NEUBERGER&BERMAN
EQUITY TRUST

SUPPLEMENT TO THE PROSPECTUS FOR
NEUBERGER&BERMAN NYCDC SOCIALLY RESPONSIVE TRUST DATED DECEMBER 15, 1997


      THE FOLLOWING  PARAGRAPH IS ADDED TO THE SECTION REGARDING  MANAGEMENT AND
ADMINISTRATION (PAGE 17):

MANAGEMENT AND ADMINISTRATION

INVESTMENT MANAGER, ADMINISTRATOR, DISTRIBUTOR, AND SUB-ADVISER

      YEAR 2000. Like other financial and business  organizations,  the Fund and
Portfolio  could be adversely  affected if computer  systems they rely on do not
properly process date-related  information and data involving the years 2000 and
after.  N&B Management and  Neuberger&Berman  are taking steps that they believe
are  reasonable  to address this  problem in their own  computer  systems and to
obtain  assurances  that  comparable  steps are being  taken by the  Fund's  and
Portfolio's  other major  service  providers.  N&B  Management  also attempts to
evaluate  the  potential  impact of this  problem on the  issuers of  investment
securities that the Portfolio purchases.  At this time, however, there can be no
assurance that these steps will be sufficient to avoid any adverse impact on the
Fund and Portfolio.

The date of this Supplement is March 16, 1998.




NEUBERGER&BERMAN
EQUITY TRUST

SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION FOR
NEUBERGER&BERMAN NYCDC SOCIALLY RESPONSIVE TRUST DATED DECEMBER 15, 1997

      THE  PARAGRAPH  IN THE SECTION  REGARDING  INVESTMENT  IN FORWARD  FOREIGN
CURRENCY CONTRACTS (PAGE 21) IS REVISED TO READ AS FOLLOWS:

ADDITIONAL INVESTMENT INFORMATION

      FOREIGN CURRENCY TRANSACTIONS.  The Portfolio may enter into contracts for
the purchase or sale of a specific  currency at a future date (usually less than
one year from the date of the contract) at a fixed price ("forward  contracts").
The Portfolio also may engage in foreign  currency  exchange  transactions  on a
spot (i.e.,  cash)  basis at the spot rate  prevailing  in the foreign  currency
exchange market.  The Portfolio  enters into forward  contracts in an attempt to
hedge against changes in the prevailing  currency  exchange rates. The Portfolio
does not engage in transactions in forward  contracts for speculation;  it views
investments in forward  contracts as a means of establishing more definitely the
effective return on, or the purchase price of, securities denominated in foreign
currencies.  Forward contract transactions include forward sales or purchases of
foreign  currencies  for the  purpose of  protecting  the U.S.  dollar  value of
securities held or to be acquired by the Portfolio or protecting the U.S. dollar
equivalent of dividends, interest, or other payments on those securities.



The date of this Supplement is March 16, 1998.