NEUBERGER & BERMAN EQUITY FUNDS
Supplement dated October 29, 1997 to Statement of
Additional Information dated December 6, 1996
INVESTMENT INFORMATION
Neuberger & Berman Focus Portfolio, Neuberger & Berman Genesis Portfolio
and Neuberger & Berman Guardian Portfolio previously were subject to a
non-fundamental policy on investments in any one issuer. This policy prohibited
each of these Portfolios from purchasing "the securities of any one issuer
(other than securities issued or guaranteed by the U.S. Government or any of its
agencies or instrumentalities) if, as a result, more than 5% of the Portfolio's
total assets would be invested in the securities of that issuer." On October 23,
1997, the Board of Trustees of Equity Managers Trust voted to eliminate that
non-fundamental policy.
As diversified investment companies, the Portfolios and their
corresponding Funds remain subject to a fundamental policy on investment in any
one issuer, which provides that "no Portfolio may, with respect to 75% of the
value of its total assets, purchase the securities of any issuer (other than
securities issued or guaranteed by the U.S. Government, or any of its agencies
or instrumentalities) if, as a result, (i) more than 5% of the value of the
Portfolio's total assets would be invested in the securities of that issuer or
(ii) the Portfolio would hold more than 10% of the outstanding voting securities
of that issuer."
The Board of Trustees of Neuberger & Berman Equity Funds has adopted
identical changes to the non-fundamental policy of the corresponding Funds.
