N-Q 1 wrapper.txt As filed with the Securities and Exchange Commission on January 28, 2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-00582 NEUBERGER BERMAN EQUITY FUNDS ----------------------------- (Exact Name of the Registrant as Specified in Charter) 605 Third Avenue, 2nd Floor New York, New York 10158-0180 (Address of Principal Executive Offices - Zip Code) Registrant's telephone number, including area code: (212) 476-8800 Peter E. Sundman, Chief Executive Officer Neuberger Berman Equity Funds 605 Third Avenue, 2nd Floor New York, New York 10158-0180 Arthur Delibert, Esq. Kirkpatrick & Lockhart LLP 1800 Massachusetts Avenue, N.W. Washington, D.C. 20036-1221 (Names and addresses of agents for service) Date of fiscal year end: August 31, 2005 Date of reporting period: November 30, 2004 Form N-Q is to be used by management investment companies to file reports with the Commission not later than 60 days after the close of their first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 ("1940 Act")(17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Century Fund ------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (99.2%) FOOD PRODUCTS (2.9%) 8,500 Archer-Daniels-Midland 180 ADVERTISING (1.7%) 2,900 Wm. Wrigley Jr. 200 4,200 Lamar Advertising 165* ---------- 700 Omnicom Group 57 380 ---------- 222 HARDWARE (3.7%) 6,900 Dell Inc. 279* AEROSPACE (2.7%) 2,300 IBM 217 2,400 Boeing Co. 129 ---------- 5,700 Rockwell Collins 227 496 ---------- 356 HEALTH CARE (3.5%) 1,500 Aetna Inc. 178 BIOTECHNOLOGY (5.2%) 3,200 Charles River Laboratories 2,300 Amgen Inc. 138* International 149* 1,800 Biogen Idec 106* 4,900 Teva Pharmaceutical Industries 5,000 Celgene Corp. 137* ADR 134 2,000 Genentech, Inc. 96* ---------- 1,800 Genzyme Corp. 101* 461 3,300 Gilead Sciences 114* ---------- HEALTH PRODUCTS & SERVICES (4.0%) 692 3,700 Medtronic, Inc. 178 1,700 UnitedHealth Group 141 BUSINESS SERVICES - IT BUSINESS 2,550 Zimmer Holdings 208* SERVICES (1.5%) --------- 2,400 Automatic Data Processing 109 527 2,300 First Data 95 ---------- INDUSTRIAL GASES (1.6%) 204 3,700 Air Products & Chemicals 212 CHEMICALS (1.3%) INSTRUMENTS (0.9%) 5,000 Ecolab Inc. 175 3,800 Thermo Electron 115* INSURANCE (2.1%) COMMUNICATIONS (1.2%) 4,500 American International Group 285 8,100 Motorola, Inc. 156 INTERNET (5.4%) COMMUNICATIONS EQUIPMENT (2.3%) 1,900 eBay Inc. 214* 16,025 Cisco Systems 300* 2,300 Symantec Corp. 147* 9,500 Yahoo! Inc. 357* COMPUTER RELATED (0.8%) ---------- 3,500 Network Appliance 105* 718 COMPUTERS & SYSTEMS (0.5%) LEISURE (2.1%) 5,400 EMC Corp. 72* 2,200 Marriott International 125 3,150 Royal Caribbean Cruises 157 CONSUMER STAPLES (1.9%) ---------- 4,700 Procter & Gamble 251 282 DIVERSIFIED (1.6%) MACHINERY & EQUIPMENT (2.6%) 10,100 Technology Select Sector SPDR 4,000 Danaher Corp. 227 Fund 212ss. 1,600 Deere & Co. 115 ---------- FINANCIAL SERVICES (3.3%) 342 2,800 American Express 156 1,300 Goldman Sachs 137 MANUFACTURING (5.3%) 2,150 Legg Mason 146 9,600 General Electric 339 ---------- 2,400 Illinois Tool Works 226 439 4,200 Tyco International 143 ---------- See Notes to Schedule of Investments 708
SCHEDULE OF INVESTMENTS Century Fund cont'd -------------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) TOTAL COMMON STOCKS (COST $11,566) 13,168 -------- OIL SERVICES (1.6%) 3,300 Schlumberger Ltd. 217 PRINCIPAL AMOUNT PHARMACEUTICAL (6.3%) 9,354 Johnson & Johnson 564 9,925 Pfizer Inc. 276 SHORT-TERM INVESTMENTS (1.7%) ---------- 840 $233,200 N&B Securities Lending Quality Fund, LLC 233++ PUBLISHING & BROADCASTING (1.1%) 1 Neuberger Berman Institutional 1,600 McGraw-Hill Cos. 141 Cash Fund Trust Class 0@ -------- RESTAURANTS (1.1%) TOTAL SHORT-TERM INVESTMENTS 3,200 Yum! Brands 145 (COST $233) 233# -------- RETAIL (12.1%) TOTAL INVESTMENTS (100.9%) 1,900 Fortune Brands 149 (COST $11,799) 13,401## 5,400 Home Depot 226 Liabilities, less cash, receivables 2,300 Lowe's Cos. 127 and other assets [(0.9%)] (124) 5,100 PETsMART, Inc. 175 TOTAL NET ASSETS (100.0%) $13,277 6,500 Staples, Inc. 207 -------- 3,300 Target Corp. 169 3,600 Wal-Mart Stores 188 6,400 Walgreen Co. 244 1,400 Whole Foods Market 127 ---------- 1,612 SEMICONDUCTORS (4.6%) 4,300 Altera Corp. 98* 3,400 Applied Materials 57* 10,000 Intel Corp. 223 800 KLA-Tencor 36* 1,000 Linear Technology 38 1,000 Maxim Integrated Products 41 4,800 Texas Instruments 116 ---------- 609 SOFTWARE (6.4%) 2,650 Mercury Interactive 121* 22,900 Microsoft Corp. 614 8,900 Oracle Corp. 112* ---------- 847 TECHNOLOGY (1.9%) 9,100 Corning Inc. 115 2,750 Zebra Technologies 138* ---------- 253 TELECOMMUNICATIONS (4.0%) 7,800 Nextel Partners 141* 5,000 QUALCOMM Inc. 208 6,500 Western Wireless 176* ---------- 525 TRANSPORTATION (2.0%) 3,200 United Parcel Service 269
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Fasciano Fund -------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (91.0%) 58,920 CUNO Inc. 3,861* ---------- AUTO/TRUCK REPLACEMENT PARTS (1.3%) 7,054 209,300 American Axle & Manufacturing ---------- Holdings 6,103 FINANCIAL SERVICES (6.1%) 40,200 FactSet Research Systems 2,077 BANKING & FINANCIAL (1.7%) 97,300 Financial Federal 3,742* 158,430 Boston Private Financial 72,300 Greater Bay Bancorp 2,100ss. Holdings 4,292ss. 310,900 HCC Insurance Holdings 10,303 61,800 Wintrust Financial 3,698ss. 118,600 ITLA Capital 6,479* ---------- 130,600 W.P. Stewart & Co. 2,984ss. 7,990 ---------- 27,685 BASIC MATERIALS (0.5%) 105,400 AMCOL International 2,129 HEALTH CARE (3.0%) 233,400 Apria Healthcare Group 7,158* BIOTECHNOLOGY (0.8%) 141,000 Charles River Laboratories 104,200 Techne Corp. 3,871* International 6,592* ---------- BUSINESS SERVICES (4.7%) 13,750 252,300 G & K Services 10,365 113,120 Ritchie Bros. Auctioneers 3,382 HEALTH PRODUCTS & SERVICES (8.8%) 169,590 Rollins, Inc. 4,163 710,800 Hooper Holmes 3,732ss. 134,300 Watson Wyatt & Co. 3,581 84,700 ICU Medical 2,113*ss. ---------- 392,100 K-V Pharmaceutical 7,371*ss. 21,491 140,100 Landauer, Inc. 6,498 311,000 Priority Healthcare 6,500*ss. COMMERCIAL SERVICES (3.8%) 248,700 STERIS Corp. 5,690* 169,300 Modine Manufacturing 5,443* 254,700 Young Innovations 8,135 383,000 OM Group 11,773* ---------- ---------- 40,039 17,216 HEAVY INDUSTRY (1.2%) CONSUMER PRODUCTS & SERVICES (8.4%) 143,800 Chicago Bridge & Iron 5,565 240,800 Blyth, Inc. 7,058 224,900 Central Parking 3,414ss. INSURANCE (4.7%) 215,400 Plantronics, Inc. 8,872 542,900 Assured Guaranty 10,000 215,500 Snap-on 6,812 191,000 Direct General 5,444 299,500 Spartech Corp. 8,371ss. 73,600 Hilb, Rogal and Hamilton 2,553ss. 124,331 Tootsie Roll Industries 3,861 86,100 RLI Corp. 3,586 ---------- ---------- 38,388 21,583 DISTRIBUTOR (4.9%) INTERNET (0.5%) 76,800 D & K Healthcare Resources 558 65,500 j2 Global Communications 2,283*ss. 318,700 MSC Industrial Direct 11,352 158,400 ScanSource, Inc. 10,248* MACHINERY & EQUIPMENT (5.9%) ---------- 124,500 Bucyrus International 4,918 22,158 229,200 IDEX Corp. 9,168 126,600 Lindsay Manufacturing 3,562ss. ELECTRICAL & ELECTRONICS (0.7%) 141,400 Regal-Beloit 3,989 80,900 Daktronics, Inc. 2,097* 211,100 Robbins & Myers 5,096 122,800 LoJack Corp. 1,292* ---------- ---------- 26,733 3,389 OIL & GAS (3.9%) 75,200 CARBO Ceramics 5,843 ENTERTAINMENT (2.3%) 112,600 FMC Technologies 3,699* 213,500 International Speedway 10,438 155,300 Offshore Logistics 5,886* 60,300 Universal Compression Holdings 2,249* FILTERS (1.5%) ---------- 60,800 CLARCOR Inc. 3,193
See Notes to Schedule of Investments SCHEDULE OF INVESTMENTS Fasciano Fund cont'd --------------------------------------------
NUMBER OF SHARES MARKET VALUE+ PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) ($000'SOMITTED) 17,677 TOTAL INVESTMENTS (109.2%) (COST $384,707) 498,617## PUBLISHING & BROADCASTING (11.8%) Liabilities, less cash, receivables 53,027 Courier Corp. 2,682 and other assets [(9.2%)] (41,876) 464,400 Emmis Communications 8,587*ss. ---------- 386,900 Journal Communications 6,786 TOTAL NET ASSETS (100.0%) $456,741 410,500 Journal Register 7,762* ---------- 121,400 Lee Enterprises 5,788 49,600 McClatchy Co. 3,477 151,700 Meredith Corp. 7,998 168,600 Pulitzer Inc. 10,725 ---------- 53,805 REAL ESTATE (1.3%) 48,400 Beazer Homes USA 6,002ss. RESTAURANTS (2.7%) 199,000 Ruby Tuesday 5,483 365,700 Steak n Shake 6,809* ---------- 12,292 RETAIL (1.8%) 112,300 Christopher & Banks 2,216ss. 138,300 Regis Corp. 6,175 ---------- 8,391 SEMICONDUCTORS (0.5%) 66,700 Cabot Microelectronics 2,465*ss. TECHNOLOGY (0.8%) 265,790 Methode Electronics 3,508 TRANSPORTATION (4.8%) 219,195 Heartland Express 4,814ss. 241,600 Landstar System 17,035*ss. ---------- 21,849 WASTE MANAGEMENT (2.6%) 165,300 Stericycle, Inc. 6,908* 139,600 Waste Connections 4,755* ---------- 11,663 TOTAL COMMON STOCKS (COST $301,606) 415,517 ---------- PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (18.2%) $43,091,000 N&B Securities Lending Quality Fund, LLC 43,091++ 40,009,630 Neuberger Berman Institutional Cash Fund Trust Class 40,009@ ---------- TOTAL SHORT-TERM INVESTMENTS (COST $83,100) 83,100# ----------
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Focus Fund ---------------------------------- NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000'S OMITTED) $000'S OMITTED) COMMON STOCKS (98.5%) TOTAL INVESTMENTS (103.7%) (COST $1,051,469) 1,676,614## AUTOS & HOUSING (4.5%) Liabilities, less cash, receivables 746,500 Autoliv, Inc. 34,891 and other assets [(3.7%)] (59,151) 360,000 Centex Corp. 18,889 ----------- 405,000 Lennar Corp. 18,197 TOTAL NET ASSETS (100.0%) $1,617,463 ---------- ----------- 71,977 CONSUMER GOODS & SERVICES (3.0%) 1,394,100 Vertrue Inc. 48,375*ss.^ FINANCIAL SERVICES (53.5%) 2,208,000 Bank of America 102,164 3,728,000 Capital One Financial 292,946ss. 3,876,000 Citigroup Inc. 173,451 905,000 Fannie Mae 62,174 2,525,000 J.P. Morgan Chase 95,066 1,690,000 Merrill Lynch 94,150 313,000 Morgan Stanley 15,885 1,885,000 Providian Financial 30,254*ss. ---------- 866,090 RETAIL (5.8%) 272,500 Neiman Marcus Group Class B 16,636 1,800,000 Select Comfort 35,082*ss. 1,812,800 TJX Cos. 42,674ss. ---------- 94,392 TECHNOLOGY (31.7%) 1,400,000 Advanced Micro Devices 29,792*ss. 2,300,000 Amdocs Ltd. 59,455* 1,050,000 Computer Associates 32,056ss. 4,053,000 Flextronics International 58,161*ss. 4,832,700 International Rectifier 204,617*^ 1,965,000 Jabil Circuit 49,243* 3,800,000 Nokia Corp. ADR 61,446ss. 1,101,000 Taiwan Semiconductor Manufacturing ADR 8,775 200,000 Tech Data 9,078*ss. ---------- 512,623 TOTAL COMMON STOCKS (COST $968,312) 1,593,457 ---------- PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (5.2%) $56,391,499 N&B Securities Lending Quality Fund, LLC 56,391++ 26,765,899 Neuberger Berman Institutional Cash Fund Trust Class 26,766@ ---------- TOTAL SHORT-TERM INVESTMENTS (COST $83,157) 83,157# ---------- See Notes to Schedule of Investments
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Genesis Fund ------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (94.3%) 579,800 CACI International 36,023* 2,715,275 Engineered Support Systems 149,340ss.^ AEROSPACE (0.1%) 2,735,700 ManTech International 65,493*ss.^ 248,750 Ducommun Inc. 6,306* 1,219,800 MTC Technologies 37,497*^ 3,689,800 United Defense Industries 167,148*^ AGRICULTURE (0.4%) ---------- 1,976,800 UAP Holding 32,321* 626,889 AUTOMOTIVE (0.3%) DIAGNOSTIC EQUIPMENT (1.8%) 838,700 Gentex Corp. 27,107ss. 1,292,300 Biosite Inc. 71,968*ss.^ 2,599,100 Cytyc Corp. 69,760*ss. BANKING & FINANCIAL (8.0%) ---------- 280,100 Alabama National 17,711 141,728 1,898,400 Bank of Hawaii 92,167ss. 622,700 Bank of the Ozarks 22,199 FILTERS (2.6%) 664,994 BOK Financial 32,452* 1,411,500 CLARCOR Inc. 74,132^ 575,900 Central Pacific Financial 19,252 672,000 CUNO Inc. 44,036* 1,254,200 Colonial BancGroup 26,627 2,730,700 Donaldson Co. 84,652ss. 1,640,900 Cullen/Frost Bankers 78,615 ---------- 966,800 Dime Community Bancshares 17,741 202,820 3,177,400 East West Bancorp 131,767ss.^ 173,200 First Community Bancorp 7,278 FINANCIAL SERVICES (0.2%) 1,638,750 First Niagara Financial 562,400 Jackson Hewitt Tax Service 12,142 Group 23,664 787,550 OceanFirst Financial 19,972^ FINANCIAL TECHNOLOGY (1.5%) 828,370 Prosperity Bancshares 23,493ss. 3,400,437 Fair Isaac 112,826ss. 1,247,962 Sterling Bancshares 18,195 36,600 Nelnet, Inc. 888* 1,038,552 Texas Regional Bancshares 36,931ss. ---------- 989,000 Westamerica Bancorp 57,520 113,714 ---------- FOOD & BEVERAGE (0.9%) 625,584 2,620,000 Cott Corp. 66,941* BUILDING, CONSTRUCTION & FURNISHING (1.3%) HEALTH CARE (13.2%) 3,043,600 Simpson Manufacturing 102,265^ 2,263,000 Charles River Laboratories International 105,795*ss. BUSINESS SERVICES (1.9%) 579,600 Datascope Corp. 23,236 1,523,000 Arbitron Inc. 56,991* 1,938,100 DENTSPLY International 101,964 1,938,000 Harte-Hanks 50,039 507,600 Diagnostic Products 24,568 1,469,700 Ritchie Bros. Auctioneers 43,944 413,900 Haemonetics Corp. 14,445* ---------- 2,162,300 Henry Schein 140,939*ss. 150,974 2,339,900 IDEXX Laboratories 120,739*^ 3,059,250 K-V Pharmaceutical 57,514*ss. CAPITAL EQUIPMENT (1.4%) 4,526,000 Mentor Corp. 139,672ss.^ 1,425,600 Joy Global 58,008ss. 590,000 NBTY, Inc. 15,375* 1,092,900 Terex Corp. 50,098*ss. 1,964,600 Odyssey Healthcare 26,227*ss.^ ---------- 3,218,400 Patterson Companies 131,504*ss. 108,106 1,040,000 Respironics, Inc. 57,595* 2,341,432 Taro Pharmaceutical Industries 69,400*ss.^ CONSUMER PRODUCTS & SERVICES (6.3%) ---------- 3,941,250 Alberto-Culver Class B 182,480 1,028,973 568,800 Blyth, Inc. 16,672 6,647,850 Church & Dwight 207,546ss.^ HEALTH PRODUCTS & SERVICES (0.7%) 2,431,200 Matthews International 89,638ss.^ 900,800 ICU Medical 22,475*ss.^ ---------- 1,538,700 STERIS Corp. 35,205*ss. 496,336 ---------- 57,680 DEFENSE (8.0%) 1,173,162 Alliant Techsystems 77,276* HEAVY INDUSTRY (0.7%) 1,657,500 Anteon International 61,360*ss. 1,487,100 Chicago Bridge & Iron 57,551 862,800 Applied Signal Technology 32,752^
See Notes to Schedule of Investments SCHEDULE OF INVESTMENTS Genesis Fund cont'd -------------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) INDUSTRIAL & COMMERCIAL PRODUCTS 818,400 Oceaneering International 31,427* (2.9%) 776,600 Offshore Logistics 29,433* 969,700 Brady Corp. 59,249 1,696,400 Patterson-UTI Energy 33,928ss. 1,491,193 Dionex Corp. 85,579*^ 1,185,000 Smith International 71,775*ss. 1,374,700 Roper Industries 84,613ss. 2,004,200 Varco International 59,605* ---------- ---------- 229,441 593,940 INSURANCE (3.7%) PACKING & CONTAINERS (2.3%) 562,000 Arthur J. Gallagher 17,225ss. 3,478,600 AptarGroup Inc. 182,800^ 29,600 Aspen Insurance Holdings 733 1,023,700 Axis Capital Holdings 26,678 1,536,700 Brown & Brown 62,313ss. PHARMACEUTICAL (1.3%) 1,206,907 Erie Indemnity 62,976 2,467,700 Pharmaceutical Product 974,800 HCC Insurance Holdings 32,305 Development 103,915*ss. 795,300 Montpelier Re Holdings 29,370 1,279,525 W. R. Berkley 58,027 ---------- PUBLISHING & BROADCASTING (1.5%) 289,627 1,889,000 R.H. Donnelley 103,329*ss.^ 370,200 Valassis Communications 12,568* INTERMEDIATES (0.4%) ---------- 1,047,700 Delta & Pine Land 27,974 115,897 MEDICAL SERVICES (1.8%) RESTAURANTS (1.4%) 804,183 AmSurg Corp. 20,675* 1,143,400 IHOP Corp. 48,446ss.^ 1,749,900 Renal Care Group 58,272* 141,274 Lone Star Steakhouse & Saloon 3,813 1,387,300 Universal Health Services 2,012,900 Ruby Tuesday 55,455 Class B 63,150 ---------- ---------- 107,714 142,097 MINING (0.9%) RETAIL (4.9%) 2,982,800 Compass Minerals International 67,411^ 2,058,849 Big 5 Sporting Goods 56,063^ 1,028,100 Copart, Inc. 22,207* OFFICE EQUIPMENT (1.5%) 465,000 Hancock Fabrics 4,645 2,410,300 United Stationers 115,405*ss.^ 970,000 Hibbett Sporting Goods 24,027* 2,341,800 Michaels Stores 64,002ss. OIL & GAS (9.4%) 2,359,400 Regis Corp. 105,347^ 614,400 Cabot Oil & Gas 29,725 1,411,138 School Specialty 53,623*ss.^ 526,900 CARBO Ceramics 40,940 1,194,900 Talbots, Inc. 34,198 3,816,100 Chesapeake Energy 68,690ss. 558,300 Tractor Supply 17,709*ss. 1,081,000 Comstock Resources 23,469* ---------- 2,489,40 Encore Acquisition 87,652*^ 381,821 992,20 Energy Partners 19,219*ss. 1,074,200 KCS Energy 15,393* TECHNOLOGY (4.5%) 730,000 Newfield Exploration 45,880* 920,900 Black Box 39,304ss.^ 1,304,259 Pioneer Natural Resources 45,910 3,940,400 Electronics for Imaging 65,923*ss.^ 1,235,200 St. Mary Land & Exploration 53,101 680,500 MICROS Systems 49,928*ss. 1,078,290 Swift Energy 32,715* 75,000 SRA International 4,353* 1,224,500 Unit Corp. 48,515* 3,790,800 Zebra Technologies 190,602*^ 641,000 Western Gas Resources 19,871 ---------- 5,534,250 XTO Energy 201,170 350,110 ---------- 732,250 TECHNOLOGY - SEMICONDUCTOR (0.8%) 1,462,400 Actel Corp. 25,095*^ OIL SERVICES (7.6%) 1,558,100 Cognex Corp. 40,199 1,871,800 Cal Dive International 80,600*ss. ---------- 1,254,380 Cimarex Energy 50,401* 65,294 959,100 Helmerich & Payne 31,295ss. 740,000 Hydril 34,713* WASTE MANAGEMENT (0.1%) 758,900 Nabors Industries 39,463* 1,557,200 Bennett Environmental 6,727*ss.^ 3,627,077 National-Oilwell 131,300*ss. TOTAL COMMON STOCKS (COST $4,693,256) 7,369,860
SCHEDULE OF INVESTMENTS Genesis Fund cont'd ------------------------------------------- MARKET PRINCIPAL AMOUNT VALUE+ ($000's OMITTED) ------- SHORT-TERM INVESTMENTS (14.4%) $686,139,900 N&B Securities Lending Quality Fund, LLC 686,140++ 439,803,339 Neuberger Berman Institutional Cash Fund Trust Class 439,803@ ---------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,125,943) 1,125,943# ---------- TOTAL INVESTMENTS (108.7%) (COST $5,819,199) 8,495,803## Liabilities, less cash, receivables and other assets [(8.7%)] (679,425) ---------- TOTAL NET ASSETS (100.0%) $7,816,378 ----------
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Guardian Fund ------------------------------------- NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (98.1%) PHARMACEUTICAL (4.6%) 400,550 Millipore Corp. 19,515* BANKING & FINANCIAL (6.1%) 1,166,400 Novartis AG ADR 56,045ss. 874,500 Fifth Third Bancorp 44,040 ------------- 1,272,300 State Street 56,693 75,560 --------- 100,733 REAL ESTATE (3.8%) 705,400 AMB Property 28,181 CONSUMER CYCLICALS (2.9%) 1,024,500 Equity Residential 34,536ss. 926,800 Target Corp. 47,471ss. ------------- 62,717 DEFENSE (3.2%) TECHNOLOGY (6.7%) 714,700 L-3 Communications Holdings 53,188 1,267,200 Dell Inc. 51,347*ss. 2,019,100 National Instruments 57,746ss. ------------- DIVERSIFIED (3.3%) 109,093 942,200 Danaher Corp. 53,592ss. ENERGY (3.2%) TECHNOLOGY - SEMICONDUCTOR (6.5%) 706,600 BP PLC ADR 43,350 2,803,200 Altera Corp. 63,576*ss. 154,500 ChevronTexaco Corp. 8,436 1,778,200 Texas Instruments 42,997ss. --------- ------------- 51,786 106,573 FINANCIAL SERVICES (7.0%) TECHNOLOGY - SEMICONDUCTOR CAPITAL 408,200 Ambac Financial Group 33,199ss. EQUIPMENT (2.4%) 661,564 Citigroup Inc. 29,605 2,328,950 Teradyne, Inc. 39,732*ss. 491,900 Goldman Sachs 51,531 --------- TELECOMMUNICATIONS (3.9%) 114,335 2,332,700 Vodafone Group ADR 63,613ss. HEALTH PRODUCTS & Services (7.6%) TRANSPORTATION (4.4%) 614,700 Quest Diagnostics 57,628ss. 183,100 Burlington Northern Santa Fe 8,247 799,500 UnitedHealth Group 66,239ss. 1,105,050 Canadian National Railway 64,060 --------- ------------- 123,867 72,307 INDUSTRIAL GASES (3.5%) UTILITIES (3.2%) 1,262,900 Praxair, Inc. 56,704 5,303,800 National Grid Transco 48,428 76,600 National Grid Transco ADR 3,522 ------------- 51,950 INSURANCE (6.7%) 5,580 Berkshire Hathaway Class B 15,512* 661,200 RenaissanceRe Holdings 33,292 1,622,400 Willis Group Holdings 61,408ss. WASTE MANAGEMENT (3.0%) --------- 932,200 Republic Services 29,355 110,212 678,700 Waste Management 20,232ss. ------------- MEDIA (10.6%) 49,587 1,259,000 Comcast Corp. Class A Special 37,329*ss. 7,395,276 Liberty Media 76,393*ss. TOTAL COMMON STOCKS 984,691 Liberty Media International (COST $1,157,237) 1,605,981 Class A 42,401* ------------- 2,045,349 UnitedGlobalCom 17,038* PRINCIPAL AMOUNT --------- 173,161 SHORT-TERM INVESTMENTS (20.2%) OIL & GAS (4.6%) 1,189,250 Newfield Exploration 74,744* $305,343,700 N&B Securities Lending Quality Fund, LLC 305,344++ OIL SERVICES (0.9%) 25,705,365 Neuberger Berman Institutional 229,400 Schlumberger Ltd. 15,056 Cash Fund Trust Class 25,705@ -------------
See Notes to Schedule of Investments SCHEDULE OF INVESTMENTS Guardian Fund cont'd -------------------------------------------- PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) TOTAL SHORT-TERM INVESTMENTS (COST $331,049) 331,049# ---------- TOTAL INVESTMENTS (118.3%) (COST $1,488,286) 1,937,030## Liabilities, less cash, receivables and other assets [(18.3%)] (300,168) ---------- TOTAL NET ASSETS (100.0%) $1,636,862 --------- SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL FUND ------------------------------------------------------------------------------- MARKET VALUE+ PERCENTAGE OF INDUSTRY (000's OMITTED) NET ASSETS -------- --------------- ------------ Banking 21,699 8.3% Oil & Gas 21,343 8.2% Banking & Financial 19,809 7.6% Building, Construction & Furnishings 16,705 6.4% Energy 14,437 5.5% Consumer Products & Services 11,546 4.4% Manufacturing 9,826 3.8% Food & Beverage 9,427 3.6% Telecommunications 9,155 3.5% Business Services 9,025 3.5% Telecommunications - Wireless 8,006 3.1% Media 7,769 3.0% Technology - Hardware 7,765 3.0% Automotive 7,309 2.8% Entertainment 6,324 2.4% Utilities 5,082 2.0% Pharmaceutical 5,050 1.9% Home Furnishings 4,630 1.8% Auto/Truck Replacement Parts 4,386 1.7% Specialty Chemical 4,027 1.5% Health Products & Services 3,935 1.5% Diversified 3,795 1.5% Business Services - IT Business Services 3,699 1.4% Consumer Cyclical - Leisure & Consumer Services 3,532 1.4% Finance 3,335 1.3% Steel 3,192 1.2% Insurance 2,769 1.1% Chemicals 2,698 1.0% Business Services - General Business Services 2,696 1.0% Health Care 2,432 0.9% Tobacco 2,413 0.9% Consumer Discretionary 1,978 0.8% Capital Goods 1,749 0.7% Retailing 1,682 0.6% Consumer Durables 1,525 0.6% Cosmetics 889 0.3% Building Products 879 0.3% Advertising 813 0.3% Real Estate/REIT 683 0.3% Paper 592 0.2% Mining 385 0.2% Other Assets - Net 11,455 4.50% ------------ ------ $ 260,446 100.0% ------------ ------
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS International Fund ------------------------------------------ NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (93.7%) IRELAND (8.2%) 190,376 Allied Irish Banks 3,690 337,043 Anglo Irish Bank 7,619 AUSTRALIA (2.5%) 1,536,650 C&C Group 5,705 130,909 Australia & New Zealand 174,103 CRH PLC 4,386 Banking Group 2,028 -------- 1,689,900 Hardman Resources 2,337* 21,400 369,190 Ramsay Health Care 2,111 -------- 6,476 ITALY (1.8%) 18,820 e.Biscom 1,132* 206,976 Merloni Elettrodomestici 3,463 BELGIUM (1.4%) -------- 101,000 Interbrew 3,699 4,595 BRAZIL (1.4%) JAPAN (17.4%) 93,170 Petroleo Brasileiro ADR 3,555ss. 27,550 Acom Co. 2,072 234,000 Aica Kogyo 2,698 CANADA (5.6%) 51,900 Alfresa Holdings 1,788 101,785 Canadian Western Bank 3,827 48,700 Belluna Co. 1,683 107,255 Great Canadian Gaming 3,532* 584,000 Brother Industries 4,676 59,463 PetroKazakhstan, Inc. 2,498ss. 115,550 F.C.C. Co. 3,622 171,355 Talisman Energy 4,815ss. 1,236 Fullcast Co. 3,275 -------- 800 Hogy Medical Co., Ltd. 36 14,672 30,300 Mandom Corp. 779 96,500 Mars Engineering 3,268 FINLAND (0.5%) 182,000 Maruichi Steel Tube 3,192 129,650 Pohjola Group, D Shares 1,437 278,500 Nissan Motor 2,932 48,000 Nissha Motor 592 FRANCE (12.0%) 56,100 Nissin Healthcare Food Service 19,329 Beneteau 1,525 Co., Ltd. 1,034 63,125 BNP Paribas 4,377 1,341 NTT DoCoMo 2,329 19,700 CNP Assurances 1,332 34,900 Rinnai Corp. 879 118,902 Credit Agricole 3,512 241,000 Takuma Co. 1,749 33,245 Ipsos 3,337 123,300 Tamron Co., Ltd. 3,530 48,825 Neopost SA 3,505 179,100 TENMA Corp. 2,936 37,940 Pierre & Vacances 4,027 143,500 TKC Corp. 2,245 24,665 Publicis Groupe 813 -------- 51,950 Rodriguez Group 2,628 45,315 17,905 Societe Generale, A Shares 1,725 40,415 Total SA ADR 4,430ss. NETHERLANDS (4.3%) -------- 30,976 Fugro NV 2,696 31,211 92,151 Hunter Douglas 4,631 GERMANY (1.0%) 119,762 Imtech NV 3,795 102,310 Stada Arzneimittel 2,684 -------- 11,122 GREECE (5.2%) NORWAY (1.6%) 250,445 Cosmote Mobile Communication 4,490 154,190 Prosafe ASA 4,057 55,455 Greek Organization of Football Prognostics 1,432 SOUTH AFRICA (1.7%) 235,965 Hellenic Exchanges 2,428* 36,775 Harmony Gold Mining ADR 385ss. 191,595 Public Power Corp. 5,192 1,938,789 Steinhoff International 3,971 -------- -------- 13,542 4,356 HONG KONG (2.2%) SPAIN (4.3%) 87,730 China Mobile (Hong Kong) ADR 1,432ss. 86,996 Banco de Sabadell 1,947 7,198,000 TPV Technology 4,234 55,805 Banco Popular Espanol 3,510 -------- 40,870 Fadesa Inmobiliaria 683* 5,666 120,940 Repsol YPF 2,941 40,002 Telefonica SA ADR 2,102
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS International Fund cont'd ------------------------------------------------- NUMBER OF SHARES MARKET VALUE+ PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) -------- 11,183 TOTAL SHORT-TERM INVESTMENTS (COST $26,089) 26,089# ----------- SWEDEN (3.7%) 218,550 Capio AB 2,432* TOTAL INVESTMENTS (105.6%) 78,900 D. Carnegie & Co. 907 (COST $228,634) 275,080## 204,800 Nobia AB 3,100 Liabilities, less cash, receivables 42,040 Oriflame Cosmetics 889* and other assets [(5.6%)] (14,634) 213,235 Swedish Match 2,413 ------------- -------- TOTAL NET ASSETS (100.0%) $260,446 9,741 -------------
UNITED KINGDOM (18.1%) 245,670 Barratt Developments 2,406 440,945 Burren Energy 3,488* 112,668 GlaxoSmithKline PLC 2,366 503,180 Kensington Group 4,016 1,042,830 MFI Furniture Group 2,312 230,330 Northern Rock 3,185 172,230 Punch Taverns PLC 1,978 431,380 Redrow PLC 2,797 1,776,338 RPS Group 5,082 150,746 Stanley Leisure 1,285 79,065 Travis Perkins 2,119 373,300 Trinity Mirror 4,432 879,920 Tullow Oil PLC 2,467 2,095,955 Vodafone Group 5,676 363,647 William Hill 3,606 -------- 47,215 UNITED STATES (0.8%) 44,620 Autoliv, Inc., 2,086ss. TOTAL COMMON STOCKS (COST $198,438) 244,012 -------- PREFERRED STOCKS (1.9%) BRAZIL (1.0%) 104,345 Companhia de Bebidas das Americas ADR 2,688ss. GERMANY (0.9%) 3,602 Porsche AG 2,291 TOTAL PREFERRED STOCKS (COST $4,107) 4,979 -------- PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (10.0%) $14,768,000 N&B Securities Lending Quality Fund, LLC 14,768++ 11,321,105 Neuberger Berman Institutional Cash Fund Trust Class 11,321@ --------- SEE NOTES TO SCHEDULE OF INVESTMENTS NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Manhattan Fund --------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (100.2%) 70,000 Jabil Circuit 1,754* AEROSPACE (0.6%) ENERGY (4.8%) 55,500 Rockwell Collins 2,212 64,000 Canadian Natural Resources 2,779 22,300 Murphy Oil 1,902 AGRICULTURE (0.6%) 50,000 National-Oilwell 1,810* 93,500 Archer-Daniels-Midland 1,982 66,300 Smith International 4,016* 170,516 XTO Energy 6,198 BASIC MATERIALS (1.2%) ---------- 35,000 Nucor Corp. 1,851 16,705 27,000 Peabody Energy 2,241 ---------- ENTERTAINMENT (1.7%) 4,092 106,500 Station Casinos 6,075 BIOTECHNOLOGY (3.5%) FINANCE (5.6%) 128,000 Celgene Corp. 3,510* 161,500 CapitalSource Inc. 3,747*ss. 63,000 Genzyme Corp. 3,528* 85,500 First Marblehead 4,853* 59,500 Martek Biosciences 2,313* 63,750 Legg Mason 4,344ss. 158,000 Protein Design Labs 2,863* 61,400 Moody's Corp. 4,958 ---------- 110,000 Providian Financial 1,765*ss. 12,214 ---------- 19,667 BUSINESS SERVICES (6.7%) 188,500 Alliance Data Systems 8,087* FINANCIAL SERVICES (2.9%) 103,500 Corporate Executive Board 6,943 202,500 Ameritrade Holding 2,821* 93,500 Hewitt Associates 2,819* 14,000 Chicago Mercantile Exchange 2,740ss. 62,500 Robert Half International 1,689 109,000 Investors Financial Services 4,778ss. 92,000 Stericycle, Inc. 3,845* ---------- ---------- 10,339 23,383 CAPITAL EQUIPMENT (3.0%) FOOD & BEVERAGE (2.6%) 106,500 Danaher Corp. 6,058ss. 47,500 Constellation Brands 2,123* 147,000 Donaldson Co. 4,557 49,500 Hershey Foods 2,564ss. ---------- 47,500 Whole Foods Market 4,312 10,615 ---------- 8,999 COMMUNICATIONS (0.8%) 234,500 Corning Inc. 2,950* HEALTH CARE (7.3%) 17,900 AMERIGROUP Corp. 1,235* COMMUNICATIONS EQUIPMENT (2.3%) 91,000 C. R. Bard 5,452 440,000 Nextel Partners 7,960*ss. 17,500 Cerner Corp. 923* 146,000 Gilead Sciences 5,031* COMPUTER RELATED (1.9%) 54,000 Invitrogen Corp. 3,267*ss. 72,500 Apple Computer 4,861* 96,000 Varian Medical Systems 4,040*ss. 38,000 NAVTEQ 1,640* 116,500 VCA Antech 2,162* ---------- 41,400 Zimmer Holdings 3,378* 6,501 ---------- 25,488 CONSUMER DISCRETIONARY (0.7%) 30,000 Fortune Brands 2,354 HEALTH PRODUCTS & SERVICES (1.6%) 87,000 Kinetic Concepts 5,518* DIAGNOSTIC EQUIPMENT (1.1%) 140,500 Cytyc Corp. 3,771* INDUSTRIAL (3.0%) DIVERSIFIED (1.0%) 92,500 Fastenal Co. 5,657ss. 41,500 Terex Corp. 1,902* 170,500 Technology Select Sector SPDR 45,500 W.W. Grainger 2,815ss. Fund 3,577ss. ---------- 10,374 ELECTRICAL & ELECTRONICS (0.5%) INDUSTRIAL GASES (0.5%) 30,000 Air Products & Chemicals 1,718 See Notes to Schedule of Investments
SCHEDULE OF INVESTMENTS Manhattan Fund cont'd ---------------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) 353,500 TIBCO Software 4,065*ss. ---------- INSTRUMENTS (1.1%) 17,941 133,500 Thermo Electron 4,038* TECHNOLOGY (8.7%) INTERNET (2.2%) 95,000 ATI Technologies 1,843* 67,500 Getty Images 3,932* 32,500 Autodesk, Inc. 2,126 139,000 Juniper Networks 3,827* 40,000 Check Point Software ---------- Technologies 950* 7,759 155,000 Cognizant Technology Solutions 5,910* 41,500 Harman International LEISURE (3.5%) Industries 5,098ss. 67,500 Marriott International 3,837ss. 61,000 Macromedia, Inc. 1,740* 47,000 MGM Mirage 2,740*ss. 31,000 NCR Corp. 1,852* 114,700 Royal Caribbean Cruises 5,701ss. 28,000 VeriSign, Inc. 921* ---------- 202,500 Zebra Technologies 10,182* 12,278 ---------- 30,622 MANUFACTURING (1.0%) TELECOMMUNICATIONS (2.9%) 50,000 Eaton Corp. 3,370 109,500 American Tower 1,985*ss. 127,500 Avaya Inc. 2,094* MEDIA (2.4%) 136,500 Western Wireless 3,685*ss. 93,000 E.W. Scripps 4,347ss. 70,000 XM Satellite Radio Holdings 2,584*ss. 137,075 Univision Communications 4,126*ss. ---------- ---------- 10,348 8,473 TRANSPORTATION (2.4%) MEDICAL EQUIPMENT (1.4%) 62,000 C.H. Robinson Worldwide 3,332 100,000 Kyphon Inc. 2,406* 128,400 J.B. Hunt Transport Services 5,162 51,500 ResMed Inc. 2,578*ss. ---------- ---------- 8,494 4,984 TOTAL COMMON STOCKS PACKING & CONTAINERS (1.2%) (COST $261,530) 351,265 165,700 Pactiv Corp. 4,118* ---------- RETAIL (9.5%) PRINCIPAL AMOUNT 40,000 Abercrombie & Fitch 1,822ss. 76,000 Bed Bath & Beyond 3,035* SHORT-TERM INVESTMENTS (27.1%) 124,000 Coach, Inc. 6,180* 180,000 PETsMART, Inc. 6,169ss. $94,931,300 N&B Securities Lending Quality 27,500 RadioShack Corp. 868ss. Fund, LLC 94,931++ 113,000 Staples, Inc. 3,606 1 Neuberger Berman Institutional 63,000 Starbucks Corp. 3,544*ss. Cash Fund Trust Class 0@ 131,000 Tuesday Morning 4,387* ---------- 103,000 Williams-Sonoma 3,771* ---------- TOTAL SHORT-TERM INVESTMENTS 33,382 (COST $94,931) 94,931# ---------- SEMICONDUCTORS (4.9%) 146,500 Altera Corp. 3,323*ss. TOTAL INVESTMENTS (127.3%) 56,000 KLA-Tencor 2,523*ss. (COST $356,461) 446,196## 91,500 Linear Technology 3,492 Liabilities, less cash, receivables 25,000 Marvell Technology Group 801* and other assets [(27.3%)] (95,634) 121,500 Microchip Technology 3,424 204,900 Microsemi Corp. 3,647* TOTAL NET ASSETS (100.0%) $350,562 ---------- ---------- 17,210 SOFTWARE (5.1%) 52,000 Adobe Systems 3,149 60,000 Cognos, Inc. 2,364* 66,600 F5 Networks 2,867* 120,500 Mercury Interactive 5,496*ss.
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS Millennium Fund --------------------------------------- NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's omitted) ($000's omitted) COMMON STOCKS (98.7%) 22,600 Trammell Crow 386* ------- 1,696 BANKING & FINANCIAL (3.0%) 19,800 Cathay General Bancorp 766 HEALTH CARE (5.0%) 22,500 Glacier Bancorp 779 11,000 AMERIGROUP Corp. 759* ------- 49,800 Res-Care, Inc. 747* 1,545 13,400 Techne Corp. 498* 15,000 United Surgical Partners International 592* BASIC MATERIALS (1.6%) ------- 48,500 Mosaic Co. 843*ss. 2,596 BUILDING, CONSTRUCTION & FURNISHING (2.0%) 30,100 MSC Industrial Direct 1,072 HEALTH PRODUCTS & SERVICES (2.5%) 18,800 Covance, Inc. 742* BUSINESS SERVICES (8.4%) 20,100 MGI Pharma 542* 10,800 Corporate Executive Board 725 ------ 41,000 DiamondCluster International 501* 1,284 54,400 Labor Ready 864* INDUSTRIAL (4.8%) 19,000 Laureate Education 748* 30,000 Arlington Tankers 689*ss. 20,400 Resources Connection 925* 15,400 Gardner Denver 530* 13,500 Websense, Inc. 649* 32,500 Gevity HR 576 ------- 21,800 Watsco, Inc. 721 4,412 ------- 2,516 CHEMICALS (1.0%) 3,700 Cabot Microelectronics 506* INDUSTRIAL & COMMERCIAL PRODUCTS (1.6%) COMPUTERS & SYSTEMS (1.4%) 17,900 Actuant Corp. 842* 14,500 Kronos Inc. 733* INSURANCE (1.4%) CONSUMER DISCRETIONARY (5.4%) 18,400 ProAssurance Corp. 719* 16,300 Aztar Corp. 551* 23,800 Electronics Boutique Holdings 927* INTERNET (3.3%) 11,000 Shuffle Master 507*ss. 13,300 InfoSpace, Inc. 589* 30,800 Steiner Leisure 829* 70,700 NETGEAR, Inc. 1,160*ss. ------- ------- 2,814 1,749 CONSUMER PRODUCTS & SERVICES (2.2%) LODGING (1.3%) 10,000 Carter's Inc. 347* 87,700 La Quinta 706* 20,500 Central Garden & Pet 793* ------- MACHINERY & EQUIPMENT (1.4%) 1,140 20,200 Graco, Inc. 740 ELECTRICAL & ELECTRONICS (1.3%) MANUFACTURING (1.2%) 20,000 Benchmark Electronics 701* 13,600 Mine Safety Appliances 645 ENERGY (1.2%) MEDICAL EQUIPMENT (3.9%) 16,000 Offshore Logistics 606* 22,900 ArthroCare Corp. 693*ss. 18,550 Immucor, Inc. 596* ENTERTAINMENT (4.0%) 12,500 Ventana Medical Systems 747* 18,500 Gaylord Entertainment 652* ------- 24,900 Station Casinos 1,420 2,036 ------- 2,072 OIL & GAS (4.7%) 42,800 Energy Partners 829* FINANCIAL SERVICES (3.2%) 25,250 Patina Oil & Gas 838 22,200 ADVANTA Corp. Class B 530 14,800 Ultra Petroleum 780* 45,000 QC Holdings 780* ------- See Notes to Schedule of Investments
SCHEDULE OF INVESTMENTS Millennium Fund cont'd ----------------------------------------------
NUMBER OF SHARES MARKET VALUE+ PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) $000's OMITTED) 2,447 SHORT-TERM INVESTMENTS (9.9%) RESTAURANTS (0.9%) 18,900 Texas Roadhouse 480* 4,983,900 N&B Securities Lending Quality Fund, LLC 4,984++ 174,067 Neuberger Berman Institutional RETAIL (4.8%) Cash Fund Trust Class 174@ 20,500 Dick's Sporting Goods 738* ------- 14,600 Guitar Center 706* TOTAL SHORT-TERM INVESTMENTS 20,400 New York & Co. 474* (COST $5,158) 5,158# 8,400 Overstock.com, Inc. 599*ss. ------- ------- 2,517 TOTAL INVESTMENTS (108.6%) SEMICONDUCTORS (1.5%) (Cost $44,079) 56,817## 22,000 Varian Semiconductor Equipment 781* Liabilities, less cash, receivables and other assets [(8.6%)] (4,486) SOFTWARE (1.4%) ------- 16,900 F5 Networks 728* TOTAL NET ASSETS (100.0%) $52,331 ------- STEEL (1.0%) 42,300 AK Steel Holding 546* TECHNOLOGY (15.1%) 22,000 ARGON ST 569* 25,000 Audible, Inc. 699* 7,000 Harman International Industries 860 30,000 IntraLase Corp. 535* 21,000 Macromedia, Inc. 599* 7,900 MICROS Systems 580* 20,800 PortalPlayer Inc. 607* 72,600 Sapient Corp. 574* 14,500 ScanSource, Inc. 938* 20,500 SINA Corp. 757* 20,000 TALX Corp. 588 18,800 Trimble Navigation 594* ------- 7,900 TECHNOLOGY - SEMICONDUCTOR (2.7%) 30,500 Integrated Circuit Systems 721* 38,200 Microsemi Corp. 680* ------- 1,401 TELECOMMUNICATION EQUIPMENT (1.2%) 15,100 Plantronics, Inc. 622 TELECOMMUNICATIONS (1.4%) 66,100 Alamosa Holdings 721*ss. TRANSPORTATION (2.9%) 25,250 Old Dominion Freight Line 792* 10,900 UTI Worldwide 751 ------- 1,543 TOTAL COMMON STOCKS (COST $38,921) 51,659 -------
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Partners Fund ------------------------------------ NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (98.6%) 886,300 Talisman Energy 24,976ss. 231,400 TXU Corp. 14,536ss. ADVERTISING (1.2%) ----------- 264,800 Omnicom Group 21,449 126,774 BANKING & FINANCIAL (4.3%) FINANCIAL SERVICES (16.2%) 310,000 Fannie Mae 21,297ss. 418,800 American Express 23,331ss. 634,300 Merrill Lynch 35,337 14,500 Berkshire Hathaway Class B 40,310* 456,900 State Street 20,359 1,111,200 Citigroup Inc. 49,726 --------- 1,070,594 Countrywide Financial 35,555ss. 76,993 1,099,000 General Electric 38,861ss. BROADCASTING (1.2%) 240,400 Goldman Sachs 25,184ss. 659,000 EchoStar Communications 21,609*ss. 499,400 MBNA Corp. 13,264ss. 685,500 PMI Group 28,229ss. BUILDING, CONSRUCTION & FURNISHING 240,900 Radian Group 12,346 (7.0%) 291,359 XL Capital 21,957ss. 734,800 Centex Corp. 38,555ss. ----------- 708,700 Home Depot 29,588ss. 288,763 44,600 NVR, Inc. 30,814*ss. 455,300 Pulte Homes 25,160ss. FOOD & BEVERAGE (0.7%) --------- 274,300 Constellation Brands 12,261* 124,117 FOREST PRODUCTS & PAPER (0.8%) BUILDING MATERIALS (1.9%) 201,800 Weyerhaeuser Co. 13,319 738,600 Lennar Corp. 33,185ss. HEALTH CARE (10.1%) COMMUNICATION SERVICES (1.2%) 267,100 Anthem, Inc. 27,065*ss. 688,000 Scientific-Atlanta 20,379 711,500 Boston Scientific 24,767* 859,900 Caremark Rx 30,750* COMMUNICATIONS (0.9%) 184,200 Forest Laboratories 7,178* 749,500 Cablevision Systems 16,002*ss. 794,000 Health Management Associates 17,557ss. 534,700 PacifiCare Health Systems 25,880ss.* CONSUMER CYCLICALS (2.0%) 1,029,600 Teva Pharmaceutical Industries 209,350 Best Buy 11,803 ADR 28,088 695,900 Masco Corp. 24,545 483,100 Wyeth 19,261 --------- ----------- 36,348 180,546 CONSUMER GOODS & SERVICES (1.5%) INSURANCE (5.9%) 1,206,600 Cendant Corp. 27,354ss. 275,300 Aetna Inc. 32,626ss. 634,600 American International Group 40,202 CONSUMER STAPLES 1.2%) 506,100 Hartford Financial Services 604,500 Viacom Inc. Class B 20,976ss. Group 32,390ss. ----------- DIVERSIFIED (1.3%) 105,218 3,805,700 ABB Ltd. 23,451* INTERNET (1.0%) ELECTRICAL & ELECTRONICS (1.8%) 715,000 Check Point Software 955,500 Tyco International 32,458ss. Technologies 16,974* ELECTRONICS (0.5%) MACHINERY & EQUIPMENT (0.9%) 680,790 AU Optronics 8,939ss. 308,900 Nucor Corp. 16,341ss. ENERGY (7.1%) METALS (2.6%) 324,500 Anadarko Petroleum 22,585 210,300 Alcan Inc. 10,725ss. 525,900 Canadian Natural Resources 22,835ss. 338,100 Freeport-McMoRan Copper & Gold 13,230ss. 438,800 Cooper Cameron 22,901* 220,000 Phelps Dodge 21,369ss. 228,200 Peabody Energy 18,941 ----------- 45,324 See Notes to Schedule of Investments
SCHEDULE OF INVESTMENTS Partners Fund cont'd -------------------------------------------- NUMBER OF SHARES MARKET VALUE+ PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) OIL & GAS (6.2%) 28,191,721 Neuberger Berman Institutional 381,800 EOG Resources 28,662 Cash Fund Trust Class 28,192@ 498,600 FMC Technologies 16,379*ss. ---------- 567,300 National-Oilwell 20,536* TOTAL SHORT-TERM INVESTMENTS 553,800 Pioneer Natural Resources 19,494 (COST $470,825) 470,825# 694,400 XTO Energy 25,241 ---------- --------- 110,312 TOTAL INVESTMENTS (125.0%) (COST $1,822,158) 2,225,808## PHARMACEUTICAL (3.6%) Liabilities, less cash, receivables 363,600 Express Scripts 26,165*ss. and other assets [(25.0%)] (445,024) 357,400 Par Pharmaceutical 14,103* ---------- 807,500 Shire Pharmaceuticals Group 24,249ss. TOTAL NET ASSETS (100.0%) 1,780,785 ADR --------- $---------- 64,517 SEMICONDUCTORS (1.6%) 891,900 Applied Materials 14,841*ss. 1,775,317 Taiwan Semiconductor Manufacturing ADR 14,149ss. --------- 28,990 SOFTWARE (4.1%) 1,190,600 Microsoft Corp. 31,920 1,584,300 Oracle Corp. 20,057* 957,800 VERITAS Software 20,976* --------- 72,953 TECHNOLOGY (3.1%) 201,600 Computer Sciences 10,906* 996,300 IAC/InterActiveCorp 24,599*ss. 79,000 IBM 7,445 470,000 Texas Instruments 11,365 --------- 54,315 TELECOMMUNICATIONS (1.0%) 399,200 Nextel Communications 11,361*ss. 2,080,300 Nortel Networks 7,219*ss. --------- 18,580 TRANSPORTATION (7.7%) 816,750 Frontline Ltd. 49,372 494,500 General Maritime 22,475*ss. 175,800 Overseas Shipholding Group 11,548 252,745 Ship Finance International 6,331ss. 878,900 Teekay Shipping 46,810ss. --------- 136,536 TOTAL COMMON STOCKS (COST $1,351,333) 1,754,983 --------- PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (26.4%) $442,633,135 N&B Securities Lending Quality Fund, LLC 442,633++
NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Real Estate Fund ---------------------------------------- NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (98.1%) Regional Malls (22.5%) 19,300 CBL & Associates Properties 1,415 Apartments (18.2%) 36,500 General Growth Properties 1,252 21,100 Apartment Investment & 33,200 Kimco Realty 1,888ss. Management 767 26,900 Mills Corp. 1,597ss. 34,800 Archstone-Smith Trust 1,270 36,000 Simon Property Group 2,235 13,000 Avalonbay Communities 924 44,100 Taubman Centers 1,297ss. 18,200 BRE Properties 740 ---------- 49,500 Equity Residential 1,669 9,684 17,200 Essex Property Trust 1,385 47,800 United Dominion Realty Trust 1,099ss. TOTAL COMMON STOCKS ---------- (COST $34,451) 42,289 7,854 ---------- COMMUNITY CENTERS (8.5%) PRINCIPAL AMOUNT 30,100 Developers Diversified Realty 1,296 21,900 Federal Realty Investment SHORT-TERM INVESTMENTS (21.6%) Trust 1,098 21,100 Pan Pacific Retail Properties 1,251 $8,268,000 N&B Securities Lending Quality ---------- Fund, LLC 8,268++ 3,645 1,061,012 Neuberger Berman Institutional Cash Fund Trust Class 1,061@ DIVERSIFIED (5.6%) ---------- 32,900 Vornado Realty Trust 2,418ss. TOTAL SHORT-TERM INVESTMENTS (COST $9,329) 9,329# HEALTH CARE (2.4%) ---------- 38,700 Ventas, Inc. 1,049 TOTAL INVESTMENTS (119.7%) INDUSTRIAL (7.1%) (COST $43,780) 51,618## 36,700 CenterPoint Properties 1,719 Liabilities, less cash, receivables 33,500 ProLogis 1,348 and other assets [(19.7%)] (8,482) ---------- ---------- 3,067 TOTAL NET ASSETS (100.0%) $43,136 ---------- LODGING (10.6%) 30,400 Equity Lifestyle Properties 1,104 112,100 Host Marriott 1,755 54,300 La Quinta 437* 12,300 LaSalle Hotel Properties 378 48,500 Sunstone Hotel Investors 886ss. ---------- 4,560 OFFICE (22.2%) 15,000 Alexandria Real Estate Equities 1,077ss. 36,200 Arden Realty 1,303 21,600 Boston Properties 1,300 30,100 Brandywine Realty Trust 856 39,300 Brookfield Properties 1,413 18,500 Kilroy Realty 748 10,700 Mack-Cali Realty 468 29,500 SL Green Realty 1,700 44,300 Trizec Properties 730 ---------- 9,595 OFFICE - INDUSTRIAL (1.0%) 9,300 PS Business Parks 417
See Notes to Schedule of Investments NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Regency Fund ------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) COMMON STOCKS (97.2%) 23,800 Arch Capital Group 927* Auto Related (11.7%) 9,400 Endurance Specialty Holdings 315 25,700 Advance Auto Parts 1,060* 19,700 PartnerRe Ltd. 1,206 24,300 AutoNation, Inc. 450* 34,400 PMI Group 1,417 18,200 AutoZone, Inc. 1,558* 28,800 RenaissanceRe Holdings 1,450 30,900 Borg-Warner Automotive 1,547ss. ---------- 21,800 Johnson Controls 1,339 5,315 27,400 Lear Corp. 1,589 ---------- MANUFACTURING (4.1%) 7,543 15,500 Ingersoll-Rand 1,153 36,700 SPX Corp. 1,509 BANKING & FINANCIAL (9.5%) ---------- 10,700 Astoria Financial 444 2,662 18,400 Commerce Bancorp 1,149ss. 35,600 First Horizon National 1,556ss. OIL & GAS (7.9%) 42,600 IndyMac Bancorp 1,384 36,000 Patina Oil & Gas 1,195 55,409 North Fork Bancorp 1,596ss. 29,500 Pioneer Natural Resources 1,038 ---------- 15,400 Sunoco, Inc. 1,272 6,129 43,482 XTO Energy 1,581 ---------- BUSINESS SERVICES (2.3%) 5,086 30,900 Manpower Inc. 1,495ss. RESTAURANTS (2.3%) CONSUMER CYCLICALS (5.6%) 35,100 Darden Restaurants 957 10,200 Black & Decker 858 17,700 Ruby Tuesday 487 12,500 Mohawk Industries 1,096* ---------- 25,000 Whirlpool Corp. 1,614 1,444 ---------- 3,568 RETAIL (10.3%) 5,200 Dollar Tree Stores 145* FINANCIAL SERVICES (10.8%) 60,700 Foot Locker 1,577 18,850 Ambac Financial Group 1,533 25,800 Liz Claiborne 1,059 15,600 Bear Stearns 1,522 78,300 Pier 1 Imports 1,428 34,300 CIT Group 1,467 37,300 Reebok International 1,450ss. 30,500 Radian Group 1,563 17,700 V. F. Corp. 956 37,800 Waddell & Reed Financial 858 ---------- ---------- 6,615 6,943 TECHNOLOGY (4.5%) FOOD & BEVERAGE (4.1%) 41,800 Computer Associates 1,276 25,600 Constellation Brands 1,144* 163,900 Western Digital 1,601* 29,200 Del Monte Foods 317* ---------- 41,900 Fresh Del Monte Produce 1,152ss. 2,877 ---------- 2,613 TOTAL COMMON STOCKS (COST $52,657) 62,478 HEALTH CARE (15.8%) ---------- 17,200 Anthem, Inc. 1,743* 34,200 Coventry Health Care 1,697* PRINCIPAL AMOUNT 18,250 Davita, Inc. 606* 43,600 NBTY, Inc. 1,136*ss. SHORT-TERM INVESTMENTS (19.1%) 48,000 Omnicare, Inc. 1,556 44,100 Triad Hospitals 1,618* $10,310,700 N&B Securities Lending Quality 17,200 Universal Health Services Fund, LLC 10,311++ Class B 783 2,004,969 Neuberger Berman Institutional 21,400 WellChoice Inc. 1,049* Cash Fund Trust Class 2,005@ ---------- ---------- 10,188 TOTAL SHORT-TERM INVESTMENTS (COST $12,316) 12,316# INSURANCE (8.3%) ---------- TOTAL INVESTMENTS (116.3%) (COST $64,973) 74,794##
See Notes to Schedule of Investments SCHEDULE OF INVESTMENTS Regency Fund cont'd ------------------------------------------- PRINCIPAL AMOUNT MARKET VALUE+ ($000's OMITTED) Liabilities, less cash, receivables and other assets [(16.3%)] (10,491) ---------- TOTAL NET ASSETS (100.0%) $64,303 ---------- NEUBERGER BERMAN NOVEMBER 30, 2004 (UNAUDITED) SCHEDULE OF INVESTMENTS Socially Responsive Fund ------------------------------------------------
NUMBER OF SHARES MARKET VALUE+ NUMBER OF SHARES MARKET VALUE+ ($000's OMITTED) ($000's OMITTED) ---------- COMMON STOCKS (97.5%) 14,895 BANKING & FINANCIAL (6.1%) REAL ESTATE (4.4%) 164,700 Fifth Third Bancorp 8,294ss. 180,800 AMB Property 7,223 246,850 State Street 11,000 197,050 Equity Residential 6,643 ---------- ---------- 19,294 13,866 BUSINESS SERVICES (3.5%) TECHNOLOGY (6.8%) 230,850 Manpower Inc. 11,166ss. 250,550 Dell Inc. 10,152*ss. 397,751 National Instruments 11,376 CONSUMER CYCLICALS (3.0%) ---------- 181,950 Target Corp. 9,320ss. 21,528 DIVERSIFIED (3.5%) TECHNOLOGY - SEMICONDUCTOR (6.5%) 194,400 Danaher Corp. 11,057 518,000 Altera Corp. 11,748* 362,550 Texas Instruments 8,767ss. ENERGY (2.6%) ---------- 136,000 BP PLC ADR 8,344 20,515 FINANCIAL SERVICES (7.2%) TECHNOLOGY - SEMICONDUCTOR CAPITAL 79,650 Ambac Financial Group 6,478ss. Equipment (2.8%) 134,650 Citigroup Inc. 6,026 508,750 Teradyne, Inc. 8,679* 96,300 Goldman Sachs 10,088ss. ---------- TELECOMMUNICATIONS (3.9%) 22,592 445,850 Vodafone Group ADR 12,158 HEALTH PRODUCTS & SERVICES (7.7%) TRANSPORTATION (4.6%) 117,950 Quest Diagnostics 11,058ss. 249,850 Canadian National Railway 14,484ss. 158,050 UnitedHealth Group 13,094 ---------- UTILITIES (3.2%) 24,152 1,088,400 National Grid Transco 9,938 INDUSTRIAL GASES (4.0%) TOTAL COMMON STOCKS 278,300 Praxair, Inc. 12,496 (Cost $251,482) 306,922 ---------- INSURANCE (6.6%) 32,600 Progressive Corp. 2,966 PRINCIPAL AMOUNT 128,250 RenaissanceRe Holdings 6,457 303,900 Willis Group Holdings 11,503 REPURCHASE AGREEMENTS (4.2%) ---------- 20,926 $13,269,000 State Street Bank and Trust Co., Repurchase Agreement, MEDIA (10.2%) 1.85%, due 12/1/04, dated 240,700 Comcast Corp. Class A Special 7,137*ss. 11/30/04, Maturity Value 1,382,406 Liberty Media 14,280*ss. $13,269,682, Collateralized by 176,043 Liberty Media International $14,015,000 U.S. Treasury Class A 7,580* Notes, 2.63%, due 5/15/08 357,123 UnitedGlobalCom 2,975* (Collateral Value $13,668,914) ---------- (Cost $13,269) 13,269# 31,972 ---------- OIL & GAS (6.2%) SHORT-TERM INVESTMENTS (23.7%) 153,769 Cimarex Energy 6,178* 212,600 Newfield Exploration 13,362* 100,000 Community Capital Bank, 1.15%, ---------- due 12/30/04 100 19,540 100,000 Self Help Credit Union, 2.27%, due 2/15/05 100 PHARMACEUTICAL (4.7%) 78,750 Millipore Corp. 3,836* 230,150 Novartis AG ADR 11,059 See Notes to Schedule of Investments
SCHEDULE OF INVESTMENTS Socially Responsive Fund cont'd -------------------------------------------------------- MARKET VALUE+ PRINCIPAL AMOUNT ($000's OMITTED) 74,353,800 N&B Securities Lending Quality Fund, LLC 74,354++ ---------- TOTAL SHORT-TERM INVESTMENTS (Cost $74,554) 74,554# ---------- TOTAL INVESTMENTS (125.4%) (COST $339,305) 394,745## Liabilities, less cash, receivables and other assets [(25.4%)] (80,004) ---------- TOTAL NET ASSETS (100.0%) $314,741 ---------- NEUBERGER BERMAN NOVEMBER 30, 2004 NOTES TO SCHEDULE OF INVESTMENTS + Investments in equity securities by each Fund are valued at the latest sale price where that price is readily available; securities for which no sales were reported, unless otherwise noted, are valued at the mean between the closing bid and asked prices, with the exception of securities held by Neuberger Berman International Fund, which are valued at the last available bid price. Securities traded primarily on the NASDAQ Stock Market are normally valued by the Funds at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. The Funds value all other securities by a method the Board of Trustees of Neuberger Berman Equity Funds (the "Board") believes accurately reflects fair value. Numerous factors may be considered when determining the fair value of a security, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding. Foreign security prices are furnished by independent quotation services and expressed in local currency values. Foreign security prices are translated from the local currency into U.S. dollars using the exchange rate as of 12:00 noon, Eastern time. The Board has approved the use of FT Interactive Data Corporation ("FT Interactive") to assist in determining the fair value of the Funds' foreign equity securities in the wake of certain significant events. When changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities, FT Interactive will provide adjusted prices for certain foreign equity securities based on an analysis showing historical correlations between the prices of those securities and changes in the index. In the absence of precise information about the market values of these foreign securities as of the close of the New York Stock Exchange, the Board has determined on the basis of available data that prices adjusted in this way are likely to be closer to the prices the Funds could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade. However, fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security next trades. Short-term debt securities with less than 60 days until maturity may be valued at cost which, when combined with interest earned, approximates market value. # At cost, which approximates market value. ## At November 30, 2004, selected Fund information on a U.S. Federal income tax basis was as follows:
Gross Gross (000'S OMITTED) UNREALIZED UNREALIZED NET UNREALIZED NEUBERGER BERMAN COST APPRECIATION DEPRECIATION APPRECIATION CENTURY FUND $ 11,799 $ 1,795 $ 193 $ 1,602 FASCIANO FUND 384,707 118,235 4,325 113,910 FOCUS FUND 1,051,469 625,145 - 625,145 GENESIS FUND 5,819,199 2,779,499 102,895 2,676,604 GUARDIAN FUND 1,488,286 453,934 5,190 448,744 INTERNATIONAL FUND 228,634 49,102 2,656 46,446 MANHATTAN FUND 356,461 93,110 3,375 89,735 MILLENNIUM FUND 44,079 12,805 67 12,738 PARTNERS FUND 1,822,158 420,103 16,453 403,650 REAL ESTATE FUND 43,780 7,838 - 7,838 REGENCY FUND 64,973 9,903 82 9,821 SOCIALLY RESPONSIVE FUND 339,305 56,552 1,112 55,440
* Non-income producing security. ss. All or a portion of this security is on loan. The Funds receive cash collateral equal to at least 102% of the current market value of loaned securities. The Funds invest the cash collateral in the N&B Securities Lending Quality Fund, LLC ("Quality Fund") . ++ The Quality Fund is an investment vehicle established by the Funds' custodian to invest cash the Funds receive as collateral for securities loans. The Funds' shares in the Quality Fund are non-voting. However, because all shares of the Quality Fund are held by funds in the related investment company complex, the Quality Fund may be considered an affiliate of Neuberger Berman Equity Funds. @ Neuberger Berman Institutional Cash Fund ("Institutional Cash") is also managed by Neuberger Berman Management Inc., and may be considered an affiliate since it has the same officers, Board members, and investment manager as the Funds and because, at times, a Fund may own 5% or more of the outstanding voting securities of Institutional Cash. ^ Affiliated Issuer. For information on the Funds' significant accounting polices, please refer to the Funds' most recent annual financial statements. ITEM 2. CONTROLS AND PROCEDURES. (a) Based on an evaluation of the disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this document, the Chief Executive Officer and Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure. (b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Neuberger Berman Equity Funds By: /s/ Peter E. Sundman ------------------------- Peter E. Sundman Chief Executive Officer Date: January 28, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Peter E. Sundman ------------------------- Peter E. Sundman Chief Executive Officer Date: January 28, 2005 By: /s/ Barbara Muinos ------------------------- Barbara Muinos Treasurer and Principal Financial and Accounting Officer Date: January 28, 2005