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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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072 F000900 0
072 G000900 44
072 H000900 0
072 I000900 11
072 J000900 5
072 K000900 0
072 L000900 21
072 M000900 4
072 N000900 16
072 O000900 1
072 P000900 0
072 Q000900 0
072 R000900 4
072 S000900 5
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 85
072 X000900 196
072 Y000900 89
072 Z000900 690
072AA000900 79
072BB000900 0
072CC010900 0
072CC020900 132
072DD010900 690
072DD020900 0
072EE000900 0
073 A010900 0.2320
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 0
<PAGE> PAGE 22
074 G000900 0
074 H000900 0
074 I000900 33234
074 J000900 0
074 K000900 11
074 L000900 5
074 M000900 0
074 N000900 33250
074 O000900 0
074 P000900 8
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 76
074 S000900 0
074 T000900 33166
074 U010900 3012
074 U020900 0
074 V010900 11.01
074 V020900 0.00
074 W000900 0.0000
074 X000900 956
074 Y000900 0
075 A000900 33063
075 B000900 0
076 000900 0.00
028 A011100 0
028 A021100 0
028 A031100 0
028 A041100 0
028 B011100 0
028 B021100 0
028 B031100 0
028 B041100 0
028 C011100 0
028 C021100 0
028 C031100 0
028 C041100 0
028 D011100 0
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 7750
028 E021100 5
028 E031100 0
028 E041100 23
028 F011100 4461
028 F021100 23
028 F031100 0
028 F041100 60
<PAGE> PAGE 23
028 G011100 12211
028 G021100 28
028 G031100 0
028 G041100 83
028 H001100 0
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 2
072 B001100 91
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 0
<PAGE> PAGE 24
072 G001100 3
072 H001100 0
072 I001100 0
072 J001100 2
072 K001100 0
072 L001100 5
072 M001100 2
072 N001100 0
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 2
072 S001100 2
072 T001100 0
072 U001100 2
072 V001100 0
072 W001100 21
072 X001100 39
072 Y001100 28
072 Z001100 80
072AA001100 9
072BB001100 0
072CC011100 25
072CC021100 0
072DD011100 80
072DD021100 0
072EE001100 0
073 A011100 0.1099
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 12043
074 J001100 0
074 K001100 13
074 L001100 167
074 M001100 68
074 N001100 12291
074 O001100 0
074 P001100 2
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
<PAGE> PAGE 25
074 R041100 99
074 S001100 0
074 T001100 12190
074 U011100 1208
074 U021100 0
074 V011100 10.09
074 V021100 0.00
074 W001100 0.0000
074 X001100 450
074 Y001100 0
075 A001100 7017
075 B001100 0
076 001100 0.00
SIGNATURE RICK RUSSELL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Government Money Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 01
<NAME> NEUBERGER&BERMAN GOVERNMENT MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 426,979
<RECEIVABLES> 171
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 427,150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 552
<TOTAL-LIABILITIES> 552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 426,596
<SHARES-COMMON-STOCK> 426,596
<SHARES-COMMON-PRIOR> 308,166
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 426,598
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,692
<OTHER-INCOME> 0
<EXPENSES-NET> (1,035)
<NET-INVESTMENT-INCOME> 7,657
<REALIZED-GAINS-CURRENT> 11
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,657)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 448,541
<NUMBER-OF-SHARES-REDEEMED> (337,691)
<SHARES-REINVESTED> 7,580
<NET-CHANGE-IN-ASSETS> 118,441
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,035
<AVERAGE-NET-ASSETS> 333,492
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .63<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Municipal Securities Trust Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 09
<NAME> NEUBERGER&BERMAN MUNICIPAL SECURITIES TRUST
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 33,234
<RECEIVABLES> 16
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 84
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,004
<SHARES-COMMON-STOCK> 3,012
<SHARES-COMMON-PRIOR> 2,869
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (594)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 756
<NET-ASSETS> 33,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 797
<OTHER-INCOME> 0
<EXPENSES-NET> (107)
<NET-INVESTMENT-INCOME> 690
<REALIZED-GAINS-CURRENT> 79
<APPREC-INCREASE-CURRENT> (132)
<NET-CHANGE-FROM-OPS> 637
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (690)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 669
<NUMBER-OF-SHARES-REDEEMED> (565)
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 1,539
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (673)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 33,063
<PER-SHARE-NAV-BEGIN> 11.02
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> .66<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Municipal Money Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 08
<NAME> NEUBERGER&BERMAN MUNICIPAL MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 168,372
<RECEIVABLES> 63
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,435
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,365
<SHARES-COMMON-STOCK> 168,438
<SHARES-COMMON-PRIOR> 156,420
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (58)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 168,307
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,187
<OTHER-INCOME> 0
<EXPENSES-NET> (632)
<NET-INVESTMENT-INCOME> 2,555
<REALIZED-GAINS-CURRENT> (32)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,523
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,555)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,396
<NUMBER-OF-SHARES-REDEEMED> (130,891)
<SHARES-REINVESTED> 2,513
<NET-CHANGE-IN-ASSETS> 11,986
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 632
<AVERAGE-NET-ASSETS> 178,060
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .72<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Limited Maturity Bond Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 06
<NAME> NEUBERGER&BERMAN LIMITED MATURITY BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 294,430
<RECEIVABLES> 280
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294,710
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,447
<TOTAL-LIABILITIES> 1,447
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 307,601
<SHARES-COMMON-STOCK> 29,362
<SHARES-COMMON-PRIOR> 25,461
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,969)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 631
<NET-ASSETS> 293,263
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,184
<OTHER-INCOME> 0
<EXPENSES-NET> (938)
<NET-INVESTMENT-INCOME> 8,246
<REALIZED-GAINS-CURRENT> (497)
<APPREC-INCREASE-CURRENT> (715)
<NET-CHANGE-FROM-OPS> 7,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,246)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,746
<NUMBER-OF-SHARES-REDEEMED> (6,551)
<SHARES-REINVESTED> 706
<NET-CHANGE-IN-ASSETS> 37,857
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,277)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,077
<AVERAGE-NET-ASSETS> 269,399
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.31)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> .70<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Ultra Short Bond Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 05
<NAME> NEUBERGER&BERMAN ULTRA SHORT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,229
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,005
<OTHER-INCOME> 0
<EXPENSES-NET> (104)
<NET-INVESTMENT-INCOME> 901
<REALIZED-GAINS-CURRENT> 131
<APPREC-INCREASE-CURRENT> (119)
<NET-CHANGE-FROM-OPS> 913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (901)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 497
<NUMBER-OF-SHARES-REDEEMED> (5,805)
<SHARES-REINVESTED> 79
<NET-CHANGE-IN-ASSETS> (49,789)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,327)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 180
<AVERAGE-NET-ASSETS> 48,531
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (9.52)
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .66<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Cash Reserves Semi Annual Report and is qualified in
its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 04
<NAME> NEUBERGER&BERMAN CASH RESERVES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 751,392
<RECEIVABLES> 2,208
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 753,600
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,713
<TOTAL-LIABILITIES> 2,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 750,908
<SHARES-COMMON-STOCK> 750,908
<SHARES-COMMON-PRIOR> 664,081
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 750,887
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,059
<OTHER-INCOME> 0
<EXPENSES-NET> (2,234)
<NET-INVESTMENT-INCOME> 17,825
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,822
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,825)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 649,273
<NUMBER-OF-SHARES-REDEEMED> (580,046)
<SHARES-REINVESTED> 17,600
<NET-CHANGE-IN-ASSETS> 86,824
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,234
<AVERAGE-NET-ASSETS> 721,978
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .63<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman High Yield Bond Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000723620
<NAME> NEUBERGER&BERMAN INCOME FUNDS
<SERIES>
<NUMBER> 11
<NAME> NEUBERGER&BERMAN HIGH YIELD BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 12,043
<RECEIVABLES> 180
<ASSETS-OTHER> 68
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,291
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101
<TOTAL-LIABILITIES> 101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,156
<SHARES-COMMON-STOCK> 1,208
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25
<NET-ASSETS> 12,190
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 91
<OTHER-INCOME> 0
<EXPENSES-NET> (11)
<NET-INVESTMENT-INCOME> 80
<REALIZED-GAINS-CURRENT> 9
<APPREC-INCREASE-CURRENT> 25
<NET-CHANGE-FROM-OPS> 114
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (80)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,213
<NUMBER-OF-SHARES-REDEEMED> (8)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 12,190
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39
<AVERAGE-NET-ASSETS> 7,017
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
Exhibit 77 Q1 to Neuberger & Berman
Income Funds N-SAR 6/26/98
File Number: 811-3802
CIK Number: 0000723620
The following amendments have
been made to the By-Laws of
Neuberger & Berman Income Funds:
Sections 1 to 3 of Article X relating
to procedures designed to address
potential conflicts of interest
between Income Managers
Trust and Neuberger &
Berman Income Funds have been
deleted and Section 4
of Article X has been renumbered
as Section 1.
1
1
DC-244706.01
