NEUBERGER&BERMAN
EQUITY ASSETS
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 15, 1997
I. The section which provides a summary of the features of Neuberger&Berman
FOCUS Assets (page 4) is revised to read as follows:
- --------------------------------------------------------------------------------
FOCUS ASSETS Value fund, more Invests principally in
concentrated portfolio common stocks selected
than Guardian. May from 13 multi-industry
invest without regard to sectors of the economy.
market capitalization. To maximize potential
return, the Portfolio
normally makes at least
90% of its investments in
not more than six sectors
of the economy believed by
the portfolio manager to
be undervalued.
- --------------------------------------------------------------------------------
II. The following disclosure regarding Neuberger&Berman FOCUS Portfolio is
added to page 17 of the Prospectus:
INVESTMENT PROGRAMS - NEUBERGER&BERMAN FOCUS PORTFOLIO
The Portfolio may invest in stocks of companies of any market
capitalization. For more information, see "Special Considerations of Small- and
Mid-Cap Company Stocks" on page 20.
III. The paragraphs regarding the portfolio management of Neuberger&Berman
FOCUS Portfolio and Neuberger&Berman GUARDIAN Portfolio in the section
"Management and Administration - Investment Manager, Administrator,
Distributor, and Sub-Adviser" (pages 30-31) are revised to read as
follows:
MANAGEMENT AND ADMINISTRATION
Investment Manager, Administrator, Distributor and Sub-Adviser
Neuberger&Berman FOCUS Portfolio -- Kent C. Simons is manager of the
Portfolio. Mr. Simons is Vice President of N&B Management and a principal of
Neuberger&Berman. Mr. Simons has had responsibility for Neuberger&Berman FOCUS
Portfolio since 1988.
Neuberger&Berman GUARDIAN Portfolio -- Kevin L. Risen and Rick White are
co-managers of the Portfolio. Mr. Risen is a Vice President of N&B Management
<PAGE>
and a principal of Neuberger&Berman. Mr. Risen has had responsibility for
Neuberger&Berman GUARDIAN Portfolio since 1996, and during the prior year, he
was a portfolio manager for Neuberger&Berman. He was a research analyst at
Neuberger&Berman from 1992 to 1995. Mr. White is a Vice President of N&B
Management. He has had responsibility for Neuberger&Berman GUARDIAN Portfolio
since September 1998. From 1989 to September 1998, he was a portfolio manager
for a mutual fund managed by a prominent investment adviser.
The date of this Supplement is September 11, 1998.
