SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 15, 1997
I. The table on page 4 summarizing the features of the funds is revised to
read as follows with respect to Neuberger & Berman SOCIALLY RESPONSIVE
Fund:
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SOCIALLY RESPONSIVE FUND Broadly diversified, Seeks long-term capital
medium- to large-cap appreciation by
value fund. investing in common
stocks of companies that
meet both financial and
social criteria.
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II. The section regarding the investment program of Neuberger&Berman SOCIALLY
RESPONSIVE Portfolio (page 25) is revised to include the following:
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The Portfolio invests primarily in the stocks of medium- to
large-capitalization companies. For more information, see "Special
Considerations of Small- and Mid-Cap Company Stocks" on page 27.
The date of this Supplement is May 4, 1998.
