SCHEDULE 14A INFORMATION

                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant                              [X]

Filed by a Party other than the Registrant           [ ]

Check the appropriate box:

[ ]  Preliminary Proxy Statement
[ ]  Confidential,  for Use of the  Commission  Only  (as  permitted  by Rule
     14a-6(e)(2))
[X]  Definitive Proxy Statement
[ ]  Definitive Additional Materials
[ ]  Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12


                          NEUBERGER BERMAN EQUITY FUNDS
- ------------------------------------------------------------------------------
                (Name of Registrant as Specified In Its Charter)


- ------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)


Payment of Filing Fee (Check the appropriate box):

[X]   No fee required.

[ ]   Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

     (1)  Title of each class of securities to which transaction applies:

     (2)  Aggregate number of securities to which transaction applies:

     (3)  Per unit  price  or other  underlying  value of  transaction  computed
          pursuant to Exchange  Act Rule 0-11 (Set forth the amount on which the
          filing fee is calculated and state how it was determined):

     (4)  Proposed maximum aggregate value of transaction:

     (5)  Total fee paid:

[ ]  Fee paid previously with preliminary materials.

[ ]  Check box if any part of the fee is offset as provided  by  Exchange  Act
     Rule  0-11(a)(2)  and identify the filing for which the  offsetting fee was
     paid  previously.  Identify the previous filing by  registration  statement
     number, or the Form or Schedule and the date of its filing.

     (1)      Amount Previously Paid:
     (2)      Form, Schedule or Registration Statement No.:
     (3)      Filing Party:
     (4)      Date Filed:




                                                       ____________________
                                                      |           |        |
                                                      | NEUBERGER | BERMAN |
                                                      |___________|________|

                                                      A LEHMAN BROTHERS COMPANY


                          NEUBERGER BERMAN EQUITY FUNDS
                          NEUBERGER BERMAN CENTURY FUND


Dear Shareholder:

     The attached Proxy  Statement  discusses a Proposal to be voted upon by the
holders of Neuberger  Berman  Century Fund (the  "Fund"),  a series of Neuberger
Berman Equity Funds (the  "Trust").  As a shareholder of the Fund, you are asked
to review the Proxy  Statement and to cast your vote on the Proposal.  THE BOARD
OF TRUSTEES OF THE TRUST UNANIMOUSLY RECOMMENDS A VOTE FOR THE PROPOSAL.

     The  Proposal  seeks  to  change  the  classification  of the  Fund  from a
"diversified"  mutual  fund  to  a  "non-diversified"   mutual  fund  under  the
Investment  Company  Act of 1940 and make a  corresponding  change in the Fund's
fundamental   investment   limitations.   A   fund   that   is   classified   as
"non-diversified"  has the ability to take larger  positions in a smaller number
of issuers than a fund that is classified as "diversified."

     As you know,  as of  September  17, 2007,  the Fund  changed its  portfolio
managers to John Barker and Daniel  Rosenblatt.  The new portfolio managers want
to take the Fund in a new  direction  and approval of the Proposal will give the
portfolio  managers  more  flexibility  in  implementing  the Fund's  investment
strategy and will allow them to focus the Fund's  investments  in a fewer number
of companies  that they believe are the most  promising.  As such, the portfolio
managers  would be able to invest a higher  percentage of the Fund's assets in a
single  security,  which will allow them to take more  meaningful  positions  in
securities  that  are  their  top  investment  choices.   However,  because  the
appreciation  or depreciation of a single stock may have a greater impact on the
net asset value of the Fund,  its share price can be expected to fluctuate  more
than a comparable fund which is classified as diversified.

     YOUR VOTE IS IMPORTANT TO US. VOTING YOUR SHARES EARLY WILL PERMIT THE FUND
TO AVOID COSTLY FOLLOW-UP MAIL AND TELEPHONE  SOLICITATION.  After reviewing the
attached materials,  please complete,  sign and date your proxy card and mail it
promptly in the enclosed postage paid envelope, or help us save time and postage
costs by voting on the Internet or by telephone -- instructions  can be found on
your proxy card.  If we do not hear from you by  November  21,  2007,  our proxy
solicitors may contact you.

     If you have any questions, please call 1-800-877-9700.  Our representatives
will be glad to assist  you.  Thank  you for your  response  and your  continued
support of the Neuberger Berman Funds.

                                       Very truly yours,


                                       /s/ Peter Sundman
                                       Peter Sundman
                                       Chairman of the Board
                                       Neuberger Berman Equity Funds

October 16, 2007




                                                       ____________________
                                                      |           |        |
                                                      | NEUBERGER | BERMAN |
                                                      |___________|________|

                                                      A LEHMAN BROTHERS COMPANY


                          NEUBERGER BERMAN EQUITY FUNDS
                          NEUBERGER BERMAN CENTURY FUND

                            ________________________

                    NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
                            ________________________


                         TO BE HELD ON NOVEMBER 27, 2007


WHO IS ASKING FOR YOUR VOTE?

     The Board of Trustees of Neuberger Berman Equity Funds (the "Trust").

WHERE WILL THE MEETING BE HELD?

     The meeting will be held at the offices of Neuberger Berman, LLC, 605 Third
Avenue,  41st Floor,  New York,  New York,  on  November  27, 2007 at 11:30 a.m.
Eastern Time.

WHAT IS THE PROPOSAL THAT YOU ARE BEING ASKED TO VOTE ON?

     The Board of Trustees  is  proposing  that the  shareholders  of  Neuberger
Berman Century Fund (the "Fund") approve a change in the  classification  of the
Fund from a "diversified"  mutual fund to a "non-diversified"  mutual fund under
the Investment Company Act of 1940 and make a corresponding change in the Fund's
fundamental investment limitations.

WHO IS ELIGIBLE TO VOTE?

     You are  entitled to vote at the meeting and any  adjournment  if you owned
shares of the Fund at the close of business on October 8, 2007.

WHAT ARE THE DIFFERENT WAYS TO VOTE THIS PROXY?

     There are a number of ways to vote your shares:

     o    BY MAIL: You may vote by completing the enclosed proxy card by dating,
          signing and  returning  it in the postage paid  envelope.  Please note
          that  if you  sign  and  date  the  proxy  card  but  give  no  voting
          instructions,  your shares will be voted "for" the proposal  described
          above.

     o    BY PHONE:  You may vote by  telephone  by  calling  the number on your
          proxy card.

     o    VIA THE  INTERNET:  You may vote  through the Internet by visiting the
          website listed on your proxy card.

     o    IN PERSON: If you plan to attend the meeting, you may vote in person.




     PLEASE  NOTE  THAT IF YOU  VOTE A PROXY  AND  THEN  VOTE IN  PERSON  AT THE
MEETING, YOUR PROXY IS AUTOMATICALLY REVOKED. IF YOU PLAN TO ATTEND THE MEETING,
PLEASE CALL THE FUND AT 1-800-877-9700, PRIOR TO NOVEMBER 21, 2007.

     We will admit to the meeting; (1) all shareholders of record of the Fund as
of October 8, 2007  ("Record  Date");  (2) persons  holding  proof of beneficial
ownership  at the  Record  Date,  such as a letter or account  statement  from a
broker;  (3) persons who have been granted  proxies;  and (4) such other persons
that we, in our sole  discretion,  may elect to admit. ALL PERSONS WISHING TO BE
ADMITTED TO THE MEETING MUST PRESENT PHOTO IDENTIFICATION.

     Unless proxy cards submitted by corporations and partnerships are signed by
the  appropriate  persons as indicated in the voting  instructions  on the proxy
cards, they will not be voted.

     Any additional proposals submitted to a vote at the meeting by anyone other
than the  officers  or  Trustees  of the Fund may be voted  only in person or by
written proxy.

                                       By order of the Board of Trustees,


                                       /s/ Claudia A. Brandon
                                       Claudia A. Brandon
                                       Secretary
                                       Neuberger Berman Equity Funds

October 16, 2007
New York, New York





                                                       ____________________
                                                      |           |        |
                                                      | NEUBERGER | BERMAN |
                                                      |___________|________|

                                                      A LEHMAN BROTHERS COMPANY


                          NEUBERGER BERMAN EQUITY FUNDS
                          NEUBERGER BERMAN CENTURY FUND

                                605 THIRD AVENUE
                          NEW YORK, NEW YORK 10158-0180

                                 1-800-877-9700

                               _________________

                                PROXY STATEMENT
                               _________________


     This  Proxy  Statement,  which  includes  a Notice of  Special  Meeting  of
Shareholders  and a Proxy Card, is for the special  meeting of  shareholders  of
Neuberger Berman Century Fund (the "Fund"), to be held on November 27, 2007, and
any adjournment thereof ("Meeting").

     PROPOSAL:  To  approve  a change  in the  Fund's  classification  under the
Investment  Company Act of 1940, as amended ("1940 Act"), from  "diversified" to
"non-diversified"  and to make a corresponding  change in the Fund's fundamental
investment limitations.

     This Proxy  Statement,  which is first being mailed to  shareholders  on or
about October 16, 2007, sets forth concisely the information  that a shareholder
of the Fund  should know before  voting on the  Proposal.  It should be read and
retained for future reference.


                               VOTING INFORMATION

     The Board of Trustees (the  "Board") of Neuberger  Berman Equity Funds (the
"Trust")  is asking  you to sign the  enclosed  proxy  card for use at a Special
Meeting of Shareholders of Neuberger Berman Century Fund, to be held on November
27, 2007 at 11:30 a.m.  Eastern time, at the offices of Neuberger  Berman,  LLC,
605 Third  Avenue,  41st  Floor,  New York,  New York,  and at any  adjournments
thereof (the "Meeting").

     One-third of the Fund's shares  outstanding and entitled to vote on October
8, 2007 ("Record  Date"),  represented in person or by proxy,  makes up a quorum
and must be present for the transaction of business at the Meeting.

     If a quorum  is not  present  at the  Meeting  or a quorum is  present  but
sufficient  votes to approve the  Proposal  are not  received,  or for any other
reason, the persons named as proxies may propose one or more adjournments of the
Meeting to permit further  solicitation of proxies.  Any such  adjournment  will
require the affirmative vote of a majority of those shares voted in person or by
proxy on the  question of  adjournment.  The persons  named as proxies will vote
those proxies that they are entitled to vote "FOR" the Proposal in favor of such
an adjournment  and will vote those proxies  required to be voted  "AGAINST" the
Proposal against such adjournment.




     If the enclosed proxy is properly executed and returned in time to be voted
at the Meeting,  the shares represented by the proxy will be voted in accordance
with the instructions marked on the proxy card. If no instructions are marked on
the proxy card,  the proxy will be voted  "FOR" the  Proposal  described  in the
accompanying  Notice of Special  Meeting of  Shareholders.  Proxies that reflect
"broker  non-votes"  (i.e.,  shares held by brokers or nominees as to which: (i)
instructions  have not been received from the  beneficial  owners or the persons
entitled  to vote;  and (ii) the broker or nominee  does not have  discretionary
voting power) will not be counted for purposes of  determining a quorum and will
have no effect on the outcome of the  Proposal.  Abstentions  will be counted as
shares that are present and  entitled to vote for  purposes of  determining  the
presence of a quorum and will have a negative effect on the Proposal. For shares
held in  individual  retirement  accounts  (IRA,  Roth IRA or SIMPLE  Retirement
plans), the IRA Custodian will vote the shares in the account in accordance with
instructions  given by the Depositor.  However,  if a Depositor fails to provide
instructions  on how to vote the shares,  the Custodian will vote the undirected
shares  in  the  same  proportions  as  shares  voted  in the  other  individual
retirement accounts.

     Any  shareholder  who has given a proxy has the right to revoke it any time
prior to its exercise by  attending  the Meeting and voting his or her shares in
person,  or by submitting a letter of  revocation or a later-dated  proxy to the
Trust  at the  address  indicated  on the  envelope  enclosed  with  this  Proxy
Statement. Any letter of revocation or later-dated proxy must be received by the
Trust prior to the Meeting and must indicate your name and account  number to be
effective.  Proxies  voted by  telephone  or Internet may be revoked at any time
before they are voted at the Meeting in the same  manner that  proxies  voted by
mail may be revoked.

     Proxy solicitations will be made primarily by mail, but may also be made by
telephone,  electronic  transmission  or personal  meetings  with  officers  and
employees of Neuberger Berman Management Inc.,  ("NBMI"),  affiliates of NBMI or
other  representatives  of the Fund.  NBMI serves as principal  underwriter  and
administrator  of the Fund. Proxy  solicitations  may also be made by Broadridge
Investor  Communications  Solutions,  MIS  ("Broadridge") and Computershare Fund
Services  ("Computershare"),  the proxy  solicitors.  If votes are  recorded  by
telephone,  the proxy  solicitor  will use procedures  designed to  authenticate
shareholders' identities, to allow shareholders to authorize the voting of their
shares  in  accordance   with  their   instructions,   and  to  confirm  that  a
shareholder's  instructions  have been properly  recorded.  You may also vote by
mail or through a secure  Internet  site.  PLEASE NOTE THAT WHILE PROXIES MAY BE
VOTED BY TELEPHONE OR THROUGH THE INTERNET WITH RESPECT TO THE PROPOSAL,  A VOTE
ON A PROPOSAL  PUT FORWARD AT THE MEETING BY ANYONE  OTHER THAN THE  OFFICERS OR
TRUSTEES OF THE TRUST MAY BE CAST ONLY IN PERSON OR BY A PAPER PROXY.

     NBMI and its affiliates will not receive any compensation from the Fund for
proxy solicitation activities. For soliciting services,  Broadridge will be paid
fees and expenses of up to approximately  $5,500 and Computershare  will be paid
fees and expenses of up to  approximately  $3,300.  The cost of solicitation and
the expenses  incurred in connection with preparing this Proxy Statement and its
enclosures will be paid by NBMI.

                                       2




     As of September 24, 2007, the Fund had 1,341,677.836  Investor Class shares
outstanding.  To the Trust's knowledge,  as of September 24, 2007, there were no
beneficial  and record  owners who held more than five  percent of the  Investor
Class of the Fund.

     At September  24,  2007,  the Trustees and officers of the Trust as a group
beneficially owned less than 1% of the shares of Investor Class of the Fund.

     COPIES OF THE FUND'S MOST RECENT  SEMI-ANNUAL AND ANNUAL REPORT,  INCLUDING
FINANCIAL   STATEMENTS,   HAVE  PREVIOUSLY   BEEN  DELIVERED  TO   SHAREHOLDERS.
SHAREHOLDERS MAY REQUEST COPIES OF THE FUND'S  SEMI-ANNUAL REPORT FOR THE PERIOD
ENDED  FEBRUARY 28, 2007 AND THE FUND'S  ANNUAL REPORT FOR THE FISCAL YEAR ENDED
AUGUST 31, 2006 INCLUDING AUDITED FINANCIAL STATEMENTS,  AT NO CHARGE BY WRITING
NBMI AT 605 THIRD  AVENUE,  2ND  FLOOR,  NEW YORK,  NEW YORK  10158-0180,  OR BY
CALLING TOLL FREE 1-800-877-9700.


                                    PROPOSAL

TO CHANGE THE FUND'S CLASSIFICATION FROM "DIVERSIFIED" TO "NON-DIVERSIFIED" AND
TO MAKE A CORRESPONDING CHANGE IN THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS.

     The  Board  has  approved  a  change  to  the  Fund's  policies   regarding
diversification.  The Board  and NBMI  believe  that the  proposed  change  will
provide  the Fund with  greater  flexibility  to  respond  to future  investment
opportunities.  As discussed  below,  the  portfolio  managers  find  themselves
constrained by the Fund's current  diversification policy. Because the policy in
question is fundamental,  the change requires shareholder approval before it can
be implemented.

     The Fund is currently classified as a diversified mutual fund under section
5(b)(1) of the 1940 Act.  Therefore,  the Fund has a fundamental  policy that it
may not  purchase  securities  of an issuer if, with respect to 75% of its total
assets,  (i) more  than 5% of the  Fund's  total  assets  would be  invested  in
securities  of that  issuer,  or (ii) the Fund  would  hold more than 10% of the
outstanding voting securities of that issuer.  With respect to the remaining 25%
of its total  assets,  the Fund can  invest  more  than 5% of its  assets in one
issuer. These limitations do not apply to securities issued or guaranteed by the
U.S. Government,  its agencies or instrumentalities,  or to securities issued by
other investment companies. These limits apply as of the time the Fund purchases
a security.  The Fund may exceed  these limits if positions it already owns gain
in value relative to the rest of the Fund's holdings.

     The Board, including those Trustees who are not "interested persons" of the
Fund (as  defined  in the 1940 Act)  (the  "Independent  Trustees"),  recommends
making  the Fund  "non-diversified"  under  the  1940 Act and,  correspondingly,
modifying this fundamental  investment  limitation.  A non-diversified  fund can
invest a greater  portion of its assets in a single  issuer  than a  diversified
fund.  Investing  a higher  percentage  of its  assets in any one  issuer  would
increase the Fund's risk of loss, because the value

                                       3




of its shares would be more  susceptible to adverse events affecting that issuer
and the impact on the Fund's net asset value  would be greater  than it would be
in a diversified  fund. The Board and NBMI believe that the proposed change will
facilitate  the Fund's pursuit of its current  investment  objective and overall
strategy.

     As of September 17, 2007,  the Fund changed its portfolio  managers to John
Barker and Daniel Rosenblatt. The portfolio managers find themselves constrained
by the Fund's  current  diversification  policy.  Although  the  Fund's  current
prospectus  explains that the Fund "seeks to reduce risk by  diversifying  among
many companies,  sectors and  industries,"  the portfolio  managers believe that
changing the Fund to a  non-diversified  fund will give them more flexibility in
implementing  the Fund's  investment  strategy  and will allow them to focus the
Fund's investments in a fewer number of companies that they believe are the most
promising.  As such,  the  portfolio  managers  would be able to invest a higher
percentage of the Fund's assets in a single  security,  which will allow them to
take more  meaningful  positions  in  securities  that are their top  investment
choices.  The top investment  choices of the portfolio  managers represent their
subjective  determination and may not accurately assess the investment prospects
of a particular stock.

     If the proposal is approved,  the Fund's fundamental  investment limitation
regarding  diversification  will  provide  that  the  Fund  is  non-diversified,
however,  the Fund will  still be subject  to the  diversification  rules of the
Internal  Revenue Code.  These rules  provide  that,  to maintain  favorable tax
treatment, the Fund may not purchase a security if, as a result, with respect to
50%  (instead  of 75%) of its total  assets,  more than 5% of the  Fund's  total
assets would be invested in  securities  of a single  issuer or more than 10% of
the outstanding  voting securities of the issuer would be held by the Fund. With
respect to the remaining  50% of its total assets,  the Fund would be limited to
25% in any one issuer.  These limits apply only as of the end of each quarter of
the Fund's fiscal year, so the Fund may actually have a higher  concentration in
an issuer during periods between the ends of its fiscal quarters.  However,  the
portfolio  managers have no current intention to invest in single issuers beyond
the  limitations  described.  (By contrast,  the Fund's current  diversification
limit  applies at all  times.)  Like the Fund's  present  policy,  the  Internal
Revenue Code limitations do not apply to securities  issued or guaranteed by the
U.S. Government,  its agencies or instrumentalities,  or to securities issued by
other investment companies.

     EXAMPLE:  The  following is an example of a situation  where the new policy
could give the Fund's portfolio  managers added  flexibility.  This example does
not reflect any actual security,  nor is it the only possible  strategy,  and is
used for illustration purposes only.

     As described above,  with respect to 25% of the portfolio (which we'll call
the "25%  basket"),  the Fund  currently  may  invest  more than 5% of its total
assets in one or more issuers.  Take a  hypothetical  portfolio,  which includes
among many securities, shares of three fictional companies: XYZ Corp., ABC Corp.
and LMN Corp.  At the time the Fund  purchased  these  securities,  these  three
companies made up the "25% basket" under the current investment policy.

                                       4




     Let's say the Fund made several purchases of XYZ Corp. at between $1 and $5
per share.  Later,  XYZ grows to $20 per share,  and combined with ABC, and LMN,
now exceed 25% of the Fund's total assets.  As described above,  this percentage
is okay under the present policy,  because when they were bought,  these issuers
made up less than 25% of the Fund. The Fund,  however,  cannot purchase more XYZ
Corp.,  even if the portfolio  managers still see a good  opportunity at a lower
price,  because the Fund  currently  cannot add any more to the 25% basket.  The
proposal, if approved by shareholders, would give the Fund two 25% baskets, thus
permitting the Fund to purchase more XYZ Corp. in this situation.

     THE BOARD OF TRUSTEES,  INCLUDING  THE  INDEPENDENT  TRUSTEES,  UNANIMOUSLY
RECOMMENDS  THAT YOU  APPROVE  THE CHANGE IN THE FUND'S  CLASSIFICATION  TO NON-
DIVERSIFIED,  AND THE CORRESPONDING CHANGE IN THE FUND'S FUNDAMENTAL  INVESTMENT
LIMITATIONS.


                                  REQUIRED VOTE

     Approval of the proposal requires the affirmative vote of the lesser of (1)
67% or more of the shares of the Fund present at the  Meeting,  if more than 50%
of the outstanding  shares are represented at the Meeting in person or by proxy,
or (2) more than 50% of the outstanding shares entitled to vote at the Meeting.

     If the Fund's shareholders do not approve the proposed change to the Fund's
classification and fundamental investment limitations, the Fund will continue to
operate as a diversified fund.


                                OTHER INFORMATION

     INFORMATION  ABOUT NBMI. NBMI,  located at 605 Third Avenue,  New York, New
York 10158, serves as the Fund's investment manager,  principal  underwriter and
administrator.  NBMI manages the Fund in conjunction with Neuberger Berman,  LLC
as subadviser.  Together,  the Neuberger Berman affiliates manage  approximately
$237.4  billion  in  assets  (as of  August  31,  2007)  and  continue  an asset
management history that began in 1939.

     OTHER  MATTERS  TO COME  BEFORE THE  MEETING.  The Board does not intend to
present any other business at the Meeting,  nor is it aware that any shareholder
intends to do so. If, however, any other matters are properly brought before the
Meeting,  the persons  named in the  accompanying  proxy card will vote on those
matters in accordance with their judgment.

     SHAREHOLDER PROPOSALS. The Trust does not hold annual shareholder meetings.
Shareholders  wishing to submit proposals for  consideration  for inclusion in a
proxy statement for a subsequent  shareholder  meeting should send their written
proposals to Neuberger Berman Equity Funds, 605 Third Avenue, New York, New York
10158,  so that they will be  received  at a  reasonable  time prior to any such
meeting.

                                       5




     NOTICE TO BANKS, BROKER DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES.
Please advise the Trust at 605 Third Avenue, New York, New York 10158, whether
other persons are beneficial owners of Fund shares for which proxies are being
solicited and, if so, the number of copies of the Proxy Statement needed to
supply copies to the beneficial owners of the shares.

                                       By Order of the Board of Trustees,


                                       /s/ Claudia A. Brandon
                                       Claudia A. Brandon
                                       Secretary

October 16, 2007

                                       6

























                              ____________________
                             |           |        |
                             | NEUBERGER | BERMAN |
                             |___________|________|

                             A LEHMAN BROTHERS COMPANY


                             NEUBERGER BERMAN MANAGEMENT INC.
                             605 Third Avenue 2nd Floor
                             New York, New York 10158-0180

                             www.nb.com


                                                                     H0624 10/07



   NEUBERGER BERMAN CENTURY FUND                    [VOTE TODAY BY MAIL,]
                                               TOUCH-TONE PHONE OR THE INTERNET
                                                 CALL TOLL-FREE 1-888-221-0697
                                               OR LOG ON TO WWW.PROXYWEB.COM



       PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS ON NOVEMBER 27, 2007

    THIS PROXY IS BEING SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE
                         NEUBERGER BERMAN EQUITY FUNDS.

The undersigned  hereby appoints as proxies Robert Conti,  Frederic B. Soule and
Claudia A. Brandon,  and each of them (with Power of Substitution),  to vote all
shares of beneficial  interest of the  undersigned  in Neuberger  Berman Century
Fund  ("Fund") at the Special  Meeting of  Shareholders  to be held at 605 Third
Avenue,  41st Floor, New York, NY 10158-3698 on November 27, 2007, at 11:30 a.m.
Eastern Time and any adjournments  thereof (the "Meeting") at which shareholders
will be asked to  consider  and act upon the  proposal  described  in the  Proxy
Statement  dated October 16, 2007.  Receipt of the Notice of Special  Meeting of
Shareholders  and Proxy  Statement  is  acknowledged  by your  execution of this
proxy. The shares represented by this proxy will be voted as instructed.  UNLESS
INDICATED TO THE CONTRARY, THIS PROXY SHALL BE DEEMED TO GRANT AUTHORITY TO VOTE
"FOR" THE PROPOSAL SET FORTH ON THE REVERSE SIDE AND DISCRETIONARY POWER TO VOTE
UPON SUCH OTHER  BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.  YOUR VOTE IS
IMPORTANT  NO MATTER HOW MANY  SHARES YOU OWN.  PLEASE  SIGN AND DATE THIS PROXY
BELOW AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.


                                                  Date:___________________, 2007


                                       Signature (owner, joint owners, trustee,
                                       custodian, etc.) (PLEASE SIGN IN THE BOX)

                                        _______________________________________
                                       |                                      |
                                       |                                      |
                                       |                                      |
                                       |______________________________________|

                                       Please  sign  exactly  as  name  appears
                                       hereon.  If shares  are held in the name
                                       of  joint  owners,   each  should  sign.
                                       Attorneys-in-fact, executors,
                                       administrators, etc. should so indicate.
                                       If  shares  are  held by a  corporation,
                                       partnership,  trust,  estate or  similar
                                       account,  the name and  capacity  of the
                                       individual signing the proxy card should
                                       be  indicated  unless it is reflected in
                                       the form of registration.

                                                                       CNB-EA-SM



            YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN.
 PLEASE SIGN AND DATE THE REVERSE SIDE OF THIS PROXY CARD AND RETURN IT PROMPTLY
                           IN THE ENCLOSED ENVELOPE.



              THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.


    PLEASE FILL IN BOX AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL.
                     PLEASE DO NOT USE FINE POINT PENS. [X]




                                                    FOR    AGAINST   ABSTAIN
1. To approve a change in Neuberger Berman           [ ]      [ ]       [ ]
   Century Fund's classification  under  the
   Investment Company Act of 1940 from
   "diversified" to "non-diversified"
   and to make a corresponding change
   in the Fund's fundamental investment
   limitations.









               IF YOU PLAN TO ATTEND THE MEETING, PLEASE CALL 1-800-877-9700.


                               PLEASE SIGN ON THE REVERSE SIDE.


                                                                       CNB-EA-SM