-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000898432-96-000448.txt : 19961024
<SEC-HEADER>0000898432-96-000448.hdr.sgml : 19961024
ACCESSION NUMBER:		0000898432-96-000448
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19961023
SROS:			NONE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEUBERGER & BERMAN EQUITY TRUST
		CENTRAL INDEX KEY:			0000906926
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	033-64368
		FILM NUMBER:		96646968

	BUSINESS ADDRESS:	
		STREET 1:		605 THIRD AVE
		STREET 2:		2ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10158-0006
		BUSINESS PHONE:		2124768800
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<TEXT>
<PAGE>


                      Neuberger  & Berman Guardian Trust
             Supplement to the Prospectus dated December 15, 1995

     Effective November 1, 1996, the sub-adviser reorganized as a limited
liability company known as Neuberger & Berman, LLC.  All persons described in
the prospectus and SAI as partners of Neuberger & Berman, L.P. are principals
of the new company.

     The date of this Supplement is November 1, 1996.<PAGE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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