SUPPLEMENT
Neuberger&Berman International Fund
This information supplements the Prospectus dated December 15, 1994 and
supersedes the supplement dated June 1, 1995.
Management and Administration
The Fund invests all of its net investable assets in the International
Portfolio ("Portfolio") of Global Managers Trust ("Managers Trust"). The
Portfolio, in turn, invests in securities in accordance with an investment
objective, policies, and limitations identical to those of the Fund. As more
fully described below, the trustees of Managers Trust have proposed that
Neuberger& Berman Management Incorporated ("N&B Management") and
Neuberger&Berman, L.P. ("Neuberger& Berman") be appointed to manage the
Portfolio's assets. Felix Rovelli would continue as portfolio manager of the
Portfolio and there would be no change in the investment objective, policies,
limitations or strategies of the Portfolio or the Fund.
BNP-N&B Global Asset Management L.P. ("BNP-N&B Global"), a joint venture of
Neuberger&Berman and Banque Nationale de Paris ("BNP"), has served as
investment adviser to the Portfolio since its inception, pursuant to an
Investment Advisory Agreement between Managers Trust and BNP-N&B Global. BNP-
N&B Global recently informed the trustees of Managers Trust that it intends
to terminate the Investment Advisory Agreement effective November 1, 1995.
The Administration Agreement between Managers Trust and N&B Management will
also terminate when the current Investment Advisory Agreement terminates. At
a meeting held August 8, 1995, the Trustees of Managers Trust approved an
investment advisory and administration agreement ("Management Agreement")
between Managers Trust and N&B Management and a Sub-Advisory Agreement
between N&B Management and Neuberger&Berman, to take effect upon the
termination of the Investment Advisory Agreement with BNP-N&B Global, subject
to shareholder approval. Neuberger & Berman, as sub-adviser to the Portfolio,
and BNP intend to continue technical exchanges of research and analysis.
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The Fund is a series of Neuberger&Berman Equity Funds ("Trust"). On August
11, 1995, the trustees of the Trust approved a new Administration Agreement
between the Trust and N&B Management, which would take effect when the new
Management Agreement takes effect. The trustees also approved the submission
of the proposed Management and Sub-Advisory Agreements to the shareholders of
the Fund for approval at a meeting to be held in October 1995, with a
recommendation for their approval. Proxy materials relating to this meeting
are expected to be mailed in September 1995.
How to Buy Shares
You can invest as little as $50 each month under an automatic investing plan.
(See "Automatic Investing and Dollar Cost Averaging" on page 14.)
Due to a change in Securities and Exchange Commission rules regarding the
settlement period for securities transactions, your order may be cancelled if
your payment is not received by the third business day after your order is
placed. In that case, you could be liable for any resulting losses or fees
the Fund or its agents have incurred. To recover those losses or fees, a Fund
has the right to redeem shares from your account. To meet the new three day
deadline, you can wire payment, send a check through overnight mail, or call
800-877-9700 for information on how to make electronic transfers through your
bank.
How to Sell Shares
Usually, redemption proceeds will be mailed to you on the next business day
after receipt of your request, but in any case, within three business days.
(Under unusual circumstances, the Fund may take longer as permitted by law.)
You may also call 800-877-9700 for information on how to make and receive
electronic transfers through your bank.
In addition, if you have changed the record address by telephone or
facsimile, shares may not be redeemed by telephone or facsimile for 15 days
after receipt of the address change. Please call 800-877-9700 to confirm
receipt of your order submitted by facsimile.
If you purchased shares directly through certain stockbrokers, banks or other
financial institutions, you may sell those shares only through those
organizations.
The date of this Supplement is August 11, 1995.
[Recycled Logo] PRINTED ON RECYCLED PAPER NBII00120895
WITH SOY BASED INKS
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