Core Bond Fund

TICKER SYMBOLS

*  Includes the impact of the Fund's open positions in derivatives, if any.

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, including current to the most recent month-end, please visit www.nb.com/performance.

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

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

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

For the period ended April 30, 2020, the 30-day SEC yields were 2.67%, 3.06%, 2.67%, 1.94% and 3.16% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.47%, 2.99%, 2.62%, 1.89% and 3.09% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year or period ended 2019 were 1.06%, 0.49%, 0.87%, 1.62% and 0.43% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any, and after restatement). The expense ratios for fiscal year or period ended 2019 were 0.79%, 0.39%, 0.79%, 1.54% and 0.29% for Investor Class, Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers and/or restatement. The expense ratios for the semi-annual period ended April 30, 2020, can be found in the Financial Highlights section of this report.

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

Emerging Markets Debt Fund Commentary

Neuberger Berman Emerging Markets Debt Fund Institutional Class generated a -10.70% total return for the six month period ended April 30, 2020 (the reporting period) and underperformed its benchmark, a blend consisting of 50% J.P. Morgan Government Bond Index—Emerging Markets Global Diversified, 25% J.P. Morgan Emerging Markets Bond Index—Global Diversified, and 25% J.P. Morgan Corporate Emerging Markets Bond Index—Diversified (the Index), which delivered a -8.64% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

In the trailing six months, emerging markets (EM) debt experienced negative shocks from the outbreak of COVID-19, a collapse in oil prices and subsequent liquidity shock. The hard currency sovereign debt index (J.P. Morgan Emerging Markets Bond Index-Global Diversified) delivered a -10.08% total return, the corporate debt index (J.P. Morgan Corporate Emerging Markets Bond Index-Diversified) returned -4.70%, and the local currency index (J.P. Morgan Government Bond Index-Emerging Markets Global Diversified) returned -9.91%.

EM debt ended 2019 on a strong note. The announcement of a "Phase 1" deal between the U.S. and China, shortly before a scheduled increase in tariffs on Chinese imports in mid-December, supported a sharp rally in EM bonds and currencies. The U.S. Federal Reserve Board (Fed) cut its policy rate for the third time in a row in October and signaled a prolonged pause going into 2020. Monetary policy remained accommodative in most EM countries with a host of EM central banks cutting rates during the fourth quarter. However, this momentum ended in early 2020. EM hard currency bonds witnessed the sharpest sell-off since the 2008 Global Financial Crisis. EM sovereign bond spreads started to widen from mid-February on concerns about the spreading of the COVID-19 virus outside China. They then soared at an unprecedented pace in March as the worries about the virus outbreak were compounded by the collapse in oil prices and by the stresses in fixed income market liquidity. Risk assets saw some stabilization in the last week of March, supported by multiple massive stimulus packages by the Fed, which slashed its key rate to zero, announced an open-ended quantitative easing program and extended U.S. dollar (USD) swap lines with a number of EM central banks aimed at easing USD funding pressures abroad. Large fiscal stimulus packages were unveiled in many countries as well, while the International Monetary Fund (IMF) and World Bank announced a number of emergency financing instruments aimed at supporting developing countries in the height of this crisis.

Most of the Fund's underperformance was due to the bottom-up positioning across the underlying hard currency, local currency and corporate allocations in the portfolio. The underweight allocation to corporates relative to the Index also detracted from performance as it was more defensive in March compared to hard and local currency. We started the period with an overweight in hard currency versus local currency. We shifted the position to move overweight local currency going into 2020. We funded these allocations with an underweight to corporates throughout the period. In February and March we reduced the EM foreign currency (FX) position within the local currency sleeve, and we also brought down the spread duration in the hard currency sleeve to account for the extreme turn in markets. At the same time, the local sleeve increased local duration positioning given the deflationary aspects of the downturn.

From a bottom-up perspective within hard currency, country allocation detracted from performance due to the underweights to Saudi Arabia and the Philippines. The overweight exposure to frontier countries, including Sri Lanka and Ukraine, was also negative. In contrast, the contributors to performance were the underweight allocations to Lebanon and Ecuador, which both moved to restructure their sovereign debt in the period. In the corporate space, the overweight exposure to Brazil and underweight to lower beta¹ Asian countries detracted from performance. The overweight to China was positive. Security selection in a Mexican airline and industrials detracted from performance. Positions in Chile were additive. By sector, security selection in the oil & gas industry was a drag on performance. The local currency part of the portfolio also underperformed the Index: local rates were positive but overwhelmed by negative FX positioning. In local rates, our underweight duration in Turkey and overweights in Russia, Egypt and Argentina were the main positive contributors to performance. In FX, our positions in the South African rand, Mexican peso, Russian ruble, and Brazilian real detracted from performance. Our underweight in Asian currencies contributed marginally.

The Fund's aggregate use of futures, forward foreign currency and swap contracts detracted from performance during the reporting period.

Over the trailing six months, there were a number of changes across the portfolio. Within hard currency we trimmed exposure to Indonesia and Russia and rotated into Gulf Cooperation Council countries as we believe valuations have become more attractive on a relative basis after the oil price collapse. We reduced exposure to South Africa which was downgraded to below investment grade and faces significant fiscal challenges ahead. Finally, we trimmed exposure to Mexico with the administration lagging in its response to the COVID-19 pandemic and consequent economic challenges. We continue to favor frontier countries that have bi/multi-lateral support and access to IMF programs and maintain exposure to Ivory Coast, Mongolia, Sri Lanka and Ukraine. We see opportunities to benefit from recovery values following restructuring announcements in Ecuador and Lebanon.

In corporate positioning, we participated in the new issuance market, which saw record levels until markets seized up in March. We were particularly active in the Asian markets and also took advantage of opportunities in Russia, which does not issue frequently. Overall, we added exposure in financials across regions. We also added to the infrastructure sector in China and the UAE. We cut exposure to utilities in Chile, India and Mexico. We also reduced exposure to the Chinese property sector and the gaming sector in Macau as the concerns around the pandemic surfaced in the country.

On the local currency side, we entered the period with a risk-on profile as global growth showed signs of improvement. However, the current portfolio reflects a cautious outlook in the near term given the sharp deterioration in the growth outlook on the back of COVID-19, which put pressure on FX and pulled core yields even lower. We have maintained an overweight duration profile, focusing on what we perceive as attractive bottom-up opportunities in local rates, with Mexico, Russia and Indonesia standing out as higher yielding, high conviction overweights. We also moved to an overweight in Asian rates as we believe these countries have room to further ease monetary conditions. The environment for EM FX has become challenged as fundamentals are deteriorating and most central banks have a dovish bias to combat the slowdown in economic activity. The overall FX exposure is neutral with a series of relative value positions to balance the portfolio.

The COVID-19 outbreak will likely result in a very significant drop in Q1 and Q2 global GDP growth due to the substantial demand and supply side disruptions globally. However, we anticipate there will be a recovery later in the year assuming that the virus will be contained in the coming months, supported by aggressive monetary and fiscal policy stimulus efforts globally. We also believe different emergency policy instruments from multilateral lenders like the IMF will likely support a number of the more challenged EM countries as well during this period. As for EM corporates, we anticipate default rates for the high yield rated part of the market to pick up towards a range of 4% – 5% in 2020. Valuations for EM hard currency bonds have become attractive in our opinion following the recent spike in spreads, especially in the high yield space. Local bond yields widened less dramatically but dislocations occurred in higher yielding markets. We believe currencies are now very cheap on the real effective exchange rate.

Sincerely,

ROB DRIJKONINGEN, GORKY URQUIETA, BART VAN DER MADE, RAOUL LUTTIK,
JENNIFER GORGOLL, VERA KARTSEVA AND NISH POPAT
PORTFOLIO CO-MANAGERS

¹  Beta is a measure of the systematic risk of a portfolio. It is the covariance of the portfolio and a market index divided by the variance of the market index. Beta measures the historical sensitivity of a portfolio's returns to movements in the market index. The beta of the market index will always be one. A portfolio with a beta above the market index (i.e. >1) means that the portfolio has greater volatility than the market index. If the beta of the portfolio is 1.2, a market increase in return of 1% implies a 1.2% increase in the portfolio's return. If the beta of the portfolio is 0.8, a market decrease in return of 1% implies a 0.8% decrease in the portfolio's return.

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

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

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

*  Blended benchmark is composed of 50% J.P. Morgan Government Bond Index (GBI)—Emerging Markets 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, and is rebalanced monthly.

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, including current to the most recent month-end, please visit www.nb.com/performance.

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

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

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

For the period ended April 30, 2020, the 30-day SEC yields were 6.38%, 6.00% and 5.27% for Institutional Class, Class A and Class C shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 6.05%, 5.65% and 4.93% for Institutional Class, Class A and Class C shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2019 were 1.01%, 1.39% and 2.14% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.79%, 1.17% and 1.91% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended April 30, 2020, can be found in the Financial Highlights section of this report.

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

Floating Rate Income Fund Commentary

Neuberger Berman Floating Rate Income Fund Institutional Class generated a -6.83% total return for the six months ended April 30, 2020 (the reporting period), and outperformed its benchmark, the S&P/LSTA Leveraged Loan Index (the Index), which provided a -7.14% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The senior floating rate bank loan market, as measured by the Index, posted weak returns during the reporting period. Much of this decline occurred in February and March 2020. Over this time, the high yield market experienced significant volatility due to the worldwide spread of COVID-19 and its impact on global economic activity—from business closures, travel restrictions and shelter-in-place orders—as well as an oil price war made worse by demand destruction. The loan market recouped a portion of its losses toward the end of the period as the U.S. Federal Reserve Board took aggressive actions to support the economy and the functioning of the financial markets.

The Fund tactically adjusted its position in non-floating rate securities during the period. We have the flexibility to allocate up to 20% of the portfolio to these securities, usually fixed-rate senior bonds. Relative value between floating rate loans and fixed-rate bonds fluctuated during the period given the increase in volatility. Against this backdrop, the Fund's non-floating rate allocation ended the reporting period at approximately 8.4% of net assets.

In terms of the Fund's credit quality, the combination of security selection and an underweight to CCC rated issues versus the Index added the most to relative performance. Conversely, both security selection and an underweight to BB rated issues were the primary detractors from results.

From a sector perspective, security selection within business equipment & services, electronics and retailers added the most to relative performance during the period. In contrast, security selection within financial intermediaries, broadcast, radio & TV and an overweight to oil & gas were the largest detractors from returns.

Yields and valuations in the loan market are likely compensating investors for an above-average rise in default rates, with the secularly-challenged, higher COVID-19 risk and cyclically-exposed issuers most affected. While our team continues to be vigilant to the developments of both COVID-19 and the economic impact from it, we are finding select relative value opportunities. That said, our primary goal in the near term remains one of avoiding default risk. While uncertainty around the reopening of the economy and the severity of the hit to GDP will likely result in pockets of short-term volatility, we believe the Fund is well positioned given our deep, fundamental research focus. We will continue to look to tactically take advantage of the increased volatility to invest in securities with what we believe to be more stable fundamentals and compelling valuations.

Sincerely,

JOSEPH P. LYNCH AND STEPHEN J. CASEY
PORTFOLIO MANAGERS

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

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

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

The loan ratings noted above represent segments of the S&P/LSTA Leveraged Loan Index, which are determined based on the ratings issued by S&P Global.