0000898432-13-000625.txt : 20130401 0000898432-13-000625.hdr.sgml : 20130401 20130329185427 ACCESSION NUMBER: 0000898432-13-000625 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130329 EFFECTIVENESS DATE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUBERGER BERMAN EQUITY FUNDS CENTRAL INDEX KEY: 0000044402 IRS NUMBER: 136068441 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-11357 FILM NUMBER: 13728686 BUSINESS ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10158-0006 BUSINESS PHONE: 2124768800 MAIL ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10158-0006 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN EQUITY FUNDS DATE OF NAME CHANGE: 19931103 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN GUARDIAN FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GUARDIAN MUTUAL FUND INC DATE OF NAME CHANGE: 19890625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUBERGER BERMAN EQUITY FUNDS CENTRAL INDEX KEY: 0000044402 IRS NUMBER: 136068441 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00582 FILM NUMBER: 13728687 BUSINESS ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10158-0006 BUSINESS PHONE: 2124768800 MAIL ADDRESS: STREET 1: 605 THIRD AVENUE STREET 2: 2ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10158-0006 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN EQUITY FUNDS DATE OF NAME CHANGE: 19931103 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN GUARDIAN FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GUARDIAN MUTUAL FUND INC DATE OF NAME CHANGE: 19890625 0000044402 S000007841 Neuberger Berman Genesis Fund C000125070 Class R6 NRGSX 0000044402 S000007843 Neuberger Berman Real Estate Fund C000125071 Class R6 NRREX 0000044402 S000007847 Neuberger Berman Socially Responsive Fund C000125072 Class R6 NRSRX 0000044402 S000007850 Neuberger Berman Mid Cap Growth Fund C000125073 Class R6 NRMGX 0000044402 S000023609 Neuberger Berman Emerging Markets Equity Fund C000125074 Class R6 NREMX 485BPOS 1 a485bpos.htm a485bpos.htm
As filed with the Securities and Exchange Commission on March 29, 2013
1933 Act Registration No. 002-11357
1940 Act Registration No. 811-00582
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
   
 
[ X ]
 
       Pre-Effective Amendment No.
 
 
[     ]
 
 
       Post-Effective Amendment No.
166
 
[ X ]
 
           
 
and/or
       
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
     
[ X ]
 
       Amendment No.
121
 
[ X ]
 
 
(Check appropriate box or boxes)

 
Neuberger Berman Equity Funds
 
 (Exact Name of Registrant as Specified in Charter)
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York  10158-0180
(Address of Principal Executive Offices)
 
Registrant’s Telephone Number, including Area Code: (212) 476-8800
 
Robert Conti
Chief Executive Officer and President
Neuberger Berman Equity Funds
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York  10158-0180

(Name and Address of Agent for Service)
 
With copies to:
 
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C.  20006-1600
___________________________________
 
Approximate Date of Proposed Public Offering: Continuous
 
It is proposed that this filing will become effective (check appropriate box):
 
 X immediately upon filing pursuant to paragraph (b)
      on   pursuant to paragraph (b)
     60 days after filing pursuant to paragraph (a)(1)
     on _______________ pursuant to paragraph (a)(1)
     75 days after filing pursuant to paragraph (a)(2)
     on _______________ pursuant to paragraph (a)(2)
     on _______________ pursuant to paragraph (a)(3)

If appropriate, check the following box:
___ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This amendment is being filed solely to submit in interactive data format exhibits containing risk/return summary information that is identical to the risk/return summary information contained in the Registrant’s prospectus for the Class R6 shares of Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Genesis Fund,  Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Real Estate Fund, and Neuberger Berman Socially Responsive Fund, which was filed with the Securities and Exchange Commission in Post-Effective Amendment No. 165 to the Registrant’s registration statement on March 14, 2013.


 
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 166 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and State of New York on the 28th day of March, 2013.


 
NEUBERGER BERMAN EQUITY FUNDS
     
 
By:
/s/ Robert Conti
 
 
Name:
Robert Conti
 
Title:
President and Chief Executive Officer

Pursuant to the requirements of the 1933 Act, Post-Effective Amendment No. 166 has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
 
/s/ Robert Conti
President, Chief Executive Officer and Trustee
March 28, 2013
Robert Conti
 
   
/s/ John M. McGovern
Treasurer and Principal Financial and Accounting Officer
March 28, 2013
John M. McGovern
 
   
/s/ Joseph V. Amato
Trustee
March 28, 2013
Joseph V. Amato*
 
   
/s/ Faith Colish
Trustee
March 28, 2013
Faith Colish*
 
   
/s/ Martha C. Goss
Trustee
March 28, 2013
Martha C. Goss*
 
   
/s/ Michael M. Knetter
Trustee
March 28, 2013
Michael M. Knetter*
 
   
/s/ Howard A. Mileaf
Trustee
March 28, 2013
Howard A. Mileaf*
 
   
/s/ George W. Morriss
Trustee
March 28, 2013
George W. Morriss*
 
   
/s/ Jack L. Rivkin
Trustee
March 28, 2013
Jack L. Rivkin*
 
   
/s/ Tom D. Seip
Chairman of the Board and Trustee
March 28, 2013
Tom D. Seip*
 
   
/s/ Candace L. Straight
Trustee
March 28, 2013
Candace L. Straight*
 
   
/s/ Peter P. Trapp
Trustee
March 28, 2013
Peter P. Trapp*
 
   
*Signatures affixed by Lori L. Schneider on March 28, 2013, pursuant to a power of attorney filed with Post-Effective Amendment No. 142 to Registrant’s Registration Statement on Form N-1A, File Nos. 002-11357 and 811-00582, on April 13, 2009.

 
 

 

NEUBERGER BERMAN EQUITY FUNDS
EXHIBIT INDEX
 
Exhibit
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 nbef-20130314.xml 0000044402 2012-10-31 2012-10-31 0000044402 nbef:S000023609_1Member nbef:S000023609Member 2012-10-31 2012-10-31 0000044402 nbef:S000023609_1Member nbef:S000023609Member nbef:C000125074Member 2012-10-31 2012-10-31 0000044402 nbef:S000023609_1Member nbef:S000023609Member rr:AfterTaxesOnDistributionsMember nbef:C000125074Member 2012-10-31 2012-10-31 0000044402 nbef:S000023609_1Member nbef:S000023609Member rr:AfterTaxesOnDistributionsAndSalesMember nbef:C000125074Member 2012-10-31 2012-10-31 0000044402 nbef:S000023609_1Member nbef:S000023609Member nbef:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000044402 nbef:S000007841_52Member nbef:S000007841Member 2012-10-31 2012-10-31 0000044402 nbef:S000007841_52Member nbef:S000007841Member nbef:C000125070Member 2012-10-31 2012-10-31 0000044402 nbef:S000007841_52Member nbef:S000007841Member rr:AfterTaxesOnDistributionsMember nbef:C000125070Member 2012-10-31 2012-10-31 0000044402 nbef:S000007841_52Member nbef:S000007841Member rr:AfterTaxesOnDistributionsAndSalesMember nbef:C000125070Member 2012-10-31 2012-10-31 0000044402 nbef:S000007841_52Member nbef:S000007841Member nbef:index_Russell_2000_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member nbef:C000125073Member 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member rr:AfterTaxesOnDistributionsMember nbef:C000125073Member 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member rr:AfterTaxesOnDistributionsAndSalesMember nbef:C000125073Member 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member nbef:index_Russell_Midcap_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000044402 nbef:S000007850_97Member nbef:S000007850Member nbef:index_Russell_Midcap_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000044402 nbef:S000007843_142Member nbef:S000007843Member 2012-10-31 2012-10-31 0000044402 nbef:S000007843_142Member nbef:S000007843Member nbef:C000125071Member 2012-10-31 2012-10-31 0000044402 nbef:S000007843_142Member nbef:S000007843Member rr:AfterTaxesOnDistributionsMember nbef:C000125071Member 2012-10-31 2012-10-31 0000044402 nbef:S000007843_142Member nbef:S000007843Member rr:AfterTaxesOnDistributionsAndSalesMember nbef:C000125071Member 2012-10-31 2012-10-31 0000044402 nbef:S000007843_142Member nbef:S000007843Member nbef:index_FTSE_NAREIT_All_Equity_REITs_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000044402 nbef:S000007847_197Member nbef:S000007847Member 2012-10-31 2012-10-31 0000044402 nbef:S000007847_197Member nbef:S000007847Member nbef:C000125072Member 2012-10-31 2012-10-31 0000044402 nbef:S000007847_197Member nbef:S000007847Member rr:AfterTaxesOnDistributionsMember nbef:C000125072Member 2012-10-31 2012-10-31 0000044402 nbef:S000007847_197Member nbef:S000007847Member rr:AfterTaxesOnDistributionsAndSalesMember nbef:C000125072Member 2012-10-31 2012-10-31 0000044402 nbef:S000007847_197Member nbef:S000007847Member nbef:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 iso4217:USD xbrli:pure "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Neuberger Berman Management LLC (NBM) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.18% of average net assets. This undertaking lasts until 8/31/2016 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay NBM for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.18% of its average net assets. Any such repayment must be made within three years after the year in which NBM incurred the expense. The above performance is that of the Fund's Institutional Class. Because Institutional Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if NBM had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, it performance typically would have been lower than that of Class R6. Returns would have been lower if Neuberger Berman Management LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Neuberger Berman Management LLC (NBM) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.68% of average net assets. This undertaking lasts until 8/31/2016 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay NBM for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.68% of its average net assets. Any such repayment must be made within three years after the year in which NBM incurred the expense. The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6 its performance typically would have been lower than that of Class R6. Returns would have been lower if NBM had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.. Neuberger Berman Management LLC (NBM) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.78% of average net assets. This undertaking lasts until 8/31/2016 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay NBM for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.78% of its average net assets. Any such repayment must be made within three years after the year in which NBM incurred the expense. The above performance is that of the Fund's Trust Class. Because Trust Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if NBM had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower/higher if NBM had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Neuberger Berman Equity Funds 485BPOS false 0000044402 2012-10-31 2013-03-14 2013-03-14 2013-03-14 Neuberger Berman Emerging Markets Equity Fund PRINCIPAL INVESTMENT RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Most of the Fund&#8217;s performance depends on what happens in international stock markets. The markets&#8217; behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The following factors can significantly affect the Fund&#8217;s performance:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Volatility.</font> Markets are volatile and values of individual securities and other instruments can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value. To the extent that the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for higher performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer-Specific Risk.</font> 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign and Emerging Market Risk.</font> Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political or economic instability; fluctuations in foreign currencies; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, foreign markets can perform differently than</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">the U.S. market. Following the market turmoil of 2008-2009, some national economies continue to show profound instability, which may in turn affect their international trading partners.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. Securities issued in these countries may be more volatile and less liquid than securities issued in foreign countries with more developed economies or markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency Risk.</font> Currency fluctuations could negatively impact investment gains or add to investment losses.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Capitalization Risk.</font> To the extent the Fund emphasizes small-, mid-, or large-cap stocks, it takes on the associated risks. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities. At times, the stocks of larger companies may lag other types of stocks in performance. The stocks of small- and mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks by the underperformance of a sector or during market downturns. Compared to large-cap companies, small- and mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sector Risk.</font> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Stock Risk.</font> Value stocks may remain undervalued during a given period or may not ever realize their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Growth Stock Risk.</font> Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions can negatively affect growth stocks across several industries and sectors simultaneously.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ETF Risk.</font> ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. An actively managed ETF&#8217;s performance will reflect its adviser&#8217;s ability to make investment decisions that are suited to achieving the ETF&#8217;s investment objectives. Passively managed ETFs are subject to the risk that they may not replicate the performance of the index tracked by the ETF.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Other Investment Company Risk.</font> Through its investment in ETFs and other investment companies, the Fund is subject to the risks of the investment companies&#8217; investments, as well as to the investment companies&#8217; expenses.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Market Conditions.</font> The financial crisis in the U.S. and many foreign economies over the past several years, including the European sovereign debt and banking crises, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Because the situation is widespread and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">A decline in the Fund&#8217;s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund&#8217;s expense ratios for the current fiscal year to be higher than the expense information presented in &#8220;Fees and Expenses.&#8221;</font> </div> The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">To pursue its goal, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries. These include securities of companies (1) that are traded principally on a stock exchange or over-the-counter in emerging market countries, (2) that are organized under the laws of and have a principal office in emerging market countries, or (3) that derive 50% or more of their total revenues from, and/or have 50% or more of their total assets in, goods produced, sales made, profits generated or services performed in emerging market countries. The Fund considers emerging market countries to be countries included in the MSCI Emerging Markets Index.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Manager uses a bottom-up, research-driven securities selection approach focusing on businesses with a recent history of high returns while factoring economic, legislative and business developments to identify countries and sectors that he believes may be particularly attractive. The Portfolio Manager believes that in-depth, strategic and financial research is the key to identifying undervalued companies and seeks to identify companies with the following characteristics: stock prices undervalued relative to long-term cash flow growth potential; industry leadership; potential for significant improvement in the company&#8217;s business; strong financial characteristics; strong corporate governance practices; and management track record.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain diversified across countries and geographical regions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may invest in companies of any market capitalization. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, rights and warrants to purchase common stock and depositary receipts. The Fund may invest a significant portion of its assets in exchange traded funds (&#8220;ETFs&#8221;). The Fund may also invest in foreign real estate companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Manager follows a disciplined selling strategy and may sell a stock when it reaches a target price, if a company&#8217;s business fails to perform as expected, or when other opportunities appear more attractive.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries, without providing shareholders at least 60 days&#8217; notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.</font> </div> FEES AND EXPENSES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.00 0.0108 0.0000 0.0041 0.0149 -0.0030 0.0119 ~ http://nb.com/20130314/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact nbef_S000023609_1Member column dei_LegalEntityAxis compact nbef_S000023609Member row primary compact * ~ ~ http://nb.com/20130314/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact nbef_S000023609_1Member column dei_LegalEntityAxis compact nbef_S000023609Member row primary compact * ~ 2016-08-31 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) Expense Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund&#8217;s expenses were those in the table. Actual performance and expenses may be higher or lower.</font> </div> 121 378 723 1698 ~ http://nb.com/20130314/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact nbef_S000023609_1Member column dei_LegalEntityAxis compact nbef_S000023609Member row primary compact * ~ GOAL <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks long-term growth of capital.</font> </div> PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in &#8220;Descriptions of Indices&#8221; in the prospectus, has characteristics relevant to the Fund&#8217;s investment strategy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.</font> </div> YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* 0.8578 0.1989 -0.2463 0.2153 ~ http://nb.com/20130314/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_DocumentInformationDocumentAxis compact nbef_S000023609_1Member column dei_LegalEntityAxis compact nbef_S000023609Member row primary compact * ~ Best quarter: 0.3552 2009-06-30 Worst quarter: -0.2427 2011-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Best quarter:</font> Q2 '09, 35.52%</font></font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Worst quarter:</font> Q3 '11, -24.27%</font></font></font> </div> AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/12* 0.2153 0.1613 0.2146 0.1521 0.1409 0.1365 0.1863 0.1475 2008-10-08 2008-10-08 ~ http://nb.com/20130314/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_DocumentInformationDocumentAxis compact nbef_S000023609_1Member column dei_LegalEntityAxis compact nbef_S000023609Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font></font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart shows how the Fund's performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. Past performance (before and after taxes) is not a prediction of future results. (reflects no deduction for fees, expenses or taxes) The above performance is that of the Fund's Institutional Class. Because Institutional Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. 800-366-6264 www.nb.com After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 78% of the average value of its portfolio.</font> </div> 0.78 Neuberger Berman Genesis Fund PRINCIPAL INVESTMENT RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Most of the Fund&#8217;s performance depends on what happens in the stock market. The market&#8217;s behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The following factors can significantly affect the Fund&#8217;s performance:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Volatility.</font> Markets are volatile and values of individual securities and other instruments can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value. To the extent that the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for higher performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer-Specific Risk.</font> 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Small- and Mid-Cap Stock Risk.</font> The stocks of small- and mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks by the underperformance of a sector or during market downturns. Compared to larger companies, small- and mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources. To the extent the Portfolio Managers commit a portion of the Fund&#8217;s assets to stocks of mid-cap companies, the Fund will be subject to their risks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Stock Risk.</font> Value stocks may remain undervalued during a given period or may not ever realize their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sector Risk.</font> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Market Conditions.</font> The financial crisis in the U.S. and many foreign economies over the past several years, including the European sovereign debt and banking crises, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Because the situation is widespread and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">A decline in the Fund&#8217;s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund&#8217;s expense ratios for the current fiscal year to be higher than the expense information presented in &#8220;Fees and Expenses.&#8221;</font> </div> The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">To pursue its goal, the Fund invests mainly in common stocks of small-capitalization companies, which it defines as those with a total market value of no more than $2 billion at the time the Fund first invests in them. The Fund may continue to hold or add to a position in a stock after the company&#8217;s market value has grown beyond $2 billion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks to reduce risk by diversifying among many companies and industries.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Managers generally look for what they believe to be undervalued companies whose current market shares and balance sheets are strong. In addition, the Portfolio Managers tend to focus on companies whose financial strength is largely based on existing business lines rather than on projected growth. Factors in identifying these firms may include: above-average returns; an established market niche; circumstances that would make it difficult for new competitors to enter the market; the ability to finance their own growth; and sound future business prospects. This approach is designed to let the Fund benefit from potential increases in stock prices, while limiting the risks typically associated with small-cap stocks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company&#8217;s business fails to perform as expected, or when other opportunities appear more attractive.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may change its goal without shareholder approval, although it does not currently intend to do so.</font> </div> FEES AND EXPENSES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.00 0.0074 0.0000 0.0004 0.0078 ~ http://nb.com/20130314/role/ScheduleShareholderFees20008 column dei_DocumentInformationDocumentAxis compact nbef_S000007841_52Member column dei_LegalEntityAxis compact nbef_S000007841Member row primary compact * ~ ~ http://nb.com/20130314/role/ScheduleAnnualFundOperatingExpenses20009 column dei_DocumentInformationDocumentAxis compact nbef_S000007841_52Member column dei_LegalEntityAxis compact nbef_S000007841Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) Expense Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund&#8217;s expenses were those in the table. Actual performance and expenses may be higher or lower.</font> </div> 80 249 433 966 ~ http://nb.com/20130314/role/ScheduleExpenseExampleTransposed20010 column dei_DocumentInformationDocumentAxis compact nbef_S000007841_52Member column dei_LegalEntityAxis compact nbef_S000007841Member row primary compact * ~ GOAL <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks growth of capital.</font> </div> PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in &#8220;Descriptions of Indices&#8221; in the prospectus, has characteristics relevant to the Fund&#8217;s investment strategy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.</font> </div> YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* 0.3170 0.1876 0.1637 0.0731 0.2189 -0.3288 0.2632 0.2142 0.0470 0.0993 ~ http://nb.com/20130314/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_DocumentInformationDocumentAxis compact nbef_S000007841_52Member column dei_LegalEntityAxis compact nbef_S000007841Member row primary compact * ~ Best quarter: 0.1630 2009-06-30 Worst quarter: -0.2655 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Best quarter:</font> Q2 '09, 16.30%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Worst quarter:</font> Q4 '08, -26.55%</font> </div> AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/12* 0.0993 0.0345 0.1093 0.0887 0.0291 0.1015 0.0784 0.0287 0.0963 0.1635 0.0356 0.0972 ~ http://nb.com/20130314/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_DocumentInformationDocumentAxis compact nbef_S000007841_52Member column dei_LegalEntityAxis compact nbef_S000007841Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart shows how the Fund's performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. Past performance (before and after taxes) is not a prediction of future results. (reflects no deduction for fees, expenses or taxes) The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, it performance typically would have been lower than that of Class R6. 800-366-6264 www.nb.com After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.</font> </div> 0.15 Neuberger Berman Mid Cap Growth Fund PRINCIPAL INVESTMENT RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Most of the Fund&#8217;s performance depends on what happens in the stock market. The market&#8217;s behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The following factors can significantly affect the Fund&#8217;s performance:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Volatility.</font> Markets are volatile and values of individual securities and other instruments can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value. To the extent that the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for higher performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer-Specific Risk.</font> 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid-Cap Stock Risk.</font> The stocks of mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks by the underperformance of a sector or during market downturns. Compared to larger companies, mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Growth Stock Risk.</font> Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions can negatively affect growth stocks across several industries and sectors simultaneously.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sector Risk.</font> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Market Conditions.</font> The financial crisis in the U.S. and many foreign economies over the past several years, including the European sovereign debt and banking crises, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">region. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Because the situation is widespread and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">A decline in the Fund&#8217;s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund&#8217;s expense ratios for the current fiscal year to be higher than the expense information presented in &#8220;Fees and Expenses.&#8221;</font> </div> The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">To pursue its goal, the Fund normally invests at least 80% of its net assets in common stocks of mid-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap Index at the time of purchase.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.</font> </div> <br/><div> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Manager employs a disciplined investment strategy when selecting growth stocks. Using fundamental research and quantitative analysis, he looks for what he believes to be fast-growing companies with above-average sales and competitive returns on equity relative to their peers. In doing so, the Portfolio Manager analyzes such factors as: financial condition (such as debt to equity ratio); market share and competitive leadership of the company&#8217; s products; earnings growth relative to competitors; and market valuation in comparison to a stock&#8217;s own historical norms and the stocks of other mid-cap companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Manager follows a disciplined selling strategy and may sell a stock when it reaches a target price, if a company&#8217;s business fails to perform as expected, or when other opportunities appear more attractive.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days&#8217; notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.</font> </div> FEES AND EXPENSES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.00 0.0061 0.0000 0.0010 0.0071 -0.0002 0.0069 ~ http://nb.com/20130314/role/ScheduleShareholderFees20015 column dei_DocumentInformationDocumentAxis compact nbef_S000007850_97Member column dei_LegalEntityAxis compact nbef_S000007850Member row primary compact * ~ ~ http://nb.com/20130314/role/ScheduleAnnualFundOperatingExpenses20016 column dei_DocumentInformationDocumentAxis compact nbef_S000007850_97Member column dei_LegalEntityAxis compact nbef_S000007850Member row primary compact * ~ 2016-08-31 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) Expense Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund&#8217;s expenses were those in the table. Actual performance and expenses may be higher or lower.</font> </div> 70 221 389 877 ~ http://nb.com/20130314/role/ScheduleExpenseExampleTransposed20017 column dei_DocumentInformationDocumentAxis compact nbef_S000007850_97Member column dei_LegalEntityAxis compact nbef_S000007850Member row primary compact * ~ GOAL <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks growth of capital.</font> </div> PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in &#8220;Descriptions of Indices&#8221; in the prospectus, have characteristics relevant to the Fund&#8217;s investment strategy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.</font> </div> YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* 0.3057 0.1622 0.1338 0.1459 0.2159 -0.4098 0.2917 0.2784 0.0151 0.1217 ~ http://nb.com/20130314/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_DocumentInformationDocumentAxis compact nbef_S000007850_97Member column dei_LegalEntityAxis compact nbef_S000007850Member row primary compact * ~ Best quarter: 0.1596 2003-06-30 Worst quarter: -0.2349 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Best quarter:</font> Q2 '03, 15.96%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Worst quarter:</font> Q4 '08, -23.49%</font> </div> AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/12* 0.1217 0.0210 0.1028 0.1065 0.0181 0.1012 0.0855 0.0168 0.0913 0.1581 0.0323 0.1032 0.1728 0.0357 0.1065 ~ http://nb.com/20130314/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_DocumentInformationDocumentAxis compact nbef_S000007850_97Member column dei_LegalEntityAxis compact nbef_S000007850Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart shows how the Fund's performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. Past performance (before and after taxes) is not a prediction of future results. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. (reflects no deduction for fees, expenses or taxes) The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6 its performance typically would have been lower than that of Class R6. 800-366-6264 www.nb.com After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 40% of the average value of its portfolio.</font> </div> 0.40 Neuberger Berman Real Estate Fund PRINCIPAL INVESTMENT RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Most of the Fund&#8217;s performance depends on what happens in the stock and real estate markets. The markets&#8217; behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The following factors can significantly affect the Fund&#8217;s performance:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Volatility.</font> Markets are volatile and values of individual securities and other instruments can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value. To the extent that the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for higher performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer-Specific Risk.</font> 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">In addition, the Fund is considered non-diversified. As such, the percentage of the Fund&#8217;s assets invested in any single issuer is not limited by the Investment Company Act of 1940. Investing a higher percentage of its assets in any one issuer could increase the Fund&#8217;s risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting that issuer.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sector Risk.</font> Although the Fund will not invest in real estate directly, because it concentrates its assets in the real estate industry your investment in the Fund will be closely linked to the performance of the real estate markets and the value of the Fund&#8217;s shares may change at different rates compared to the value of shares of a fund with investments in a mix of different sectors or industries.</font> </div> <br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may at times emphasize particular sub-sectors of the real estate business &#8212; for example, apartments, retail, hotels, offices, industrial, and health care. As such, the Fund&#8217;s performance would be especially sensitive to developments that significantly affect those businesses.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Individual sectors may move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">REITs and Other Real Estate Companies Risk.</font> REIT and other real estate company securities are subject to, among other risks: declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding; fluctuations in rental income; changes in interest rates; lack of availability of mortgage funds or financing; extended vacancies of properties; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses. REITs also are dependent upon management skills and are subject to heavy cash flow dependency, self-liquidation and the possibility of failing to qualify for tax-free &#8220;pass-through&#8221; of income under the federal tax law. REIT and other real estate company securities tend to be small- to mid-cap stocks and are subject to the risks of investing in small- to mid-cap stocks. Some of the REIT securities in which the Fund invests may be preferred stock. Convertible preferred stock is exchangeable for common stock and may therefore be more volatile.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Capitalization Risk.</font> To the extent the Fund emphasizes small-, mid-, or large-cap stocks, it takes on the associated risks. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities. At times, the stocks of larger companies may lag other types of stocks in performance. The stocks of small- and mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks by the underperformance of a sector or during market downturns. Compared to large-cap companies, small- and mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dividend Risk.</font> There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.</font> The value of debt securities can decline when interest rates rise. In general, the longer the maturity of a debt security, the greater the effect a change in interest rates could have on the security&#8217;s price. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. Interest rates have been unusually low in recent years.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.</font> A downgrade or default affecting any of the Fund&#8217;s debt securities could affect the Fund&#8217;s performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Lower-Rated Debt Securities Risk.</font> Lower-rated debt securities (commonly known as &#8220;junk bonds&#8221;) involve greater risks than investment grade debt securities. Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. Lower-rated debt securities carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Illiquid Investments Risk.</font> Illiquid investments may be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that the investments may not be sold for the price at which the Fund is carrying them.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Market Conditions.</font> The financial crisis in the U.S. and many foreign economies over the past several years, including the European sovereign debt and banking crises, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Because the situation is widespread and largely unprecedented, it may be unusually</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">A decline in the Fund&#8217;s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund&#8217;s expense ratios for the current fiscal year to be higher than the expense information presented in &#8220;Fees and Expenses.&#8221;</font> </div> The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. In addition, the Fund is considered non-diversified. As such, the percentage of the Fund's assets invested in any single issuer is not limited by the Investment Company Act of 1940. Investing a higher percentage of its assets in any one issuer could increase the Fund's risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting that issuer. The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities issued by real estate investment trusts (&#8220;REITs&#8221;) and common stocks and other securities issued by other real estate companies. The Fund defines a real estate company as one that derives at least 50% of its revenue from, or has at least 50% of its assets in, real estate.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may invest up to 20% of its net assets in debt securities. These debt securities can be either investment grade or below investment grade, provided that, at the time of investment, they are rated at least B by Standard &amp; Poor&#8217;s (S&amp;P) or</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Moody&#8217;s Investor Service (Moody&#8217;s) (or comparably rated by at least one independent credit rating agency) or, if unrated, deemed by the Portfolio Managers to be of comparable quality. The Fund does not normally continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions. The Fund may also invest up to 15% of its net assets in illiquid securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Managers make investment decisions through a fundamental analysis of each company. The Portfolio Managers review each company&#8217;s current financial condition and industry position, as well as economic and market conditions. In doing so, they evaluate the company&#8217;s growth potential, earnings estimates and quality of management, as well as other factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund concentrates its assets in the real estate industry. The Fund may at times emphasize particular sub-sectors of the real estate business &#8212; for example, apartments, retail, hotels, offices, industrial, and health care.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Some of the REIT and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund normally seeks to invest for the long-term, but it may sell securities regardless of how long they have been held if the Portfolio Managers find an opportunity they believe is more compelling, or if the Portfolio Managers&#8217; outlook on the company or the market changes.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days&#8217; notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.</font> </div> FEES AND EXPENSES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.00 0.0088 0.0000 0.0011 0.0099 -0.0021 0.0078 ~ http://nb.com/20130314/role/ScheduleShareholderFees20022 column dei_DocumentInformationDocumentAxis compact nbef_S000007843_142Member column dei_LegalEntityAxis compact nbef_S000007843Member row primary compact * ~ ~ http://nb.com/20130314/role/ScheduleAnnualFundOperatingExpenses20023 column dei_DocumentInformationDocumentAxis compact nbef_S000007843_142Member column dei_LegalEntityAxis compact nbef_S000007843Member row primary compact * ~ 2016-08-31 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) Expense Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund&#8217;s expenses were those in the table. Actual performance and expenses may be higher or lower.</font> </div> 80 249 482 1152 ~ http://nb.com/20130314/role/ScheduleExpenseExampleTransposed20024 column dei_DocumentInformationDocumentAxis compact nbef_S000007843_142Member column dei_LegalEntityAxis compact nbef_S000007843Member row primary compact * ~ GOAL <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income.</font> </div> PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in &#8220;Descriptions of Indices&#8221; in the prospectus, has characteristics relevant to the Fund&#8217;s investment strategy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">As of June 19, 2012, the Fund changed its investment policy to become &#8220;non-diversified&#8221; under the Investment Company Act of 1940. Its performance prior to this change might have been different if current policies had been in effect.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.</font> </div> YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* 0.3996 0.3168 0.1308 0.3783 -0.1474 -0.3179 0.2822 0.3104 0.0830 0.1674 ~ http://nb.com/20130314/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_DocumentInformationDocumentAxis compact nbef_S000007843_142Member column dei_LegalEntityAxis compact nbef_S000007843Member row primary compact * ~ Best quarter: 0.3320 2009-06-30 Worst quarter: -0.3276 2009-03-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Best quarter:</font> Q2 '09, 33.20%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Worst quarter:</font> Q1 '09, -32.76%</font> </div> AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/12* 0.1674 0.0770 0.1350 0.1574 0.0686 0.1122 0.1137 0.0620 0.1088 0.1970 0.0574 0.1178 ~ http://nb.com/20130314/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_DocumentInformationDocumentAxis compact nbef_S000007843_142Member column dei_LegalEntityAxis compact nbef_S000007843Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart shows how the Fund's performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. Past performance (before and after taxes) is not a prediction of future results. (reflects no deduction for fees, expenses or taxes) The above performance is that of the Fund's Trust Class. Because Trust Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. 800-366-6264 www.nb.com After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 29% of the average value of its portfolio.</font> </div> 0.29 Neuberger Berman Socially Responsive Fund PRINCIPAL INVESTMENT RISKS <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Most of the Fund&#8217;s performance depends on what happens in the stock market. The market&#8217;s behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The following factors can significantly affect the Fund&#8217;s performance:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Volatility.</font> Markets are volatile and values of individual securities and other instruments can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value. To the extent that the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for higher performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Issuer-Specific Risk.</font> 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund&#8217;s portfolio may contain fewer securities than the portfolios of other mutual funds, which may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Social Investing Risk.</font> The Fund&#8217;s social policy could cause the Fund to sell or avoid stocks that subsequently perform well. In addition, undervalued stocks that do not meet the social criteria could outperform those that do.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid- and Large-Cap Stock Risk.</font> Compared to smaller companies, large-cap companies may be less responsive to changes and opportunities. At times, the stocks of larger companies may lag other types of stocks in performance. The stocks of mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">types of stocks by the underperformance of a sector or during market downturns. Compared to larger companies, mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Stock Risk.</font> Value stocks may remain undervalued during a given period or may not ever realize their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sector Risk.</font> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Risk.</font> Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political or economic instability; fluctuations in foreign currencies; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, foreign markets can perform differently than the U.S. market. Following the market turmoil of 2008-2009, some national economies continue to show profound instability, which may in turn affect their international trading partners.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency Risk.</font> Currency fluctuations could negatively impact investment gains or add to investment losses.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Market Conditions.</font> The financial crisis in the U.S. and many foreign economies over the past several years, including the European sovereign debt and banking crises, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Because the situation is widespread and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">A decline in the Fund&#8217;s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund&#8217;s expense ratios for the current fiscal year to be higher than the expense information presented in &#8220;Fees and Expenses.&#8221;</font> </div> The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's social policy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks to reduce risk by investing across many different industries.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Managers employ a research driven and valuation sensitive approach to stock selection, with a long term perspective. They look for solid balance sheets, strong management teams with a track record of success, good cash flow and the prospect for above-average earnings growth. They seek to purchase the stock of businesses that they believe to be well positioned and undervalued by the market. Among companies that meet these criteria, the Portfolio Managers look for those that show leadership in environmental concerns, and progressive workplace practices including diversity and community relations.</font> </div> <br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">In addition, the Portfolio Managers typically look at a company&#8217;s record in public health and the nature of its products. The Portfolio Managers judge firms on their corporate citizenship overall, considering their accomplishments as well as their goals. While these judgments are inevitably subjective, the Fund endeavors to avoid companies that derive revenue from gambling or the production of alcohol, tobacco, weapons, or nuclear power. The Fund also does not invest in any company that derives its total revenue primarily from non-consumer sales to the military.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company&#8217;s business fails to perform as expected, or when other opportunities appear more attractive.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund may change its goal without shareholder approval, although it does not currently intend to do so. As a socially responsive fund, the Fund is required by the federal securities laws to have a policy, which it cannot change without providing investors at least 60 days' written notice, of investing at least 80% of its net assets in equity securities selected in accordance with its social policy. In practice, the Portfolio Managers' current intention is to hold only equity securities selected in accordance with the Fund's social investing policies. The 80% test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Valuation Sensitive Investing.</font> In addition to employing traditional value criteria &#8211; that is, looking for value among companies whose stock prices are below their historical average, based on earnings, cash flow, or other financial measures &#8211; the Portfolio Managers may buy a company&#8217;s shares if they look more fully priced based on Wall Street consensus estimates of earnings, but still inexpensive relative to their estimates. The Portfolio Managers look for these companies to rise in price as they outperform Wall Street&#8217;s expectations, because they believe some aspects of the business have not been fully appreciated or appropriately priced by other investors.</font> </div> FEES AND EXPENSES <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.00 0.0056 0.0000 0.0006 0.0062 ~ http://nb.com/20130314/role/ScheduleShareholderFees20029 column dei_DocumentInformationDocumentAxis compact nbef_S000007847_197Member column dei_LegalEntityAxis compact nbef_S000007847Member row primary compact * ~ ~ http://nb.com/20130314/role/ScheduleAnnualFundOperatingExpenses20030 column dei_DocumentInformationDocumentAxis compact nbef_S000007847_197Member column dei_LegalEntityAxis compact nbef_S000007847Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) Expense Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund&#8217;s expenses were those in the table. Actual performance and expenses may be higher or lower.</font> </div> 63 199 346 774 ~ http://nb.com/20130314/role/ScheduleExpenseExampleTransposed20031 column dei_DocumentInformationDocumentAxis compact nbef_S000007847_197Member column dei_LegalEntityAxis compact nbef_S000007847Member row primary compact * ~ GOAL <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund&#8217;s financial criteria and social policy.</font> </div> PERFORMANCE <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in &#8220;Descriptions of Indices&#8221; in the prospectus, has characteristics relevant to the Fund&#8217;s investment strategy.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.</font> </div> YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* 0.3448 0.1357 0.0758 0.1444 0.0748 -0.3877 0.3061 0.2279 -0.0290 0.1095 ~ http://nb.com/20130314/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_DocumentInformationDocumentAxis compact nbef_S000007847_197Member column dei_LegalEntityAxis compact nbef_S000007847Member row primary compact * ~ Best quarter: 0.1532 2009-06-30 Worst quarter: -0.2661 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Best quarter:</font> Q2 '09, 15.32%</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Worst quarter:</font> Q4 '08, -26.61%</font> </div> AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/12* 0.1095 0.0113 0.0789 0.1084 0.0102 0.0756 0.0726 0.0094 0.0690 0.1600 0.0166 0.0710 ~ http://nb.com/20130314/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_DocumentInformationDocumentAxis compact nbef_S000007847_197Member column dei_LegalEntityAxis compact nbef_S000007847Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart shows how the Fund's performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. Past performance (before and after taxes) is not a prediction of future results. (reflects no deduction for fees, expenses or taxes) The above performance is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. 800-366-6264 www.nb.com After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28% of the average value of its portfolio.</font> </div> 0.28 EX-101.SCH 3 nbef-20130314.xsd 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Neuberger Berman Emerging Markets Equity Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Document - Risk/Return Summary {Unlabeled} - Neuberger Berman Genesis Fund link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020014 - Document - Risk/Return Summary {Unlabeled} - Neuberger Berman Mid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020016 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020017 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020021 - Document - Risk/Return Summary {Unlabeled} - Neuberger Berman Real Estate Fund link:presentationLink link:definitionLink link:calculationLink 020022 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020023 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020024 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020025 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020026 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020028 - Document - Risk/Return Summary {Unlabeled} - Neuberger Berman Socially Responsive Fund link:presentationLink link:definitionLink link:calculationLink 020029 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020030 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020031 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020032 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020033 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - Neuberger Berman Emerging Markets Equity Fund link:presentationLink link:definitionLink link:calculationLink 020013 - Disclosure - Risk/Return Detail Data {Elements} - Neuberger Berman Genesis Fund link:presentationLink link:definitionLink link:calculationLink 020020 - Disclosure - Risk/Return Detail Data {Elements} - Neuberger Berman Mid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020027 - Disclosure - Risk/Return Detail Data {Elements} - Neuberger Berman Real Estate Fund link:presentationLink link:definitionLink link:calculationLink 020034 - Disclosure - Risk/Return Detail Data {Elements} - Neuberger Berman Socially Responsive Fund link:presentationLink link:definitionLink link:calculationLink EX-101.DEF 4 nbef-20130314_def.xml EX-101.LAB 5 nbef-20130314_lab.xml