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NEUBERGER & BERMAN EQUITY ASSETS
Supplement to the Prospectus dated February 13, 1996
The third paragraph under the heading "Management and Administration -
Investment Manager, Administrator, Distributor, and Sub-Adviser" on pages
23-24 is amended to read as follows:
Neuberger & Berman FOCUS Portfolio and Neuberger & Berman
GUARDIAN Portfolio - Kent C. Simons, Lawrence Marx III, and Kevin L.
Risen. Mr. Simons and Mr. Marx are Vice Presidents of N&B Management and
general partners of Neuberger & Berman. Mr. Simons has had responsibility
for Neuberger & Berman FOCUS Portfolio and Neuberger & Berman FOCUS
Assets' Sister Fund's predecessor since 1988, and for Neuberger & Berman
GUARDIAN Portfolio and Neuberger & Berman GUARDIAN Assets' Sister Fund's
predecessor since 1983. Mr. Marx has had those responsibilities since
1988 and Mr. Risen has had those responsibilities since 1996. Mr. Risen
has been an Assistant Vice President of N&B Management since May 1996 and
has been a portfolio manager for Neuberger & Berman since 1995. He was
previously a research analyst at Neuberger & Berman from 1992 to 1995;
from 1990 to 1992, he was a research analyst at another prominent
financial services firm.
The date of this supplement is August 15, 1996.
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NEUBERGER & BERMAN EQUITY ASSETS
Supplement to the Statement of Additional Information
dated February 13, 1996
The following is added as a final paragraph under the heading "Investment
Management and Administration Services - Investment Companies Managed":
The Portfolios are subject to certain limitations imposed on all
advisory clients of Neuberger & Berman (including the Portfolios, Other
N&B Funds, and other accounts) and personnel of Neuberger & Berman and its
affiliates. These include, for example, limits that may be imposed in
certain industries or by certain companies, and policies of Neuberger &
Berman that limit the aggregate purchases, by all accounts under
management, of the outstanding shares of public companies.
The date of this supplement is August 15, 1996.
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