10/31/16	$10,543	$10,704
10/31/17	$10,632	$10,939
10/31/18	$10,417	$10,883
10/31/19	$11,224	$11,908
10/31/20	$11,464	$12,336
10/31/21	$11,517	$12,661
10/31/22	$10,144	$11,144
10/31/23	$10,149	$11,439
10/31/24	$10,860	$12,548

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	7.00%	(0.66)%	0.83%
Class C (including sales charge)	6.00%	(0.66)%	0.83%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance prior to Class C's inception date of June 19, 2018, is that of the Fund's Institutional Class, which had lower expenses than Class C so its performance typically would have been higher than that of Class C.The Fund had a different goal and different principal investment strategies, which included a policy to invest 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from New York State and New York City personal income taxes and invest in only investment grade securities, prior to June 16, 2018. Its performance prior to that date might have been different if the current goal and investment strategy had been in effect.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.86%/1.55% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$74,393,565
Number of Portfolio Holdings	113
Portfolio Turnover Rate	69%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

Michigan	11.4%
New York	11.0%
Texas	9.2%
Illinois	7.1%
Kentucky	6.8%
West Virginia	6.0%
Indiana	4.7%
Florida	4.2%
Oklahoma	4.0%
South Carolina	3.7%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	71.7%
General Obligations	24.6%
Certificate Participation	2.3%
Pre-Refunded	1.4%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-impact-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0276 12/24

Annual Shareholder Report

October 31, 2024 

Class C: NIMCX

Neuberger Berman 

Municipal Intermediate Bond Fund

Annual Shareholder Report

October 31, 2024

Investor Class: NMUIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$47	0.45%

How did the Fund perform last year?

The Fund’s long duration was beneficial as interest rates declined over the period. An emphasis on higher-yielding securities was also beneficial, as was security selection in the continuing care and charter school sectors. In contrast, high-quality pre-refunded securities and lower-coupon housing bonds were drags on performance. Relative to the Bloomberg 7-Year General Obligation (G.O.) Index (the Index), an overweight to A-rated securities and security selection of BBB-rated bonds were additive for results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index

• 

  Security selection in the continuing care and charter school sectors

• 

  Overweight versus the Index to A-rated securities and security selection of BBB-rated bonds

• 

  Pre-refunded securities

• 

  Lower-coupon housing bonds

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Investor Class $11,705	Bloomberg Municipal Bond Index $12,548	Bloomberg 7-Year G.O. Index $12,068
10/31/14	$10,000	$10,000	$10,000
10/31/15	$10,182	$10,287	$10,263
10/31/16	$10,496	$10,704	$10,575
10/31/17	$10,630	$10,939	$10,734
10/31/18	$10,513	$10,883	$10,620
10/31/19	$11,403	$11,908	$11,537
10/31/20	$11,633	$12,336	$12,052
10/31/21	$11,966	$12,661	$12,180
10/31/22	$10,571	$11,144	$11,128
10/31/23	$10,813	$11,439	$11,336
10/31/24	$11,705	$12,548	$12,068

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Investor Class	8.25%	0.52%	1.59%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 7-Year G.O. Index	6.46%	0.90%	1.90%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Investor Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.66%/0.45% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. The Bloomberg 7-Year G.O. Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg Municipal Bond Index.

Key Fund Statistics

Net Assets	$191,036,227
Number of Portfolio Holdings	210
Portfolio Turnover Rate	89%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	17.5%
Illinois	15.2%
Texas	7.7%
Pennsylvania	7.6%
California	5.4%
Georgia	4.8%
New Jersey	3.6%
Florida	2.9%
Utah	2.2%
Indiana	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	74.1%
General Obligations	22.2%
Tax Allocation	1.5%
Special Assessment	1.2%
Certificate Participation	0.5%
Pre-Refunded	0.3%
Special Tax	0.2%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0267 12/24

Annual Shareholder Report

October 31, 2024 

Investor Class: NMUIX

Neuberger Berman 

Municipal Intermediate Bond Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NMNLX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$31	0.30%

How did the Fund perform last year?

The Fund’s long duration was beneficial as interest rates declined over the period. An emphasis on higher-yielding securities was also beneficial, as was security selection in the continuing care and charter school sectors. In contrast, high-quality pre-refunded securities and lower-coupon housing bonds were drags on performance. Relative to the Bloomberg 7-Year General Obligation (G.O.) Index (the Index), an overweight to A-rated securities and security selection of BBB-rated bonds were additive for results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index

• 

  Security selection in the continuing care and charter school sectors

• 

  Overweight versus the Index to A-rated securities and security selection of BBB-rated bonds

• 

  Pre-refunded securities

• 

  Lower-coupon housing bonds

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,188,100	Bloomberg Municipal Bond Index $1,254,800	Bloomberg 7-Year G.O. Index $1,206,800
10/31/14	$1,000,000	$1,000,000	$1,000,000
10/31/15	$1,019,700	$1,028,700	$1,026,300
10/31/16	$1,052,800	$1,070,400	$1,057,500
10/31/17	$1,067,800	$1,093,900	$1,073,400
10/31/18	$1,057,600	$1,088,300	$1,062,000
10/31/19	$1,148,900	$1,190,800	$1,153,700
10/31/20	$1,173,800	$1,233,600	$1,205,200
10/31/21	$1,209,300	$1,266,100	$1,218,000
10/31/22	$1,069,700	$1,114,400	$1,112,800
10/31/23	$1,095,800	$1,143,900	$1,133,600
10/31/24	$1,188,100	$1,254,800	$1,206,800

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	8.42%	0.67%	1.74%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 7-Year G.O. Index	6.46%	0.90%	1.90%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.48%/0.30% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. The Bloomberg 7-Year G.O. Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg Municipal Bond Index.

Key Fund Statistics

Net Assets	$191,036,227
Number of Portfolio Holdings	210
Portfolio Turnover Rate	89%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	17.5%
Illinois	15.2%
Texas	7.7%
Pennsylvania	7.6%
California	5.4%
Georgia	4.8%
New Jersey	3.6%
Florida	2.9%
Utah	2.2%
Indiana	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	74.1%
General Obligations	22.2%
Tax Allocation	1.5%
Special Assessment	1.2%
Certificate Participation	0.5%
Pre-Refunded	0.3%
Special Tax	0.2%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0270 12/24

Annual Shareholder Report

October 31, 2024 

Institutional Class: NMNLX

Neuberger Berman 

Municipal Intermediate Bond Fund

Annual Shareholder Report

October 31, 2024

Class A: NMNAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$70	0.67%

How did the Fund perform last year?

The Fund’s long duration was beneficial as interest rates declined over the period. An emphasis on higher-yielding securities was also beneficial, as was security selection in the continuing care and charter school sectors. In contrast, high-quality pre-refunded securities and lower-coupon housing bonds were drags on performance. Relative to the Bloomberg 7-Year General Obligation (G.O.) Index (the Index), an overweight to A-rated securities and security selection of BBB-rated bonds were additive for results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index

• 

  Security selection in the continuing care and charter school sectors

• 

  Overweight versus the Index to A-rated securities and security selection of BBB-rated bonds

• 

  Pre-refunded securities

• 

  Lower-coupon housing bonds

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $10,952	Bloomberg Municipal Bond Index $12,548	Bloomberg 7-Year G.O. Index $12,068
10/31/14	$9,575	$10,000	$10,000
10/31/15	$9,719	$10,287	$10,263
10/31/16	$10,005	$10,704	$10,575
10/31/17	$10,102	$10,939	$10,734
10/31/18	$9,968	$10,883	$10,620
10/31/19	$10,789	$11,908	$11,537
10/31/20	$10,983	$12,336	$12,052
10/31/21	$11,272	$12,661	$12,180
10/31/22	$9,934	$11,144	$11,128
10/31/23	$10,138	$11,439	$11,336
10/31/24	$10,952	$12,548	$12,068

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	8.02%	0.30%	1.35%
Class A (including sales charge)	3.44%	(0.56)%	0.91%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 7-Year G.O. Index	6.46%	0.90%	1.90%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.84%/0.67% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. The Bloomberg 7-Year G.O. Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg Municipal Bond Index.

Key Fund Statistics

Net Assets	$191,036,227
Number of Portfolio Holdings	210
Portfolio Turnover Rate	89%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	17.5%
Illinois	15.2%
Texas	7.7%
Pennsylvania	7.6%
California	5.4%
Georgia	4.8%
New Jersey	3.6%
Florida	2.9%
Utah	2.2%
Indiana	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	74.1%
General Obligations	22.2%
Tax Allocation	1.5%
Special Assessment	1.2%
Certificate Participation	0.5%
Pre-Refunded	0.3%
Special Tax	0.2%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0268 12/24

Annual Shareholder Report

October 31, 2024 

Class A: NMNAX

Neuberger Berman 

Municipal Intermediate Bond Fund

Annual Shareholder Report

October 31, 2024

Class C: NMNCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$147	1.42%

How did the Fund perform last year?

The Fund’s long duration was beneficial as interest rates declined over the period. An emphasis on higher-yielding securities was also beneficial, as was security selection in the continuing care and charter school sectors. In contrast, high-quality pre-refunded securities and lower-coupon housing bonds were drags on performance. Relative to the Bloomberg 7-Year General Obligation (G.O.) Index (the Index), an overweight to A-rated securities and security selection of BBB-rated bonds were additive for results. 

Performance Attribution

Top Contributors

Top Detractors

• 

  Duration positioning versus the Index

• 

  Security selection in the continuing care and charter school sectors

• 

  Overweight versus the Index to A-rated securities and security selection of BBB-rated bonds

• 

  Pre-refunded securities

• 

  Lower-coupon housing bonds

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $10,623	Bloomberg Municipal Bond Index $12,548	Bloomberg 7-Year G.O. Index $12,068
10/31/14	$10,000	$10,000	$10,000
10/31/15	$10,076	$10,287	$10,263
10/31/16	$10,295	$10,704	$10,575
10/31/17	$10,326	$10,939	$10,734
10/31/18	$10,104	$10,883	$10,620
10/31/19	$10,855	$11,908	$11,537
10/31/20	$10,977	$12,336	$12,052
10/31/21	$11,182	$12,661	$12,180
10/31/22	$9,781	$11,144	$11,128
10/31/23	$9,908	$11,439	$11,336
10/31/24	$10,623	$12,548	$12,068

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	7.22%	(0.43)%	0.61%
Class C (including sales charge)	6.22%	(0.43)%	0.61%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 7-Year G.O. Index	6.46%	0.90%	1.90%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index and an additional index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.48%/1.42% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

On July 24, 2024, the Fund began comparing its performance to the Bloomberg Municipal Bond Index in order to satisfy a change in regulatory requirements. The Bloomberg 7-Year G.O. Index will be maintained as a secondary index as it shows how the Fund’s performance compares to an index with characteristics that are more representative of the Fund's investment strategy than the Bloomberg Municipal Bond Index.

Key Fund Statistics

Net Assets	$191,036,227
Number of Portfolio Holdings	210
Portfolio Turnover Rate	89%
Total Investment Advisory Fees Paid	$0

What did the Fund invest in? 

Top Ten States

(as a % of Total Investments^{Footnote Reference*})

New York	17.5%
Illinois	15.2%
Texas	7.7%
Pennsylvania	7.6%
California	5.4%
Georgia	4.8%
New Jersey	3.6%
Florida	2.9%
Utah	2.2%
Indiana	2.1%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Asset Allocation

(as a % of Total Investments^{Footnote Reference*})

Value	Value
Revenue Bonds	74.1%
General Obligations	22.2%
Tax Allocation	1.5%
Special Assessment	1.2%
Certificate Participation	0.5%
Pre-Refunded	0.3%
Special Tax	0.2%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/municipal-intermediate-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Z0269 12/24

Annual Shareholder Report

October 31, 2024 

Class C: NMNCX

Neuberger Berman 

Core Bond Fund

Annual Shareholder Report

October 31, 2024

Investor Class: NCRIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$82	0.78%

How did the Fund perform last year?

During the period, security selection and an overweight in investment-grade credit and commercial mortgage-backed securities (CMBS) versus the Bloomberg U.S. Aggregate Bond Index were significant contributors to performance. Security selection within asset-backed securities (ABS) was additive for returns. Elsewhere, the Fund’s exposures to non-agency mortgage-backed securities (MBS) and credit risk transfer (CRT) securities were rewarded. On the downside, the Fund’s duration positioning detracted from returns, as did its yield curve positioning.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Investment-grade credit

• 

  ABS and CMBS

• 

  Non-agency MBS and CRT securities 

• 

  Duration positioning

• 

  Yield curve positioning

• 

  Futures contracts 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Investor Class $11,392	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$10,128	$10,196
10/31/16	$10,549	$10,641
10/31/17	$10,606	$10,737
10/31/18	$10,307	$10,517
10/31/19	$11,421	$11,727
10/31/20	$12,193	$12,453
10/31/21	$12,311	$12,393
10/31/22	$10,262	$10,450
10/31/23	$10,255	$10,487
10/31/24	$11,392	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Investor Class	11.09%	(0.05)%	1.31%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Investor Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.93%/0.78% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$922,216,392
Number of Portfolio Holdings	859
Portfolio Turnover Rate	156%
Total Investment Advisory Fees Paid	$1,133,165

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

U.S. Treasury	26.0%
Federal National Mortgage Association	14.7%
Federal Home Loan Mortgage Corp.	11.1%
Government National Mortgage Association	3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
Warnermedia Holdings, Inc.	1.1%
Broadcom, Inc.	1.0%
Federal Home Loan Mortgage Corp. STACR REMIC Trust	0.9%
Federal National Mortgage Association Connecticut Avenue Securities	0.8%
Aon North America, Inc.	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	37.1%
U.S. Treasury Obligations	26.0%
Corporate Bonds	24.2%
Asset-Backed Securities	9.1%
Foreign Government Securities	1.7%
U.S. Government Agency Securities	0.4%
Short-Term Investments	1.5%
Other Assets Less Liabilities	0.0%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0227 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Investor Class: NCRIX

Neuberger Berman 

Core Bond Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NCRLX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$40	0.38%

How did the Fund perform last year?

During the period, security selection and an overweight in investment-grade credit and commercial mortgage-backed securities (CMBS) versus the Bloomberg U.S. Aggregate Bond Index were significant contributors to performance. Security selection within asset-backed securities (ABS) was additive for returns. Elsewhere, the Fund’s exposures to non-agency mortgage-backed securities (MBS) and credit risk transfer (CRT) securities were rewarded. On the downside, the Fund’s duration positioning detracted from returns, as did its yield curve positioning.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Investment-grade credit

• 

  ABS and CMBS

• 

  Non-agency MBS and CRT securities 

• 

  Duration positioning

• 

  Yield curve positioning

• 

  Futures contracts 

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,184,700	Bloomberg U.S. Aggregate Bond Index $1,159,300
10/31/14	$1,000,000	$1,000,000
10/31/15	$1,016,900	$1,019,600
10/31/16	$1,064,400	$1,064,100
10/31/17	$1,074,500	$1,073,700
10/31/18	$1,047,400	$1,051,700
10/31/19	$1,165,100	$1,172,700
10/31/20	$1,249,800	$1,245,300
10/31/21	$1,265,900	$1,239,300
10/31/22	$1,058,600	$1,045,000
10/31/23	$1,063,500	$1,048,700
10/31/24	$1,184,700	$1,159,300

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	11.40%	0.33%	1.71%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.43%/0.38% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$922,216,392
Number of Portfolio Holdings	859
Portfolio Turnover Rate	156%
Total Investment Advisory Fees Paid	$1,133,165

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

U.S. Treasury	26.0%
Federal National Mortgage Association	14.7%
Federal Home Loan Mortgage Corp.	11.1%
Government National Mortgage Association	3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
Warnermedia Holdings, Inc.	1.1%
Broadcom, Inc.	1.0%
Federal Home Loan Mortgage Corp. STACR REMIC Trust	0.9%
Federal National Mortgage Association Connecticut Avenue Securities	0.8%
Aon North America, Inc.	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	37.1%
U.S. Treasury Obligations	26.0%
Corporate Bonds	24.2%
Asset-Backed Securities	9.1%
Foreign Government Securities	1.7%
U.S. Government Agency Securities	0.4%
Short-Term Investments	1.5%
Other Assets Less Liabilities	0.0%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

Z0228 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Institutional Class: NCRLX

Neuberger Berman 

Core Bond Fund

Annual Shareholder Report

October 31, 2024

Class A: NCRAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$82	0.78%

How did the Fund perform last year?

During the period, security selection and an overweight in investment-grade credit and commercial mortgage-backed securities (CMBS) versus the Bloomberg U.S. Aggregate Bond Index were significant contributors to performance. Security selection within asset-backed securities (ABS) was additive for returns. Elsewhere, the Fund’s exposures to non-agency mortgage-backed securities (MBS) and credit risk transfer (CRT) securities were rewarded. On the downside, the Fund’s duration positioning detracted from returns, as did its yield curve positioning.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Investment-grade credit

• 

  ABS and CMBS

• 

  Non-agency MBS and CRT securities 

• 

  Duration positioning

• 

  Yield curve positioning

• 

  Futures contracts 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $10,890	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$9,575	$10,000
10/31/15	$9,684	$10,196
10/31/16	$10,097	$10,641
10/31/17	$10,151	$10,737
10/31/18	$9,864	$10,517
10/31/19	$10,931	$11,727
10/31/20	$11,670	$12,453
10/31/21	$11,783	$12,393
10/31/22	$9,808	$10,450
10/31/23	$9,813	$10,487
10/31/24	$10,890	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	10.98%	(0.08)%	1.30%
Class A (including sales charge)	6.22%	(0.95)%	0.86%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.80%/0.78% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$922,216,392
Number of Portfolio Holdings	859
Portfolio Turnover Rate	156%
Total Investment Advisory Fees Paid	$1,133,165

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

U.S. Treasury	26.0%
Federal National Mortgage Association	14.7%
Federal Home Loan Mortgage Corp.	11.1%
Government National Mortgage Association	3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
Warnermedia Holdings, Inc.	1.1%
Broadcom, Inc.	1.0%
Federal Home Loan Mortgage Corp. STACR REMIC Trust	0.9%
Federal National Mortgage Association Connecticut Avenue Securities	0.8%
Aon North America, Inc.	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	37.1%
U.S. Treasury Obligations	26.0%
Corporate Bonds	24.2%
Asset-Backed Securities	9.1%
Foreign Government Securities	1.7%
U.S. Government Agency Securities	0.4%
Short-Term Investments	1.5%
Other Assets Less Liabilities	0.0%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0230 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class A: NCRAX

Neuberger Berman 

Core Bond Fund

Annual Shareholder Report

October 31, 2024

Class C: NCRCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$161	1.53%

How did the Fund perform last year?

During the period, security selection and an overweight in investment-grade credit and commercial mortgage-backed securities (CMBS) versus the Bloomberg U.S. Aggregate Bond Index were significant contributors to performance. Security selection within asset-backed securities (ABS) was additive for returns. Elsewhere, the Fund’s exposures to non-agency mortgage-backed securities (MBS) and credit risk transfer (CRT) securities were rewarded. On the downside, the Fund’s duration positioning detracted from returns, as did its yield curve positioning.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Investment-grade credit

• 

  ABS and CMBS

• 

  Non-agency MBS and CRT securities 

• 

  Duration positioning

• 

  Yield curve positioning

• 

  Futures contracts 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $10,560	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$10,043	$10,196
10/31/16	$10,393	$10,641
10/31/17	$10,371	$10,737
10/31/18	$10,003	$10,517
10/31/19	$11,002	$11,727
10/31/20	$11,659	$12,453
10/31/21	$11,684	$12,393
10/31/22	$9,654	$10,450
10/31/23	$9,587	$10,487
10/31/24	$10,560	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	10.14%	(0.82)%	0.55%
Class C (including sales charge)	9.14%	(0.82)%	0.55%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.57%/1.53% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$922,216,392
Number of Portfolio Holdings	859
Portfolio Turnover Rate	156%
Total Investment Advisory Fees Paid	$1,133,165

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

U.S. Treasury	26.0%
Federal National Mortgage Association	14.7%
Federal Home Loan Mortgage Corp.	11.1%
Government National Mortgage Association	3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
Warnermedia Holdings, Inc.	1.1%
Broadcom, Inc.	1.0%
Federal Home Loan Mortgage Corp. STACR REMIC Trust	0.9%
Federal National Mortgage Association Connecticut Avenue Securities	0.8%
Aon North America, Inc.	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	37.1%
U.S. Treasury Obligations	26.0%
Corporate Bonds	24.2%
Asset-Backed Securities	9.1%
Foreign Government Securities	1.7%
U.S. Government Agency Securities	0.4%
Short-Term Investments	1.5%
Other Assets Less Liabilities	0.0%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0231 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class C: NCRCX

Neuberger Berman 

Core Bond Fund

Annual Shareholder Report

October 31, 2024

Class R6: NRCRX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$30	0.28%

How did the Fund perform last year?

During the period, security selection and an overweight in investment-grade credit and commercial mortgage-backed securities (CMBS) versus the Bloomberg U.S. Aggregate Bond Index were significant contributors to performance. Security selection within asset-backed securities (ABS) was additive for returns. Elsewhere, the Fund’s exposures to non-agency mortgage-backed securities (MBS) and credit risk transfer (CRT) securities were rewarded. On the downside, the Fund’s duration positioning detracted from returns, as did its yield curve positioning.

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Investment-grade credit

• 

  ABS and CMBS

• 

  Non-agency MBS and CRT securities 

• 

  Duration positioning

• 

  Yield curve positioning

• 

  Futures contracts 

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class R6 $11,930	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$10,169	$10,196
10/31/16	$10,644	$10,641
10/31/17	$10,745	$10,737
10/31/18	$10,474	$10,517
10/31/19	$11,660	$11,727
10/31/20	$12,521	$12,453
10/31/21	$12,695	$12,393
10/31/22	$10,627	$10,450
10/31/23	$10,686	$10,487
10/31/24	$11,930	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class R6	11.63%	0.46%	1.78%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance prior to Class R6's inception date of January 18, 2019 is that of the Fund's Institutional Class, which had higher expenses than Class R6 so its performance typically would have been lower than that of Class R6. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class R6: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.34%/0.28% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$922,216,392
Number of Portfolio Holdings	859
Portfolio Turnover Rate	156%
Total Investment Advisory Fees Paid	$1,133,165

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

U.S. Treasury	26.0%
Federal National Mortgage Association	14.7%
Federal Home Loan Mortgage Corp.	11.1%
Government National Mortgage Association	3.2%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
Warnermedia Holdings, Inc.	1.1%
Broadcom, Inc.	1.0%
Federal Home Loan Mortgage Corp. STACR REMIC Trust	0.9%
Federal National Mortgage Association Connecticut Avenue Securities	0.8%
Aon North America, Inc.	0.8%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	37.1%
U.S. Treasury Obligations	26.0%
Corporate Bonds	24.2%
Asset-Backed Securities	9.1%
Foreign Government Securities	1.7%
U.S. Government Agency Securities	0.4%
Short-Term Investments	1.5%
Other Assets Less Liabilities	0.0%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/core-bond-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

Z0229 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class R6: NRCRX

Neuberger Berman 

Strategic Income Fund

Annual Shareholder Report

October 31, 2024

Trust Class: NSTTX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Trust Class	$101	0.94%

How did the Fund perform last year?

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index). The top contributors to performance, relative to the Index, included an allocation to U.S. and non-U.S. developed markets high-yield corporate bonds, overweight to agency mortgage-backed securities (MBS), security selection of investment-grade credit, underweight to U.S. Treasuries and overall duration positioning.  The top detractors from relative performance were an underweight to investment-grade credit versus the Index, and security selection within agency MBS. 

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Allocation across U.S. and non-U.S. developed markets high-yield credit

• 

  Overweight to agency MBS versus the Index

• 

  Security selection within investment-grade credit

• 

  Underweight to U.S. Treasuries

• 

  Duration positioning

• 

  Underweight to investment-grade credit versus the Index

• 

  Security selection within agency MBS

• 

  Bond forward contracts

• 

  Futures

• 

  Swaps

• 

  Forward foreign currency contracts

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Trust Class $13,313	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$9,897	$10,196
10/31/16	$10,481	$10,641
10/31/17	$10,910	$10,737
10/31/18	$10,774	$10,517
10/31/19	$11,593	$11,727
10/31/20	$11,988	$12,453
10/31/21	$12,970	$12,393
10/31/22	$11,178	$10,450
10/31/23	$11,649	$10,487
10/31/24	$13,313	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Trust Class	14.28%	2.81%	2.90%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Trust Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.01%/0.96% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$5,345,864,880
Number of Portfolio Holdings	2,230
Portfolio Turnover Rate	71%
Total Investment Advisory Fees Paid	$17,656,691

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

Federal National Mortgage Association	17.6%
Federal Home Loan Mortgage Corp.	14.2%
U.S. Treasury	4.1%
Government National Mortgage Association	3.2%
Federal Home Loan Mortgage Corp. STACR REMIC	2.9%
Federal National Mortgage Association Connecticut Avenue Securities	2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
BX Trust	1.1%
Verus Securitization Trust	0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	0.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	52.7%
Corporate Bonds	26.2%
Asset-Backed Securities	10.7%
U.S. Treasury Obligations	4.2%
Foreign Government Securities	4.1%
Exchange-Traded Funds	2.1%
Municipal Notes	0.6%
U.S. Government Agency Securities	0.0%
Loan Assignments	0.0%
Convertible Bonds	0.0%
Closed-End Funds	0.0%
Short-Term Investments	1.6%
Liabilities Less Other Assets	(2.2)%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0291 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Trust Class: NSTTX

Neuberger Berman 

Strategic Income Fund

Annual Shareholder Report

October 31, 2024

Institutional Class: NSTLX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$63	0.59%

How did the Fund perform last year?

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index). The top contributors to performance, relative to the Index, included an allocation to U.S. and non-U.S. developed markets high-yield corporate bonds, overweight to agency mortgage-backed securities (MBS), security selection of investment-grade credit, underweight to U.S. Treasuries and overall duration positioning.  The top detractors from relative performance were an underweight to investment-grade credit versus the Index, and security selection within agency MBS. 

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Allocation across U.S. and non-U.S. developed markets high-yield credit

• 

  Overweight to agency MBS versus the Index

• 

  Security selection within investment-grade credit

• 

  Underweight to U.S. Treasuries

• 

  Duration positioning

• 

  Underweight to investment-grade credit versus the Index

• 

  Security selection within agency MBS

• 

  Bond forward contracts

• 

  Futures

• 

  Swaps

• 

  Forward foreign currency contracts

How did the Fund perform over the past 10 years? 

Total Return Based on a $1,000,000 Investment

	Institutional Class $1,378,600	Bloomberg U.S. Aggregate Bond Index $1,159,300
10/31/14	$1,000,000	$1,000,000
10/31/15	$993,100	$1,019,600
10/31/16	$1,056,500	$1,064,100
10/31/17	$1,103,500	$1,073,700
10/31/18	$1,093,600	$1,051,700
10/31/19	$1,179,700	$1,172,700
10/31/20	$1,225,400	$1,245,300
10/31/21	$1,330,300	$1,239,300
10/31/22	$1,149,500	$1,045,000
10/31/23	$1,202,200	$1,048,700
10/31/24	$1,378,600	$1,159,300

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Institutional Class	14.68%	3.16%	3.26%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $1,000,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Institutional Class: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.62%/0.61% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$5,345,864,880
Number of Portfolio Holdings	2,230
Portfolio Turnover Rate	71%
Total Investment Advisory Fees Paid	$17,656,691

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

Federal National Mortgage Association	17.6%
Federal Home Loan Mortgage Corp.	14.2%
U.S. Treasury	4.1%
Government National Mortgage Association	3.2%
Federal Home Loan Mortgage Corp. STACR REMIC	2.9%
Federal National Mortgage Association Connecticut Avenue Securities	2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
BX Trust	1.1%
Verus Securitization Trust	0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	0.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	52.7%
Corporate Bonds	26.2%
Asset-Backed Securities	10.7%
U.S. Treasury Obligations	4.2%
Foreign Government Securities	4.1%
Exchange-Traded Funds	2.1%
Municipal Notes	0.6%
U.S. Government Agency Securities	0.0%
Loan Assignments	0.0%
Convertible Bonds	0.0%
Closed-End Funds	0.0%
Short-Term Investments	1.6%
Liabilities Less Other Assets	(2.2)%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

Z0295 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Institutional Class: NSTLX

Neuberger Berman 

Strategic Income Fund

Annual Shareholder Report

October 31, 2024

Class A: NSTAX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$104	0.97%

How did the Fund perform last year?

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index). The top contributors to performance, relative to the Index, included an allocation to U.S. and non-U.S. developed markets high-yield corporate bonds, overweight to agency mortgage-backed securities (MBS), security selection of investment-grade credit, underweight to U.S. Treasuries and overall duration positioning.  The top detractors from relative performance were an underweight to investment-grade credit versus the Index, and security selection within agency MBS. 

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Allocation across U.S. and non-U.S. developed markets high-yield credit

• 

  Overweight to agency MBS versus the Index

• 

  Security selection within investment-grade credit

• 

  Underweight to U.S. Treasuries

• 

  Duration positioning

• 

  Underweight to investment-grade credit versus the Index

• 

  Security selection within agency MBS

• 

  Bond forward contracts

• 

  Futures

• 

  Swaps

• 

  Forward foreign currency contracts

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class A (including sales charge) $12,923	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$9,750	$10,000
10/31/15	$9,645	$10,196
10/31/16	$10,219	$10,641
10/31/17	$10,631	$10,737
10/31/18	$10,495	$10,517
10/31/19	$11,276	$11,727
10/31/20	$11,666	$12,453
10/31/21	$12,614	$12,393
10/31/22	$10,858	$10,450
10/31/23	$11,312	$10,487
10/31/24	$12,923	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class A (at NAV)	14.24%	2.76%	2.86%
Class A (including sales charge)	11.43%	2.25%	2.60%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund inclusive of the maximum initial sales charge for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class A: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.99%/0.99% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25%. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$5,345,864,880
Number of Portfolio Holdings	2,230
Portfolio Turnover Rate	71%
Total Investment Advisory Fees Paid	$17,656,691

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

Federal National Mortgage Association	17.6%
Federal Home Loan Mortgage Corp.	14.2%
U.S. Treasury	4.1%
Government National Mortgage Association	3.2%
Federal Home Loan Mortgage Corp. STACR REMIC	2.9%
Federal National Mortgage Association Connecticut Avenue Securities	2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
BX Trust	1.1%
Verus Securitization Trust	0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	0.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	52.7%
Corporate Bonds	26.2%
Asset-Backed Securities	10.7%
U.S. Treasury Obligations	4.2%
Foreign Government Securities	4.1%
Exchange-Traded Funds	2.1%
Municipal Notes	0.6%
U.S. Government Agency Securities	0.0%
Loan Assignments	0.0%
Convertible Bonds	0.0%
Closed-End Funds	0.0%
Short-Term Investments	1.6%
Liabilities Less Other Assets	(2.2)%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0293 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class A: NSTAX

Neuberger Berman 

Strategic Income Fund

Annual Shareholder Report

October 31, 2024

Class C: NSTCX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$180	1.69%

How did the Fund perform last year?

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index). The top contributors to performance, relative to the Index, included an allocation to U.S. and non-U.S. developed markets high-yield corporate bonds, overweight to agency mortgage-backed securities (MBS), security selection of investment-grade credit, underweight to U.S. Treasuries and overall duration positioning.  The top detractors from relative performance were an underweight to investment-grade credit versus the Index, and security selection within agency MBS. 

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Allocation across U.S. and non-U.S. developed markets high-yield credit

• 

  Overweight to agency MBS versus the Index

• 

  Security selection within investment-grade credit

• 

  Underweight to U.S. Treasuries

• 

  Duration positioning

• 

  Underweight to investment-grade credit versus the Index

• 

  Security selection within agency MBS

• 

  Bond forward contracts

• 

  Futures

• 

  Swaps

• 

  Forward foreign currency contracts

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class C (including sales charge) $12,353	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$9,823	$10,196
10/31/16	$10,326	$10,641
10/31/17	$10,668	$10,737
10/31/18	$10,467	$10,517
10/31/19	$11,168	$11,727
10/31/20	$11,463	$12,453
10/31/21	$12,320	$12,393
10/31/22	$10,528	$10,450
10/31/23	$10,891	$10,487
10/31/24	$12,353	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class C (at NAV)	13.43%	2.04%	2.14%
Class C (including sales charge)	12.43%	2.04%	2.14%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class C: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 1.74%/1.71% (before and after any expense reimbursements and/or fee waivers, respectively). Returns shown with a sales charge reflect the contingent deferred sales charge (CDSC) of 1.00%, which is reduced to 0% after 1 year. Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$5,345,864,880
Number of Portfolio Holdings	2,230
Portfolio Turnover Rate	71%
Total Investment Advisory Fees Paid	$17,656,691

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

Federal National Mortgage Association	17.6%
Federal Home Loan Mortgage Corp.	14.2%
U.S. Treasury	4.1%
Government National Mortgage Association	3.2%
Federal Home Loan Mortgage Corp. STACR REMIC	2.9%
Federal National Mortgage Association Connecticut Avenue Securities	2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
BX Trust	1.1%
Verus Securitization Trust	0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	0.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	52.7%
Corporate Bonds	26.2%
Asset-Backed Securities	10.7%
U.S. Treasury Obligations	4.2%
Foreign Government Securities	4.1%
Exchange-Traded Funds	2.1%
Municipal Notes	0.6%
U.S. Government Agency Securities	0.0%
Loan Assignments	0.0%
Convertible Bonds	0.0%
Closed-End Funds	0.0%
Short-Term Investments	1.6%
Liabilities Less Other Assets	(2.2)%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.877.9700.

Z0294 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class C: NSTCX

Neuberger Berman 

Strategic Income Fund

Annual Shareholder Report

October 31, 2024

Class R6: NRSIX

This annual shareholder report contains important information about the Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.366.6264 or issdl@nb.com. 

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$53	0.49%

How did the Fund perform last year?

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index). The top contributors to performance, relative to the Index, included an allocation to U.S. and non-U.S. developed markets high-yield corporate bonds, overweight to agency mortgage-backed securities (MBS), security selection of investment-grade credit, underweight to U.S. Treasuries and overall duration positioning.  The top detractors from relative performance were an underweight to investment-grade credit versus the Index, and security selection within agency MBS. 

Performance Attribution

Top Contributors

Top Detractors

Derivatives

• 

  Allocation across U.S. and non-U.S. developed markets high-yield credit

• 

  Overweight to agency MBS versus the Index

• 

  Security selection within investment-grade credit

• 

  Underweight to U.S. Treasuries

• 

  Duration positioning

• 

  Underweight to investment-grade credit versus the Index

• 

  Security selection within agency MBS

• 

  Bond forward contracts

• 

  Futures

• 

  Swaps

• 

  Forward foreign currency contracts

How did the Fund perform over the past 10 years? 

Total Return Based on a $10,000 Investment

	Class R6 $13,894	Bloomberg U.S. Aggregate Bond Index $11,593
10/31/14	$10,000	$10,000
10/31/15	$9,938	$10,196
10/31/16	$10,570	$10,641
10/31/17	$11,048	$10,737
10/31/18	$10,957	$10,517
10/31/19	$11,832	$11,727
10/31/20	$12,302	$12,453
10/31/21	$13,368	$12,393
10/31/22	$11,561	$10,450
10/31/23	$12,103	$10,487
10/31/24	$13,894	$11,593

Average Annual Total Returns

Name	1 Year	5 Years	10 Years
Class R6	14.80%	3.27%	3.34%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

The graph shows the change in value of a hypothetical $10,000 investment in the Fund for the class noted over the past 10 fiscal years, including a comparison to a broad-based market index. The graph and table do not reflect the deduction of taxes that 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 so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future. Current performance may be lower or higher than the performance data quoted. For current performance, please visit www.nb.com/performance.

Class R6: As stated in the Fund’s most recent prospectus, the total annual operating expense ratios for fiscal year 2023 were 0.52%/0.51% (before and after any expense reimbursements and/or fee waivers, respectively). Absent any applicable expense reimbursements and/or fee waivers during certain periods, returns would have been lower.

Key Fund Statistics

Net Assets	$5,345,864,880
Number of Portfolio Holdings	2,230
Portfolio Turnover Rate	71%
Total Investment Advisory Fees Paid	$17,656,691

What did the Fund invest in? 

Top Ten Issuers

(as a % of Total Investments^{Footnote Reference*})

Federal National Mortgage Association	17.6%
Federal Home Loan Mortgage Corp.	14.2%
U.S. Treasury	4.1%
Government National Mortgage Association	3.2%
Federal Home Loan Mortgage Corp. STACR REMIC	2.9%
Federal National Mortgage Association Connecticut Avenue Securities	2.6%
State Street Institutional U.S. Government Money Market Fund Premier Class	1.5%
BX Trust	1.1%
Verus Securitization Trust	0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	0.9%

Footnote	Description
Footnote*	Derivatives (other than options purchased), if any, are excluded from this calculation.

Portfolio by Investment Type

(as a % of Total Net Assets) 

Mortgage-Backed Securities	52.7%
Corporate Bonds	26.2%
Asset-Backed Securities	10.7%
U.S. Treasury Obligations	4.2%
Foreign Government Securities	4.1%
Exchange-Traded Funds	2.1%
Municipal Notes	0.6%
U.S. Government Agency Securities	0.0%
Loan Assignments	0.0%
Convertible Bonds	0.0%
Closed-End Funds	0.0%
Short-Term Investments	1.6%
Liabilities Less Other Assets	(2.2)%Footnote Reference*
Total	100.0%

Footnote	Description
Footnote*	Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any.

Additional Information 

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/en/us/products/mutual-funds/strategic-income-fund?section=documents.   

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank) or if you are a direct investor with the Fund please contact 800.366.6264.

Z0292 12/24

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.^©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

October 31, 2024 

Class R6: NRSIX

(b) Not applicable to the Registrant.

Item 2.  Code of Ethics.

The Board of Trustees (“Board”) of Neuberger Berman Income Funds (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Absolute Return Multi-Manager Fund’s Form N-CSR, Investment Company Act file number 811-214715 (filed January 6, 2025). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3.  Audit Committee Financial Expert.

The Board has determined that the Registrant has three audit committee financial experts serving on its audit committee. The Registrant’s audit committee financial experts are Michael J. Cosgrove, Martha C. Goss and Deborah C. McLean. Mr. Cosgrove, Ms. Goss and Ms. McLean are independent trustees as defined by Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

Ernst & Young, LLP (“E&Y”) serves as independent registered public accounting firm to each series of the Registrant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by E&Y for the audit of the annual financial statements or services that are normally provided by E&Y in connection with statutory and regulatory filings or engagements were $460,100 and $423,600 for the fiscal years ended 2023 and 2024, respectively.

(b) Audit-Related Fees

The aggregate fees billed to the Registrant for assurance and related services by E&Y that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Audit Fees were $0 and $0 for the fiscal years ended 2023 and 2024, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for assurance and related services by E&Y that are reasonably related to the performance of the audit that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2023 and 2024, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(c) Tax Fees

The aggregate fees billed to the Registrant for professional services rendered by E&Y for tax compliance, tax advice, and tax planning were $124,580 and $111,460 for the fiscal years ended 2023 and 2024, respectively. The nature of the services provided includes preparation of the Federal and State tax extensions and tax returns, review of annual excise tax calculations, and preparation of form 8613, in addition to assistance with the identification of Passive Foreign Investment Companies, assistance with determination of various foreign withholding taxes, and assistance with Internal Revenue Code and tax regulation requirements for fund investments. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for professional services rendered by E&Y for tax compliance, tax advice, and tax planning that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2023 and 2024, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(d) All Other Fees

The aggregate fees billed to the Registrant for products and services provided by E&Y, other than services reported in Audit Fees, Audit-Related Fees, and Tax Fees were $0 and $0 for the fiscal years ended 2023 and 2024, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for products and services provided by E&Y, other than services reported in Audit Fees, Audit-Related Fees, and Tax Fees that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2023 and 2024, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2023 and 2024, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(e) Audit Committee’s Pre-Approval Policies and Procedures

(1) The Audit Committee’s pre-approval policies and procedures for the Registrant to engage an accountant to render audit and non-audit services delegate to each member of the Committee the power to pre-approve services between meetings of the Committee.

(2) None of the services described in paragraphs (b) through (d) above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Hours Attributed to Other Persons

Not applicable.

(g) Non-Audit Fees

Non-audit fees billed by E&Y for services rendered to the Registrant were $124,580 and $111,460 for the fiscal years ended 2023 and 2024, respectively.

Non-audit fees billed by E&Y for services rendered to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 and $0 for the fiscal years ended 2023 and 2024, respectively.

(h) The Audit Committee of the Board considered whether the provision of non-audit services rendered to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved by the Audit Committee because the engagement did not relate directly to the operations and financial reporting of the Registrant is compatible with maintaining E&Y’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5.  Audit Committee of Listed Registrants.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 6.  Investments.

(a) The complete schedule of investments for each series is disclosed in the Registrant’s financial statements, which is included in Item 7 of this Form N-CSR.

(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Neuberger Berman
Income Funds 

Investor Class Shares	Class C Shares
Trust Class Shares	Class R3 Shares
Institutional Class Shares	Class R6 Shares
Class A Shares	Class E Shares

Core Bond Fund

Emerging Markets Debt Fund

Floating Rate Income Fund

High Income Bond Fund

Municipal High Income Fund

Municipal Impact Fund

Municipal Intermediate Bond Fund

Strategic Income Fund

 

Annual Financial Statements and Other Information

October 31, 2024

 

 

Contents

 

LEGEND (Form N-CSR Item 7)	3
SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)	6
Core Bond Fund	6
Positions by Country	18
Emerging Markets Debt Fund	21
Positions by Industry	38
Floating Rate Income Fund	49
Positions by Country	65
High Income Bond Fund	68
Positions by Country	88
Municipal High Income Fund	90
Municipal Impact Fund	99
Municipal Intermediate Bond Fund	106
Strategic Income Fund	116
Positions by Country	164
FINANCIAL STATEMENTS (Form N-CSR Item 7)	176
Remuneration paid to trustees, officers, and others (Form N-CSR Item 10)	180
Core Bond Fund	180
Emerging Markets Debt Fund	180
Floating Rate Income Fund	180
High Income Bond Fund	180
Municipal High Income Fund	181
Municipal Impact Fund	181
Municipal Intermediate Bond Fund	181
Strategic Income Fund	181
NOTES TO FINANCIAL STATEMENTS (Form N-CSR Item 7)	187
FINANCIAL HIGHLIGHTS (ALL CLASSES) (Form N-CSR Item 7)	212
Core Bond Fund	212
Emerging Markets Debt Fund	214
Floating Rate Income Fund	214
High Income Bond Fund	216
Municipal High Income Fund	218

 

Contents

Municipal Impact Fund	218
Municipal Intermediate Bond Fund	220
Strategic Income Fund	222
Report of Independent Registered Public Accounting Firm (Form N-CSR Item 7)	226
Directory (Form N-CSR Item 7)	228
Changes in and disagreements with accountants for Funds (Form N-CSR Item 8)	N/A
Report of Votes of Shareholders (Form N-CSR Item 9)	N/A
Board Consideration of the Management Agreements (Form N-CSR Item 11)	229
Notice to Shareholders	236

The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ©2024 Neuberger Berman BD LLC, distributor. All rights reserved.

Legend October 31, 2024 (Unaudited)

Neuberger Berman Income Funds 

Clearinghouses:
CME	= CME Group, Inc.
ICE CC	= ICE Clear Credit LLC
LCH	= LCH Clearnet Limited
Counterparties:
BCB	= Barclays Bank PLC
BNP	= BNP Paribas SA
CITI	= Citibank, N.A.
DB	= Deutsche Bank AG
GSI	= Goldman Sachs International
HSBC	= HSBC Bank plc
JPM	= JPMorgan Chase Bank N.A.
MS	= Morgan Stanley Capital Services LLC
SCB	= Standard Chartered Bank
SSB	= State Street Bank and Trust Company
Index Periods/Payment Frequencies:
1D	= 1 Day
7D	= 7 Days
28D	= 28 Days
3M	= 3 Months
6M	= 6 Months
1Y	= 1 Year
T	= Termination
Non-Deliverable Forward Contracts:
BRL	= Brazilian Real
CLP	= Chilean Peso
CNY(a)	= Chinese Yuan Renminbi
COP	= Colombian Peso
EGP	= Egyptian Pound
IDR	= Indonesian Rupiah
INR	= Indian Rupee
KRW	= South Korean Won
MYR	= Malaysian Ringgit
NGN	= Nigerian Naira
PEN	= Peruvian Nuevo Sol
PHP	= Philippine Peso
TWD	= Taiwan Dollar
Other Abbreviations:
CJSC	= Closed Joint Stock Company
JSC	= Joint Stock Company
Management or NBIA	= Neuberger Berman Investment Advisers LLC
PJSC	= Public Joint Stock Company
Reference Rate Benchmarks:
BBR-BBSW	= Australian Bank Bill Swap Rate
BUBOR	= Budapest Interbank Offered Rate
CETIP	= Overnight Brazil Interbank Deposit Rate

3

Legend October 31, 2024 (Unaudited)  (cont’d)

Reference Rate Benchmarks (cont’d):
CLICP	= Sinacofi Chile Interbank Rate Average
CNRR007	= China Fixing Rate Repo Rates 7 Day
CPTFEMU	= Eurostat Eurozone Harmonised Indices of Consumer Prices Ex Tobacco Unrevised Series NSA
EURIBOR	= Euro Interbank Offered Rate
EUROSTR	= Euro Short Term Rate
IBRCOL	= Colombia Overnight Interbank Reference Rate
LIBOR	= London Interbank Offered Rate
PRIBOR	= Prague Interbank Offered Rate
SOFR	= Secured Overnight Financing Rate
SONIA	= Sterling Overnight Index Average
TIIE	= Mexican Interbank Equilibrium Interest Rate
WIBOR	= Poland Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	= Australian Dollar
BRL	= Brazilian Real
CLP	= Chilean Peso
CNH(a)	= Chinese Yuan Renminbi
CNY(a)	= Chinese Yuan Renminbi
COP	= Colombian Peso
CRC	= Costa Rica Colon
CZK	= Czech Koruna
DKK	= Denmark Krone
DOP	= Dominican Peso
EGP	= Egyptian Pound
EUR	= Euro
GBP	= Pound Sterling
GHS	= Ghanaian Cedi
HUF	= Hungarian Forint
IDR	= Indonesian Rupiah
INR	= Indian Rupee
JPY	= Japanese Yen
KRW	= South Korean Won
MXN	= Mexican Peso
MYR	= Malaysia Ringgit
NGN	= Nigeria Naira
PEN	= Peruvian Nuevo Sol
PHP	= Philippine Peso
PKR	= Pakistan Rupee
PLN	= Polish Zloty
RON	= Romanian New Leu
RSD	= Serbia Dinar
SGD	= Singapore Dollar
THB	= Thai Baht
TRY	= Turkish Lira
TWD	= Taiwan Dollar
UGX	= Ugandan Shilling
USD	= United States Dollar

4

Legend October 31, 2024 (Unaudited)  (cont’d)

Currency Abbreviations (cont’d):
UYU	= Uruguayan Peso
ZAR	= South African Rand
ZMW	= Zambian Kwacha

(a)

There is one official currency held in China, the Chinese Yuan Renminbi. CNY is traded onshore, in mainland China and CNH is traded offshore, mainly in the Hong Kong market, each at a different exchange rate.

5

Schedule of Investments Core Bond Fund^ October 31, 2024

 

Principal Amount			Value
U.S. Treasury Obligations 26.0%
		U.S. Treasury Bonds
$	3,255,000	2.00%, due 11/15/2041	$2,265,531
	4,360,000	3.13%, due 2/15/2042	3,625,612
	8,460,000	4.63%, due 5/15/2044 - 5/15/2054	8,561,348
	10,590,000	2.50%, due 2/15/2045	7,625,214
	9,100,000	2.88%, due 8/15/2045	6,979,273
	3,660,000	2.25%, due 8/15/2046	2,465,210
	9,455,000	2.75%, due 11/15/2047	6,940,930
	3,405,000	4.13%, due 8/15/2053	3,199,636
	22,730,000	4.25%, due 8/15/2054	21,874,073
		U.S. Treasury Notes
	32,380,000	4.38%, due 12/15/2026 - 11/30/2030	32,600,085
	16,700,000	4.00%, due 1/15/2027	16,648,465
	24,735,000	4.13%, due 10/31/2027 - 7/31/2028	24,727,880
	2,975,000	4.88%, due 10/31/2028	3,051,932
	9,435,000	3.75%, due 12/31/2028 - 8/31/2031	9,245,870
	20,100,000	4.63%, due 4/30/2029	20,480,801
	8,050,000	1.38%, due 11/15/2031	6,658,231
	6,630,000	3.50%, due 2/15/2033	6,280,371
	6,565,000	3.38%, due 5/15/2033	6,149,559
	51,890,000	3.88%, due 8/15/2033 - 8/15/2034	50,244,703
Total U.S. Treasury Obligations (Cost $240,628,003)			239,624,724
U.S. Government Agency Securities 0.4%
	1,985,000	Federal National Mortgage Association Principal Strips, 0.00%, due 7/15/2037	1,075,692 (a)
		Tennessee Valley Authority
	1,010,000	5.25%, due 9/15/2039	1,054,100
	1,655,000	4.38%, due 8/1/2034	1,628,419
Total U.S. Government Agency Securities (Cost $4,194,024)			3,758,211
Mortgage-Backed Securities 37.1%
Collateralized Mortgage Obligations 4.7%
		Angel Oak Mortgage Trust
	78,827	Series 2019-6, Class A1, 2.62%, due 11/25/2059	77,085 (b)(c)
	757,508	Series 2021-3, Class A1, 1.07%, due 5/25/2066	643,936 (b)(c)
	109,579	Series 2022-5, Class A1, 4.50%, due 5/25/2067	106,634 (b)
		Chase Home Lending Mortgage Trust
	826,850	Series 2024-2, Class A6A, 6.00%, due 2/25/2055	826,127 (b)(c)
	1,562,780	Series 2024-4, Class A6, 6.00%, due 3/25/2055	1,561,942 (b)(c)
	2,131,253	EFMT, Series 2024-INV2, Class A1, 5.04%, due 10/25/2069	2,105,851 (b)(c)
	336,091	Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, due 1/25/2067	289,976 (b)(c)
	559,748	Federal Home Loan Mortgage Corp. Interest Strip, Series 312, Class S1, (5.84% - 30 day USD SOFR Average), 0.83%, due 9/15/2043	56,443 (d)(e)
		Federal Home Loan Mortgage Corp. REMIC
	1,220,103	Series 4018, Class HS, (6.34% - 30 day USD SOFR Average), 1.33%, due 3/15/2042	167,011 (d)(e)
	793,050	Series 4159, Class KS, (6.04% - 30 day USD SOFR Average), 1.03%, due 1/15/2043	82,339 (d)(e)
	3,547,346	Series 5013, Class ID, 3.00%, due 9/25/2050	476,919 (e)
		Federal Home Loan Mortgage Corp. STACR REMIC Trust
	1,100,000	Series 2021-DNA7, Class M2, (30 day USD SOFR Average + 1.80%), 6.66%, due 11/25/2041	1,108,943 (b)(d)
	550,000	Series 2022-DNA1, Class M2, (30 day USD SOFR Average + 2.50%), 7.36%, due 1/25/2042	559,972 (b)(d)

See Notes to Financial Statements

6

Schedule of Investments Core Bond Fund^   (cont’d)

Principal Amount			Value
Collateralized Mortgage Obligations – cont’d
$	1,478,000	Series 2022-DNA2, Class M1B, (30 day USD SOFR Average + 2.40%), 7.26%, due 2/25/2042	$1,511,373 (b)(d)
	1,448,000	Series 2022-HQA1, Class M1B, (30 day USD SOFR Average + 3.50%), 8.36%, due 3/25/2042	1,508,642 (b)(d)
	1,325,000	Series 2022-DNA3, Class M1B, (30 day USD SOFR Average + 2.90%), 7.76%, due 4/25/2042	1,370,675 (b)(d)
	31,000	Series 2022-DNA4, Class M1B, (30 day USD SOFR Average + 3.35%), 8.21%, due 5/25/2042	32,279 (b)(d)
	2,645,000	Series 2024-DNA2, Class M2, (30 day USD SOFR Average + 1.70%), 6.56%, due 5/25/2044	2,653,172 (b)(d)
		Federal National Mortgage Association Connecticut Avenue Securities
	1,575,000	Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.76%, due 12/25/2041	1,594,608 (b)(d)
	710,000	Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.96%, due 3/25/2042	737,427 (b)(d)
	1,540,000	Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 8.36%, due 3/25/2042	1,615,749 (b)(d)
	612,000	Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 9.51%, due 6/25/2042	660,195 (b)(d)
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