NLSAX Fees and Costs — Neuberger Berman Long Short Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.64%: a 1.34% management fee, a 0.25% 12b-1 fee plus 0.05% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $2.9M in broker commissions, 0.0385% of average net assets, and portfolio turnover was 60%.
NLSAX Fees and Expenses
Annual operating expenses and sales charges of NLSAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.34% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.05% |
| Gross expense ratio | 1.64% |
| Fee waiver | — |
| Net expense ratio | 1.64% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
NLSAX Costs Over Time
On $10,000 invested in NLSAX, assuming 5% a year before costs, total costs come to $1,710 over 5 years, cutting the return by 2.98% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.64%) | $162 | $503 | $866 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $29 | $116 | $249 |
| Total costs | $770 | $1,206 | $1,710 |
| Value after costs | $9,730 | $10,370 | $11,053 |
| Impact on return, per year | 7.70% | 3.78% | 2.98% |
NLSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0385%
- Total broker commissions: $2.9M
- Bought from dealers (principal trades, not a cost): $6.5B
- Portfolio turnover (prospectus): 60%
- Securities on loan, average value: $25.3M
- Net income from securities lending: $88K (0.001% of average net assets)
NLSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $424K | 18.43% |
| Jefferies LLC | $278K | 12.08% |
| BofA Securities, Inc. | $267K | 11.59% |
| Goldman Sachs & Co. LLC | $248K | 10.77% |
| BMO Capital Markets Corp. | $231K | 10.04% |
| Barclays Capital Inc. | $228K | 9.89% |
| Morgan Stanley & Co. LLC | $209K | 9.08% |
| Citigroup Global Markets Inc. | $147K | 6.37% |
| RBC Capital Markets, LLC | $138K | 6.01% |
| J.P. Morgan Securities LLC | $132K | 5.74% |
NLSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $6.4B | 98.25% |
| J.P. Morgan Securities LLC | $38.5M | 0.60% |
| Morgan Stanley & Co. LLC | $36.4M | 0.56% |
| Goldman Sachs & Co. LLC | $12.8M | 0.20% |
| BofA Securities, Inc. | $12.6M | 0.20% |
| Citigroup Global Markets Inc. | $4.6M | 0.07% |
| Barclays Capital Inc. | $4.3M | 0.07% |
| BNY Capital Markets, LLC | $2.1M | 0.03% |
| Jefferies LLC | $1.9M | 0.03% |
Neuberger Berman Long Short Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NLSIX | Institutional Class | 1.27% | none |
| NLSAX | Class A | 1.64% | 5.75% |
| NLSCX | Class C | 2.38% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.