NEUBERGER&BERMAN
INTERNATIONAL TRUST
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 31, 1997, AS AMENDED MAY
22, 1998
I. The section which provides a summary of the features of Neuberger&Berman
INTERNATIONAL Trust (page 4) is revised to read as follows:
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INTERNATIONAL TRUST Broadly diversified Seeks long-term capital
international equity appreciation by
fund. investing primarily in
foreign stocks of any
capitalization, both in
developed economies and in
emerging markets.
Portfolio manager seeks
undervalued companies in
countries with strong
potential for growth.
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II. The fifth paragraph in the section on the Investment Program of
Neuberger&Berman INTERNATIONAL Portfolio (page 8) is revised to read as
follows:
INVESTMENT PROGRAM
The Portfolio invests primarily in equity securities of companies traded
on foreign exchanges. The Portfolio may invest in companies of any market
capitalization. The strategy of N&B Management is to select attractive
investment opportunities outside the United States, allocating the Portfolio's
assets among investments in economically mature countries and emerging
industrialized countries. The criteria for security selection focus on companies
with leadership in specific industries that appear to exhibit positive
fundamentals and seem undervalued relative to their earnings potential or the
worth of their assets. At least 65% of the Portfolio's total assets normally are
invested in equity securities of foreign issuers. The Portfolio may invest more
heavily in certain countries than in others. From time to time, the Portfolio
may invest a significant portion of its assets in Japan.
The date of this Supplement is September 11, 1998.
