Neuberger & Berman
Equity Funds(REGISTERED)
Supplement to the Prospectus dated December 6, 1996
The following replaces the paragraph for the Neuberger & Berman International
Portfolio on page 48 of the Prospectus.
Felix Rovelli, manager of the Portfolio, is on a leave of absence attending
to a personal matter. Valerie Chang, an Assistant Vice President of N&B
Management and an assistant portfolio manager for the Portfolio from December,
1996 until June, 1997, is currently responsible for the day-to-day management of
the Portfolio. Ms. Chang served in the investment banking division of Salomon
Brothers and Morgan Stanley & Co., Inc. from 1993 until 1995 and as a senior
securities analyst for TIAA/CREF from 1995 until December, 1996.
The information set forth in the December 17, 1996 supplement to the
Prospectus which shows the performance record of Felix Rovelli prior to his
joining the Neuberger & Berman organization is no longer relevant.
The date of this Supplement is June 3, 1997.
