Neuberger Berman
EQUITY FUNDS
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 1, 1999
(AS AMENDED MAY 1, 2000)
Neuberger Berman International Fund
REDEMPTION FEE -- STARTING WITH SHARES PURCHASED ON OR AFTER SEPTEMBER 11, 2000,
if you sell those fund shares or exchange them for shares of another fund in 180
days or less after purchase, you will be charged a 2.00% fee on the current net
asset value of the shares sold or exchanged. This fee is paid to the fund to
offset costs associated with short-term trading, such as portfolio transaction
and administrative costs. This fee will not be applied to any shares purchased
prior to September 11, 2000.
The fund uses a "first-in, first-out" method to determine how long you have held
your fund shares. This means that if you bought shares on different days, the
shares purchased first will be considered redeemed first for purposes of
determining whether the redemption fee will be charged.
We will not impose a redemption fee on a redemption or exchange of:
|X| shares acquired by reinvestment of dividends or other distributions of the
fund
|X| shares held in an account of certain qualified retirement plans; or
|X| shares purchased through other investment providers, IF the provider
imposes a similar type of fee or otherwise has a policy in place to deter
short term trading.
Shareholders purchasing through an investment provider should contact that
provider to determine whether it imposes a redemption fee or has such a policy
in place. Also, the Neuberger Berman International Fund Table of Shareholder
Fees on Page 28 is amended as follows:
SHAREHOLDER FEES (% of amount redeemed or exchanged)
These are deducted directly from your investment.
Redemption Fee* 2.00
Exchange Fee* 2.00
* A REDEMPTION FEE OF 2.00% IS CHARGED ON INVESTMENTS HELD 180 DAYS OR
LESS, WHETHER FUND SHARES ARE REDEEMED OR EXCHANGED FOR SHARES OF
ANOTHER FUND.
The date of this supplement is August 15, 2000.
NEUBERGER BERMAN
NEUBERGER BERMAN MANAGEMENT INC.
605 Third Avenue 2nd Floor
New York, NY 10158-0180
