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Supplement to the Prospectus dated December 6, 1996
MANAGEMENT AND ADMINISTRATION--Investment Manager, Administrator, Distributor,
and Sub-Adviser
Neuberger&Berman FOCUS Portfolio and Neuberger&Berman GUARDIAN
Portfolio--Effective December 31, 1996, Lawrence Marx III will no longer have
responsibility for management of these Portfolios. Kent C. Simons and Kevin
Risen will continue to be responsible for day-to-day management.
The date of this Supplement is December 17, 1996.
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