Neuberger&Berman Equity Funds(REGISTERED TRADEMARK)
Supplement to the Prospectus dated December 6, 1996
The following replaces pages 48-49 of the Prospectus under the heading
MANAGEMENT AND ADMINISTRATION-Investment Manager, Administrator, and
Sub-Adviser. The following is information about the individuals who are
primarily responsible for the day-to-day management of the Portfolios.
Neuberger&Berman FOCUS Portfolio and Neuberger&Berman GUARDIAN Portfolio -
Kent C. Simons and Kevin L. Risen. Mr. Simons and Mr. Risen are Vice Presidents
of N&B Management and principals of Neuberger&Berman. Mr. Simons has had
responsibility for Neuberger&Berman FOCUS Portfolio and Neuberger&Berman FOCUS
Fund's predecessor since 1988, and for Neuberger&Berman GUARDIAN Portfolio and
Neuberger&Berman GUARDIAN Fund's predecessor since 1983. Mr. Risen has had those
responsibilities since 1996. Mr. Risen has been a portfolio manager for
Neuberger&Berman since 1995. He was a research analyst at Neuberger&Berman from
1992 to 1995; from 1990 to 1992, he was a research analyst at another prominent
financial services firm.
Neuberger&Berman GENESIS Portfolio - Judith M. Vale. Ms. Vale has been a
member of Neuberger&Berman's Small Cap Group since 1992, a Vice President of N&B
Management since November 1994 and a principal of Neuberger&Berman since July
1996. She has been primarily responsible for the day-to-day management of
Neuberger&Berman GENESIS Portfolio since February 1994. Ms. Vale was a portfolio
manager for another investment management group from 1990 to 1992.
Neuberger&Berman INTERNATIONAL Portfolio -- 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.
Neuberger&Berman MANHATTAN Portfolio - Mark R. Goldstein and Susan Switzer.
Mr. Goldstein is a Vice President of N&B Management and a principal of
Neuberger&Berman. Previously he was a securities analyst and portfolio manager
with that firm. He has had responsibility for Neuberger&Berman MANHATTAN
Portfolio and Neuberger&Berman MANHATTAN Fund's predecessor since June 1992. Ms.
Switzer has been an Assistant Vice President of N&B Management since March 1995
and a portfolio manager for Neuberger&Berman since January 1995. Ms. Switzer was
a research analyst and assistant portfolio manager for another money management
firm from 1989 to 1994.
Neuberger&Berman PARTNERS Portfolio - Michael M. Kassen and Robert L.
Gendelman. Mr. Kassen is a Vice President of N&B Management and a principal of
Neuberger&Berman. He has had responsibility for Neuberger&Berman PARTNERS
Portfolio and Neuberger&Berman PARTNERS Fund's predecessor since June 1990. Mr.
Kassen was an employee of N&B Management from 1990 to December 1992. Mr.
Gendelman is a senior portfolio manager for Neuberger&Berman and an Assistant
Vice President of N&B Management. Mr. Gendelman has had responsibility for
Neuberger&Berman PARTNERS Portfolio since October 1994. He was a portfolio
manager for another mutual fund manager from 1992 to 1993 and was managing
partner of an investment partnership from 1988 to 1992.
Neuberger&Berman SOCIALLY RESPONSIVE Portfolio - Janet Prindle.
Ms. Prindle, a Vice President of N&B Management since November 1993, has been a
principal of Neuberger&Berman since 1983. Ms. Prindle is a Director of SOCIALLY
RESPONSIVE Investment Services at Neuberger&Berman, and has been researching and
developing corporate responsibility criteria as they apply to investments since
1989. She has been managing money using these criteria since 1990. Ms. Prindle
has been responsible for Neuberger&Berman SOCIALLY RESPONSIVE Portfolio since
its inception in March 1994.
Neuberger&Berman acts as the principal broker for the Portfolios (except
Neuberger&Berman INTERNATIONAL Portfolio), and may act as broker for
Neuberger&Berman INTERNATIONAL Portfolio, in the purchase and sale of portfolio
securities and in the purchase and sale of options, and for those services
receives brokerage commissions. In effecting securities transactions, each
Portfolio seeks to obtain the best price and execution of orders. For more
information, see the SAI.
The principals and employees of Neuberger&Berman and officers and employees
of N&B Management, together with their families, have invested over $100 million
of their own money in Neuberger&Berman Funds.
To mitigate the possibility that a Portfolio will be adversely affected by
employees' personal trading, the Trust, the Managers Trusts, N&B Management, and
Neuberger&Berman have adopted policies that restrict securities trading in the
personal accounts of the portfolio managers and others who normally come into
possession of information on portfolio transactions.
This Supplement supercedes the Supplement dated December 17, 1996.
The date of this Supplement is June 3, 1997.
