<PAGE>
NEUBERGER & BERMAN SOCIALLY RESPONSIVE FUND
Supplement to the Statement of Additional Information
dated December 15, 1995 (as amended April 8, 1996)
The following is added as a final paragraph under the heading "Investment
Management and Administration Services - Investment Companies Managed":
The Portfolios are subject to certain limitations imposed on all
advisory clients of Neuberger & Berman (including the Portfolios, Other
N&B Funds, and other accounts) and personnel of Neuberger & Berman and its
affiliates. These include, for example, limits that may be imposed in
certain industries or by certain companies, and policies of Neuberger &
Berman that limit the aggregate purchases, by all accounts under
management, of the outstanding shares of public companies.
The date of this supplement is August 15, 1996.
<PAGE>
