NEUBERGER&BERMAN                    NEUBERGER&BERMAN
      EQUITY TRUST                        EQUITY ASSETS

      SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 15, 1997

I.    THE FOLLOWING DISCLOSURE REGARDING NEUBERGER&BERMAN GENESIS TRUST IS ADDED
      TO THE PROSPECTUS:

NEUBERGER&BERMAN  GENESIS TRUST IS CLOSED TO PURCHASES BY NEW  INVESTORS  EXCEPT
FOR PURCHASES BY ELIGIBLE INVESTORS AS DESCRIBED BELOW.

If you are already a shareholder  of  Neuberger&Berman  GENESIS  Trust,  you may
continue to add to your Fund  account.  If you own shares of the Fund  through a
401(k) plan, you may continue to add to your investment.

In addition, you may purchase shares of Neuberger&Berman GENESIS Trust:

o  until  April  15,  1998,  if you are  opening a new  Individual  Retirement
   Account ("IRA");

o  if you  are a  participant  in a  401(k)  plan  that  has  the  Fund  as an
   investment option; or

o  if you  purchase  shares  under an asset  allocation  program  sponsored by a
   financial adviser who has one or more clients who are Fund shareholders.

II.   THE SECTION WHICH  PROVIDES A SUMMARY OF THE FEATURES OF  NEUBERGER&BERMAN
      MANHATTAN TRUST (PAGE 4) IS REVISED TO READ AS FOLLOWS:

- --------------------------------------------------------------------------------
MANHATTAN TRUST            Broadly diversified,       Invests   in    securities
                           medium-cap growth fund.    believed   to   have   the
                                                      maximum    potential   for
                                                      long-term          capital
                                                      appreciation.    Portfolio
                                                      managers  seek  stocks  of
                                                      companies     that     are
                                                      projected   to   grow   at
                                                      above-average   rates  and
                                                      that may appear poised for
                                                      a  period  of  accelerated
                                                      earnings.                 
- --------------------------------------------------------------------------------






III.  THE FIRST TWO PARAGRAPHS OF THE SECTION  REGARDING THE INVESTMENT  PROGRAM
      OF  NEUBERGER&BERMAN  MANHATTAN PORTFOLIO (PAGE 21) ARE REVISED TO READ AS
      FOLLOWS:

INVESTMENT PROGRAMS

NEUBERGER&BERMAN MANHATTAN PORTFOLIO

      The  investment  objective of  Neuberger&Berman  MANHATTAN  Portfolio  and
Neuberger&Berman  MANHATTAN Trust is to seek capital appreciation without regard
to income.

      Neuberger&Berman  MANHATTAN Portfolio currently intends to focus primarily
on the  securities  of  medium-capitalization  companies  ("mid-cap  companies")
believed by N&B Management to have the maximum  potential for long-term  capital
appreciation.  However,  the Portfolio can invest in the securities of companies
from any  capitalization  level. The Portfolio  regards mid-cap  companies to be
those  companies  with market  capitalizations  that, at the time of investment,
fall within the  capitalization  range of the Russell  Midcap(TM)  Index as last
announced by the Frank Russell Company before the date of this  Prospectus.  For
purposes of this  Prospectus,  that range was  approximately  $1.1 billion to $8
billion.  Companies whose market  capitalizations  move out of the mid-cap range
after purchase  continue to be considered  mid-cap companies for purposes of the
Portfolio's investment program.

IV.   THE FOLLOWING  PARAGRAPH IS ADDED TO THE SECTION REGARDING  MANAGEMENT AND
      ADMINISTRATION (PAGE 37):

MANAGEMENT AND ADMINISTRATION

INVESTMENT MANAGER, ADMINISTRATOR, DISTRIBUTOR, AND SUB-ADVISER

      YEAR 2000. Like other financial and business organizations,  the Funds and
Portfolios  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  Funds'  and
Portfolios'  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 Portfolios purchase. At this time, however,  there can be no
assurance that these steps will be sufficient to avoid any adverse impact on the
Funds and Portfolios.


This  Supplement is dated March 16, 1998,  and replaces  the  Supplement  dated
March 2, 1998.






      NEUBERGER&BERMAN                    NEUBERGER&BERMAN
      EQUITY TRUST                        EQUITY ASSETS

      SUPPLEMENT  TO THE STATEMENT OF ADDITIONAL  INFORMATION  DATED  DECEMBER
15, 1997

I.    THE  PARAGRAPH  IN THE  SECTION  REGARDING  THE  INVESTMENT  PROGRAM OF
      NEUBERGER&BERMAN  MANHATTAN  PORTFOLIO  (PAGE 6) IS  REVISED TO READ AS
      FOLLOWS:

INVESTMENT INSIGHT

      NEUBERGER&BERMAN MANHATTAN PORTFOLIO

      The  co-managers  focus their  research  efforts on mid-cap  stocks in new
and/or  rapidly  evolving  industries.  The mid-cap growth sector is less widely
followed  by Wall  Street  analysts  and  therefore,  less  efficient  than  the
large-cap stock market.  Within this sector,  the  co-managers  believe they are
likely  to  identify  more  of  their  brand  of  growth  stock   opportunities.
Considering the currently high valuations of large-cap growth stocks relative to
mid-cap growth stocks with what the co-managers  think is comparable or, in many
cases,  better  earnings  growth  potential,   they  believe  the  Portfolio  is
particularly well positioned in today's market.

      The  Portfolio  now  uses  the  Russell  Midcap(TM)  Growth  Index  as its
benchmark.  Consistent with the Portfolio's capitalization parameters and growth
style, the co-managers believe this is a more appropriate benchmark than the S&P
"500." For purposes of its policy regarding investment in mid-cap companies, the
Portfolio  looks at the  range of the  Russell  Midcap(TM)  Index as of its last
annual adjustment. The Frank Russell Company typically announces that range each
June 30.

      Although  the  Portfolio  has a current  intention  to focus  primarily on
mid-cap stocks, it can invest in securities of companies from any capitalization
level. The co-managers  particularly  examine the universe of stocks with market
capitalizations  between  $500  million  and $8  billion,  in their  search  for
promising investment opportunities.


II.   THE  PARAGRAPH IN THE SECTION  REGARDING  INVESTMENT  IN FOREIGN  CURRENCY
      TRANSACTIONS (PAGE 26) IS REVISED TO READ AS FOLLOWS:

ADDITIONAL INVESTMENT INFORMATION

      FOREIGN CURRENCY  TRANSACTIONS (ALL PORTFOLIOS).  Each 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").  Each  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  Portfolios  enter into forward
contracts  in an attempt to hedge  against  changes in the  prevailing  currency
exchange  rates.  The  Portfolios  do not  engage  in  transactions  in  forward
contracts for speculation; they view 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 a
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.