Neuberger&Berman Equity Funds(REGISTERED TRADEMARK)
Supplement to the Prospectus dated December 6, 1996
MANAGEMENT AND ADMINISTRATION--Investment Manager, Administrator,
Distributor, and Sub-Adviser.
Neuberger&Berman Manhattan Portfolio - Jennifer K. Silver. Ms. Silver
is Director of the Neuberger&Berman Growth Equity Group, a Vice President of N&B
Management and a principal of Neuberger&Berman. Previously she was a portfolio
manager for several large mutual funds managed by a prominent investment
adviser. She is responsible for the Portfolio as of July 15, 1997.
The date of this Supplement is July 15, 1997.
