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NEUBERGER & BERMAN GUARDIAN TRUST
Supplement to the Prospectus dated December 15, 1995
The third paragraph under the heading "Management and Administration -
Investment Manager, Administrator, Distributor, and Sub-Adviser" on pages
22-23 is amended to read as follows:
Kent C. Simons, Lawrence Marx III, and Kevin L. Risen are
responsible for the day-to-day management of the Portfolio. Mr. Simons
and Mr. Marx are Vice Presidents of N&B Management and general partners of
Neuberger & Berman. Mr. Simons has had responsibility for Neuberger &
Berman GUARDIAN Portfolio and Neuberger & Berman GUARDIAN Trust's Sister
Fund's predecessor since 1983. Mr. Marx has had those responsibilities
since 1988 and Mr. Risen has had those responsibilities since 1996.
Mr. Risen has been an Assistant Vice President of N&B Management since May
1996 and has been a portfolio manager for Neuberger & Berman since 1995.
He was previously a research analyst at Neuberger & Berman from 1992 to
1995; from 1990 to 1992, he was a research analyst at another prominent
financial services firm.
The date of this supplement is August 15, 1996.
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NEUBERGER & BERMAN GUARDIAN TRUST
Supplement to the Statement of Additional Information
dated December 15, 1995
The following is added as a final paragraph under the heading "Investment
Management and Administration Services - Investment Companies Managed":
The Portfolios are subject to certain limitations imposed on all
advisory clients of Neuberger & Berman (including the Portfolios, Other
N&B Funds, and other accounts) and personnel of Neuberger & Berman and its
affiliates. These include, for example, limits that may be imposed in
certain industries or by certain companies, and policies of Neuberger &
Berman that limit the aggregate purchases, by all accounts under
management, of the outstanding shares of public companies.
The date of this supplement is August 15, 1996.
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