NEUBERGER BERMAN WORLD EQUITY FUND CLASS C (NWTCX) Exchange: NMFQS

DELISTED - To pursue its goal, the Fund invests primarily in equity securities of companies located around the world, including companies in both developed and emerging markets. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities and other investments that provide investment exposure to such equity securities. The Portfolio Manager combines both a top-down, thematic framework and fundamental bottom-up stock analysis to identify and select what he believes to be attractive equity investment opportunities. Typically, the Portfolio Manager identifies, analyzes and selects investment themes which may include structural or cyclical trends or developments as well as specific events in areas encompassing economics, politics, demographics, geopolitics, science, technology, sociology, regulation, business or popular culture. Theme selection is not static and is based on the Portfolio Manager’s assessment of each theme’s relative attractiveness as an investment option. For each theme selected, the Portfolio Manager endeavors to identify stocks that are related to it and quantify the extent to which the theme may affect those stocks’ fundamentals and valuations. In selecting stocks, the Portfolio Manager conducts fundamental bottom-up analysis for each stock under consideration to gauge its attractiveness on an absolute basis as well as relative to existing portfolio holdings. The analysis typically includes an assessment of management quality, attractiveness of the industry structure, business model sustainability, including free cash flow generation, financial strength and a review of various market factors that the Portfolio Manager believes may impact stock price. For each stock analyzed, the Portfolio Manager attempts to determine what he believes to be an intrinsic value using various valuation methodologies and tools, with intrinsic value being the estimated market value of the stock if the Portfolio Manager’s investment thesis unfolds as expected. Ideally, stock positions represent businesses with good or improving fundamentals that the Portfolio Manager believes stand to benefit as a theme unfolds and which are trading at a discount to his estimate of the businesses’ intrinsic values. In the context of constructing the Fund, the Portfolio Manager builds a stock portfolio that holds multiple themes concurrently. Where a geographic or sector impact may result from the unfolding of a theme, the Portfolio Manager may choose to seek or avoid exposure to certain specific geographic areas or sectors. As part of the ongoing monitoring of the Fund and its positions, the Portfolio Manager attempts to assess the extent to which investment themes that have been selected unfold or fade away, with particular attention being paid to the degree to which investment themes seem to be priced in by other market participants. The Portfolio Manager allocates investments without reference to any benchmark; rather, sector and geographic allocations are based on the Portfolio Manager’s assessment of which of those offer the most attractive risk-adjusted returns. Although the Fund has the flexibility to invest a significant portion of its assets in one country or geographical region, it intends to remain diversified across countries and regions. Equity securities in which the Fund intends to principally invest include common stocks. The Fund may also invest in equity-linked investments to gain exposure to certain foreign securities, which may include participatory notes and other structured notes. In addition, the Fund may invest in preferred stocks, convertible securities, rights and warrants to purchase common stock, depositary receipts, and exchange traded funds (“ETFs”). The Fund may utilize derivatives of all types and may invest in, without limitation, forward contracts (including contracts related to currencies), swap agreements (including total return swaps), and options. Any of these derivatives may be used in an effort to: enhance returns; manage or adjust the risk profile of the Fund or the risk of individual positions; replace more traditional direct investments; obtain exposure to certain markets; establish net short or net long positions for individual markets, currencies or securities; or hedge risk. The Portfolio Manager may choose to hedge or not to hedge the Fund’s positions. The Fund may invest up to 20% of its net assets in convertible debt securities if the Portfolio Manager believes that such an investment provides the Fund the ability to gain exposure to certain equity securities. The Fund may invest in securities of U.S. and non-U.S. companies of any market capitalization. The Portfolio Manager may reduce exposure to an investment under a number of conditions including: when an investment performs differently from the Portfolio Manager’s expectations, the stock reaching or moving beyond what the Portfolio Manager believes is its intrinsic value, when other opportunities appear more attractive or when a position has become too large in comparison to the rest of the portfolio. At any time, the Fund has exposure to several investment themes across several regions and sectors, although the Fund has the flexibility to invest a significant portion of its assets in one country or region. In an effort to achieve its goal, the Fund may engage in active and frequent trading. The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of borrowings for investment purposes, in equity securities and other investments that provide investment exposure to such equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.