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Municipal Intermediate Bond Fund

Seeks to preserve capital and provide competitive after-tax rates of return while investing in high-quality municipal fixed-income investments

  • Conservatively positioned with a high-quality bias
  • Fundamental credit analysis drives the investment process
  • Lead portfolio managers average over 20 years of experience, backed by 16 professionals with extensive experience in the municipal market

 

Portfolio Managers: James Iselin (left) and S. Blake Miller (right)

Daily Pricing

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Average Annual Total Returns

  • Daily (as of )
  • Monthly (as of )
  • Quarterly (as of )

Performance data quoted represent past performance, which is no guarantee of future results. 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 costs. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gain distributions. Current performance may be lower or higher than the performance data quoted.

Annualized Total Returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares of equity funds and alternative funds (except alternatives funds that invest primarily in fixed income instruments), and 4.25% for Class A shares of fixed income funds and alternative funds that primarily invest in fixed income instruments, and 2.50% for Class A shares of short-term fixed income funds and applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. Please see each fund’s prospectus for the applicable sales charge. For funds with less than one year of performance, returns shown are cumulative rather than annualized.

$10,000 Hypothetical Investment

Calendar Year Returns

Without Sales Charge

Performance figures would be reduced if sales charges were applied.

  • 3-Year Risk Return Profile
  • 3-Year Upside / Downside Capture

3-Year Risk Return Profile

As of

Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk.

3-Year Upside / Downside Capture

As of

Up Capture Ratio is a measure of the manager’s performance in up markets relative to the market itself. A value of 110 suggests the manager performs ten percent better than the market when the market is up. The Upside Capture Ratio is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods.

Down Capture Ratio is a measure of the manager’s performance in down markets relative to the market itself. A value of 90 suggests the manager’s loss is only nine tenths of the market’s loss. The Downside Capture Ratio is calculated by dividing the return of the manager during the down periods by the return of the market during the same periods.

Top Ten Holdings

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Top Ten Industries

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

Portfolio Characteristics

As of

Share Class
Symbol
CUSIP
Share Class Inception Date
Gross Expense Ratio
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Net Expense Ratio
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Sector Allocation1

Morningstar Ratings

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Overall
3 Year
5 Year
10 Year

Fund Materials

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Management Team

An investor should consider the Fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus and summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus and summary prospectus carefully before making an investment. The prospectus contains a more complete discussion of the risk of investing in the Fund. Investments could result in loss of principal.

For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are ©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Shares in the Fund may fluctuate, sometimes significantly, based on interest rates, market conditions, credit quality and other factors. In a rising interest rate environment, the value of an income fund is likely to fall. The market’s behavior is unpredictable and there can be no guarantee that the Fund will achieve its goal. Generally, bond values will decline as interest rates rise. 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. The Fund’s yield and share price will fluctuate in response to changes in interest rates.  The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Bonds are subject to the credit risk of the issuer.  To the extent the Fund invests more heavily in particular bond market sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax. Generally, bond values will decline as interest rates rise. The market’s behavior is unpredictable and there can be no guarantee that the Fund will achieve its goal. The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties related to taxation or the rights of municipal security holders. Changes in the financial health of a municipality may make it difficult for it to pay interest and principal when due and may impact liquidity. In addition, changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers can affect the overall municipal securities market. Municipal securities backed by current or anticipated revenues from a specific project or specific asset (so-called “private activity bonds”) may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could affect the economic viability of facilities that are the sole source of revenue to support private activity bonds. To the extent that the Fund earns interest income on private activity bonds, a part of the dividends may be an item of tax preference for purposes of the federal alternative minimum tax. Please see the Fund’s prospectus for additional important information about taxation of municipal securities.

Unless otherwise stated, information (including holdings and portfolio characteristics) is as of the quarter end indicated in the document title and is subject to change without notice. 

The Fund’s Investment Manager (the “Manager”) currently caps certain Class A, Class C, Investor Class and Institutional Class expenses. Absent such arrangement, which is subject to change, the total returns would have been less. 

The Bloomberg Barclays 7-Year General Obligation Index is an unmanaged total return performance benchmark for the intermediate-term, 7-year investment grade General Obligations (State and Local) tax-exempt bond market. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by the Manager and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in many securities not included in the above-described index. 

Net expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Manager contractually caps certain expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, net expense ratio may exceed the contractual cap) through 10/31/2021 for Institutional Class at 0.43%, Investor Class at 0.58%, Class A at 0.80%, Class C at 1.55% (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated February 28, 2018, as amended. 

The views expressed in this material do not constitute investment advice or recommendations by portfolio management or the Manager. 

Standard Deviation (average 3-year shown) is a statistical measure of portfolio risk that describes the average deviation of portfolio returns from the mean portfolio return over a certain period of time to show how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation, and the higher the portfolio risk. Sharpe Ratio (average 3-year shown) is a measure of risk-adjusted returns that can be used to compare the performance of managers. The ratio represents the return gained per unit of risk taken. Managers with the same excess return for a period but different levels of risk will have Sharpe ratios that reflect the difference in the level of risk. Weighted Average Maturity is expected average life to worst or in other words the par-weighted average time (in years) to principal repayment for securitized assets or the time (in years) to probable call/put for non-securitized assets. Weighted Average Duration is expressed as a number of years from its purchase date. It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. It is an important measure for investors to consider, as bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.

A fund’s 30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC yields may have been lower. A negative 30-day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per share distribution may still be paid to shareholders. The unsubsidized 30-day SEC yields for Class A, Class C, Institutional Class and Investor Class are 1.52%, 0.78%, 1.89% and 1.69%, respectively. 

This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action.   Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services.  Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors.  Accordingly, “retail” retirement investors are not the intended recipient of this material as they are expected to engage the services of an advisor in evaluating this material for any investment decision.  If your understanding is different, we ask that you inform us immediately.

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