NEUBERGER & BERMAN EQUITY ASSETS
                Supplement dated October 29, 1997 to Statement of
                   Additional Information dated March 31, 1997

                             INVESTMENT INFORMATION

      Neuberger & Berman Focus Portfolio,  Neuberger & Berman Genesis  Portfolio
and  Neuberger  &  Berman  Guardian  Portfolio  previously  were  subject  to  a
non-fundamental  policy on investments in any one issuer. This policy prohibited
each of these  Portfolios  from  purchasing  "the  securities  of any one issuer
(other than securities issued or guaranteed by the U.S. Government or any of its
agencies or instrumentalities)  if, as a result, more than 5% of the Portfolio's
total assets would be invested in the securities of that issuer." On October 23,
1997,  the Board of Trustees of Equity  Managers  Trust voted to eliminate  that
non-fundamental policy.

      As   diversified   investment   companies,   the   Portfolios   and  their
corresponding  Funds remain subject to a fundamental policy on investment in any
one issuer,  which  provides that "no Portfolio  may, with respect to 75% of the
value of its total  assets,  purchase the  securities  of any issuer (other than
securities issued or guaranteed by the U.S.  Government,  or any of its agencies
or  instrumentalities)  if,  as a  result,  (i) more than 5% of the value of the
Portfolio's  total assets would be invested in the  securities of that issuer or
(ii) the Portfolio would hold more than 10% of the outstanding voting securities
of that issuer."

      The Board of Trustees  of  Neuberger  & Berman  Equity  Assets has adopted
identical changes to the non-fundamental policy of the corresponding Funds.