NEUBERGER & BERMAN
NYCDC SOCIALLY RESPONSIVE TRUST
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 15, 1997
I. The fourth paragraph in the section which provides a summary of the
features of Neuberger&Berman NYCDC SOCIALLY RESPONSIVE Trust (page 4) is
revised to read as follows:
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INVESTMENT STYLE: Broadly diversified, medium- to large-cap value fund.
II. The section regarding the investment program of Neuberger&Berman NYCDC
SOCIALLY RESPONSIVE Portfolio (pages 9-11) is revised to include the following:
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The Portfolio invests primarily in the stocks of medium- to
large-capitalization companies. For more information, see "Special
Considerations of Mid-Cap Company Stocks," below.
SPECIAL CONSIDERATIONS OF MID-CAP COMPANY STOCKS
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Investments in medium-capitalization company ("mid-cap company") stocks
may present greater opportunities for capital appreciation than investments in
stocks of large-capitalization companies ("large-cap companies"). However,
mid-cap company stocks may have higher risk and volatility. These stocks
generally are not as broadly traded as large-cap company stocks and their prices
thus may fluctuate more widely and abruptly. Any such movements in stocks held
by the Portfolio would be reflected in the Fund's net asset value. Mid-cap
company stocks also are less researched than large-cap company stocks and are
often overlooked in the market.
The date of this Supplement is May 4, 1998.
