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Neuberger Berman Equity Funds – ‘N-Q’ for 12/31/07

On: Tuesday, 1/29/08, at 5:13pm ET · Effective: 1/29/08 · For: 12/31/07 · Accession #: 898432-8-52 · File #: 811-00582

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/29/08  Neuberger Berman Equity Funds     N-Q        12/31/07    2:113K                                   K&L Gates LLP/DC/FA
          → Neuberger Berman Convergence Fund ⇒ Trust Class
          → Neuberger Berman Energy Fund ⇒ Trust Class
          → Neuberger Berman Equity Income Fund ⇒ Trust Class
          → Neuberger Berman Fasciano Fund ⇒ Advisor Class (NBFVX) — Institutional Class — Investor Class (NBFSX)
          → Neuberger Berman Focus Fund ⇒ Advisor Class (NBFAX) — Institutional Class (NFALX) — Investor Class (NBSSX) — Trust Class (NBFCX)
          → Neuberger Berman Genesis Fund ⇒ Advisor Class (NBGAX) — Institutional Class (NBGIX) — Investor Class (NBGNX) — Trust Class (NBGEX)
          → Neuberger Berman Global Real Estate Fund ⇒ Institutional Class — Trust Class
          → Neuberger Berman International Equity Fund ⇒ Institutional Class (NBIIX)
          → Neuberger Berman International Fund ⇒ Investor Class (NBISX) — Trust Class (NBITX)
          → Neuberger Berman International Select Fund ⇒ Class A (NBNAX) — Class C (NBNCX) — Institutional (NILIX) — Trust Class (NILTX)
          → Neuberger Berman Large Cap Disciplined Growth Fund ⇒ Investor Class (NBCIX)
          → Neuberger Berman Large Cap Growth Fund ⇒ Advisor Class (NBGUX) — Institutional Class (NGDLX) — Investor Class (NGUAX) — Trust Class (NBGTX)
          → Neuberger Berman Large Cap Value Fund ⇒ Advisor Class (NBPBX) — Institutional Class (NBPIX) — Investor Class (NPRTX) — Trust Class (NBPTX)
          → Neuberger Berman Mid Cap Growth Fund ⇒ Advisor Class (NBMBX) — Institutional Class (NBMLX) — Investor Class (NMANX) — Trust Class (NBMTX)
          → Neuberger Berman Mid Cap Intrinsic Value Fund ⇒ Institutional Class (NBRTX) — Investor Class (NBRVX) — Trust Class (NBREX)
          → Neuberger Berman Multi-Cap Opportunities Fund ⇒ Trust Class
          → Neuberger Berman Real Estate Fund ⇒ Institutional Class (NBRIX) — Trust Class (NBRFX)
          → Neuberger Berman Small & Mid Cap Growth Fund ⇒ Institutional Class (NBAIX) — Trust Class (NBATX)
          → Neuberger Berman Small Cap Growth Fund ⇒ Advisor Class (NBMVX) — Institutional Class (NBSMX) — Investor Class (NBMIX) — Trust Class (NBMOX)
          → Neuberger Berman Sustainable Equity Fund ⇒ Institutional Class (NBSLX) — Investor Class (NBSRX) — Trust Class (NBSTX)
          → Neuberger Berman Value Fund ⇒ Trust Class

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a         43    293K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                                  2     14K

N-Q — Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits Schedule of Investments
1	1st Page - Filing Submission
2	Item 1. Schedule of Investments
42	Item 2. Controls and Procedures
"	Item 3. Exhibits

N-Q 1st Page of 43 TOC ↑Top Previous Next ↓Bottom Just 1st
 
As filed with the Securities and Exchange Commission on January 29, 2008

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

 QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

 Investment Company Act file number: 811-00582

NEUBERGER BERMAN EQUITY FUNDS 
----------------------------- 
(Exact Name of the Registrant as Specified in Charter)
 605 Third Avenue, 2nd Floor
 New York, New York 10158-0180
 (Address of Principal Executive Offices - Zip Code)

Registrant's telephone number, including area code: (212) 476-8800  

Peter E. Sundman
Chairman of the Board and Chief Executive Officer 
 Neuberger Berman Equity Funds
 605 Third Avenue, 2nd Floor
 New York, New York 10158-0180

 Arthur Delibert, Esq.
Kirkpatrick & Lockhart Preston Gates Ellis LLP
 1601 K Street, N.W.
 Washington, D.C. 20006-1600
 (Names and addresses of agents for service)

Date of fiscal year end: August 31, 2008                                        

Date of reporting period: November 30, 2007                                     

Form N-Q is to be used by management  investment  companies to file reports with
the  Commission  not later than 60 days after the close of their first and third
fiscal  quarters,  pursuant to rule 30b1-5 under the  Investment  Company Act of
1940 ("1940  Act")(17 CFR  270.30b1-5).  The Commission may use the  information
provided  on Form N-Q in its  regulatory,  disclosure  review,  inspection,  and
policymaking roles.                                                             

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q unless the
Form displays a currently  valid Office of Management and Budget ("OMB") control
number.  Please  direct  comments  concerning  the  accuracy of the  information
collection  burden  estimate  and any  suggestions  for  reducing  the burden to
Secretary,  Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549.  The OMB has reviewed this collection of information  under the clearance
requirements of 44 U.S.C. {section} 3507.                                       

N-Q 2nd Page of 43 TOC 1st Previous Next ↓Bottom Just 2nd
ITEM 1. SCHEDULE OF INVESTMENTS.                                                

                                                        [Enlarge/Download Table]

                                                                                                      NOVEMBER 30, 2007 

SCHEDULE OF INVESTMENTS Century Fund                                                                                    
------------------------------------                                                                                    
(UNAUDITED)                                                                                                             

NUMBER OF SHARES                          MARKET VALUE(+)  NUMBER OF SHARES                              MARKET VALUE(+)
                                         ($000'S OMITTED)                                               ($000'S OMITTED)
                                                                                                                        
COMMON STOCKS (96.4%)                                      INTERNET SOFTWARE & SERVICES (2.9%)                          
                                                                460  Google Inc. Class A                      319(*)    
AEROSPACE & DEFENSE (8.2%)                                                                                              
   2,170  L-3 Communications Holdings         240          LIFE SCIENCE TOOLS & SERVICES (2.1%)                         
   1,955  Lockheed Martin                     217             4,040  Thermo Fisher Scientific                 233(*)    
   1,500  Precision Castparts                 221                                                                       
   2,880  United Technologies                 215          MACHINERY (1.9%)                                             
                                                              2,435  Danaher Corp.                            211       
                                              893                                                                       
                                                           MEDIA (3.7%)                                                 
AUTO COMPONENTS (1.5%)                                       11,745  News Corp. Class A                       247       
   4,270  Johnson Controls                    165             3,095  Omnicom Group                            151       

BEVERAGES (5.1%)                                                                                              398       
   4,570  Coca-Cola                           284                                                                       
   3,455  PepsiCo, Inc.                       266          METALS & MINING (1.7%)                                       
                                                              5,865  Goldcorp, Inc.                           190       
                                              550                                                                       
                                                           OIL, GAS & CONSUMABLE FUELS (6.6%)                           
CAPITAL MARKETS (3.8%)                                        3,740  Canadian Natural Resources               245       
   2,250  Northern Trust                      182             2,485  Occidental Petroleum                     173       
   2,940  State Street                        235             3,070  Petroleo Brasileiro ADR                  296       

                                              417                                                             714       

CHEMICALS (2.4%)                                           PHARMACEUTICALS (6.3%)                                       
   2,580  Monsanto Co.                        256             3,930  Abbott Laboratories                      226       
                                                              3,209  Johnson & Johnson                        217       
COMMUNICATIONS EQUIPMENT (2.9%)                               4,035  Merck & Co.                              240       
  11,405  Cisco Systems                       319(*)                                                                    
                                                                                                              683       
COMPUTERS & PERIPHERALS (6.2%)                                                                                          
   1,550  Apple, Inc.                         282(*)       SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.5%)              
   9,425  EMC Corp.                           182(*)         10,605  Intel Corp.                              277       
   4,240  Hewlett-Packard                     217                                                                       
                                                           SOFTWARE (6.8%)                                              
                                              681             4,515  Adobe Systems                            190(*)    
                                                              9,255  Microsoft Corp.                          311       
DIVERSIFIED FINANCIAL SERVICES (1.5%)                        11,625  Oracle Corp.                             235(*)    
   3,655  J.P. Morgan Chase                   167                                                                       
                                                                                                              736       
ELECTRIC UTILITIES (4.4%)                                                                                               
   2,940  Exelon Corp.                        239          TEXTILES, APPAREL & LUXURY GOODS (1.6%)                      
   3,430  FPL Group                           239             2,625  Nike, Inc.                               172       

                                              478          TOBACCO (2.2%)                                               
                                                              3,020  Altria Group                             234       
ELECTRICAL EQUIPMENT (3.8%)                                                                                             
   5,590  ABB Ltd.                            164          WIRELESS TELECOMMUNICATION SERVICES (2.0%)                   
   4,360  Emerson Electric                    249             4,850  American Tower                           221(*)    

                                              413          TOTAL COMMON STOCKS                                          
                                                           (COST $9,068)                                   10,504       
ENERGY EQUIPMENT & SERVICES (3.9%)                                                                                      
   2,945  National Oilwell Varco              201(*)       SHORT-TERM INVESTMENTS (3.7%)                                
   2,410  Schlumberger Ltd.                   225           401,660  Neuberger Berman Prime Money                       
                                                                          Fund Trust Class                              
                                              426                         (COST $402)                         402(#)(@) 

HEALTH CARE EQUIPMENT & SUPPLIES (4.2%)                    TOTAL INVESTMENTS (100.1%)                                   
   4,125  Baxter International                247          (COST $9,470)                                   10,906(##)   
   2,595  Becton, Dickinson & Co.             215                                                                       
                                                           Liabilities, less cash, receivables and                      
                                              462            other assets [(0.1%)]                             (6)      

HOTELS, RESTAURANTS & LEISURE (2.8%)                       TOTAL NET ASSETS (100.0%)               $       10,900       
   5,225  McDonald's Corp.                    305                                                                       

HOUSEHOLD PRODUCTS (5.4%)                                                                                               
   4,140  Colgate-Palmolive                   332                                                                       
   3,410  Procter & Gamble                    252                                                                       

                                              584                                                                       

Notes to Schedule of Investments                                                                                        

N-Q 3rd Page of 43 TOC 1st Previous Next ↓Bottom Just 3rd
                                                        [Enlarge/Download Table]


                                                                                                           NOVEMBER 30, 2007 

SCHEDULE OF INVESTMENTS Convergence Fund                                                                                     
----------------------------------------                                                                                     
(UNAUDITED)                                                                                                                  

NUMBER OF SHARES                              MARKET VALUE(+)  NUMBER OF SHARES                               MARKET VALUE(+)
                                             ($000'S OMITTED)                                                ($000'S OMITTED)

                                                                                                                             
COMMON STOCKS (94.5%)                                          SHORT-TERM INVESTMENTS (5.8%)                                 
                                                                    476,882  Neuberger Berman Prime Money                    
COMMUNICATIONS EQUIPMENT (17.7%)                                              Fund Trust Class                               
      29,895  Arris Group                         312(*)                      (COST $477)                         477(#)(@)  
       7,820  Cisco Systems                       219(*)                                                                     
      10,095  Foundry Networks                    178(*)                                                                     
      11,560  JDS Uniphase Corp.                  156(*)       TOTAL INVESTMENTS (100.3%)                                    
       5,310  Juniper Networks                    158(*)       (COST $7,763)                                    8,303(##)    
      14,300  Motorola, Inc.                      228                                                                        
       5,230  QUALCOMM Inc.                       213          Liabilities, less cash, receivables and                       
                                                                 other assets [(0.3%)]                           (23)        
                                                1,464                                                                        
                                                               TOTAL NET ASSETS (100.0%)                   $    8,280        
COMPUTERS & PERIPHERALS (3.5%)                                                                                               
       1,575  Apple, Inc.                         287(*)                                                                     

DIVERSIFIED TELECOMMUNICATION (6.5%)                                                                                         
       4,180  AT&T Inc.                           160                                                                        
       9,825  Global Crossing                     180(*)                                                                     
      21,810  Globalstar, Inc.                    198(*)                                                                     

                                                  538                                                                        

INTERNET SOFTWARE & SERVICES (10.7%)                                                                                         
       6,985  Akamai Technologies                 266(*)                                                                     
         460  Google Inc. Class A                 319(*)                                                                     
      11,390  Yahoo! Inc.                         305(*)                                                                     

                                                  890                                                                        

MEDIA (18.5%)                                                                                                                
       5,457  CBS Corp. Class B                   150                                                                        
       8,075  EchoStar Communications             348(*)                                                                     
       7,095  Liberty Global Class A              288(*)                                                                     
       7,180  Lions Gate Entertainment             66(*)                                                                     
      14,200  News Corp.  Class A                 299                                                                        
       2,900  Omnicom Group                       142                                                                        
       5,707  Viacom Inc. Class B                 240(*)                                                                     

                                                1,533                                                                        

MUTUAL FUNDS (1.3%)                                                                                                          
       1,750  iShares Russell 1000 Growth                                                                                    
               Index Fund                         107                                                                        

REAL ESTATE MGT. & DEV. (1.2%)                                                                                               
       6,720  SonomaWest Holdings                 102(*)                                                                     

SOFTWARE (2.1%)                                                                                                              
       5,810  Intuit Inc.                         170(*)                                                                     

WIRELESS TELECOMMUNICATION SERVICES (33.0%)                                                                                  
       7,930  American Tower                      361(*)                                                                     
       2,935  China Mobile ADR                    269                                                                        
      10,920  China Unicom  ADR                   253                                                                        
      18,000  Clearwire Corp. Class A             280(*)                                                                     
       5,400  Millicom International                                                                                         
               Cellular                           644(*)                                                                     
       7,850  NII Holdings                        433(*)                                                                     
       4,340  Rogers Communications Class B       182                                                                        
      20,175  Sprint Nextel                       313                                                                        

                                                2,735                                                                        

TOTAL COMMON STOCKS                                                                                                          
(COST $7,286)                                   7,826                                                                        

See Notes to Schedule of Investments                                            

N-Q 4th Page of 43 TOC 1st Previous Next ↓Bottom Just 4th
                                                        [Enlarge/Download Table]

                                                                                                    NOVEMBER 30, 2007  

SCHEDULE OF INVESTMENTS Dividend Fund                                                                                  
-------------------------------------                                                                                  
(UNAUDITED)                                                                                                            

NUMBER OF SHARES                         MARKET VALUE(+)    NUMBER OF SHARES                          MARKET VALUE(+)  
                                        ($000's OMITTED)                                             ($000's OMITTED)  
                                                                                                                       
COMMON STOCKS (90.3%)                                           4,700  Teck Cominco Class B                   180      

BEVERAGES (4.8%)                                                                                              320      
     1,290  Diageo PLC ADR                     117        MULTI-UTILITIES (9.0%)                                       
     3,065  PepsiCo, Inc.                      237              2,350  Dominion Resources                     111      
                                                                2,865  NSTAR                                  100      
                                               354              4,640  PNM Resources                          103      
                                                                1,285  Public Service Enterprise Group        123      
CAPITAL MARKETS (1.6%)                                          1,790  Sempra Energy                          112      
     2,528  Bank of New York Mellon            121              6,800  TECO Energy                            118      

COMMERCIAL  BANKS (2.4%)                                                                                      667      
     1,020  HSBC Holdings PLC ADR               87                                                                     
     1,200  PNC Financial Services Group        88                                                                     
                                                           OIL, GAS &  CONSUMABLE FUELS (14.4%)                        
                                               175              6,275  Canadian Oil Sands Trust               228      
                                                                1,655  Chevron Corp.                          145      
DIVERSIFIED FINANCIAL SERVICES (1.0%)                           1,715  ConocoPhillips                         137      
     1,670  Bank of America                     77              1,685  Exxon Mobil                            150      
                                                                2,495  Occidental Petroleum                   174      
DIVERSIFIED TELECOMMUNICATION (2.8%)                            9,407  Spectra Energy                         232      
     5,480  AT&T Inc.                          209                                                                     
                                                                                                            1,066      

ELECTRIC UTILITIES (6.6%)                                  PAPER & FOREST PRODUCTS (1.5%)                              
     1,530  Exelon Corp.                       124              1,500  Weyerhaeuser Co.                       110      
     1,775  FirstEnergy Corp.                  122                                                                     
     1,840  FPL Group                          128         PHARMACEUTICALS (9.1%)                                      
     2,240  PPL Corp.                          114              3,390  Johnson & Johnson                      230      
                                                                3,600  Novartis AG ADR                        203      
                                               488              4,095  Abbott  Laboratories                   236      

FOOD & STAPLES RETAILING (1.6%)                                                                               669      
     2,400  Wal-Mart Stores                    115                                                                     
                                                           SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.0%)             
GAS UTILITIES (1.5%)                                            8,600  Intel Corp.                            224      
     2,180  New Jersey Resources               110                                                                     
                                                           TOTAL COMMON STOCKS                                         
HOUSEHOLD DURABLES (2.9%)                                  (COST $6,043)                                    6,677      
     2,770  Fortune Brands                     212                                                                     
                                                           CONVERTIBLE PREFERRED STOCKS (2.0%)                         
HOUSEHOLD PRODUCTS (3.2%)                                                                                              
     3,200  Procter & Gamble                   237         METALS & MINING (2.0%)                                      
                                                                1,025  Freeport-McMoRan Copper                         
INDUSTRIAL CONGLOMERATES (4.0%)                                        & Gold                                          
     1,245  3M Co.                             104                     (COST $105)                            150      
     5,000  General Electric                   191                                                                     

                                               295         SHORT-TERM INVESTMENTS (7.6%)                               
                                                              560,100  Neuberger Berman Prime                          
INSURANCE (6.4%)                                                       Money Fund Trust Class                          
     3,490  Arthur J. Gallagher                 92                     (COST $560)                            560(#)(@)
     2,570  Endurance Specialty Holdings       104                                                                     
     1,035  Hartford Financial                             TOTAL INVESTMENTS (99.9%)                                   
            Services Group                      99         (COST $6,708)                                    7,387(##)  
     1,435  Lincoln National                    88                                                                     
     1,950  Nationwide Financial Services       87         Cash, receivables and other                                 
                                                             assets, less liabilities (0.1%)                    4      
                                               470                                                                     
                                                           TOTAL NET ASSETS (100.0%)                   $    7,391      
MACHINERY (4.7%)                                                                                                       
     3,100  Caterpillar Inc.                   223                                                                     
     1,405  Eaton Corp.                        125                                                                     

                                               348                                                                     

MEDIA (5.5%)                                                                                                           
     8,000  CBS Corp. Class B                  219                                                                     
     3,790  Idearc Inc.                         72                                                                     
     6,000  Regal Entertainment Group          119                                                                     

                                               410                                                                     

METALS & MINING (4.3%)                                                                                                 
       300  Rio Tinto                          140                                                                     


See Notes to Schedule of Investments                                            

N-Q 5th Page of 43 TOC 1st Previous Next ↓Bottom Just 5th
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                                                                                                              NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Energy Fund                                                                                            
-----------------------------------                                                                                            
(UNAUDITED)                                                                                                                    

NUMBER OF SHARES                                      MARKET VALUE(+)  NUMBER OF SHARES                         MARKET VALUE(+)
                                                     ($000'S OMITTED)                                          ($000'S omitted)
                                                                                                                               
COMMON STOCKS (99.9%)                                                                                                          
ELECTRIC UTILITIES (11.8%)                                             TOTAL INVESTMENTS (100.1%)                              
        3,510        Allegheny Energy                       213        (COST $7,089)                                9,584(##)  
        3,790        Exelon Corp.                           307        Liabilities, less cash, receivables and                 
        5,315        FPL Group                              371          other assets [(0.1%)]                        (11)     
        1,840        ITC Holdings                            94                                                                
        2,770        PPL Corp.                              141        TOTAL NET ASSETS (100.0%)                 $  9,573      

                                                          1,126                                                                

ENERGY EQUIPMENT & SERVICES (7.6%)                                                                                             
        6,160        Schlumberger Ltd.                      576                                                                
        2,505        Smith International                    157                                                                

                                                            733                                                                

GAS UTILITIES (4.8%)                                                                                                           
        8,560        Questar Corp.                          458                                                                

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (1.4%)                                                                            
        3,190        NRG Energy                             135(*)                                                             

MULTI-UTILITIES (3.7%)                                                                                                         
        1,450        Dominion Resources                      68                                                                
        1,550        NSTAR                                   54                                                                
        3,110        PNM Resources                           69                                                                
        2,645        Sempra Energy                          166                                                                

                                                            357                                                                

MUTUAL FUNDS (2.2%)                                                                                                            
        8,700        Powershares Wilderhill Clean                                                                              
                       Energy Portfolio                     209                                                                

OIL, GAS & CONSUMABLE FUELS (68.4%)                                                                                            
        5,100        Anadarko Petroleum                     289                                                                
        5,380        Apache Corp.                           521                                                                
       10,005        Canadian Natural Resources             655                                                                
       11,100        Concho Resources, Inc.                 209(*)                                                             
        1,825        ConocoPhillips                         146                                                                
        9,100        Continental Resources                  217(*)                                                             
        4,180        Denbury Resources                      223(*)                                                             
        6,515        EOG Resources                          539                                                                
        3,400        Marathon Oil                           190                                                                
        8,050        Murphy Oil                             576                                                                
        8,885        Occidental Petroleum                   620                                                                
        4,025        Peabody Energy                         224                                                                
        3,400        Petroleo Brasileiro ADR                327                                                                
        5,937        Quicksilver Resources                  300(*)                                                             
        6,525        Suncor Energy                          625                                                                
       17,695        Talisman Energy                        317                                                                
        9,203        XTO Energy                             569                                                                

                                                          6,547                                                                

TOTAL COMMON STOCKS                                                                                                            
(COST $7,070)                                             9,565                                                                

SHORT-TERM INVESTMENTS (0.2%)                                                                                                  
       18,623        Neuberger Berman Prime Money                                                                              
                       Fund Trust Class (COST $19)           19(@)                                                             

See Notes to Schedule of Investments                                            

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                                                                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Equity Income Fund                                                                                      
------------------------------------------                                                                                      
(UNAUDITED)                                                                                                                     

NUMBER OF SHARES                              MARKET VALUE(+)  NUMBER OF SHARES                              MARKET VALUE(+)    
                                             ($000's OMITTED)                                               ($000's OMITTED)    
                                                                                                                                
COMMON STOCKS (73.3%)                                                 2,400  Xcel Energy                               55       
                                                                                                             ------------       
BEVERAGES (2.1%)                                                                                                      484       
       2,200  Anheuser-Busch                         116                                                                        
                                                               OIL, GAS & CONSUMABLE FUELS (13.3%)                              
CAPITAL MARKETS (1.5%)                                                3,700  Canadian Oil Sands Trust                 134       
       7,300  PennantPark Investment                  84              2,352  Enbridge Energy Management               122(*)    
                                                                      2,300  Enerplus Resources Fund                   94       
CONSUMER FINANCE (0.5%)                                               1,600  ENI ADR                                  114       
         500  American Express                        30              4,400  Hugoton Royalty Trust                    101       
                                                                      3,000  Sasol Limited ADR                        152       
DIVERSIFIED FINANCIAL SERVICES (1.7%)                                   800  Spectra Energy                            20       
       2,000  Bank of America                         92                                                     ------------       
                                                                                                                      737       
ELECTRIC UTILITIES (4.4%)                                                                                                       
       1,600  Duke Energy                             32       PHARMACEUTICALS (3.7%)                                           
       1,800  Exelon Corp.                           146              1,500  Johnson & Johnson                        101       
         950  FPL Group                               66              1,800  Novartis AG ADR                          102       
                                            ------------                                                     ------------       
                                                     244                                                              203       

ENERGY EQUIPMENT & SERVICES (2.7%)                             REAL ESTATE INVESTMENT TRUSTS (13.8%)                            
       6,400  Cathedral Energy Services                               7,800  Annaly Mortgage Management               134       
               Income Trust                           55              1,300  Duke Realty                               34       
       6,100  Precision Drilling Trust                97              2,000  Equity Residential                        75       
                                            ------------            120,000  GZI REIT                                  48       
                                                     152              1,900  Mack-Cali Realty                          68       
                                                                      2,600  Potlatch Corp.                           119       
GAS UTILITIES (2.2%)                                                    900  ProLogis                                  59       
       1,200  New Jersey Resources                    61              1,300  Rayonier Inc.                             60(FF)   
       1,300  ONEOK, Inc.                             60              1,900  Realty Income                             54       
                                            ------------              1,600  UDR, Inc.                                 35       
                                                     121              2,200  Weingarten Realty Investors               79       
                                                                                                             ------------       
HOUSEHOLD PRODUCTS (0.9%)                                                                                             765       
         750  Kimberly-Clark                          52                                                                        
                                                               SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (0.8%)                  
INDUSTRIAL CONGLOMERATES (2.1%)                                       1,500  Microchip Technology                      43       
       3,000  General Electric                       115(FF)                                                                    
                                                               SOFTWARE (1.1%)                                                  
INSURANCE (5.3%)                                                      1,800  Microsoft Corp.                           60       
         750  American International Group            43                                                                        
       3,600  Arthur J. Gallagher                     95       WATER UTILITIES (1.0%)                                           
       2,500  Lincoln National                       154              1,400  California Water Service                           
                                            ------------                      Group                                    55       
                                                     292                                                                        
                                                               TOTAL COMMON STOCKS                                              
MEDIA (2.7%)                                                   (COST $3,791)                                        4,050       
       3,900  Aeroplan Income Fund                    90                                                     ------------       
       3,700  World Wrestling Federation              58                                                                        
                                            ------------       CONVERTIBLE PREFERRED STOCKS (4.2%)                              
                                                     148              1,100  Chesapeake Energy, Ser. D                114       
                                                                      1,000  New York Community Capital                         
METALS & MINING (4.7%)                                                        Trust V                                  49       
       4,600  Fording Canadian Coal Trust            157(FF)                                                                    
       6,100  Gold Fields ADR                        100                                                                        
                                            ------------                                                                        
                                                     257                                                                        

MULTI-UTILITIES (8.8%)                                                                                                          
       1,200  Dominion Resources                      57                                                                        
         800  National Grid ADR                       68                                                                        
       3,300  NSTAR                                  115                                                                        
       1,000  Sempra Energy                           63                                                                        
       8,200  United Utilities                       126                                                                        

See Notes to Schedule of Investments                                                                                            

N-Q 7th Page of 43 TOC 1st Previous Next ↓Bottom Just 7th
NUMBER OF SHARES                                   MARKET VALUE(+)              
                                  ($000's OMITTED)

2,000  Sovereign Capital Trust IV                72               
                        ------------

TOTAL CONVERTIBLE PREFERRED STOCKS                                              
(COST $252)                                            235                      
                        ------------

PRINCIPAL AMOUNT                                                                

CONVERTIBLE BONDS (12.2%)                                                       
$50,000  American Tower Corp., Notes,                                 
5.00%, due 2/15/10, Moody's                       
Rating Ba1, S&P Rating BB+               50       
100,000  Edwards Lifesciences Corp.,                                  
Senior Unsecured Notes,                           
3.88%, due 5/15/33                      102(^^)   
100,000  Euronet Worldwide, Inc.,                                     
Unsecured Debentures, 3.50%,                      
due 1015/25, S&P Rating B+              109       
100,000  Invitrogen Corp., Senior                                     
Unsecured Notes, 3.25%, due                       
6/15/25                                 119(^^)   
100,000  Ivax Corp., Senior Unsecured                                 
Subordinated Notes, 4.50%,                        
due 5/15/08                             103(^^)   
100,000  NII Holdings, Inc., Unsecured                                
Senior Notes, 3.13%, due                          
6/15/12                                  89(^^)   
100,000  Vishay Intertechnology, Inc.,                                
Subordinated Notes, 3.63%,                        
due 8/1/23, Moody's Rating                        
B3, S&P Rating B+                       101       
                         -----------

TOTAL CONVERTIBLE BONDS                                                         
(COST $643)                                            673                      
                        ------------

NUMBER OF SHARES                                                                
SHORT-TERM INVESTMENTS (10.2%)                                                  
566,485  Neuberger Berman Prime Money                                 
Fund Trust Class                                    
(COST $566)                            566(#)(@)    
                        ------------

TOTAL INVESTMENTS (99.9%)                                                       
(COST $5,252)                                        5,524(##)                  
Cash, receivables and other assets, less                                        
liabilities (0.1%)                                     4                    
                        ------------

TOTAL NET ASSETS (100.0%)                   $        5,528                      
                        ------------

See Notes to Schedule of Investments                                            

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                                                                                                                   NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Fasciano Fund                                                                                               
-------------------------------------                                                                                               
(UNAUDITED)                                                                                                                         

NUMBER OF SHARES                                  MARKET VALUE(+)    NUMBER OF SHARES                                MARKET VALUE(+)
                                                 ($000'S OMITTED)                                                   ($000'S OMITTED)
                                                                                                                                    
COMMON STOCKS (98.9%)                                                                                                               
                                                                              163,361       MWI Veterinary Supply        6,874(*)   
AEROSPACE & DEFENSE (1.2%)                                                     73,700       Owens & Minor                2,894      
         253,500       ARGON ST                         4,619(*)                                                                    
                                                                                                                        15,678      
AIR FREIGHT & LOGISTICS (1.0%)                                                                                                      
         148,700       Hub Group Class A                3,878(*)     HEALTH CARE TECHNOLOGY (0.9%)                                  
                                                                              150,200       Computer Programs and                   
AUTO COMPONENTS (1.2%)                                                                       Systems                     3,345      
         167,700       Drew Industries                  4,582(*)                                                                    
                                                                     HOTELS, RESTAURANTS & LEISURE (1.6%)                           
BUILDING PRODUCTS (0.6%)                                                      139,100       International Speedway       5,927      
          60,100       NCI Building Systems             2,063(*)                                                                    
                                                                     INSURANCE (3.2%)                                               
CHEMICALS (3.0%)                                                              234,200       American Equity Investment              
         304,800       Rockwood Holdings               10,266(*)                             Life Holding                2,110      
          84,400       Spartech Corp.                   1,153                 312,700       Amerisafe Inc.               4,772(*)   
                                                                               73,200       Hilb Rogal and Hobbs         3,129      
                                                       11,419                  69,700       Tower Group                  2,260      

COMMERCIAL BANKS (5.3%)                                                                                                 12,271      
         156,486       Boston Private Financial                                                                                     
                        Holdings                        4,310(E)     INTERNET SOFTWARE & SERVICES (3.1%)                            
         230,100       Texas Capital Bancshares         4,851(*)              355,500       j2 Global Communications     8,646(*)   
         320,100       Wilshire Bancorp                 2,983(E)              322,800       Online Resources             3,034(*)   
         226,532       Wintrust Financial               8,001                                                                       
                                                                                                                        11,680      
                                                       20,145                                                                       
                                                                     LIFE SCIENCE TOOLS & SERVICES (1.2%)                           
COMMERCIAL SERVICES & SUPPLIES (16.8%)                                         72,400       Techne Corp.                 4,717(*)   
         222,000       Acco Brands                      3,709(*)                                                                    
         126,900       Advisory Board                   8,250(*)     MACHINERY (17.7%)                                              
         445,100       Healthcare Services Group        9,748(E)              332,200       Actuant Corp.               10,521(E)   
         280,900       Korn/Ferry International         4,840(*)(E)           142,150       Bucyrus International       12,468      
         145,920       Ritchie Bros. Auctioneers       10,813                 224,900       CLARCOR Inc.                 8,008      
         428,735       Rollins, Inc.                   12,622(E)              337,500       IDEX Corp.                  12,049(E)   
         217,100       Waste Connections                6,910(*)              146,300       Middleby Corp.              11,103(*)(E)
         148,300       Watson Wyatt Worldwide                                 214,953       RBC Bearings                 7,906(*)   
                         Class A                        6,829                 472,500       TriMas Corp.                 5,245(*)   

                                                       63,721                                                           67,300      

DIVERSIFIED FINANCIAL SERVICES (0.9%)                                MEDIA (3.9%)                                                   
         156,200       Financial Federal                3,450(E)              171,790       Courier Corp.                5,647      
                                                                              167,500       Meredith Corp.               9,221      
ELECTRICAL EQUIPMENT (1.3%)                                                                                                         
         103,000       Regal-Beloit                     4,849(E)                                                        14,868      

ELECTRONIC EQUIPMENT & INSTRUMENTS (4.2%)                            METALS & MINING (1.9%)                                         
         210,900       LoJack Corp.                     3,693(*)              188,700       AMCOL International          7,167      
         106,500       MTS Systems                      4,365                                                                       
         222,067       ScanSource, Inc.                 7,835(*)     OIL, GAS & CONSUMABLE FUELS (3.3%)                             
                                                                              221,500       Berry Petroleum Class A      9,161      
                                                       15,893                 103,400       Comstock Resources           3,464(*)   

ENERGY EQUIPMENT & SERVICES (4.5%)                                                                                      12,625      
         270,100       Cal Dive International           3,352(*)(E)                                                                 
         149,900       CARBO Ceramics                   5,951        PERSONAL PRODUCTS (1.4%)                                       
         479,700       TETRA Technologies               7,584(*)               72,000       Chattem, Inc.                5,105(*)   

                                                       16,887        PHARMACEUTICALS (2.5%)                                         
                                                                              337,000       K-V Pharmaceutical           9,503(*)   
HEALTH CARE EQUIPMENT & SUPPLIES (5.1%)                                                                                             
          70,600       Haemonetics Corp.                4,096(*)     ROAD & RAIL (2.2%)                                             
          57,500       ICU Medical                      2,134(*)              209,193       Heartland Express            3,039      
         274,600       STERIS Corp.                     7,678                 137,600       Landstar System              5,474      
         231,267       Young Innovations                5,377                                                                       
                                                                                                                         8,513      
                                                       19,285                                                                       
                                                                     SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.0%)                
HEALTH CARE PROVIDERS & SERVICES (4.1%)                                        98,800       Cabot Microelectronics       3,695(*)(E)
          88,000       Landauer, Inc.                   4,419                                                                       
          91,700       LCA-Vision                       1,491        SPECIALTY RETAIL (1.9%)                                        
                                                                              148,700       Hibbett Sports               3,185(*)(E)

See Notes to Schedule of Investments                                                                                                

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                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Fasciano Fund cont'd                                    
--------------------------------------------                                    
(UNAUDITED)                                                                     

NUMBER OF SHARES                                         MARKET VALUE(+)        
                                                  ($000'S OMITTED)

193,833       Monro Muffler Brake                     4,084   
                                                   7,269
TRADING COMPANIES & DISTRIBUTORS (3.9%)                                         
119,600       H&E Equipment Services                  2,065(*)
319,700       Houston Wire & Cable                    4,735(E)
   340,700       Interline Brands                        8,153(*)(E)
                                                  14,953

TOTAL COMMON STOCKS                                          375,407            
(COST $280,667)                                                                 

SHORT-TERM INVESTMENTS (13.2%)                                                  
3,800,692       Neuberger Berman Prime                            
              Money Fund Trust Class                3,801(@)
46,356,284       Neuberger Berman Securities                        
               Lending Quality Fund, LLC            46,356(++)

TOTAL SHORT-TERM INVESTMENTS                                 50,157(#)          
(COST $50,157)                                                                  

TOTAL INVESTMENTS (112.1%)                                  425,564(##)         
(COST $330,824)                                                                 

Liabilities, less cash, receivables and other                                   
assets [(12.1%)]                                         (45,813)         

TOTAL NET ASSETS (100.0%)                                $  379,751             

See Notes to Schedule of Investments                                            

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                                                        [Enlarge/Download Table]

                                                                                                        NOVEMBER 30, 2007 

SCHEDULE OF INVESTMENTS Focus Fund                                                                                        
----------------------------------                                                                                        

NUMBER OF SHARES                           MARKET VALUE(+)   NUMBER OF SHARES                              MARKET VALUE(+)
                                          ($000'S OMITTED)                                                ($000'S OMITTED)
                                                                                                                          
                                                                 350,000   News Corp. Class B                  7,588(E)   

COMMON STOCKS (98.2%)                                                                                         48,682      
                                                             OIL, GAS & CONSUMABLE FUELS (9.2%)                           
AUTO COMPONENTS (1.8%)                                           700,000   Canadian Natural Resources         45,829(E)   
   396,066   WABCO Holdings                    18,599            725,000   Occidental Petroleum               50,583(E)   

BEVERAGES (3.2%)                                                                                              96,412      
   440,000   PepsiCo, Inc.                     33,959                                                                     
                                                             PERSONAL PRODUCTS (0.9%)                                     
BUILDING PRODUCTS (2.3%)                                         330,000   NBTY, Inc.                          9,857(*)(E)
   650,000   Trane, Inc.                       23,862                                                                     
                                                             PHARMACEUTICALS (4.4%)                                       
CAPITAL MARKETS (2.5%)                                           825,000   Novartis AG ADR                    46,629      
   325,000   State Street                      25,964                                                                     
                                                             SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.1%)              
COMMUNICATIONS EQUIPMENT (11.7%)                               1,325,000   Intel Corp.                        34,556(E)   
   775,000   Cisco Systems                     21,715(*)(E)      585,000   International Rectifier            19,024(*)(E)
   650,000   Corning Inc.                      15,789                                                                     
   750,000   Motorola, Inc.                    11,978(E)                                                      53,580      
 1,870,000   Nokia Corp. ADR                   73,547(E)                                                                  
                                                             SOFTWARE (11.6%)                                             
                                              123,029          1,350,000   Amdocs Ltd.                        44,671(*)(E)
                                                                 710,000   Citrix Systems                     26,256(*)(E)
COMPUTERS & PERIPHERALS (3.0%)                                 1,525,000   Microsoft Corp.                    51,240(E)   
   300,000   IBM                               31,554(E)                                                                  
                                                                                                             122,167      
CONSUMER FINANCE (1.6%)                                                                                                   
   325,000   Capital One Financial             17,326(E)     SPECIALTY RETAIL (4.0%)                                      
                                                               1,425,000   TJX Cos.                           41,810(E)   
DIVERSIFIED FINANCIAL SERVICES (3.6%)                                                                                     
   730,000   Citigroup Inc.                    24,309(E)     TOTAL COMMON STOCKS                           1,030,937      
   300,000   J.P. Morgan Chase                 13,686        (COST $808,284)                                              

                                               37,995        SHORT-TERM INVESTMENTS (35.4%)                               
                                                              19,501,379   Neuberger Berman Prime Money                   
ELECTRIC UTILITES (1.0%)                                                    Fund Trust Class                  19,501(@)   
   135,000   Exelon Corp.                      10,945(E)     352,514,358   Neuberger Berman Securities                    
                                                                            Lending Quality Fund, LLC        352,514(++)  
ELECTRICAL EQUIPMENT (4.8%)                                                                                               
   735,000   Rockwell Automation               49,899(E)     TOTAL SHORT-TERM INVESTMENTS                    372,015(#)   
                                                             (COST $372,015)                                              
ENERGY EQUIPMENT & SERVICES (3.9%)                                                                                        
   595,900   Dresser-Rand Group                21,214(*)     TOTAL INVESTMENTS (133.6%)                    1,402,952(##)  
   530,000   Halliburton Co.                   19,403(E)     (COST $1,180,299)                                            

                                               40,617        Liabilities, less cash, receivables and                      
                                                              other assets [(33.6%)]                        (352,488)     
FINANCIAL SERVICES (1.7%)                                                                                                 
   500,000   Freddie Mac                       17,535        TOTAL NET ASSETS (100.0%)                   $ 1,050,464      

HEALTH CARE EQUIPMENT & SUPPLIES (2.6%)                                                                                   
   675,000   Covidien Ltd.                     27,074(E)                                                                  

HOUSEHOLD PRODUCTS (1.5%)                                                                                                 
   220,000   Procter & Gamble                  16,280(E)                                                                  

INSURANCE (5.1%)                                                                                                          
   345,000   Lincoln National                  21,242(E)                                                                  
   485,000   MetLife, Inc.                     31,811(E)                                                                  

                                               53,053                                                                     

LIFE SCIENCE TOOLS & SERVICES (6.0%)                                                                                      
 1,085,000   Thermo Fisher Scientific          62,539(*)(E)                                                               

MACHINERY (2.1%)                                                                                                          
   300,000   Caterpillar Inc.                  21,570(E)                                                                  

MEDIA (4.6%)                                                                                                              
   550,000   Comcast Corp. Class A Special     11,116(*)(E)                                                               
   500,000   EchoStar Communications           21,550(*)(E)                                                               
   400,000   News Corp. Class A                 8,428(E)                                                                  


See Notes to Schedule of Investments                                            

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                                                                                                          NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Genesis Fund                                                                                       
------------------------------------                                                                                       
(UNAUDITED)                                                                                                                

NUMBER OF SHARES                           MARKET VALUE(+)  NUMBER OF SHARES                              MARKET VALUE(+)  
                                          ($000's omitted)                                               ($000's omitted)  
                                                                                                                           
COMMON STOCKS (95.7%)                                          1,792,125  Rofin-Sinar Technologies          163,155(*)(^)  
                                                               2,486,360  Trimble Navigation                 92,169(*)     
AEROSPACE & DEFENSE (3.6%)                                                                                                 
   1,919,162  Alliant Techsystems            224,216(*)(^)                                                  294,007        
   2,117,300  Curtiss-Wright                 114,207                                                                       
     717,439  DRS Technologies                42,480        ENERGY EQUIPMENT & SERVICES (4.0%)                             
   1,502,600  MTC Technologies                24,567(*)(^)     2,031,200  CARBO Ceramics                     80,639(^)     
                                                                 150,000  Flint Energy Services               2,948(n)     
                                             405,470           4,892,800  ION Geophysical                    75,496(*)(^)  
                                                               2,063,228  NATCO Group                        98,086(*)(^)  
AIR FREIGHT & LOGISTICS (1.0%)                                 1,315,878  National Oilwell Varco             89,677(*)     
   1,935,400  Forward Air                     62,649(^)        1,272,800  Oceaneering International          81,217(*)     
   1,843,900  Hub Group Class A               48,089(*)        1,213,765  Pason Systems                      14,420        
                                                                 235,876  Unit Corp.                         10,548(*)     
                                             110,738                                                                       
                                                                                                            453,031        
AUTO COMPONENTS (1.0%)                                                                                                     
   1,748,700  Drew Industries                 47,774(*)(^)                                                                 
   3,629,914  Gentex Corp.                    71,945        FOOD & STAPLES RETAILING (0.6%)                                
                                                               1,842,702  Ruddick Corp.                      65,950        
                                             119,719                                                                       
                                                            FOOD PRODUCTS (0.3%)                                           
BUILDING PRODUCTS (0.7%)                                       1,194,716  J & J  Snack Foods                 38,685(^)     
   2,958,700  Simpson Manufacturing           78,731(^)                                                                    
                                                            GAS UTILITIES (0.2%)                                           
CAPITAL MARKETS (0.6%)                                           383,600  New Jersey Resources               19,353        
   1,495,900  Eaton Vance                     65,461                                                                       
                                                            HEALTH CARE EQUIPMENT & SUPPLIES (10.5%)                       
CHEMICALS (0.3%)                                                  28,800  Abaxis, Inc.                          955(*)     
   1,003,539  Flotek Industries               36,990(*)(^)     8,743,365  American Medical Systems                         
                                                                           Holdings                         119,522(*)(^)  
COMMERCIAL BANKS (4.2%)                                        2,192,800  DENTSPLY International             93,808        
   1,646,700  Bank of Hawaii                  85,744           2,067,500  Haemonetics Corp.                 119,936(*)(^)  
   1,550,219  Bank of the Ozarks              45,096(^)          619,069  Hologic, Inc.                      41,100(*)     
   1,130,794  BOK Financial                   61,900           1,461,500  ICU Medical                        54,251(*)(^)  
   1,543,400  Cullen/Frost Bankers            81,198           3,123,562  IDEXX Laboratories                188,976(*)(^)  
   1,190,100  East West Bancorp               32,073           2,028,891  Immucor, Inc.                      67,298(*)     
   1,492,408  Glacier Bancorp                 29,714           1,674,602  Integra LifeSciences Holdings      69,412(*)(^)  
     405,200  Signature Bank                  15,012(*)        2,111,600  Mentor Corp.                       79,375(^)     
   1,393,800  UCBH Holdings                   22,412           3,574,756  Respironics, Inc.                 176,093(*)     
   2,240,481  Westamerica Bancorp            105,325(^)        1,510,326  Sirona Dental Systems              40,869(*)     
                                                               1,845,030  Surmodics, Inc.                    95,277(*)(^)  
                                             478,474           1,851,294  Wright Medical Group               49,948(*)(^)  

COMMERCIAL SERVICES & SUPPLIES (5.2%)                                                                     1,196,820        
   3,661,931  Copart, Inc.                   136,810(*)                                                                    
     257,553  Exponent, Inc.                   7,173(*)     HEALTH CARE PROVIDERS & SERVICES (4.0%)                        
   3,236,754  Healthcare Services Group       70,885(^)        2,054,934  AmSurg Corp.                       53,141(*)(^)  
     949,051  Layne Christensen               54,048(*)(^)     2,960,140  Henry Schein                      175,092(*)     
     983,694  Mine Safety Appliances          48,211             823,568  MWI Veterinary Supply              34,656(*)(^)  
   1,892,900  Ritchie Bros. Auctioneers      140,264(^)        3,549,100  Patterson Companies               114,210(*)     
     998,247  Rollins, Inc.                   29,388           1,824,694  VCA Antech                         74,867(*)     
   2,113,228  United Stationers              107,056(*)(^)                                                                 
                                                                                                            451,966        
                                             593,835                                                                       
                                                            HOTELS, RESTAURANTS & LEISURE (0.5%)                           
                                                               1,026,900  IHOP Corp.                         52,105(^)     
CONTAINERS & PACKAGING (2.4%)                                                                                              
   6,386,800  AptarGroup Inc.                269,587(^)     HOUSEHOLD PRODUCTS (3.0%)                                      
                                                               6,136,918  Church & Dwight                   344,404(^)     
DIVERSIFIED CONSUMER SERVICES (2.0%)                                                                                       
   3,745,600  Matthews International         165,331(^)     INDUSTRIAL CONGLOMERATES (0.4%)                                
     368,211  Strayer Education               66,594           1,200,252  Raven Industries                   41,685(^)     

                                             231,925        INSURANCE (1.6%)                                               
                                                               1,381,900  Arthur J. Gallagher                36,316        
ELECTRICAL EQUIPMENT (1.5%)                                    3,851,455  Brown & Brown                      94,746        
   4,154,600  Brady Corp.                    166,309(^)          282,237  Erie Indemnity                     14,603        

Electronic Equipment & Instruments (2.6%)                                                                                  
     774,900  NovAtel Inc.                    38,683(*)(^)                                                                 


See Notes to Schedule of Investments                                            

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                                                        [Enlarge/Download Table]

                                                                                                             NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Genesis Fund cont'd                                                                                   
-------------------------------------------                                                                                   
(UNAUDITED)                                                                                                                   

NUMBER OF SHARES                             MARKET VALUE(+)  NUMBER OF SHARES                              MARKET VALUE(+)   
                                            ($000's omitted)                                               ($000's omitted)   
                                                                                                                              
   1,316,200  HCC Insurance Holdings            40,460           2,539,400  Galleon Energy                      37,128(*)     
                                                                 2,291,100  Highpine Oil & Gas                  19,017(*)     
                                               186,125           1,300,435  Hugoton Royalty Trust               29,910        
                                                                 2,976,641  Parallel Petroleum                  57,003(*)(^)  
IT SERVICES (2.2%)                                               6,345,300  Pearl Exploration and Production    14,595(*)     
   1,271,800  CACI International                57,727(*)        3,224,700  Petrobank Energy and Production    162,372(*)     
   2,252,700  ManTech International             87,157(*)(^)     2,596,030  Petrohawk Energy                    42,315(*)     
     374,999  NCI, Inc. Class A                  6,787(*)(^)     1,561,650  Quicksilver Resources               79,020(*)     
   1,487,700  RightNow Technologies             27,002(*)        2,141,600  Southwestern Energy                106,587(*)     
     724,000  SI International                  18,795(*)(^)     2,610,100  St. Mary Land & Exploration        102,577        
   2,012,025  SRA International                 55,009(*)        9,875,000  UTS Energy                          52,636(*)     
                                                                 1,217,300  XTO Energy                          75,253        
                                               252,477                                                                        
                                                                                                             1,701,199        
LIFE SCIENCE TOOLS & SERVICES (4.7%)                                                                                          
   1,121,600  Charles River Laboratories        71,255(*)     PERSONAL PRODUCTS (1.2%)                                        
               International                   183,556(*)(^)     5,576,950  Alberto-Culver Co.                 142,547(^)     
   2,173,032  Dionex Corp.                      74,268(*)                                                                     
   1,252,200  ICON PLC                                        PHARMACEUTICALS (0.8%)                                          
   4,854,600  Pharmaceutical Product           205,544           3,109,847  K-V Pharmaceutical                  87,698(*)(^)  
               Development                                                                                                    
                                               534,623        ROAD & RAIL (0.1%)                                              
                                                                   476,100  Heartland Express                    6,918        

MACHINERY (9.2%)                                              SOFTWARE (3.5%)                                                 
   1,430,000  A.S.V., Inc.                      16,674(*)(^)     2,515,574  Blackbaud, Inc.                     71,593(^)     
   2,214,550  Bucyrus International            194,238(^)          766,200  FactSet Research Systems            48,025        
   1,404,700  Chart Industries                  39,051(*)(^)     2,500,237  Fair Isaac                          92,409        
   5,600,022  CLARCOR Inc.                     199,417(^)        2,486,771  MICROS Systems                     179,396(*)(^)  
   2,801,700  Donaldson Co.                    131,063             279,606  Solera Holdings, Inc.                6,434(*)     
     997,700  Graco Inc.                        37,154                                                                        
   3,126,000  Joy Global                       181,308                                                         397,857        
   1,475,793  Nordson Corp.                     77,922                                                                        
   1,097,900  Toro Co                           61,098        SPECIALTY RETAIL (1.8%)                                         
     611,004  Valmont Industries                47,958           2,067,649  Big 5 Sporting Goods                33,971(^)     
   1,624,700  Wabtec Corp.                      55,142             825,900  Buckle, Inc.                        29,163        
                                                                 1,985,300  Hibbett Sports                      42,525(*)(^)  
                                             1,041,025           1,214,034  Lithia Motors                       18,939(^)     
                                                                 5,964,284  Sally Beauty Holdings               54,335(*)     
MEDIA (1.3%)                                                       672,600  Tractor Supply                      27,590(*)     
   1,984,567  Arbitron Inc.                     79,085(^)                                                                     
     149,100  Harte-Hanks                        2,505                                                         206,523        
   2,184,400  Interactive Data                  68,219                                                                        
                                                              THRIFTS & MORTGAGE FINANCE (0.4%)                               
                                               149,809           1,829,754  Brookline Bancorp                   18,755        
                                                                   657,200  Flushing Financial                  10,554        
METALS & MINING (2.0%)                                           1,245,500  Oritani Financial                   16,067(*)     
   3,615,300  Compass Minerals International   132,754(^)                                                                     
   3,164,500  Gammon Gold                       23,417(*)                                                       45,376        
   3,590,630  Ivanhoe Mines                     40,431(*)                                                                     
   3,662,200  NovaGold Resources                35,999(*)     TRADING COMPANIES & DISTRIBUTORS (1.1%)                         
                                                                 1,748,702  Houston Wire & Cable                25,898(^)     
                                               232,601             580,500  MSC Industrial Direct               25,089        
                                                                 2,595,500  UAP Holding                         77,632        
MULTI-UTILITIES (0.8%)                                                                                                        
   1,460,517  NSTAR                             51,118                                                          128,619       
   1,889,200  PNM Resources                     41,902                                                                        
                                                              TOTAL COMMON STOCKS                                             
                                                93,020        (COST $6,821,035)                             10,878,721        

OFFICE ELECTRONICS (1.4%)                                     SHORT-TERM INVESTMENTS (4.4%)                                   
   4,072,047  Zebra Technologies               157,059(*)(^)   503,985,482  Neuberger Berman Prime Money                      
                                                                             Fund Trust Class                                 
OIL, GAS & CONSUMABLE FUELS (15.0%)                                          (COST $503,985)                   503,985(#)(@)  
   2,915,028  Arena Resources                  109,576(*)(^)                                                                  
   1,674,200  Berry Petroleum Class A           69,245                                                                        
   3,209,000  Cabot Oil & Gas                  110,454                                                                        
   1,628,227  Carrizo Oil & Gas                 78,888(*)(^)                                                                  
   5,752,200  Denbury Resources                306,707(*)                                                                     
   2,914,900  Encore Acquisition                94,880(*)(^)                                                                  
   1,864,972  EXCO Resources                    26,072(*)                                                                     
   2,794,100  Foundation Coal Holdings         126,964(^)                                                                     


See Notes to Schedule of Investments                                            

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                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Genesis Fund cont'd                                     
-------------------------------------------                                     
(UNAUDITED)                                                                     

                                 MARKET VALUE(+)
                                ($000's omitted)

TOTAL INVESTMENTS (100.1%)                                                      
(COST $7,325,020)                                 11,382,706(##)                

Liabilities, less cash, receivables and                                         
other assets [(0.1%)]                              (13,102)                 

TOTAL NET ASSETS (100.0%)                     $   11,369,604                    

See Notes to Schedule of Investments                                            

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                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Neuberger Berman Global Real Estate Fund                
----------------------------------------------------------------                
(UNAUDITED)                                                                     

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY                                     

                                   MARKET VALUE(+)           PERCENTAGE OF
INDUSTRY                            (000'S OMITTED)              NET ASSETS     
Diversified                           $       3,294                  33.9%      
Office                                        2,157                  22.2%      
Retail                                        1,126                  11.6%      
Apartments                                      746                   7.7%      
Industrial                                      714                   7.3%      
Health Care                                     461                   4.7%      
Regional Malls                                  342                   3.5%      
Self Storage                                    336                   3.5%      
Heavy Industry                                  190                   1.9%      
Office - Industrial                             156                   1.6%      
Commercial Services & Supplies                  116                   1.2%      
Commercial Banks                                 57                   0.6%      
Other Assets-Net                                 33                   0.3%      

                                $       9,728                 100.0%

See Notes to Schedule of Investments                                            

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SCHEDULE OF INVESTMENTS Neuberger Berman Global Real Estate Fund                                                                  
----------------------------------------------------------------                                                                  
(UNAUDITED)                                                                                                                       

NUMBER OF SHARES                              MARKET VALUE(+)     NUMBER OF SHARES                                 MARKET VALUE(+)
                                             ($000'S OMITTED)                                                    ($000'S OMITTED) 
                                                                                                                                  
COMMON STOCKS (99.7%)                                             PHILIPPINES (1.6%)                                              
                                                                     4,500,000  Filinvest Land, Inc.                   156(*)     
AUSTRALIA (7.8%)                                                                                                                  
      73,360  Centro Retail Group                   91            SINGAPORE (4.3%)                                                
      45,000  ING Industrial Fund                  106                 174,000  Cambridge Industrial Trust              82        
     150,000  Macquarie DDR Trust                  140                 126,000  Macquarie MEAG Prime REIT               90        
     126,000  Macquarie Office Trust               170                 184,000  Parkway Life Real Estate                          
      32,000  Stockland                            255                            Investment Trust                     144(*)     
                                                                        96,000  Suntec Real Estate Investment                     
                                                   762                            Trust                                103        

AUSTRIA (1.3%)                                                                                                         419        
      12,000  Immofinanz AG                        126                                                                            
                                                                  UNITED KINGDOM (9.3%)                                           
CANADA (6.6%)                                                           14,900  Brixton PLC                             97        
       2,200  Boardwalk Real Estate                                     14,000  Great Portland Estates PLC             144        
                Investment Trust                    99                  10,200  Land Securities Group PLC              316(*)     
       6,400  Brookfield Asset Management                               10,600  Liberty International PLC              248(*)     
                Class A                            232                  10,500  Segro PLC                               96        
       6,000  Brookfield Properties Corp.          129                                                                            
       8,000  RioCan Real Estate Investment                                                                            901        
                Trust                              181                                                                            
                                                                  UNITED STATES (35.4%)                                           
                                                   641                   1,600  Alexandria Real Estate                            
                                                                                  Equities                             157        
CAYMAN ISLANDS (1.0%)                                                    1,700  AMB Property                           104        
      32,000  Shimao Property Holdings Ltd.         93                     800  AvalonBay Communities                   80        
                                                                         1,900  Boston Properties                      187        
FINLAND (1.1%)                                                           1,300  Camden Property Trust                   68        
      17,800  Citycon OYJ                          105                   3,800  Corrections Corporation of                        
                                                                                  America                               116(*)    
GERMANY (1.9%)                                                           4,000  Crystal River Capital                   57        
       5,700  Alstria Office REIT AG                95(*)                4,100  Digital Realty Trust                   156        
       2,200  IVG Immobilien AG                     87                     800  Essex Property Trust                    83        
                                                                         1,700  Federal Realty Investment                         
                                                   182                            Trust                                 141       
                                                                         1,800  Forest City Enterprises Class A         90        
HONG KONG (13.4%)                                                       11,400  Great Lakes Dredge & Dock              102        
      37,000  Hang Lung Group Ltd.                 210                   3,000  HCP, Inc.                              100        
      15,000  Henderson Land Development                                 2,200  Health Care REIT                        99        
                Co. Ltd.                           132                   3,300  Kimco Realty                           130        
     112,000  Midland Holdings Ltd.                166                   3,900  Macquarie Infrastructure               157        
      70,000  New World Development Co.                                  4,100  Plum Creek Timber Company              190        
                LTD.                               265                   3,500  ProLogis                               229        
     104,000  Shenzhen Investment Ltd.              79                   3,100  Public Storage                         240        
      22,000  Sun Hung Kai Properties Ltd.         456                   2,000  Simon Property Group                   197        
                                                                           900  SL Green Realty                         93        
                                                 1,308                   2,200  Sovran Self Storage                     96        
                                                                         2,700  Taubman Centers                        145        
ITALY (2.0%)                                                             6,000  Ventas, Inc.                           262        
      82,000  Beni Stabili Spa                     103                   1,800  Vornado Realty Trust                   162        
      15,500  Risanamento Spa                       95(*)                                                                         
                                                                                                                     3,441        
                                                   198                                                                            
                                                                  TOTAL COMMON STOCKS                                             
JAPAN (14.0%)                                                     (COST $10,065)                                     9,695        
         133  Kenedix, Inc.                        250                                                                            
          20  MID REIT, Inc.                        87            SHORT-TERM INVESTMENTS (2.3%)                                   
      12,000  Mitsubishi Estate Co. Ltd.           321                 225,591  Neuberger Berman Prime Money                      
          47  Nippon Commercial Investment                                        Fund Trust Class (COST $226)         226(#)(@)  
                Corp.                              198                                                                            
          69  NTT Urban Development Corp.          138                                                                            
          37  re-plus Residential                                                                                                 
                Investment, Inc.                   128                                                                            
       8,000  Sumitomo Realty & Development                                                                                       
                Co. Ltd.                           241                                                                            

                                                 1,363                                                                            

See Notes to Schedule of Investments                                            

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SCHEDULE OF INVESTMENTS Neuberger Berman Global Real Estate Fund cont'd         
-----------------------------------------------------------------------         
(UNAUDITED)                                                                     

TOTAL INVESTMENTS (102.0%)                                                      
(COST $10,291)                                   9,921(##)                      

Liabilities, less cash, receivables and                                         
other assets [(2.0%)]                           (193)                       

TOTAL NET ASSETS (100.0%)                   $    9,728                          

See Notes to Schedule of Investments                                            

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                                                                                                         NOVEMBER 30, 2007  

SCHEDULE OF INVESTMENTS Guardian Fund                                                                                       
-------------------------------------                                                                                       
(UNAUDITED)                                                                                                                 

NUMBER OF SHARES                           MARKET VALUE(+)   NUMBER OF SHARES                              MARKET VALUE(+)  
                                          ($000'S OMITTED)                                                ($000'S OMITTED)  
                                                                                                                            

COMMON STOCKS (95.3%)                                            486,200   BP PLC ADR                           35,366(E)   
                                                                 213,850   Cimarex Energy                        8,261      
AUTO COMPONENTS (2.0%)                                           849,900   Newfield Exploration                 42,368(*)   
    324,068   BorgWarner, Inc.                 31,308                                                                       
                                                                                                               142,828      
AUTOMOBILES (1.7%)                                                                                                          
    240,500   Toyota Motor ADR                 27,092        PHARMACEUTICALS (3.5%)                                         
                                                                 975,200  Novartis AG ADR                       55,118      
BIOTECHNOLOGY (1.5%)                                                                                                        
    227,800   Genzyme Corp.                    17,069(*)(E)  ROAD & RAIL (2.6%)                                             
    590,000   Medarex, Inc.                     7,493(*)(E)     860,200   Canadian National Railway             42,184      

                                               24,562        SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (8.6%)                
                                                               3,441,375   Altera Corp.                         64,629      
CAPITAL MARKETS (10.4%)                                        2,294,800   Texas Instruments                    72,447      
  1,483,368   Bank of New York Mellon          71,142(E)                                                                    
  1,528,655   Charles Schwab                   37,162(E)                                                       137,076      
    719,225   State Street                     57,459(E)                                                                    
                                                             SOFTWARE (3.2%)                                                
                                              165,763          1,764,835   Intuit Inc.                          51,745(*)(E)

COMMERCIAL SERVICES & SUPPLIES (4.1%)                        TOTAL COMMON STOCKS                             1,518,755      
    525,575   Republic Services                17,433        (COST $1,094,361)                                              
  1,374,900   Waste Management                 47,187                                                                       
                                                             SHORT-TERM INVESTMENTS (16.9%)                                 
                                               64,620         76,482,308   Neuberger Berman Prime Money                     
                                                                            Fund Trust Class                    76,482(@)   
ELECTRONIC EQUIPMENT & INSTRUMENTS (7.2%)                    192,296,161   Neuberger Berman Securities                      
    729,785   Anixter International            47,071(*)(E)                 Lending Quality Fund, LLC          192,296(++)  
  2,007,449   National Instruments             66,989                                                                       
                                                             TOTAL SHORT-TERM INVESTMENTS                      268,778(#)   
                                              114,060        (COST $268,778)                                                

ENERGY EQUIPMENT & SERVICES (0.7%)                           TOTAL INVESTMENTS (112.2%)                      1,787,533(##)  
    125,200   Schlumberger Ltd.                11,700(E)     (COST $1,363,139)                                              
                                                             Liabilities, less cash, receivables and                        
HEALTH CARE PROVIDERS & SERVICES (4.7%)                       other assets [(12.2%)]                          (194,338)     
  1,373,000   UnitedHealth Group               75,515                                                                       
                                                             TOTAL NET ASSETS (100.0%)                   $   1,593,195      
INDUSTRIAL CONGLOMERATES (3.2%)                                                                                             
    621,500   3M Co.                           51,746(E)                                                                    

INSURANCE (5.5%)                                                                                                            
  1,404,650   Progressive Corp.                25,846                                                                       
  1,546,450   Willis Group Holdings            61,765                                                                       

                                               87,611                                                                       

IT SERVICES (2.7%)                                                                                                          
  1,291,665   Euronet Worldwide                42,315(*)(E)                                                                 

LIFE SCIENCE TOOLS & SUPPLIES (2.2%)                                                                                        
    420,395   Millipore Corp.                  34,422(*)                                                                    

MACHINERY (4.7%)                                                                                                            
    860,950   Danaher Corp.                    74,748                                                                       

MEDIA (13.6%)                                                                                                               
  3,218,900   Comcast Corp. Class A Special    65,054(*)(E)                                                                 
  1,753,250   E.W. Scripps                     76,179                                                                       
  1,288,563   Liberty Global Class A           52,341(*)                                                                    
    620,163   Liberty Global Class C           23,721(*)                                                                    

                                              217,295                                                                       

MULTI-UTILITIES (4.2%)                                                                                                      
  3,633,532   National Grid                    61,368                                                                       
     67,218   National Grid ADR                 5,679                                                                       

                                               67,047                                                                       

OIL, GAS & CONSUMABLE FUELS (9.0%)                                                                                          
  2,715,500   BG Group PLC                     56,833                                                                       

See Notes to Schedule of Investments                                            

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SCHEDULE OF INVESTMENTS International Fund                                      
------------------------------------------                                      
(UNAUDITED)                                                                     

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY                                     

                                           MARKET VALUE(+)     PERCENTAGE OF
INDUSTRY                                   (000'S OMITTED)        NET ASSETS    
Oil, Gas & Consumable Fuels                  $     232,861            17.3%     
Commercial Banks                                   105,297             7.8%     
Auto Components                                     63,571             4.7%     
Chemicals                                           55,371             4.1%     
Machinery                                           52,593             3.9%     
Metals & Mining                                     45,704             3.4%     
Energy Equipment & Services                         40,535             3.0%     
Insurance                                           39,018             2.9%     
Construction Materials                              37,128             2.8%     
Wireless Telecommunication Services                 36,850             2.7%     
Beverages                                           36,426             2.7%     
Media                                               36,124             2.7%     
Electrical Equipment & Instruments                  32,421             2.4%     
Commercial Services & Supplies                      31,227             2.3%     
Computers & Peripherals                             30,852             2.3%     
Household Durables                                  29,291             2.2%     
Software                                            28,067             2.1%     
Hotels, Restaurants & Leisure                       26,695             2.0%     
Construction & Engineering                          24,829             1.8%     
Index Options                                       22,320             1.7%     
Banks                                               22,223             1.7%     
Leisure Products                                    21,687             1.6%     
Trading Companies & Distributors                    18,831             1.4%     
Communications Equipment                            16,530             1.2%     
Thrifts & Mortgage Finance                          15,040             1.1%     
Diversified Telecommunication                       14,928             1.1%     
Building Products                                   14,839             1.1%     
Health Care Equipment & Supplies                    14,638             1.1%     
Life Science Tools & Services                       11,974             0.9%     
Food & Staples Retailing                            10,487             0.8%     
Electrical Equipment                                10,064             0.8%     
Internet Software & Services                         8,553             0.6%     
Personal Products                                    7,874             0.6%     
Aerospace & Defense                                  7,324             0.5%     
IT Services                                          7,137             0.5%     
Integrated Telecommunications Services               6,759             0.5%     
Healthcare Providers & Services                      6,720             0.5%     
Road & Rail                                          6,639             0.5%     
Pharmaceuticals                                      6,008             0.4%     
Real Estate                                          5,294             0.4%     
Semiconductors & Semiconductor Equipment             4,788             0.4%     
Food Products                                        4,566             0.3%     
Specialty Retail                                     3,336             0.3%     
Technology                                             205             0.0%     
Industrial Conglomerates                                72             0.0%     
Diversified Financial Services                           3             0.0%     
Packing & Containers                                    --             0.0%     
Other Assets-Net                                    92,603             6.9%     

                                        $   1,346,302           100.0%

See Notes to Schedule of Investments                                            

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                                                                                                           NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Fund                                                                                  
------------------------------------------                                                                                  
(UNAUDITED)                                                                                                                 

NUMBER OF SHARES                               MARKET VALUE(+)   NUMBER OF SHARES                         MARKET VALUE(+)   
                                               ($000'S OMITTED)                                           ($000'S OMITTED)  
                                                                                                                            
COMMON STOCKS (88.9%)                                                 115,626  Wacker Chemie AG                 32,184      
                                                                      239,529  Wincor Nixdorf AG                20,612      
ARGENTINA (0.9%)                                                                                                            
     270,515  Tenaris SA ADR                       12,763                                                      157,269      

AUSTRALIA (2.2%)                                                 GREECE (0.5%)                                              
   2,692,784  Paladin Resources                    16,171(*)(E)       144,004  Titan Cement                      6,430      
     301,861  Woodside Petroleum                   12,927(E)                                                                
                                                                 HONG KONG (0.8%)                                           
                                                   29,098          16,140,000  TPV Technology                   10,240      

AUSTRIA (0.9%)                                                   IRELAND (6.7%)                                             
      20,900  Wiener Staedtische Versicher AG       1,559             444,522  Allied Irish Banks                9,951      
      252,076 Zumtobel AG                          10,064           1,098,083  Anglo Irish Bank                 18,554      
                                                                      813,944  CRH PLC                          30,698      
                                                   11,623             381,345  DCC PLC                           9,988      
                                                                    3,255,539  Dragon Oil PLC                   21,485(*)   
BELGIUM (5.5%)                                                                                                              
      47,400  Colruyt SA                           10,487                                                       90,676      
     344,251  Euronav SA                           11,336                                                                   
     462,577  Fortis                               12,391        ITALY (1.8%)                                               
     192,640  Fortis VVPR Strip                         3(*)        1,005,645  Marazzi Group                    11,373      
     120,678  ICOS Vision Systems NV                4,788(*)        1,777,065  Milano Assicurazioni             13,057      
     334,927  InBev NV                             29,335                                                                   
     720,020  Option NV                             6,141(*)(E)                                                 24,430      

                                                   74,481        JAPAN (13.2%)                                              
                                                                      364,300  Aica Kogyo                        3,466      
BRAZIL (2.7%)                                                         637,600  Bosch Corp.                       3,242      
     756,932  Natura Cosmeticos SA                  7,874             694,000  CHIYODA Corp.                     8,981      
     301,691  Petroleo Brasileiro ADR              29,053             883,400  F.C.C. Co.                       16,219(E)   
                                                                      895,000  Heiwa Corp.                       7,571      
                                                   36,927             133,000  Hogy Medical Co.                  6,033      
                                                                      146,000  IBIDEN Co., Ltd.                 11,471      
CANADA (10.4%)                                                        542,200  Kaga Electronics Co., Ltd.        8,012(E)   
     585,525  Addax Petroleum                      25,243(E)          299,800  Mars Engineering                  3,969(E)   
     380,685  Canadian Natural Resources           24,715(E)          338,300  Maruichi Steel Tube              10,260(E)   
     232,055  Corus Entertainment Inc., B                             361,500  Nihon Kohden Corp.                8,605(E)   
              Shares                               11,499           1,960,500  Nissan Motor                     22,320      
   2,170,185  First Calgary Petroleums Ltd.         5,100(*)(E)         4,770  Pasona, Inc.                      5,538      
     629,270  MacDonald Dettwiler                  28,067(*)          225,500  Sankyo Co.                       10,147      
     240,005  Stantec, Inc.                         8,101(*)        2,674,000  Sumitomo Metal Industries        11,744      
     254,291  Suncor Energy                        24,314E            959,600  Takuma Co.                        4,258(E)   
     731,445  Talisman Energy                      12,911             216,900  TENMA Corp.                       3,830      
                                                                      472,600  TOPCON Corp.                      5,865(E)   
                                                  139,950           2,400,500  Toray Industries                 19,357      
                                                                      248,700  Yamaha Motor                      6,759      
FRANCE (7.5%)                                                                                                               
     183,755  Alten                                 7,137(*)                                                   177,647      
      92,193  BNP Paribas                          10,406                                                                   
     393,368  Ipsos                                13,092(E)     KOREA (2.4%)                                               
     163,525  Kaufman & Broad SA                    8,851             359,430  Daegu Bank                        5,658      
      32,025  Pernod Ricard SA                      7,091              89,480  Hyundai Mobis                     8,373      
     373,025  Rexel SA                              7,695(*)          281,790  KT Corp.                         14,928      
     209,355  Total SA ADR                         16,941              14,012  SK Telecom                        3,765      
     107,438  Vallourec SA                         30,381                                                                   
                                                                                                                32,724      
                                                  101,594                                                                   
                                                                 NETHERLANDS (1.7%)                                         
GERMANY (11.7%)                                                       423,880  Aalberts Industries NV            8,886      
     716,118  C.A.T. Oil AG                        15,861(*)          209,358  OPG Groep NV                      6,720      
     145,015  Continental AG                       18,862             588,412  Wavin NV                          7,747(E)   
     221,210  Gerresheimer AG                      11,974(*)                                                                
     390,491  Hypo Real Estate Holding AG          20,697                                                       23,353      
     232,360  Kloeckner & Co. AG                   11,136                                                                   
     319,530  Leoni AG                             16,875                                                                   
     109,885  Pfeiffer Vacuum Technology AG         9,068                                                                   

See Notes to Schedule of Investments                                                                                        


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                                                                                                             NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Fund cont'd                                                                             
-------------------------------------------------                                                                             
(UNAUDITED)                                                                                                                   

NUMBER OF SHARES                                MARKET VALUE(+)   NUMBER OF SHARES                          MARKET VALUE(+)   
                                                ($000'S OMITTED)                                            ($000'S OMITTED)  
                                                                                                                              
NORWAY (2.4%)                                                     RIGHTS (0.0%)                                               
   1,262,210  DnB NOR ASA                           19,774                                                                    
     694,740  Prosafe ASA                           11,911        FRANCE (0.0%)                                               
                                                                       196,631  Groupe Steria SCA (COST $--)           --(*)  
                                                    31,685                                                                    
                                                                  TOTAL INVESTMENTS (105.5%)                                  
SPAIN (0.4%)                                                      (COST $1,235,715)                            1,419,787(##)  
     183,040  Renta Corp. Real Estate SA             5,294(E)                                                                 
                                                                  Liabilities, less cash, receivables and                     
SWEDEN (0.2%)                                                       other assets [(5.5%)]                        (73,485)     
     358,275  Nobia AB                               3,336(E)                                                                 
                                                                  TOTAL NET ASSETS (100.0%)                 $  1,346,302      
SWITZERLAND (1.7%)                                                                                                            
     178,704  Advanced Digital Broadcast             5,341(*)                                                                 
     229,534  Swiss Re                              17,014                                                                    

                                                    22,355                                                                    

UNITED KINGDOM (15.3%)                                                                                                        
   1,163,852  Amlin PLC                              7,388                                                                    
     745,977  Barclays PLC                           8,634                                                                    
     693,999  Barratt Developments                   6,638                                                                    
     254,651  Burren Energy                          6,539                                                                    
     166,303  Chemring Group PLC                     7,324                                                                    
   1,117,165  Experian Group Ltd.                    9,761                                                                    
     226,886  GlaxoSmithKline PLC                    6,008                                                                    
   1,264,830  Informa PLC                           11,533                                                                    
     587,100  Laird Group PLC                        7,073                                                                    
   2,108,207  Lloyds TSB Group PLC                  21,455                                                                    
     433,170  Northgate PLC                          6,639                                                                    
     698,335  Paragon Group Cos. PLC                 2,014(E)                                                                 
   1,110,395  Premier Foods PLC                      4,566                                                                    
     895,271  Punch Taverns PLC                     15,111                                                                    
   1,159,335  Raymarine PLC                          5,077                                                                    
   1,174,131  Redrow PLC                             8,461                                                                    
     968,372  RPS Group                              6,012                                                                    
   1,688,700  Sepura Ltd.                            5,312(*)                                                                 
   1,102,956  Tullow Oil PLC                        15,215                                                                    
   8,832,520  Vodafone Group                        33,085                                                                    
   1,088,810  William Hill                          11,584                                                                    

                                                   205,429                                                                    

TOTAL COMMON STOCKS                                                                                                           
(COST $1,047,147)                                1,197,304                                                                    

PREFERRED STOCKS (4.2%)                                                                                                       

BRAZIL (3.2%)                                                                                                                 
     819,207  Companhia Vale do Rio Doce                                                                                      
              ADR                                   23,700(E)                                                                 
     309,985  Ultrapar Participacoes                10,911                                                                    
       5,780  Ultrapar Participacoes ADR               205                                                                    
   1,216,866  Universo Online SA                     8,553(*)                                                                 

                                                    43,369                                                                    

GERMANY (1.0%)                                                                                                                
       5,929  Porsche AG                            13,026                                                                    

TOTAL PREFERRED STOCKS                                                                                                        
(COST $22,480)                                      56,395                                                                    

SHORT-TERM INVESTMENTS (12.4%)                                                                                                
  34,566,137  Neuberger Berman Prime Money                                                                                    
              Fund Trust Class                      34,566(@)                                                                 
 131,521,527  Neuberger Berman Securities                                                                                     
              Lending Quality Fund, LLC            131,522(++)                                                                

TOTAL SHORT-TERM INVESTMENTS                                                                                                  
(COST $166,088)                                    166,088(#)                                                                 

See Notes to Schedule of Investments                                                                                          

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                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Institutional Fund                        
--------------------------------------------------------                        
(UNAUDITED)                                                                     

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY                                   

                                                 MARKET VALUE(+)   PERCENTAGE OF
 INDUSTRY                                        (000'S OMITTED)      NET ASSETS
Oil, Gas & Consumable Fuels                         $   98,616           17.4%
Commercial Banks                                        49,298            8.7%
Auto Components                                         26,874            4.7%
Chemicals                                               23,628            4.2%
Machinery                                               22,291            3.9%
Metals & Mining                                         19,396            3.4%
Energy Equipment & Services                             17,146            3.0%
Insurance                                               16,575            2.9%
Construction Materials                                  15,874            2.8%
Beverages                                               15,543            2.7%
Media                                                   15,360            2.7%
Index Options                                           15,169            2.7%
Wireless Telecommunication Services                     13,784            2.4%
Electrical Equipment & Instruments                      13,706            2.4%
Computers & Peripherals                                 13,042            2.3%
Household Durables                                      12,229            2.2%
Software                                                12,021            2.1%
Hotels, Restaurants & Leisure                           11,433            2.0%
Construction & Engineering                              10,626            1.9%
Building Products                                       10,548            1.9%
Leisure Products                                         9,181            1.6%
Commercial Services & Supplies                           9,156            1.6%
Trading Companies & Distributors                         7,823            1.4%
Communications Equipment                                 6,804            1.2%
Diversified Telecommunication                            6,345            1.1%
Health Care Equipment & Supplies                         6,270            1.1%
Banks                                                    5,161            0.9%
Life Science Tools & Services                            5,110            0.9%
Food & Staples Retailing                                 4,381            0.8%
Electrical Equipment                                     4,314            0.8%
Internet Software & Services                             3,663            0.7%
Personal Products                                        3,372            0.6%
Aerospace & Defense                                      3,073            0.5%
IT Services                                              3,018            0.5%
Integrated Telecommunications Services                   2,895            0.5%
Healthcare Providers & Services                          2,878            0.5%
Road & Rail                                              2,844            0.5%
Pharmaceuticals                                          2,570            0.5%
Real Estate                                              2,267            0.4%
Semiconductors & Semiconductor Equipment                 2,012            0.4%
Food Products                                            1,956            0.4%
Specialty Retail                                         1,429            0.3%
Thrifts & Mortgage Finance                                 862            0.2%
Industrial Conglomerates                                    28            0.0%
Diversified Financial Services                               1            0.0%
Food Marketing                                               -            0.0%
Other Assets-Net                                        35,979            6.3%

                                                    $  566,551          100.0%

See Notes to Schedule of Investments                                            

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                                                                                                             NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Institutional Fund                                                                      
--------------------------------------------------------                                                                      
(UNAUDITED)                                                                                                                   

NUMBER OF SHARES                                MARKET VALUE(+)     NUMBER OF SHARES                          MARKET VALUE(+) 
                                                ($000'S OMITTED)                                              ($000'S OMITTED)
                                                                                                                              
COMMON STOCKS (89.4%)                                                     49,181  Wacker Chemie AG                  13,689    
                                                                         102,565  Wincor Nixdorf AG                  8,826    
ARGENTINA (1.0%)                                                                                                              
     115,858  Tenaris SA ADR                           5,466                                                        66,756    

AUSTRALIA (2.2%)                                                    GREECE (0.5%)                                             
   1,153,265  Paladin Resources                        6,926(*)(E)        61,676  Titan Cement                       2,754    
     129,269  Woodside Petroleum                       5,536(E)                                                               
                                                                    HONG KONG (0.7%)                                          
                                                      12,462           6,644,375  TPV Technology                     4,216    

AUSTRIA (0.9%)                                                      IRELAND (6.8%)                                            
       8,700  Wiener Staedtische Versicher AG            649             190,122  Allied Irish Banks                 4,305    
     108,063  Zumtobel AG                              4,314             469,140  Anglo Irish Bank                   7,927    
                                                                         347,867  CRH PLC                           13,120    
                                                       4,963             161,160  DCC PLC                            4,221    
                                                                       1,365,525  Dragon Oil PLC                     9,012(*) 
BELGIUM (5.6%)                                                                                                                
      19,800  Colruyt SA                               4,381                                                        38,585    
     147,666  Euronav SA                               4,863                                                                  
     192,687  Fortis                                   5,161        ITALY (1.8%)                                              
      77,074  Fortis VVPR Strip                            1(*)          430,713  Marazzi Group                      4,871    
      50,717  ICOS Vision Systems NV                   2,012(*)          760,010  Milano Assicurazioni               5,584    
     143,447  InBev NV                                12,564                                                                  
     308,383  Option NV                                2,630(*)(E)                                                  10,455    

                                                      31,612        JAPAN (13.3%)                                             
                                                                         156,000  Aica Kogyo                         1,484    
BRAZIL (2.7%)                                                            254,900  Bosch Corp.                        1,296    
     324,191  Natura Cosmeticos SA                     3,372             297,000  CHIYODA Corp.                      3,844    
     126,550  Petroleo Brasileiro ADR                 12,187             378,400  F.C.C. Co.                         6,947    
                                                                         383,300  Heiwa Corp.                        3,243    
                                                      15,559              57,000  Hogy Medical Co.                   2,585    
                                                                          62,500  IBIDEN Co., Ltd.                   4,910    
CANADA (10.5%)                                                           232,200  Kaga Electronics Co., Ltd.         3,431    
     242,061  Addax Petroleum                         10,436             120,205  Mars Engineering                   1,591    
     163,048  Canadian Natural Resources              10,586             144,900  Maruichi Steel Tube                4,395(E) 
      99,774  Corus Entertainment Inc., B                                154,800  Nihon Kohden Corp.                 3,685    
              Shares                                   4,944             839,700  Nissan Motor                       9,560    
     865,700  First Calgary Petroleums Ltd.            2,034(*)(E)         2,044  Pasona, Inc.                       2,373(E) 
     269,509  MacDonald Dettwiler                     12,021(*)           96,600  Sankyo Co.                         4,347    
     102,795  Stantec, Inc.                            3,469(*)        1,114,000  Sumitomo Metal Industries          4,892    
     108,677  Suncor Energy                           10,391(E)          382,000  Takuma Co.                         1,695    
     311,345  Talisman Energy                          5,496              92,911  TENMA Corp.                        1,641    
                                                                         194,700  TOPCON Corp.                       2,416(E) 
                                                      59,377           1,029,000  Toray Industries                   8,298    
                                                                         106,500  Yamaha Motor                       2,895    
FRANCE (7.7%)                                                                                                                 
      77,704  Alten                                    3,018(*)                                                     75,528    
      39,209  BNP Paribas                              4,426                                                                  
     168,475  Ipsos                                    5,607        KOREA (2.2%)                                              
      70,163  Kaufman & Broad SA                       3,798             153,940  Daegu Bank                         2,423    
      13,455  Pernod Ricard SA                         2,979              38,324  Hyundai Mobis                      3,586    
     159,900  Rexel SA                                 3,298(*)          241,983  KT Corp. ADR                       6,345(E) 
      89,665  Total SA ADR                             7,256                                                                  
      46,018  Vallourec SA                            13,013                                                        12,354    

                                                      43,395        NETHERLANDS (1.7%)                                        
                                                                         176,500  Aalberts Industries NV             3,700    
GERMANY (11.8%)                                                           89,665  OPG Groep NV                       2,878    
     307,085  C.A.T. Oil AG                            6,802(*)(E)       251,606  Wavin NV                           3,313    
      60,049  Continental AG                           7,811                                                                  
      94,400  Gerresheimer AG                          5,110(*)                                                      9,891    
     167,462  Hypo Real Estate Holding AG              8,876                                                                  
      94,411  Kloeckner & Co. AG                       4,525        NORWAY (2.4%)                                             
     136,985  Leoni AG                                 7,234             540,100  DnB NOR ASA                        8,462    
      47,060  Pfeiffer Vacuum Technology AG            3,883                                                                  

See Notes to Schedule of Investments                                                                                          


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                                                                                                            NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Institutional Fund cont'd                                                              
---------------------------------------------------------------                                                              
(UNAUDITED)                                                                                                                  

                                                                                                                             
NUMBER OF SHARES                                MARKET VALUE(+)    TOTAL INVESTMENTS (104.6%)                                
                                                ($000'S OMITTED)   (COST $549,470)                               592,489(##) 

     284,540  Prosafe ASA                              4,878       Liabilities, less cash, receivables and                   
                                                                     other assets [(4.6%)]                       (25,938)    
                                                      13,340                                                                 
                                                                   TOTAL NET ASSETS (100.0%)                 $   566,551     
SPAIN (0.4%)                                                                                                                 
      78,396  Renta Corp. Real Estate SA               2,267(E)                                                              

SWEDEN (0.2%)                                                                                                                
     153,448  Nobia AB                                 1,429                                                                 

SWITZERLAND (1.7%)                                                                                                           
      76,538  Advanced Digital Broadcast               2,288(*)                                                              
      96,882  Swiss Re                                 7,181                                                                 

                                                       9,469                                                                 

UNITED KINGDOM (15.3%)                                                                                                       
     497,937  Amlin PLC                                3,161                                                                 
     318,781  Barclays PLC                             3,690                                                                 
     297,234  Barratt Developments                     2,843                                                                 
     108,281  Burren Energy                            2,780                                                                 
      69,791  Chemring Group PLC                       3,073                                                                 
     477,300  Experian Group Ltd.                      4,170                                                                 
      97,050  GlaxoSmithKline PLC                      2,570                                                                 
     527,440  Informa PLC                              4,809                                                                 
     244,800  Laird Group PLC                          2,949                                                                 
     902,933  Lloyds TSB Group PLC                     9,189                                                                 
     185,525  Northgate PLC                            2,844                                                                 
     299,090  Paragon Group Cos. PLC                     862(E)                                                              
     475,575  Premier Foods PLC                        1,956                                                                 
     383,441  Punch Taverns PLC                        6,472                                                                 
     487,217  Raymarine PLC                            2,134                                                                 
     457,986  Redrow PLC                               3,300                                                                 
     420,903  RPS Group                                2,613                                                                 
     648,400  Sepura Ltd.                              2,040(*)                                                              
     457,749  Tullow Oil PLC                           6,315                                                                 
   3,679,843  Vodafone Group                          13,784                                                                 
     466,330  William Hill                             4,961                                                                 

                                                      86,515                                                                 

TOTAL COMMON STOCKS                                                                                                          
(COST $475,679)                                      506,393                                                                 

PREFERRED STOCKS (4.3%)                                                                                                      

BRAZIL (3.3%)                                                                                                                
     349,420  Companhia Vale do Rio Doce                                                                                     
              ADR                                     10,109                                                                 
     135,085  Ultrapar Participacoes ADR               4,798(E)                                                              
     521,177  Universo Online SA                       3,663(*)                                                              

                                                      18,570                                                                 

GERMANY (1.0%)                                                                                                               
       2,553  Porsche AG                               5,609                                                                 

TOTAL PREFERRED STOCKS                                                                                                       
(COST $11,874)                                        24,179                                                                 

SHORT-TERM INVESTMENTS (10.9%)                                                                                               
  17,544,800  Neuberger Berman Prime Money                                                                                   
              Fund Trust Class                        17,545(@)                                                              
  44,372,423  Neuberger Berman Securities                                                                                    
              Lending Quality Fund, LLC               44,372(++)                                                             

TOTAL SHORT-TERM INVESTMENTS                                                                                                 
(COST $61,917)                                        61,917(#)                                                              

RIGHTS (0.0%)                                                                                                                

UNITED KINGDOM (0.0%)                                                                                                        
      84,216  Groupe Steria SCA  (COST $--)                 --(*)                                                            

See Notes to Schedule of Investments                                                                                         

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                                          NEUBERGER BERMAN NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Large Cap Fund                            
----------------------------------------------------                            
(UNAUDITED)                                                                     

SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY                                     

                                           MARKET VALUE+       PERCENTAGE OF
INDUSTRY                                   (000'S OMITTED)          NET ASSETS  
Diversified Banks                            $      19,400              11.2%   
Oil & Gas - Exploration & Production                16,418               9.5%   
Integrated Oil & Gas                                12,374               7.1%   
Steel                                                8,478               4.9%   
Construction Materials                               7,718               4.4%   
Brewers                                              6,965               4.0%   
Automobile Manufacturing                             6,913               4.0%   
Wireless Telecommunication Services                  6,372               3.7%   
Specialty Chemical                                   5,784               3.3%   
Industrial Machinery                                 5,314               3.1%   
Pharmaceutical                                       4,890               2.8%   
Integrated Telecommunications Services               4,497               2.6%   
Coal & Consumable Fuels                              4,124               2.4%   
Oil & Gas - Equipment & Services                     3,879               2.2%   
Technology - Hardware                                3,450               2.0%   
Tire & Rubber                                        3,205               1.9%   
Thrifts & Mortgage Finance                           3,057               1.8%   
Materials                                            3,024               1.7%   
Computer Storage & Peripherals                       2,729               1.6%   
Multi - Line Insurance                               2,636               1.5%   
Reinsurance                                          2,514               1.5%   
Restaurants                                          2,492               1.4%   
Other Diversified Financial Services                 2,429               1.4%   
Diversified Capital Markets                          2,202               1.3%   
Casinos & Gaming                                     2,163               1.2%   
Publishing                                           1,770               1.0%   
Trading Companies & Distributors                     1,769               1.0%   
Leisure Products                                     1,742               1.0%   
Consumer Goods & Services                            1,682               1.0%   
Construction & Engineering                           1,670               1.0%   
Personal Products                                    1,665               1.0%   
Commercial Services & Supplies                       1,619               0.9%   
Home Builders                                        1,613               0.9%   
Banking                                              1,439               0.8%   
Consumer Staples                                     1,387               0.8%   
Consumer Discretionary                               1,340               0.8%   
Advertising                                          1,217               0.7%   
Food Retail                                            944               0.5%   
Automobiles & Components                               892               0.5%   
Broadcasting                                           747               0.4%   
Insurance                                              201               0.1%   
Financial Technology                                     1               0.0%   
Other Assets-Net                                     8,865               5.1%   

                                          $     173,590             100.0%

See Notes to Schedule of Investments                                            

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                                                                                                             NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Large Cap Fund                                                                          
----------------------------------------------------                                                                          
(UNAUDITED)                                                                                                                   

NUMBER OF SHARES                                   MARKET VALUE(+)  NUMBER OF SHARES                          MARKET VALUE(+) 
                                                  ($000'S OMITTED)                                           ($000'S OMITTED) 
                                                                                                                              
COMMON STOCKS (89.8%)                                                                                                         
                                                                    ITALY (1.0%)                                              
ARGENTINA (1.5%)                                                         228,965  Milano Assicurazioni             1,682      
      55,130  Tenaris SA ADR                         2,601                                                                    
                                                                    JAPAN (10.7%)                                             
AUSTRALIA (3.5%)                                                         175,400  Bosch Corp.                        892      
      34,953  Australia & New Zealand                                    129,000  CHIYODA Corp.                    1,670      
               Banking Group                           869                18,675  IBIDEN Co., Ltd.                 1,467      
     429,550  Paladin Resources                      2,580(*)             68,600  Maruichi Steel Tube              2,081      
      59,941  Woodside Petroleum                     2,567               381,180  Nissan Motor                     4,340      
                                                                          38,720  Sankyo Co.                       1,742      
                                                     6,016               450,000  Sumitomo Metal Industries        1,976      
                                                                         375,010  Toray Industries                 3,024      
AUSTRIA (0.1%)                                                            49,305  Yamaha Motor                     1,340      
       2,700  Wiener Staedtische Versicher AG          201                                                                    
                                                                                                                  18,532      

BELGIUM (5.3%)                                                      KOREA (1.8%)                                              
       7,600  Colruyt SA                             1,682                91,410  Daegu Bank                       1,439      
      90,707  Fortis                                 2,429                67,060  KT Corp. ADR                     1,758      
      23,964  Fortis VVPR Strip                          1(*)                                                                 
      57,931  InBev NV                               5,074                                                         3,197      

                                                     9,186          MEXICO (1.7%)                                             
                                                                          79,216  Cemex SAB de C.V. ADR            2,266(*)   
BRAZIL (3.4%)                                                             30,900  Grupo Televisa GDS                 747      
     160,030  Natura Cosmeticos SA                   1,665                                                                    
      44,115  Petroleo Brasileiro ADR                4,248                                                         3,013      

                                                     5,913          NORWAY (2.8%)                                             
                                                                         227,650  DnB NOR ASA                      3,567      
CANADA (11.6%)                                                            74,560  Prosafe ASA                      1,278      
      88,495  Addax Petroleum                        3,815                                                                    
      35,094  Bank of Nova Scotia                    1,855                                                         4,845      
      37,240  Cameco Corp.                           1,544                                                                    
      73,240  Canadian Natural Resources             4,755          SPAIN (1.6%)                                              
      47,939  Suncor Energy                          4,584(E)             81,727  Telefonica SA ADR                2,739      
     199,700  Talisman Energy                        3,533                                                                    
                                                                    SWITZERLAND (5.9%)                                        
                                                    20,086                80,233  Logitech International SA        2,729(*)   
                                                                          50,604  Novartis AG                      2,875      
DENMARK (0.8%)                                                            33,919  Swiss Re                         2,514      
      35,855  Danske Bank A/S                        1,438                43,597  UBS AG                           2,202      

FRANCE (7.6%)                                                                                                     10,320      
      15,951  BNP Paribas                            1,800                                                                    
       6,265  Pernod Ricard SA                       1,387          UNITED KINGDOM (16.8%)                                    
      33,462  Publicis Groupe                        1,217               150,228  Amlin PLC                          954      
      43,840  Total SA ADR                           3,542               133,654  Barclays PLC                     1,547      
      18,792  Vallourec SA                           5,314               168,618  Barratt Developments             1,613      
                                                                         185,325  Experian Group Ltd.              1,619      
                                                    13,260                76,077  GlaxoSmithKline PLC              2,015      
                                                                         194,130  Informa PLC                      1,770      
GERMANY (8.1%)                                                           399,291  Lloyds TSB Group PLC             4,063      
      24,644  Continental AG                         3,205               147,624  Punch Taverns PLC                2,492      
      57,676  Hypo Real Estate Holding AG            3,057                95,910  Tesco PLC                          944      
      20,781  Wacker Chemie AG                       5,784               126,714  Tullow Oil PLC                   1,748      
      23,040  Wincor Nixdorf AG                      1,983             1,701,136  Vodafone Group                   6,372      
                                                                         203,272  William Hill                     2,163      
                                                    14,029               123,891  Wolseley PLC                     1,769      

GREECE (0.6%)                                                                                                     29,069      
      23,825  Titan Cement                           1,064                                                                    
                                                                    TOTAL COMMON STOCKS                                       
IRELAND (5.0%)                                                      (COST $151,821)                              155,840      
      76,378  Allied Irish Banks                     1,729                                                                    
     149,834  Anglo Irish Bank                       2,532                                                                    
     116,346  CRH PLC                                4,388                                                                    

                                                     8,649                                                                    

See Notes to Schedule of Investments                                                                                          

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                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS International Large Cap Fund cont'd                     
-----------------------------------------------------------                     
(UNAUDITED)                                                                     

NUMBER OF SHARES                                   MARKET VALUE(+)              
                                    ($000'S OMITTED)

PREFERRED STOCKS (5.1%)                                                         

BRAZIL (3.6%)                                                                   
152,805  Companhia Vale do Rio Doce                                   
ADR                                   4,421       
25,190  Companhia de Bebidas das                                    
Americas ADR                          1,891       

                               6,312

GERMANY (1.5%)                                                                  
1,171  Porsche AG                             2,573               

TOTAL PREFERRED STOCKS                                                          
(COST $5,000)                                        8,885                      

SHORT-TERM INVESTMENTS (6.2%)                                                   
6,077,331  Neuberger Berman Prime Money                                   
Fund Trust Class                      6,077(@)    
4,613,521  Neuberger Berman Securities                                    
Lending Quality Fund, LLC             4,614(++)   

TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $10,691)                                      10,691(#)                   

TOTAL INVESTMENTS (101.1%)                                                      
(COST $167,512)                                    175,416(##)                  

Liabilities, less cash, receivables and                                         
other assets [(1.1%)]                             (1,826)                     

TOTAL NET ASSETS (100.0%)                   $      173,590                      

See Notes to Schedule of Investments                                            

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                                                                                                            NOVEMBER 30, 2007
SCHEDULE OF INVESTMENTS Mid Cap Growth Fund                                                                                  
-------------------------------------------                                                                                  
(UNAUDITED)                                                                                                                  

NUMBER OF SHARES                             MARKET VALUE(+)  NUMBER OF SHARES                              MARKET VALUE(+)  
                                            ($000's OMITTED)                                               ($000's OMITTED)  
                                                                                                                             
COMMON STOCKS (95.1%)                                         DIVERSIFIED FINANCIAL SERVICES (2.8%)                          
                                                                    13,000  CME Group                           8,562        
AEROSPACE & DEFENSE (7.0%)                                          32,500  IntercontinentalExchange Inc.       5,426(*)     
     206,500  AerCap Holdings NV                 4,756(*)            4,400  MSCI Inc.                             122(*)     
     147,500  BE Aerospace                       6,932(*)                                                                    
     327,500  CAE, Inc.                          3,894                                                         14,110        
      91,000  Precision Castparts               13,408                                                                       
      93,000  Rockwell Collins                   6,707        DIVERSIFIED TELECOMMUNICATION (0.7%)                           
                                                                   115,000  NeuStar, Inc.                      3,654(*)(E)   
                                                35,697                                                                       

AIR FREIGHT & LOGISTICS (1.5%)                                ELECTRONIC EQUIPMENT & INSTRUMENTS (1.8%)                      
      80,000  C.H. Robinson Worldwide            4,124(E)           64,500  Dolby Laboratories                  3,241(*)     
      75,000  Expeditors International           3,519             160,000  Trimble Navigation                  5,931(*)     

                                                 7,643                                                          9,172        

BEVERAGES (0.8%)                                              ENERGY EQUIPMENT & SERVICES (3.4%)                             
     100,000  Hansen Natural                     4,341(*)           70,000  Dresser-Rand Group                  2,492(*)     
                                                                   140,000  ION Geophysical                     2,160(*)     
BIOTECHNOLOGY (3.3%)                                               105,000  National Oilwell Varco              7,156(*)     
     160,000  Celgene Corp.                      9,848(*)(E)        90,000  Smith International                 5,645        
      60,000  Myriad Genetics                    2,892(*)                                                                    
      42,500  United Therapeutics                4,253(*)                                                      17,453        

                                                16,993        FOOD & STAPLES RETAILING (1.2%)                                
                                                                   107,500  Shoppers Drug Mart                  5,898        
CAPITAL MARKETS (3.3%)                                                                                                       
      30,000  AllianceBernstein Holding          2,458        FOOD PRODUCTS (0.3%)                                           
      55,000  GFI Group                          5,356(*)           25,000  Ralcorp Holdings                    1,535(*)     
     110,500  Lazard Ltd.                        5,377                                                                       
      45,000  Northern Trust                     3,645                                                                       
                                                              HEALTH CARE EQUIPMENT & SUPPLIES (6.6%)                        
                                                16,836              62,500  C.  R.   Bard                       5,283        
                                                                    70,000  Gen-Probe                           4,682(*)     
CHEMICALS (2.4%)                                                   161,100  Hologic, Inc.                      10,696*(E)    
     125,500  Airgas, Inc.                       6,209              44,400  IDEXX Laboratories                  2,686(*)     
     122,500  Ecolab Inc.                        5,868              20,500  Intuitive Surgical                  6,718(*)     
                                                                    65,000  Inverness Medical Innovations       3,814(*)     
                                                12,077                                                                       
                                                                                                               33,879        
COMMERCIAL SERVICES & SUPPLIES (2.8%)                                                                                        
     125,000  Corrections Corporation of                      HEALTH CARE PROVIDERS & SERVICES (2.9%)                        
              America                            3,814(*)           70,000  Express Scripts                     4,743(*)     
      78,000  IHS Inc.                           5,471(*)          130,000  Psychiatric Solutions               4,749(*)     
      90,000  Stericycle, Inc.                   5,296(*)          128,500  VCA Antech                          5,272(*)     

                                                14,581                                                         14,764        

                                                              HEALTH CARE TECHNOLOGY (1.3%)                                  
COMMUNICATIONS EQUIPMENT (3.7%)                                    113,500  Cerner Corp.                        6,782(*)     
     420,000  Arris Group                        4,381(*)                                                                    
      85,000  F5 Networks                        2,246(*)     HOTELS, RESTAURANTS & LEISURE (6.3%)                           
     230,000  Foundry Networks                   4,055(*)(E)       100,000  Gaylord Entertainment               4,206(*)     
      58,500  Harris Corp.                       3,672              45,000  International Game Technology       1,965(E)     
     110,000  Juniper Networks                   3,269(*)          242,000  Melco PBL Entertainment ADR         3,507(*)(E)  
      50,000  Polycom, Inc.                      1,213(*)           76,500  Orient-Express Hotel                4,736        
                                                                    85,000  Penn National Gaming                5,062(*)     
                                                18,836             145,000  Scientific Games Class A            4,696(*)     
                                                                    45,000  Vail Resorts                        2,498(*)     
CONSTRUCTION & ENGINEERING (1.4%)                                  160,000  WMS Industries                      5,344(*)     
      40,200  Fluor Corp.                        5,916                                                                       
      20,400  Shaw Group                         1,294(*)                                                      32,014        

                                                 7,210        HOUSEHOLD PRODUCTS (0.7%)                                      
                                                                    30,000  Energizer Holdings                  3,409(*)     
DIVERSIFIED CONSUMER SERVICES (2.0%)                                                                                         
     115,000  DeVry, Inc.                        6,323        INTERNET & CATALOG RETAIL (1.2%)                               
     22,500  Strayer Education                   4,069             105,000  GSI Commerce                        2,743(*)     
                                                                   120,000  IAC/InterActiveCorp                 3,339(*)     
                                                10,392                                                                       
                                                                                                                6,082        

See Notes to Schedule of Investments                                                                                         

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                                                                                                                 NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Mid Cap Growth Fund                                                                                       
-------------------------------------------                                                                                       
(UNAUDITED)                                                                                                                       

NUMBER OF SHARES                                   MARKET VALUE+  NUMBER OF SHARES                                 MARKET VALUE+  
                                                 $000's OMITTED)                                                ($000's OMITTED)  
                                                                                                                                  
                                                                         85,000  Intuit Inc.                          2,492*      
INTERNET SOFTWARE & SERVICES (1.4%)                                      52,500  Macrovision Corp.                    1,308*      
     225,500  Alibaba.Com Corp.                      1,150(*)(n)         31,000  VMware Inc.                          2,832*(E)   
      20,000  Equinix Inc.                           2,082(*)                                                                     
      92,600  VistaPrint Ltd.                        4,111(*)                                                        25,770       
                                                                  SPECIALTY RETAIL (2.4%)                                         
                                                     7,343               42,000  Abercrombie & Fitch                  3,446       
                                                                        104,300  GameStop Corp. Class A               5,992*(E)   
IT SERVICES (5.4%)                                                       12,600  Ulta Salon, Cosmetics &                          
     250,000  Cognizant Technology Solutions         7,775(*)(E)                 Fragrance                              324*      
     150,000  Iron Mountain                          5,472(*)           105,000  Urban Outfitters                     2,751*      
      32,500  MasterCard, Inc. Class A               6,521(E)                                                                     
     162,500  VeriFone Holdings                      7,805(*)(E)                                                     12,513       

                                                    27,573        TEXTILES, APPAREL & LUXURY GOODS (1.3%)                         
LIFE SCIENCE TOOLS & SERVICES (1.1%)                                    180,000 Coach, Inc.                           6,685*      
       21,500  AMAG Pharmaceuticals                  1,239(*)                                                                     
      110,000  Pharmaceutical Product Development    4,657                                                                        
                                                                  TRADING COMPANIES & DISTRIBUTORS (0.7%)                         
                                                     5,896               90,000  Fastenal Co.                         3,568       
 MACHINERY (1.2%)                                                                                                                 
       68,500  Danaher Corp.                         5,947        WIRELESS TELECOMMUNICATION SERVICES (4.2%)                      
                                                                        146,500  American Tower                       6,672*      
 MEDIA (2.6%)                                                           170,000  NII Holdings                         9,377*      
       95,000  Focus Media Holding ADR               5,362(*)           152,000  SBA Communications                   5,691*      
       97,500  Lamar Advertising                     5,071                                                                        
       65,000  Liberty Global Class A                2,640(*)(E)                                                     21,740       
                                                                  TOTAL COMMON STOCKS                                             
                                                    13,073        (COST $329,787)                                   487,144       

 METALS & MINING (0.6%)                                           SHORT-TERM INVESTMENTS (17.3%)                                  
       30,000   Freeport-McMoRan Copper &                            27,531,965  Neuberger Berman Prime Money                     
                Gold                                 2,968                       Fund Trust Class                    27,532(@)    
                                                                     60,980,288  Neuberger Berman Securities                      
 OIL, GAS & CONSUMABLE FUELS (5.3%)                                              Lending Quality Fund, LLC           60,980(++)   
       75,000  Continental Resources                 1,786(*)                                                                     
      191,000  Denbury Resources                    10,184(*)(E)                                                                  
       40,000  Murphy Oil                            2,861                                                                        
      160,000  Range Resources                       6,509        TOTAL SHORT-TERM INVESTMENTS                                    
       26,600  SandRidge Energy                        845(*)(E)  (COST $88,512)                                     88,512(#)    
       82,500  XTO Energy                            5,100                                                                        

                                                    27,285        TOTAL INVESTMENTS (112.4%)                                      
                                                                  (COST $418,299)                                   575,656(##)   
 PERSONAL PRODUCTS (1.8%)                                         Liabilities, less cash, receivables and                         
      124,000  Bare Escentuals                       2,610(*)(E)  other assets [(12.4%)]                            (63,712)      
       67,500  Chattem, Inc.                         4,786(*)                                                                     
       62,500  NBTY, Inc.                            1,867(*)     TOTAL NET ASSETS (100.0%)                    $    511,944       

                                                     9,263                                                                        

 PHARMACEUTICALS (1.0%)                                                                                                           
       51,500  MGI Pharma                            1,782(*)                                                                     
       47,500  Shire PLC ADR                         3,370                                                                        

                                                     5,152                                                                        

 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.7%)                                                                                  
       70,000  MEMC Electronic Materials             5,431(*)                                                                     
       75,500  Microchip Technology                  2,174                                                                        
      105,000  Microsemi Corp.                       2,402(*)                                                                     
      100,000  NVIDIA Corp.                          3,154(*)                                                                     
       32,500  Sigma Designs                         2,113(*)                                                                     
       90,000  Varian Semiconductor                                                                                               
               Equipment                             3,736(*)                                                                     

                                                    19,010                                                                        

 SOFTWARE (5.0%)                                                                                                                  
      285,000  Activision, Inc.                      6,313(*)                                                                     
      110,000  ANSYS, Inc.                           4,275(*)                                                                     
      105,000  Autodesk, Inc.                        4,944(*)                                                                     
       97,500  Citrix Systems                        3,606(*)                                                                     

See Notes to Schedule of Investments                                                                                              

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                                                                                                     NOVEMBER 30, 2007     

SCHEDULE OF INVESTMENTS Partners Fund                                                                                      
-------------------------------------                                                                                      
(UNAUDITED)                                                                                                                

NUMBER OF SHARES                             MARKET VALUE(+)  NUMBER OF SHARES                            MARKET VALUE(+)  
                                            ($000'S OMITTED)                                             ($000'S OMITTED)  
                                                                                                                           
COMMON STOCKS (98.7%)                                         IT SERVICES (0.9%)                                           
                                                                   903,800  Affiliated Computer                            
AEROSPACE & DEFENSE (1.9%)                                                   Services                          37,924(*)   
     703,900  L-3 Communications                                                                                           
               Holdings                         77,887(E)     MACHINERY (4.8%)                                             
                                                                   633,700  Caterpillar Inc.                   45,563      
AUTOMOBILES (1.3%)                                               1,106,397  Joy Global                         64,171      
   1,178,800  Harley-Davidson                   56,606(E)        1,415,500  Terex Corp.                        91,229(*)   

BEVERAGES (1.8%)                                                                                              200,963      
   3,154,100  Constellation Brands              74,279(*)(E)                                                               
                                                              MARINE (1.1%)                                                
CAPITAL MARKETS (5.1%)                                             471,900  DryShips Inc.                      44,585      
     402,900  Goldman Sachs Group               91,313                                                                     
   1,068,600  Merrill Lynch                     64,052        MEDIA (1.5%)                                                 
   1,163,500  Morgan Stanley                    61,340           1,276,500  McGraw-Hill Cos.                   62,651      

                                               216,705        METALS & MINING (9.0%)                                       
                                                                 1,267,300  Freeport-McMoRan Copper & Gold    125,374      
CONSTRUCTION & ENGINEERING (4.0%)                                1,715,800  Sterlite Industries (India) ADR    45,125(*)(E)
   2,341,100  Chicago Bridge & Iron            124,429           1,488,500  Teck Cominco Class B               56,876      
     524,000  KBR, Inc.                         20,866(*)          762,600  United States Steel                74,506(E)   
     376,300  Shaw Group                        23,865(*)        1,080,900  Xstrata PLC                        75,978      

                                               169,160                                                        377,859      

DIVERSIFIED FINANCIAL SERVICES (1.4%)                          MULTILINE RETAIL (3.9%)                                     
   1,597,700  Moody's Corp.                     60,169(E)        1,608,400  J.C. Penney                        70,962      
                                                                 2,143,100  Macy's Inc.                        63,543(E)   
ELECTRIC UTILITES (1.9%)                                         1,498,537  Saks Inc.                          30,870(*)(E)
   1,195,300  FirstEnergy Corp.                 81,950                                                                     
                                                                                                              165,375      
ENERGY EQUIPMENT & SERVICES (5.6%)                                                                                         
   1,638,600  Halliburton Co.                   59,989(E)      OIL, GAS & CONSUMABLE FUELS (14.3%)                         
   1,371,200  National Oilwell Varco            93,448(*)        1,227,900  Canadian Natural Resources         80,391(E)   
   1,614,200  Noble Corp.                       84,148             965,980  Denbury Resources                  51,506(*)   
                                                                   538,400  EOG Resources                      44,569(E)   
                                               237,585             543,500  Exxon Mobil                        48,458      
                                                                   563,600  Frontline Ltd.                     25,960      
FOOD PRODUCTS (1.7%)                                               706,100  Peabody Energy                     39,287      
   2,796,500  ConAgra, Inc.                     69,968(E)          969,700  Petroleo Brasileiro ADR            93,382      
                                                                 1,174,110  Ship Finance International         29,904(E)   
HEALTH CARE EQUIPMENT & SUPPLIES (0.8%)                            770,900  Southwestern Energy                38,368(*)   
     508,300  Zimmer Holdings                   32,902(*)          753,100  Suncor Energy                      72,117(E)   
                                                                 2,135,650  Talisman Energy                    38,207      
HEALTH CARE PROVIDERS & SERVICES (5.7%)                            662,566  XTO Energy                         40,960(E)   
   1,517,800  Aetna Inc.                        84,815                                                                     
   1,580,100  UnitedHealth Group                86,906(E)                                                     603,109      
     794,400  WellPoint Inc.                    66,896(*)(E)                                                               
                                                               PERSONAL PRODUCTS (1.4%)                                    
                                               238,617           1,908,700  NBTY, Inc.                         57,013(*)   

HOUSEHOLD DURABLES (1.8%)                                      PHARMACEUTICALS (2.0%)                                      
     152,600  NVR, Inc.                         75,079(*)        1,200,300  Shire PLC ADR                      85,161      

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS                   SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.8%)             
(2.4%)                                                             683,800  International Rectifier            22,237(*)   
     717,000  Mirant Corp.                      27,669(*)(E)     1,698,000  Texas Instruments                  53,606      
   1,737,500  NRG Energy                        73,653(*)(E)                                                               
                                                                                                               75,843      
                                               101,322                                                                     
                                                               SOFTWARE (6.2%)                                             
INDUSTRIAL CONGLOMERATES (3.7%)                                  1,998,100  Activision, Inc.                   44,258(*)   
   1,802,400  General Electric                  69,014(E)        1,757,973  Check Point Software                           
   1,655,400  McDermott International           86,577(*)                    Technologies                      40,117(*)   
                                                                 2,129,200  Microsoft Corp.                    71,541      
                                               155,591           2,913,700  Oracle Corp.                       58,798(*)   
                                                                 1,428,968  Symantec Corp.                     25,436(*)(E)
INSURANCE (7.4%)                                                                                                           
   1,199,800  American International                                                                                       
               Group                            69,744(E)                                                                  
   1,302,900  Assurant, Inc.                    85,249                                                                     
      25,100  Berkshire Hathaway Class B       117,719(*)                                                                  
     391,400  Hartford Financial                                                                                           
               Services Group                   37,308                                                                     
                                               310,020                                                                     
See Notes to Schedule of Investments                                                                                       

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SCHEDULE OF INVESTMENTS Partners Fund cont'd                                    
--------------------------------------------                                    
(UNAUDITED)                                                                     

NUMBER OF SHARES                                         MARKET VALUE(+)        
                                                ($000'S OMITTED)

1,466,607  Take-Two Interactive Software                    21,970(*)     

                                                   262,120

SPECIALTY RETAIL (2.7%)                                                         
1,255,775  Best Buy                                         64,107(E)     
1,720,200  TJX Cos.                                         50,471(E)     

                                                   114,578

TEXTILES, APPAREL & LUXURY GOODS (1.0%)                                         
1,620,900  Liz Claiborne                                    40,668(E)     

WIRELESS TELECOMMUNICATION SERVICES (1.6%)                                      
715,000  China Mobile ADR                                 65,537(E)   

TOTAL COMMON STOCKS                                                             
(COST $3,063,320)                                           4,151,226           

SHORT-TERM INVESTMENTS (9.6%)                                                   
10,916,894  Neuberger Berman Prime Money                                    
       Fund Trust Class                                10,917(@)
395,157,201  Neuberger Berman Securities                                      
        Lending Quality Fund, LLC                      395,157(++)

TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $406,074)                                               406,074(#)        

TOTAL INVESTMENTS (108.3%)                                                      
(COST $3,469,394)                                           4,557,300(##)       

Liabilities, less cash, receivables                                             
and other assets [(8.3%)]                                  (350,358)          

TOTAL NET ASSETS (100.0%)                             $     4,206,942           

See Notes to Schedule of Investments                                            

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                                                                                                                 NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Real Estate Fund                                                                                          
----------------------------------------                                                                                          
(UNAUDITED)                                                                                                                       

NUMBER OF SHARES                                    MARKET VALUE(+)  NUMBER OF SHARES                             MARKET VALUE(+) 
                                                   ($000's OMITTED)                                              ($000's OMITTED) 
                                                                                                                                  
COMMON STOCKS (97.4%)                                                REAL ESTATE (1.5%)                                           
                                                                             47,900 Dupont Fabros Technology               898(*) 
APARTMENTS (9.4%)                                                                                                                 
     16,000  AvalonBay Communities                 1,591(E)            REAL ESTATE/REIT (1.0%)                                    
     27,622  Camden Property Trust                 1,453                     13,600 Plum Creek Timber Company              631    
     32,900  Equity Residential                    1,224(E)                                                                       
      7,100  Essex Property Trust                    737               REGIONAL MALLS (12.9%)                                     
     17,100  Home Properties                         773                    68,600  Kimco Realty                         2,709(E) 
                                                                            15,700  Macerich Co.                         1,219    
                                                   5,778                    16,200  Simon Property Group                 1,595    
                                                                            45,500  Taubman Centers                      2,436    
COMMERCIAL PRODUCTS & SERVICES (0.7%)                                                                                             
     28,700  Crystal River Capital                   406(E)                                                              7,959    

COMMUNITY CENTERS (5.0%)                                             SELF STORAGE (9.0%)                                          
     30,100  Acadia Realty Trust                     794                    42,900  Extra Space Storage                    612    
     23,100  Equity One                              547                    55,500  Public Storage                       4,292    
     20,800  Federal Realty Investment Trust       1,730                    15,100  Sovran Self Storage                    660(E) 

                                                   3,071                                                                 5,564    

DIVERSIFIED (9.6%)                                                   SPECIALTY (2.8%)                                             
     28,400  Forest City Enterprises Class A       1,424                    55,800  Corrections Corporation of                    
    122,373  Great Lakes Dredge & Dock             1,090                             America                             1,702(*) 
     17,900  Macquarie Infrastructure                722                                                                          
     29,500  Vornado Realty Trust                  2,655             TOTAL COMMON STOCKS                                          
                                                                     (COST $62,660)                                     59,893    
                                                   5,891                                                                          
                                                                     SHORT-TERM INVESTMENTS (18.4%)                               
HEALTH CARE (11.9%)                                                      1,729,489  Neuberger Berman Prime Money                  
     38,000  HCP, Inc.                             1,271(E)                          Fund Trust Class                    1,729(@) 
      9,500  Health Care REIT                        426(E)              9,582,568  Neuberger Berman Securities                   
     41,600  Nationwide Health Properties          1,301(E)                          Lending Quality Fund, LLC           9,583(++)
     25,500  OMEGA Healthcare Investors              412                                                                          
        300  Senior Housing Properties Trust           7             TOTAL SHORT-TERM INVESTMENTS                                 
     89,800  Ventas, Inc.                          3,915(E)          (COST $11,312)                                     11,312(#) 

                                                   7,332             TOTAL INVESTMENTS (115.8%)                                   
                                                                     (COST $73,972)                                     71,205(##)
INDUSTRIAL (9.9%)                                                    Liabilities, less cash, receivables                          
     41,400  AMB Property                          2,532               and other assets [(15.8%)]                       (9,723)   
     54,600  ProLogis                              3,572                                                                          
                                                                     TOTAL NET ASSETS (100.0%)                       $  61,482    
                                                   6,104                                                                          

LODGING (1.4%)                                                                                                                    
     30,000  Host Hotels & Resorts                   576                                                                          
      4,900  LaSalle Hotel Properties                182                                                                          
      2,000  Starwood Hotels & Resorts Worldwide     107                                                                          

                                                     865                                                                          

OFFICE (19.3%)                                                                                                                    
      20,650 Alexandria Real Estate Equities       2,028                                                                          
      29,900 BioMed Realty Trust                     675                                                                          
      21,200 Boston Properties                     2,087                                                                          
      75,550 Brookfield Asset Management Class A   2,737                                                                          
      75,850 Brookfield Properties                 1,631                                                                          
      26,170 Corporate Office Properties Trust       945                                                                          
      16,800 SL Green Realty                       1,746(E)                                                                       

                                                  11,849                                                                          

OFFICE - INDUSTRIAL (3.0%)                                                                                                        
      48,300 Digital Realty Trust                  1,843                                                                          

See Notes to Schedule of Investments                                            

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                                                                                                            NOVEMBER 30, 2007   

SCHEDULE OF INVESTMENTS Regency Fund                                                                                            
------------------------------------                                                                                            
(UNAUDITED)                                                                                                                     

NUMBER OF SHARES                               MARKET VALUE(+)   NUMBER OF SHARES                                MARKET VALUE(+)
                                              ($000'S OMITTED)                                                  ($000'S OMITTED)
                                                                                                                                
COMMON STOCKS (98.8%)                                                 21,300   Whirlpool Corp.                       1,724      

AEROSPACE & DEFENSE (4.7%)                                                                                           5,789      
     42,400  Embraer-Empresa Brasileira                                                                                         
              de Aeronautica ADR                    1,848(E)     INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (4.7%)            
     21,600  L-3 Communications Holdings            2,390(E)          34,200   Constellation Energy Group            3,427(E)   
     80,700  Spirit Aerosystems Holdings Class A    2,820(*)          37,000   Mirant Corp.                          1,428(*)(E)
                                                                      48,800   NRG Energy                            2,069(*)   
                                                    7,058                                                                       
                                                                                                                     6,924      
AUTO COMPONENTS (1.2%)                                                                                                          
     36,800  WABCO Holdings                         1,728        INDUSTRIAL CONGLOMERATES (1.8%)                                
                                                                      52,400   McDermott International               2,741(*)   
AUTOMOBILES (1.2%)                                                                                                              
     36,300  Harley-Davidson                        1,743        INSURANCE (4.5%)                                               
                                                                      54,700   Assurant, Inc.                        3,579      
BEVERAGES (1.7%)                                                      25,700   Endurance Specialty Holdings          1,038      
    110,000  Constellation Brands                   2,591(*)          40,400   StanCorp Financial Group              2,104      

CAPITAL MARKETS (4.8%)                                                                                               6,721      
     24,400  Bear Stearns                           2,433(E)                                                                    
     98,600  Jefferies Group                        2,520        IT SERVICES (1.0%)                                             
     42,300  Morgan Stanley                         2,230(E)          35,500   Affiliated Computer Services          1,490(*)   

                                                    7,183        MACHINERY (5.1%)                                               
                                                                      27,300   Eaton Corp.                           2,438      
COMMUNICATIONS EQUIPMENT (0.9%)                                       32,850   Joy Global                            1,905      
    128,900  Arris Group                            1,344(*)          49,200   Terex Corp.                           3,171(*)   

CONSTRUCTION & ENGINEERING (3.2%)                                                                                    7,514      
     75,200  Chicago Bridge & Iron                  3,997                                                                       
     11,000  Shaw Group                               698(*)     MARINE (0.8%)                                                  
                                                                      42,000   Eagle Bulk Shipping                   1,201(E)   
                                                    4,695                                                                       
                                                                 MEDIA (1.5%)                                                   
ELECTRIC UTILITIES (5.8%)                                             44,700   McGraw-Hill Cos.                      2,194      
    105,100  DPL Inc.                               3,183                                                                       
     46,300  FirstEnergy Corp.                      3,174(E)     METALS & MINING (10.1%)                                        
     45,600  PPL Corp.                              2,324             14,600   Cleveland-Cliffs                      1,317      
                                                                      54,600   Freeport-McMoRan Copper & Gold        5,402      
                                                    8,681             92,100   Sterlite Industries (India) ADR       2,422(*)   
                                                                      74,000   Teck Cominco Class B                  2,827      
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)                             31,900   United States Steel                   3,117(E)   
     43,100  Avnet, Inc.                            1,487(*)                                                                    
                                                                                                                    15,085      
ENERGY EQUIPMENT & SERVICES (5.2%)                                                                                              
     37,600  National Oilwell Varco                 2,562(*)(E)  MULTILINE RETAIL (3.2%)                                        
     63,200  Noble Corp.                            3,295             45,600   J.C. Penney                           2,012      
     30,300  Oceaneering International              1,934(*)          51,500   Macy's Inc.                           1,527      
                                                                      55,800   Saks Inc                              1,149(E)   
                                                    7,791                                                                       
                                                                                                                     4,688      
FOOD PRODUCTS (3.1%)                                                                                                            
    100,100  ConAgra, Inc.                          2,504        OIL, GAS & CONSUMABLE FUELS (7.2%)                             
     72,100  Smithfield Foods                       2,167(*)          47,500   Canadian Natural Resources            3,110      
                                                                      45,100   Denbury Resources                     2,405(*)   
                                                    4,671             53,450   Ship Finance International            1,361(E)   
                                                                      23,300   Southwestern Energy                   1,159(*)   
HEALTH CARE EQUIPMENT & SUPPLIES (1.1%)                               59,580   Talisman Energy                       1,066      
     39,400  Covidien Ltd.                          1,580             26,442   XTO Energy                            1,635(E)   

HEALTH CARE PROVIDERS & SERVICES (4.4%)                                                                             10,736      
     49,300  Aetna Inc.                             2,755                                                                       
     41,700  CIGNA Corp.                            2,236        PERSONAL PRODUCTS (1.4%)                                       
     28,100  Coventry Health Care                   1,626(*)          71,200   NBTY, Inc.                            2,127(*)   

                                                    6,617        PHARMACEUTICALS (3.4%)                                         
                                                                      80,700   Endo Pharmaceuticals Holdings         2,212(*)   
HOUSEHOLD DURABLES (3.9%)                                             40,300   Shire PLC ADR                         2,859      
    101,200  D.R. Horton                            1,211(E)                                                                    
      5,800  NVR, Inc.                              2,854(*)                                                         5,071      

See Notes to Schedule of Investments                                                                                            

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                                                               NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Regency Fund cont'd                                     
-------------------------------------------                                     
(UNAUDITED)                                                                     

NUMBER OF SHARES                                MARKET VALUE(+)                 
                              ($000'S OMITTED)
REAL ESTATE INVESTMENT TRUST (3.7%)                                             
99,400   Annaly Mortgage Management            1,711                  
4,000   Colonial Properties Trust                98                 
22,000   Developers Diversified Realty           977(E)               
7,800   First Industrial Realty Trust           285                 
44,800   iStar Financial                       1,311                  
26,600   Ventas, Inc.                          1,160                  

                             5,542

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.5%)                                 
68,700   International Rectifier               2,234(*)               

SOFTWARE (3.3%)                                                                 
57,900   Activision, Inc.                      1,282(*)               
64,800   Check Point Software Technologies     1,479(*)               
147,000   Take-Two Interactive Software         2,202(*)                

                             4,963

SPECIALTY RETAIL (2.2%)                                                         
13,800   Abercrombie & Fitch                   1,132(E)               
13,650   Aeropostale, Inc.                       349(*)               
60,200   TJX Cos.                              1,766                  

                             3,247

TEXTILES, APPAREL & LUXURY GOODS (1.2%)                                         
69,400   Liz Claiborne                         1,741                  

TOTAL COMMON STOCKS                               147,177                       
(COST $124,557)                                                                 

SHORT-TERM INVESTMENTS (12.8%)                                                  
1,740,011   Neuberger Berman Prime Money                                    
Fund Trust Class                     1,740(@)     
17,276,147   Neuberger Berman Securities                                      
Lending Quality Fund, LLC           17,276(++)    

TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $19,016)                                     19,016(#)                    

TOTAL INVESTMENTS (111.6%)                                                      
(COST $143,573)                                   166,193(##)                   

Liabilities, less cash, receivables and                                         
other assets [(11.6%)]                           (17,295)                     

TOTAL NET ASSETS (100.0%)                   $      148,898                      

See Notes to Schedule of Investments                                            

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                                                                                                 NOVEMBER 30, 2007 

SCHEDULE OF INVESTMENTS Research Opportunities Fund                                                                
---------------------------------------------------                                                                
(UNAUDITED)                                                                                                        

NUMBER OF SHARES                          MARKET VALUE(+)  NUMBER OF SHARES                         MARKET VALUE(+)
                                         ($000'S OMITTED)                                          ($000'S OMITTED)
                                                                                                                   
COMMON STOCKS (99.8%)                                                                                              
                                                           FOOD & STAPLES RETAILING (1.8%)                         
AUTO COMPONENTS (0.8%)                                      1,760   CVS Corp.                             70       
  1,530   WABCO Holdings                        72          1,750   Wal-Mart Stores                       84       

BEVERAGES (1.8%)                                                                                         154       
  2,980   Constellation Brands                  70(*)                                                              
  1,120   PepsiCo, Inc.                         87         FOOD PRODUCTS (1.0%)                                    
                                                            1,385   Ralcorp Holdings                      85(*)    
                                               157                                                                 
                                                           GAS UTILITIES (0.9%)                                    
BIOTECHNOLOGY (1.0%)                                        1,575   New Jersey Resources                  79       
  1,840   Gilead Sciences                       86(*)                                                              
                                                           HEALTH CARE EQUIPMENT & SUPPLIES (3.5%)                 
CAPITAL MARKETS (1.9%)                                      1,390   Baxter International                  83       
  1,787   Bank of New York Mellon               86          5,920   Boston Scientific                     75(*)    
    985   State Street                          78          1,800   Covidien Ltd.                         72       
                                                            1,140   Zimmer Holdings                       74(*)    
                                               164                                                                 
                                                                                                         304       
CHEMICALS (3.7%)                                                                                                   
  1,690   Airgas, Inc.                          84         HEALTHCARE PROVIDERS & SERVICES (2.8%)                  
  1,605   Ecolab Inc.                           77          1,485   Aetna Inc.                            83       
  3,280   Nalco Holding Co.                     78          1,575   Health Net                            77*      
    970   Praxair, Inc.                         83          1,400   UnitedHealth Group                    77       

                                               322                                                       237       
                                                           HOUSEHOLD DURABLES (0.8%)                               
COMMERCIAL BANKS (1.8%)                                       945   Fortune Brands                        72       
    840   HSBC Holdings PLC ADR                 72                                                                 
  1,120   PNC Financial Services Group          82         HOUSEHOLD PRODUCTS (1.9%)                               
                                                              725   Energizer Holdings                    82*      
                                               154          1,095   Procter & Gamble                      81       

COMMUNICATIONS EQUIPMENT (3.3%)                                                                          163       
  6,900   Arris Group                           72(*)                                                              
  2,365   Cisco Systems                         66(*)      INDUSTRIAL CONGLOMERATES (2.6%)                         
  3,230   Corning Inc.                          79            945   3M Co.                                79       
  4,150   Motorola, Inc.                        66          1,875   General Electric                      72       
                                                            1,736   Tyco International                    69       
                                               283                                                                 
                                                                                                         220       
COMPUTERS & PERIPHERALS (1.8%)                                                                                     
  1,560   Hewlett-Packard                       80         INSURANCE (5.9%)                                        
    710   IBM                                   75          1,285   American International Group          75       
                                                            1,890   Endurance Specialty Holdings          76       
                                               155            735   Everest Re Group                      77       
                                                              765   Hartford Financial Services Group     73       
CONTAINERS & PACKAGING (0.9%)                               1,140   Lincoln National                      70       
  3,050   Pactiv Corp.                          77(*)       1,110   MetLife, Inc.                         73       
                                                            1,510   Nationwide Financial Services         68       
DIVERSIFIED CONSUMER SERVICES (0.9%)                                                                               
  1,030   Apollo Group Class A                  79(*)                                                    512       

DIVERSIFIED FINANCIAL SERVICES (0.8%)                      INTERNET SOFTWARE & SERVICES (0.9%)                     
  1,875   Moody's Corp.                         71          2,730   Yahoo! Inc.                           73(*)    

DIVERSIFIED TELECOMMUNICATION (0.8%)                       IT SERVICES (0.9%)                                      
  1,820   AT&T Inc.                             70          3,550   Western Union                         80       

ELECTRIC UTILITIES (5.5%)                                  LIFE SCIENCE TOOLS & SERVICES (1.8%)                    
  1,390   Allegheny Energy                      84(*)       1,220   Charles River Laboratories                     
    930   Exelon Corp.                          75                         International                  77(*)    
  1,075   FirstEnergy Corp.                     74          1,380   Thermo Fisher Scientific              80(*)    
  1,170   FPL Group                             82                                                                 
  1,585   PPL Corp.                             81                                                       157       
  1,450   Questar Corp.                         77                                                                 
                                                           MACHINERY (6.2%)                                        
                                               473          1,100   Caterpillar Inc.                      79       
                                                              990   Danaher Corp.                         86       
ELECTRICAL EQUIPMENT (0.9%)                                 1,600   Dover Corp.                           74       
  1,080   Rockwell Automation                   73                                                                 

See Notes to Schedule of Investments                                            

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                                                                                                   NOVEMBER 30, 2007 

SCHEDULE OF INVESTMENTS Research Opportunities Fund cont'd                                                           
----------------------------------------------------------                                                           
(UNAUDITED)                                                                                                          

NUMBER OF SHARES                          MARKET VALUE(+)   NUMBER OF SHARES                          MARKET VALUE(+)
                                         ($000'S OMITTED)                                            ($000'S OMITTED)
                                                                                                                     
    870   Eaton Corp.                           78          SEMICONDUCTORS & SEMICONDUCTOR                           
  1,330   Illinois Tool Works                   74           EQUIPMENT (2.7%)                                        
  1,510   Ingersoll-Rand                        78            4,260   Altera Corp.                         80        
  1,065   Terex Corp.                           68(*)         2,950   Intel Corp.                          77        
                                                              2,240   International Rectifier              73(*)     
                                               537                                                                   
                                                                                                          230        
MEDIA (5.8%)                                                                                                         
  2,630   CBS Corp. Class B                     72          SOFTWARE (3.4%)                                          
  2,960   Idearc Inc.                           56            1,715   Adobe Systems                        72(*)     
  2,105   Liberty Global Class A                86(*)         2,400   Intuit Inc.                          70(*)     
  1,485   McGraw-Hill Cos.                      73            2,200   Microsoft Corp.                      74        
 14,175   Mediacom Communications               64(*)         3,710   Oracle Corp.                         75(*)     
  3,450   News Corp.  Class A                   73                                                                   
  1,842   Viacom Inc. Class B                   77(*)                                                     291        

                                               501          SPECIALTY RETAIL (2.5%)                                  
                                                              2,565   PETsMART, Inc.                       73        
METALS & MINING (1.7%)                                        1,450   Tiffany & Co.                        67        
    810   Freeport-McMoRan Copper & Gold        80            2,555   TJX Cos.                             75        
  1,675   Teck Cominco Class B                  64                                                                   
                                                                                                          215        
                                               144                                                                   
                                                            THRIFTS & MORTGAGE FINANCE (0.9%)                        
MULTI-UTILITIES (4.6%)                                        2,250   Freddie Mac                          74        
  1,800   Dominion Resources                    85                                                                   
  2,120   NSTAR                                 74          WIRELESS TELECOMMUNICATION SERVICES (3.3%)               
  3,130   PNM Resources                         70            1,825   American Tower                       83(*)     
    845   Public Service Enterprise Group       81            1,290   NII Holdings                         71(*)     
  1,315   Sempra Energy                         82            1,580   Rogers Communications Class B        66        
                                                              4,330   Sprint Nextel                        68        
                                               392                                                                   
                                                                                                          288        
MUTUAL FUNDS (1.5%)                                                                                                  
    890      S&P 500 Depositary Receipts       132          TOTAL COMMON STOCKS                                      
                                                            (COST $7,971)                               8,594        
OIL, GAS & CONSUMABLE FUELS (10.5%)                                                                                  
  1,070   Canadian Natural Resources            70          SHORT-TERM INVESTMENTS (0.3%)                            
    855   Chevron Corp.                         75           27,815   Neuberger Berman Prime Money                   
    915   ConocoPhillips                        73                      Fund Trust Class                             
  1,380   Denbury Resources                     74(*)                   (COST $28)                         28(#)(@)  
    845   Exxon Mobil                           75                                                                   
  1,160   Murphy Oil                            83          TOTAL INVESTMENTS (100.1%)                  8,622(##)    
  1,095   Occidental Petroleum                  76          (COST $7,999)                                            
  1,430   Peabody Energy                        80                                                                   
  1,640   Quicksilver Resources                 83(*)       Liabilities, less cash, receivables and                  
  1,450   Southwestern Energy                   72(*)          other assets [(0.1%)]                      (10)       
    770   Suncor Energy                         74                                                                   
  1,090   Valero Energy                         71          TOTAL NET ASSETS (100.0%)                  $8,612        

                                               906                                                                   

PAPER & FOREST PRODUCTS (0.9%)                                                                                       
  1,000   Weyerhaeuser Co.                      73                                                                   

PERSONAL PRODUCTS (1.7%)                                                                                             
  1,180   Chattem, Inc.                         84(*)                                                                
  2,050   NBTY, Inc.                            61(*)                                                                

                                               145                                                                   

PHARMACEUTICALS (2.8%)                                                                                               
  1,345   Abbott  Laboratories                  78                                                                   
  1,200   Johnson & Johnson                     81                                                                   
  1,470   Novartis AG ADR                       83                                                                   

                                               242                                                                   

ROAD & RAIL (0.6%)                                                                                                   
  2,915   YRC Worldwide                         52(*)                                                                


See Notes to Schedule of Investments                                            

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                                                                                                            NOVEMBER 30, 2007

SCHEDULE OF INVESTMENTS Small and Mid Cap Growth Fund                                                                        
-----------------------------------------------------                                                                        
(UNAUDITED)                                                                                                                  

NUMBER OF SHARES                           MARKET VALUE(+)  NUMBER OF SHARES                             MARKET VALUE(+)     
                                          ($000'S OMITTED)                                             ($000'S OMITTED)      

                                                                                                                             
COMMON STOCKS (95.1%)                                           5,000  Scientific Games Class A               162(*)         
                                                                2,900  Vail Resorts                           161(*)         
AEROSPACE & DEFENSE (12.4%)                                     4,450  WMS Industries                         149(*)         
    6,500  AerCap Holdings NV                  150(*)                                                                        
    4,300  BE Aerospace                        202(*)                                                       1,014            
   18,000  CAE, Inc.                           214                                                                           
    5,700  HEICO Corp.                         281          INTERNET SOFTWARE & SERVICES (3.9%)                              
    2,400  Precision Castparts                 353              4,200  Alibaba.com Corp.                       21(*)(n)      
                                                                2,000  Equinix Inc.                           208(*)         
                                             1,200              4,700  Vocus, Inc.                            148(*)         

AIR FREIGHT & LOGISTICS (1.6%)                                                                                377            
    3,000  C.H. Robinson Worldwide             155                                                                           
                                                            IT SERVICES (3.8%)                                               
BEVERAGES (1.3%)                                                5,000  Cognizant Technology Solutions         156(*)         
    3,000  Hansen Natural                      130(*)           4,500  VeriFone Holdings                      216(*)         

BIOTECHNOLOGY (2.9%)                                                                                          372            
    4,600  Celgene Corp.                       283(*)                                                                        
                                                            LIFE SCIENCE TOOLS & SERVICES (1.5%)                             
CAPITAL MARKETS (1.5%)                                          2,400  ICON PLC                               145(*)         
    3,000  Lazard Ltd.                         146                                                                           
                                                            MACHINERY (1.5%)                                                 
COMMERCIAL SERVICES & SUPPLIES (5.3%)                           3,400  Axsys Technologies                     144(*)         
    3,600  FTI Consulting                      205(*)                                                                        
    3,200  GeoEye Inc.                         102(*)       MARINE (1.5%)                                                    
    3,000  IHS Inc.                            210(*)           3,100  Kirby Corp.                            149(*)         

                                               517          MEDIA (1.3%)                                                     
                                                                2,200  Focus Media Holding ADR                124(*)         
COMMUNICATIONS EQUIPMENT (2.5%)                                                                                              
   10,000  Arris Group                         104(*)       OIL, GAS & CONSUMABLE FUELS (3.7%)                               
    8,000  Foundry Networks                    141(*)           5,000  Arena Resources                        188(*)         
                                                                3,000  Denbury Resources                      160(*)         
                                               245                500  SandRidge Energy                        16(*)         

DIVERSIFIED CONSUMER SERVICES (5.1%)                                                                          364            
    2,900  American Public Education           123(*)                                                                        
    2,600  Capella Education                   183(*)       PERSONAL PRODUCTS (2.0%)                                         
   14,100  Service Corp. International         187              2,750  Chattem, Inc.                          195(*)         

                                               493          SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.8%)                  
                                                                5,000  Atheros Communications                 147(*)         
DIVERSIFIED FINANCIAL SERVICES (2.2%)                           2,950  Varian Semiconductor                                  
    1,250  IntercontinentalExchange Inc.       209(*)                   Equipment                             123(*)         

ELECTRONIC EQUIPMENT & INSTRUMENTS (2.7%)                                                                     270            
    7,000  Trimble Navigation                  260(*)                                                                        
                                                            SOFTWARE (4.7%)                                                  
ENERGY EQUIPMENT & SERVICES (1.6%)                              7,500  Activision, Inc.                       166(*)         
    1,300  Core Laboratories N.V.              152(*)           4,200  Concur Technologies                    158(*)         
                                                                4,000  Ultimate Software Group                131(*)         
FOOD & STAPLES RETAILING (2.0%)                                                                                              
    3,500  Shoppers Drug Mart                  192                                                            455            

HEALTH CARE EQUIPMENT & SUPPLIES (6.9%)                     SPECIALTY RETAIL (2.7%)                                          
    3,300  ArthroCare Corp.                    179(*)           4,400  GameStop Corp. Class A                 253(*)         
    1,500  C.R. Bard                           127                200  Ulta Salon, Cosmetics &                               
    2,600  Hologic, Inc.                       172(*)                   Fragrance                               5(*)         
    7,300  Wright Medical Group                197(*)                                                                        
                                                                                                              258            
                                               675                                                                           
                                                            WIRELESS TELECOMMUNICATION SERVICES (4.5%)                       
HEALTH CARE PROVIDERS & SERVICES (1.6%)                         1,900  NII Holdings                           105(*)         
    3,900  VCA Antech                          160(*)           8,800  SBA Communications                     329(*)         

HEALTH CARE TECHNOLOGY (1.2%)                                                                                 434            
    2,000  Cerner Corp.                        120(*)                                                                        
                                                            TOTAL COMMON STOCKS                                              
HOTELS, RESTAURANTS & LEISURE (10.4%)                       (COST $8,100)                                   9,238            
    3,500  Bally Technologies                  146(*)                                                                        
    6,400  Orient-Express Hotel                396                                                                           

See Notes to Schedule of Investments                                                                                         

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SCHEDULE OF INVESTMENTS Small and Mid Cap Growth Fund cont'd                    
------------------------------------------------------------                    
(UNAUDITED)                                                                     

NUMBER OF SHARES                                   MARKET VALUE(+)              
                                    ($000'S OMITTED)

SHORT-TERM INVESTMENTS (10.3%)                                                  
1,006,269  Neuberger Berman Prime Money                                   
Fund Trust Class                                  
(COST $1,006)                         1,006(#)(@) 

TOTAL INVESTMENTS (105.4%)                                                      
(COST $9,106)                                       10,244(##)                  

Liabilities, less cash, receivables and                                         
other assets [(5.4%)]                              (527)                    

TOTAL NET ASSETS (100.0%)                   $        9,717                      

See Notes to Schedule of Investments                                            

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SCHEDULE OF INVESTMENTS Small Cap Growth Fund                                                                     
---------------------------------------------                                                                     
(UNAUDITED)                                                                                                       

NUMBER OF SHARES                         MARKET VALUE(+)  NUMBER OF SHARES                         MARKET VALUE(+)
                                        ($000'S OMITTED)                                           ($000'S OMITTED
                                                                                                                  
COMMON STOCKS (96.3%)                                     HOTELS, RESTAURANTS & LEISURE (12.4%)                   
                                                               49,800  Bally Technologies              2,077(*)   
AEROSPACE & DEFENSE (7.7%)                                     28,500  Ctrip.com International         1,713      
     33,900  BE Aerospace                    1,593(*)         105,100  Morgans Hotel Group             1,943(*)   
    297,100  CAE, Inc.                       3,533            105,400  Orient-Express Hotel            6,525      
     32,300  Ducommun Inc.                   1,187(*)(E)       36,600  Vail Resorts                    2,032(*)   
     75,100  HEICO Corp.                     3,700(E)          51,850  WMS Industries                  1,732(*)   

                                            10,013                                                    16,022      

BIOTECHNOLOGY (2.8%)                                      INSURANCE (1.4%)                                        
     32,500  Myriad Genetics                 1,566(*)          32,100  ProAssurance Corp.              1,760(*)   
     19,900  United Therapeutics             1,992(*)                                                             
                                                          INTERNET SOFTWARE & SERVICES (7.0%)                     
                                             3,558             31,300  DealerTrack Holdings            1,332(*)   
                                                               25,500  Equinix Inc.                    2,655(*)(E)
CAPITAL MARKETS (2.9%)                                         30,000  Mercadolibre Inc.               1,272(*)(E)
     20,300  GFI Group                       1,977(*)          68,400  Omniture, Inc.                  1,943(*)(E)
     37,600  Lazard Ltd.                     1,830             57,500  Vocus, Inc.                     1,805(*)   

                                             3,807                                                     9,007      

COMMERCIAL SERVICES & SUPPLIES (5.3%)                     IT SERVICES (1.4%)                                      
     66,900  Cornell Companies               1,574(*)          96,800  RightNow Technologies           1,757(*)   
     49,300  FTI Consulting                  2,810(*)                                                             
     48,800  Geo Group                       1,242(*)     LIFE SCIENCE TOOLS & SERVICES (2.7%)                    
     39,400  GeoEye Inc.                     1,250(*)          32,900  ICON PLC                        1,951(*)   
                                                               23,500  Techne Corp.                    1,531(*)   
                                             6,876                                                                
                                                                                                       3,482      
COMMUNICATIONS EQUIPMENT (1.4%)                                                                                   
    105,800  Foundry Networks                1,865(*)(E)  MACHINERY (1.9%)                                        
                                                               57,600  Axsys Technologies              2,437(*)   
DISTRIBUTORS (1.2%)                                                                                               
     38,500  LKQ Corp.                       1,529(*)     MARINE (1.4%)                                           
                                                               38,200  Kirby Corp.                     1,836(*)   
DIVERSIFIED CONSUMER SERVICES (7.6%)                                                                              
     27,600  American Public Education       1,167(*)     METALS & MINING (1.3%)                                  
     40,900  Capella Education               2,880(*)          44,000  AMCOL International             1,671(E)   
    184,600  Service Corp. International     2,452                                                                
     33,700  Steiner Leisure                 1,439(*)     OIL, GAS & CONSUMABLE FUELS (4.4%)                      
     10,600  Strayer Education               1,917             50,000  Alpha Natural Resources         1,405(*)   
                                                               72,000  Arena Resources                 2,707(*)   
                                             9,855             33,300  Carrizo Oil & Gas               1,613(*)   

ELECTRONIC EQUIPMENT & INSTRUMENTS (3.5%)                                                              5,725      
     37,700  FLIR Systems                    2,591(*)(E)                                                          
     51,500  Trimble Navigation              1,909(*)     SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.3%)         
                                                               61,500  Atheros Communications          1,813(*)   
                                             4,500             28,300  Varian Semiconductor Equipment  1,175(*)   

ENERGY EQUIPMENT & SERVICES (1.4%)                                                                     2,988      
     15,100  Core Laboratories N.V.          1,771(*)                                                             
                                                          SOFTWARE (8.0%)                                         
HEALTH CARE EQUIPMENT & SUPPLIES (3.8%)                        42,100  ANSYS, Inc.                     1,636(*)   
     42,500  ArthroCare Corp.                2,300(*)          35,100  Blackboard Inc.                 1,369(*)   
     94,800  Wright Medical Group            2,558(*)          48,800  Concur Technologies             1,833(*)   
                                                               93,600  Nuance Communications           1,889(*)   
                                             4,858             67,900  Taleo Corp. Class A             1,917(*)   
                                                               51,600  Ultimate Software Group         1,685(*)   
HEALTH CARE PROVIDERS & SERVICES (4.2%)                                                                           
     45,600  Bio-Reference Laboratories      1,526(*)                                                 10,329      
     59,900  HMS Holdings                    1,860(*)                                                             
     49,000  VCA Antech                      2,011(*)     SPECIALTY RETAIL (2.8%)                                 
                                                               47,500  Dick's Sporting Goods           1,485(*)   
                                             5,397             36,300  GameStop Corp. Class A          2,085(*)(E)

HEALTH CARE TECHNOLOGY (2.6%)                                                                          3,570      
     84,800  Eclipsys Corp.                  1,967(*)(E)                                                          
     55,100  Omnicell, Inc.                  1,453(*)     TRANSPORTATION INFRASTRUCTURE (1.4%)                    
                                                               31,000  Grupo Aeroportuario del Sureste 1,860      
                                             3,420                                                                

See Notes to Schedule of Investments                                                                              

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SCHEDULE OF INVESTMENTS Small Cap Growth Fund cont'd                            
----------------------------------------------------                            
(UNAUDITED)                                                                     

NUMBER OF SHARES                               MARKET VALUE(+)                  
                            ($000'S OMITTED)

WIRELESS TELECOMMUNICATION SERVICES (3.5%)                                      
119,300  SBA Communications                  4,467(*)                   

TOTAL COMMON STOCKS                            124,360                          
(COST $104,618)                                                                 

SHORT-TERM INVESTMENTS (8.4%)                                                   
5,425,101  Neuberger Berman Prime                                           
Money Fund Trust Class             5,425(@)         
5,375,994  Neuberger Berman Securities                                      
Lending Quality Fund, LLC          5,376(++)        

TOTAL SHORT-TERM INVESTMENTS                    10,801(#)                       
(COST $10,801)                                                                  

TOTAL INVESTMENTS (104.7%)                     135,161(##)                      
(COST $115,419)                                                                 

Liabilities, less cash, receivables                                             
and other assets [(4.7%)]                      (6,017)                        

TOTAL NET ASSETS (100.0%)               $      129,144                          

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                                                                                                           NOVEMBER 30, 2007     

SCHEDULE OF INVESTMENTS Socially Responsive Fund                                                                                 
------------------------------------------------                                                                                 
(UNAUDITED)                                                                                                                      

NUMBER OF SHARES                            MARKET VALUE(+)   NUMBER OF SHARES                                MARKET VALUE(+)    
                                           ($000'S OMITTED)                                                  ($000'S OMITTED)    
                                                                                                                                 
COMMON STOCKS (94.5%)                                         641,650  Newfield Exploration                     31,986(*)        

AUTO COMPONENTS (1.9%)                                                                                         106,898           
    243,725   BorgWarner, Inc.                  23,546                                                                           
                                                              PHARMACEUTICALS (5.8%)                                             
AUTOMOBILES (1.6%)                                                725,600  Novartis AG ADR                          41,011       
    168,650   Toyota Motor ADR                  18,998            235,350  Novo Nordisk A/S Class B                 29,871       

BIOTECHNOLOGY (1.5%)                                                                                                70,882       
    170,700   Genzyme Corp.                     12,791(*)(E)                                                                     
    401,050   Medarex, Inc.                      5,093(*)(E)  ROAD & RAIL (2.7%)                                                 
                                                                  664,575  Canadian National Railway                32,591       
                                                17,884                                                                           
                                                              SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (8.3%)                    
CAPITAL MARKETS (10.2%)                                         2,587,175  Altera Corp.                             48,587       
  1,136,492   Bank of New York Mellon           54,506(E)       1,685,200  Texas Instruments                        53,202       
  1,151,864   Charles Schwab                    28,002                                                                           
    531,275   State Street                      42,444(E)                                                          101,789       

                                               124,952        SOFTWARE (3.3%)                                                    
                                                                1,364,375  Intuit Inc.                              40,003(*)    
COMMERCIAL SERVICES & SUPPLIES (2.8%)                                                                                            
    556,750   Manpower Inc.                     34,017        TOTAL COMMON STOCKS                                                
                                                              (COST $954,786)                                    1,156,011       
ELECTRONIC EQUIPMENT & INSTRUMENTS (6.4%)                                                                                        
    560,950   Anixter International             36,181(*)(E)  SHORT-TERM INVESTMENTS (9.1%)                                      
  1,243,751   National Instruments              41,504        110,720,021  Neuberger Berman Securities                           
                                                                           Lending Quality Fund, LLC (COST                       
                                                77,685                     $110,720)                               110,720(++)(#)

HEALTH CARE PROVIDERS & SERVICES (4.6%)                       PRINCIPAL AMOUNT                                                   
  1,031,775   UnitedHealth Group                56,748(E)                                                                        
                                                              REPURCHASE AGREEMENTS (5.9%)                                       
INDUSTRIAL CONGLOMERATES (3.1%)                               $ 72,442,000 Repurchase Agreement with Fixed                       
    462,575   3M Co.                            38,514                     Income Clearing Corp., 4.23%,                         
                                                                           due 12/3/07, dated 11/30/07,                          
INSURANCE (5.3%)                                                           Maturity Value $72,467,536,                           
  1,030,050   Progressive Corp.                 18,953                     Collateralized by $74,618,325,                        
  1,156,050   Willis Group Holdings             46,173                     Freddie Mac, 4.63%, due                               
                                                                           7/28/10 (Collateral Value                             
                                                65,126                     $75,748,314)                                          
                                                                           (COST $72,442)                           72,442(#)    
IT SERVICES (2.4%)                                                                                                               
    896,300   Euronet Worldwide                 29,363(*)(E)  CERTIFICATES OF DEPOSIT (0.0%)                                     
                                                                  100,000  Carver Federal Savings, 4.89%,                        
LIFE SCIENCE TOOLS & SERVICES (2.1%)                                        due 12/29/07                               100       
    315,450   Millipore Corp.                   25,829(*)         100,000  Self Help Credit Union, 4.20%,                        
                                                                            due 02/16/08                               100       
MACHINERY (4.6%)                                                  100,000  Shorebank Chicago, 4.35%,                             
    647,950   Danaher Corp.                     56,255                      due 01/28/08                               100       
                                                                  100,000  Shorebank Pacific, 3.81%, due                         
MEDIA (13.3%)                                                               02/02/08                                   100       
  2,434,975   Comcast Corp. Class A Special     49,211(*)                                                                        
  1,304,375   E.W. Scripps                      56,675        TOTAL CERTIFICATES OF DEPOSIT                            400(#)    
  1,019,761   Liberty Global Class A            41,423(*)     (COST $400)                                                        
    399,361   Liberty Global Class C            15,275(*)                                                                        
                                                              TOTAL INVESTMENTS (109.5%)                         1,339,573(##)   
                                               162,584        (COST $1,138,348)                                                  
                                                              Liabilities, less cash, receivables and                            
MULTI-UTILITIES (3.8%)                                         other assets [(9.5%)]                              (115,697)      
  2,103,213   National Grid                     35,522                                                                           
    131,343   National Grid ADR                 11,097        TOTAL NET ASSETS (100.0%)                     $    1,223,876       

                                                46,619                                                                           

MULTILINE RETAIL (2.1%)                                                                                                          
    428,375   Target Corp.                      25,728                                                                           

OIL, GAS & CONSUMABLE FUELS (8.7%)                                                                                               
  2,027,400   BG Group PLC                      42,432                                                                           
    348,525   BP PLC ADR                        25,352(E)                                                                        
    184,519   Cimarex Energy                     7,128                                                                           

See Notes to Schedule of Investments                                            

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                                                   NOVEMBER 30, 2007 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS                                                
--------------------------------                                                

(+)  Investments in equity securities by each fund are valued at the latest sale
    price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued using broker quotes.
    Securities traded primarily on the NASDAQ Stock Market are normally valued
by the funds at the NASDAQ Official Closing Price ("NOCP") provided by
   NASDAQ each business day. The NOCP is the most recently reported price as
  of 4:00:02 p.m., Eastern time, unless that price is outside the range of
the "inside" bid and asked prices (i.e., the bid and asked prices that
   dealers quote to each other when trading for their own accounts); in that
    case, NASDAQ will adjust the price to equal the inside bid or asked price,
  whichever is closer. Because of delays in reporting trades, the NOCP may
not be based on the price of the last trade to occur before the market
     closes. The funds value all other securities including securities for which
     the necessary last sale, asked and/or bid prices are not readily available,
by methods the Board of Trustees of Neuberger Berman Equity Funds (the
    "Board") has approved on the belief that they reflect fair value. Numerous
  factors may be considered when determining the fair value of a security,
    including available analyst, media or other reports, trading in futures or
 ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by      
independent quotation services and expressed in local currency values.
  Foreign security prices are currently translated from the local currency
  into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern time.
The Board has approved the use of FT Interactive Data Corporation ("FT
     Interactive") to assist in determining the fair value of the funds' foreign
     equity securities when changes in the value of a certain index suggest that
 the closing prices on the foreign exchanges may no longer represent the
  amount that a fund could expect to receive for those securities. In this
event, FT Interactive will provide adjusted prices for certain foreign
   equity securities using a statistical analysis of historical correlations
     of multiple factors. In the absence of precise information about the market
  values of these foreign securities as of the close of the New York Stock
Exchange, the Board has determined on the basis of available data that
     prices adjusted in this way are likely to be closer to the prices the funds
 could realize on a current sale than are the prices of those securities
 established at the close of the foreign markets in which the securities
    primarily trade. However, fair value prices are necessarily estimates, and
     there is no assurance that such a price will be at or close to the price at
which the security is next quoted or next trades. Short-term debt     
securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value. 

(#)  At cost, which approximates market value.                                  

(##) At November 30, 2007, selected fund information on a U.S. federal income   
tax basis was as follows:                                             

                                                        [Enlarge/Download Table]


(000'S OMITTED)                                     GROSS         GROSS  NET UNREALIZED
NEUBERGER BERMAN                               UNREALIZED    UNREALIZED   APPRECIATION/
                                       COST  APPRECIATION  DEPRECIATION  (DEPRECIATION)
                                                                                       

CENTURY FUND                         $9,604        $1,367           $65          $1,302
CONVERGENCE FUND                      7,834         1,001           532             469
DIVIDEND FUND                         6,708           877           198             679
ENERGY FUND                           7,090         2,512            18           2,494
EQUITY INCOME FUND                    5,252           510           238             272
FASCIANO FUND                       330,916       116,020        21,372          94,648
FOCUS FUND                        1,180,681       235,520        13,249         222,271
GENESIS FUND                      9,211,846     2,463,515       292,655       2,170,860
GLOBAL REAL ESTATE FUND              10,291           288           658           (370)
GUARDIAN FUND                     1,363,267       452,622        28,356         424,266
INTERNATIONAL FUND                1,239,684       276,765        96,662         180,103
INTERNATIONAL INSTITUTIONAL FUND    550,078        90,829        48,418          42,411
INTERNATIONAL LARGE CAP FUND        168,395        18,538        11,517           7,021
MID CAP GROWTH FUND                 418,609       575,346       418,299         157,047
PARTNERS FUND                     3,469,916     1,201,291       113,907       1,087,384
REAL ESTATE FUND                     75,615         2,383         6,793         (4,410)
REGENCY FUND                        143,726        28,472         6,005          22,467
RESEARCH OPPORTUNITIES FUND           8,012         1,026           416             610
SMALL AND MID CAP GROWTH FUND         9,128         1,300           184           1,116
SMALL CAP GROWTH FUND               115,437        20,664           940          19,724
SOCIALLY RESPONSIVE FUND          1,138,627       222,446        21,500         200,946

(*)  Security did not produce income during the last twelve months.             

(n)  Restricted security subject to restrictions on resale under federal        
     securities laws. These securities may be resold in transactions exempt from
  registration, normally to qualified institutional buyers under Rule 144A
  and have been deemed by the investment manager to be liquid. At November
     30, 2007, these securities amounted to approximately $2,948,000 or 0.03% of
     net assets for Genesis, approximately $1,150,000 or 0.22% of net assets for
  Mid Cap Growth Fund and approximately $21,000 or 0.22% of net assets for
Small and Mid Cap Growth Fund                                         

(E)  All or a portion of this security is on loan.                              

(^)  Affiliated issuer.                                                         

(@)  Neuberger Berman Prime Money Fund ("Prime Money") is also managed by       
   Neuberger Berman Management Inc. and may be considered an affiliate since
     it has the same officers, Board members, and investment manager as the fund
and because, at times, the fund may own 5% or more of the outstanding 
voting securities of Prime Money.                                     

(++) Managed by an affiliate of Neuberger Berman Management Inc. and could be   
deemed an affiliate of the fund.                                      

(FF) For Neuberger Berman Equity Income Fund, the following securities were held
     in  escrow at November 30, 2007, to cover the below listed outstanding call
options written:                                                      

NUMBER OF|                            |MARKET VALUE|                  
SHARES  | SECURITIES AND OPTIONS     | OF OPTIONS |                 
|                            |            |         
3,000  | General Electric           |            |                
|  January 2008 @ 45         |         $ 0|         
1,300  | Rayonier Inc.              |            |                
| February 2008 @ 55         |       1,000|         
4,600  | Fording Canadian Coal Trust|            |                
| January 2008 @ 45          |           0|         
| Total                      |            |         
|                            |      $1,000|         

(00) All or a portion of this security is segregated as collateral for written  
options.                                                              

(^^) Not rated by a nationally recognized statistical rating organization       

For information on the funds' significant accounting policies, please refer to  
the funds' most recent financial statements.                                    

N-Q 42nd Page of 43 TOC 1st Previous Next ↓Bottom Just 42nd
ITEM 2. CONTROLS AND PROCEDURES.                                                

(a)   Based on an  evaluation  of the  disclosure  controls and  procedures  (as
      defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the
      filing date of this document,  the Chief  Executive  Officer and Treasurer
      and Principal  Financial and  Accounting  Officer of the  Registrant  have
      concluded that such  disclosure  controls and  procedures are  effectively
      designed  to ensure  that  information  required  to be  disclosed  by the
      Registrant on Form N-CSR and Form N-Q is accumulated  and  communicated to
      the Registrant's  management to allow timely decisions  regarding required
disclosure.                                                         

(b)   There were no significant  changes in the Registrant's  internal  controls
      over financial  reporting (as defined in rule 30a-3(d) under the 1940 Act)
      that  occurred  during the  Registrant's  last  fiscal  quarter  that have
      materially  affected,  or are reasonably likely to materially  affect, the
Registrant's internal control over financial reporting.             

ITEM 3. EXHIBITS                                                                

The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.

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SIGNATURES                                                                      

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

Neuberger Berman Equity Funds                                                   

By: /s/ Peter E. Sundman                                                        
-------------------------------------                                   
Peter E. Sundman                                                        
Chief Executive Officer                                                 

Date: January 29, 2008                                                          

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  Registrant and in the capacities and on the
dates indicated.                                                                

By: /s/ Peter E. Sundman                                                        
-------------------------------------                                   
Peter E. Sundman                                                        
Chief Executive Officer                                                 

Date: January 29, 2008                                                          

By: /s/ John M. McGovern                                                        
-------------------------------------                                   
John M. McGovern                                                        
Treasurer and Principal Financial                                       
and Accounting Officer                                              

Date: January 29, 2008

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-Q’ Filing	Date	First	Last	Other Filings

	8/31/08	1		24F-2NT, N-CSR, NSAR-B
Filed on / Effective on:	1/29/08	1	43
For Period End:	12/31/07
	11/30/07	1	41
				List all Filings

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Filing Submission 0000898432-08-000052 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Neuberger Berman Equity Funds – ‘N-Q’ for 12/31/07

On: Tuesday, 1/29/08, at 5:13pm ET · Effective: 1/29/08 · For: 12/31/07 · Accession #: 898432-8-52 · File #: 811-00582

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