NEUBERGER BERMAN
INCOME FUNDS(REGISTERED)
Supplement to the Prospectus dated March 1, 1999
NEUBERGER BERMAN HIGH YIELD BOND FUND
The following information is provided for pages 20-25:
Effective July 15, 1999, Neuberger Berman High Yield Bond Fund is co-managed by
Theodore P. Giuliano, Robert S. Franklin and Susan Stang. Miriam Zussman is no
longer with the firm.
The following supplements the "Management" sidebar on page 24:
ROBERT S. FRANKLIN has co-managed the fund's assets since July 1999. He was a
vice president and high yield analyst at two other firms from 1988 to 1999.
This Supplement is dated July 15, 1999 and replaces the Supplement dated
March 25, 1999.
