NEUBERGER & BERMAN GUARDIAN TRUST
Supplement dated October 29, 1997 to Statement of
Additional Information dated December 6, 1996
INVESTMENT INFORMATION
Neuberger & Berman Guardian Portfolio previously was subject to a
non-fundamental policy on investments in any one issuer. This policy prohibited
the Portfolio from purchasing "the securities of any one issuer (other than
securities issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 5% of the Portfolio's total assets
would be invested in the securities of that issuer." On October 23, 1997, the
Board of Trustees of Equity Managers Trust voted to eliminate that
non-fundamental policy.
As diversified investment companies, the Portfolio and Neuberger & Berman
Guardian Trust remain subject to a fundamental policy on investment in any one
issuer, which provides that "the Portfolio may not, with respect to 75% of the
value of its total assets, purchase the securities of any issuer (other than
securities issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, (i) more than 5% of the value of the
Portfolio's total assets would be invested in the securities of that issuer or
(ii) the Portfolio would hold more than 10% of the outstanding voting securities
of that issuer."
The Board of Trustees of Neuberger & Berman Equity Trust has adopted
identical changes to the non-fundamental policy of Neuberger & Berman Guardian
Trust.
