NEUBERGER&BERMAN
EQUITY TRUST
SUPPLEMENT TO THE PROSPECTUS FOR
NEUBERGER&BERMAN GUARDIAN TRUST DATED DECEMBER 15, 1997
THE FOLLOWING PARAGRAPH IS ADDED TO THE SECTION REGARDING MANAGEMENT AND
ADMINISTRATION (PAGE 19):
MANAGEMENT AND ADMINISTRATION
INVESTMENT MANAGER, ADMINISTRATOR, DISTRIBUTOR, AND SUB-ADVISER
YEAR 2000. Like other financial and business organizations, the Fund and
Portfolio could be adversely affected if computer systems they rely on do not
properly process date-related information and data involving the years 2000 and
after. N&B Management and Neuberger&Berman are taking steps that they believe
are reasonable to address this problem in their own computer systems and to
obtain assurances that comparable steps are being taken by the Fund's and
Portfolio's other major service providers. N&B Management also attempts to
evaluate the potential impact of this problem on the issuers of investment
securities that the Portfolio purchases. At this time, however, there can be no
assurance that these steps will be sufficient to avoid any adverse impact on the
Fund and Portfolio.
The date of this Supplement is March 16, 1998.
<PAGE>
NEUBERGER&BERMAN
EQUITY TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION FOR
NEUBERGER&BERMAN GUARDIAN TRUST DATED DECEMBER 15, 1997
THE PARAGRAPH IN THE SECTION REGARDING INVESTMENT IN FOREIGN CURRENCY
TRANSACTIONS (PAGE 11) IS REVISED TO READ AS FOLLOWS:
ADDITIONAL INVESTMENT INFORMATION
FOREIGN CURRENCY TRANSACTIONS. The Portfolio may enter into contracts for
the purchase or sale of a specific currency at a future date (usually less than
one year from the date of the contract) at a fixed price ("forward contracts").
The Portfolio also may engage in foreign currency exchange transactions on a
spot (i.e., cash) basis at the spot rate prevailing in the foreign currency
exchange market. The Portfolio enters into forward contracts in an attempt to
hedge against changes in the prevailing currency exchange rates. The Portfolio
does not engage in transactions in forward contracts for speculation; it views
investments in forward contracts as a means of establishing more definitely the
effective return on, or the purchase price of, securities denominated in foreign
currencies. Forward contract transactions include forward sales or purchases of
foreign currencies for the purpose of protecting the U.S. dollar value of
securities held or to be acquired by the Portfolio or protecting the U.S. dollar
equivalent of dividends, interest, or other payments on those securities.
The date of this Supplement is March 16, 1998.
