Neuberger & Berman
EQUITY FUNDS
Supplement to the Prospectus dated December 6, 1996
MANAGEMENT AND ADMINISTRATION---Investment Manager, Administrator,
Distributor, and Sub-Adviser
Neuberger&Berman Focus Portfolio and Neuberger&Berman Guardian
Portfolio---Effective December 31 1996, Lawrence Marx III will no longer have
responsibility for management of these Portfolios. Kent C. Simons and Kevin
Risen will continue to be responsible for day-to-day management.
The date of this Supplement is December 17, 1996.
