NEUBERGER & BERMAN EQUITY FUNDS
24F-2NT, 1996-10-29
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                       
                                  FORM 24F-2
                       Annual Notice of Securities Sold
                            Pursuant to Rule 24f-2
                                       
            Read instructions at end of Form before preparing Form.
                             Please print or type.
                                       
                                       
1.  Name and address of issuer

     Neuberger & Berman Equity Funds
     605 Third Avenue, 2nd Floor
     New York, NY  10158-0006

2.  Name of each series or class of funds for which this notice is filed:

     Neuberger & Berman Focus Fund
     Neuberger & Berman Genesis Fund
     Neuberger & Berman Guardian Fund
     Neuberger & Berman International Fund
     Neuberger & Berman Manhattan Fund
     Neuberger & Berman Partners Fund
     Neuberger & Berman Socially Responsive Fund

3.  Investment Company Act File Number:   811-582

    Securities Act File Number:    2-11357

4.  Last day of fiscal year for which this notice is filed:  August 31, 1996

5.  Check box if this notice is being filed more than 180 days after the
    close of the issuer's fiscal year for purposes of reporting securities
    sold after the close of the fiscal year but before termination of the
    issuer's . 24f-2 declaration:                               [  ]

6.  Date of termination of issuer's declaration under rule 24f-2(a)(1), if
    applicable (see Instruction A.6):

    N/A

7.  Number and amount of securities of the same class or series which had
    been registered under the Securities Act of 1933 other than pursuant to
    rule 24f-2 in a prior fiscal year, but which remained unsold at the
    beginning of the fiscal year:

     None

8.  Number and amount of securities registered during the fiscal year other
    than pursuant to rule 24f-2:

     38,158,745.46                 $864,193,391.02

9.  Number and aggregate sale price of securities sold during the fiscal
    year:

     154,248,701.532                    $3,339,871,107.42
<PAGE>
10. Number and aggregate sale price of securities sold during the fiscal year
    in reliance upon registration pursuant to rule 24f-2:

     118,283,587.712                    $2,497,995,783.99

11. Number and aggregate sale price of securities issued during the fiscal
    year in connection with dividend reinvestment plans, if applicable (see
    Instruction B.7):

     N/A

12. Calculation of registration fee:

<TABLE>

   <S>    <C>					<C>

   (i)    Aggregate sale price of             
          securities sold during the        	$ 2,497,995,783.99
          fiscal year in reliance on		-------------------
          rule 24f-2 (from Item 10):
                                              
  (ii)    Aggregate price of shares           
          issued in connection with         	+ 0
          dividend reinvestment plans		-------------------
          (from Item 11, if
          applicable):
                                              
  (iii)   Aggregate price of shares           
          redeemed or repurchased           	- 1,889,866,754.99
          during the fiscal  year (if		-------------------
          applicable):
                                              
  (iv)    Aggregate price of shares           
          redeemed or repurchased and         
          previously applied as a           	+ 0
          reduction to filing  fees		-------------------
          pursuant to rule 24e-2 (if
          applicable)
                                              
  (v)     Net aggregate price of              
          securities sold and issued          
          during the fiscal year in           	$ 608,129,029.00
          reliance on rule 24f-2 [line		-------------------
          (i) plus line (ii), less
          line (iii), plus line (iv)]
          (if applicable)
                                              
  (vi)    Multiplier prescribed by            
          Section 6(b) of the               	x 1/3300
          Securities Act of 1933 or		-------------------
          other applicable law or
          regulation (see Instruction
          C.6):
                                              
  (vii)   Fee due [line  (i) or line          	$ 184,281.53
          (v) multiplied by line		-------------------
          (vi)]:
<PAGE>

Instruction:   Issuers should  complete lines (ii), (iii), (iv), and (v) only
               if the form is being filed within 60 days after the close of
               the issuer's fiscal year.  See Instruction C.3.


13.  Check box if fees are being remitted to the Commission's lockbox
   depository as described in section 3a of the Commission's Rules of Informal
   and Other Procedures (17 CFR 202.3a).

                                                            [ X ]

Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
  
  
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                                  SIGNATURES
                                       
  
  This report has been signed below by the following persons on behalf of the
  issuer and in the capacities and on the dates indicated.
  
  
  By (Signature and Title)*          /s/ Michael J. Weiner
                                ---------------------------------
  
                                Michael J. Weiner, Vice President
                                ---------------------------------
  
  
  Date      10/29/96
          ---------------------
 
  
  *Please print the name and title of the signing officer below the
  signature.
<PAGE>
</TABLE>
<PAGE>



                             KIRKPATRICK & LOCKHART LLP
                                 1800 M Street, N.W.
                               Washington, D.C.  20036
                                    (202) 778-9000


                                   October 28, 1996



     Neuberger & Berman Equity Funds
     605 Third Avenue, Second Floor
     New York, New York  10158-0006

     Ladies and Gentlemen:

              The  Trust is  a business trust  organized under  the laws  of the
     State of Delaware  and governed by  a Trust  Instrument dated December  23,
     1992.   We understand that the Trust  is about to file  a Rule 24f-2 Notice
     pursuant  to  Rule 24f-2 under  the  Investment  Company  Act  of 1940,  as
     amended  ("1940 Act"),  for the  purpose of  making definite the  number of
     shares of  beneficial interest, par  value $0.001 per  share ("Shares"), of
     the following  series  of the  Trust,  which it  has registered  under  the
     Securities  Act  of 1933,  as  amended ("1933  Act"),  and sold  during the
     fiscal year  ended  August  31,  1996:   Neuberger  &  Berman  Focus  Fund,
     Neuberger  &  Berman  Genesis  Fund,  Neuberger  &  Berman  Guardian  Fund,
     Neuberger  & Berman International Fund,  Neuberger & Berman Manhattan Fund,
     Neuberger   &  Berman  Partners  Fund,  and  Neuberger  &  Berman  Socially
     Responsive Fund.

              As legal  counsel to the  Trust, we have  participated in  various
     matters of Trust  operations and other matters  relating to the Trust.   We
     have examined  copies of the  Trust Instrument and the  Trust's By-Laws, as
     now in effect, and the  minutes of meetings of  the trustees of the  Trust,
     and we  are generally familiar  with its affairs.   For certain matters  of
     fact, we have relied  upon representations of officers of the Trust.  Based
     on the foregoing, it  is our opinion that the Shares sold during the fiscal
     year  ended  August  31,  1996, the  registration  of  which  will be  made
     definite by the filing of a Rule  24f-2 Notice, were legally issued,  fully
     paid and non-assessable.

              The  Trust  is  a  business  trust  established  pursuant  to  the
     Delaware Business  Trust Act ("Delaware  Act").  The  Delaware Act provides
     that a  shareholder of  the Trust  is entitled  to the  same limitation  of
     personal  liability extended  to shareholders  of for-profit  corporations.
     To the extent that the Trust or any of its  shareholders becomes subject to
     the jurisdiction of courts  in states which do not have statutory  or other
     authority  limiting the  liability  of  business trust  shareholders,  such
     courts  might  not  apply  the   Delaware  Act  and  could   subject  Trust
     shareholders to liability.

              To  guard against this  risk, the Trust Instrument:   (i) requires
     that every  written obligation of the  Trust contain a statement  that such
     obligation may be enforced only  against the assets of the Trust;  however,
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     Neuberger & Berman Equity Funds
     October 28, 1996
     Page 2



     the omission  of such  a disclaimer  will  not operate  to create  personal
     liability for  any shareholder; and  (ii) provides for indemnification  out
     of Trust  property of  any shareholder  held personally  liable, solely  by
     reason of being a  shareholder, for  the obligations of  the Trust.   Thus,
     the risk of a Trust shareholder incurring financial  loss beyond his or her
     investment because of shareholder liability is  limited to circumstances in
     which:   (i) a  court refuses  to apply  Delaware law; (ii)  no contractual
     limitation of liability was in effect; and (iii)  the Trust itself would be
     unable to meet its obligations.

              We  express no  opinion as to  compliance with  the 1933  Act, the
     1940 Act,  or applicable state securities laws in connection with the sales
     of Shares.

              We  hereby consent  to this  opinion  accompanying the  Rule 24f-2
     Notice which  you  are  about to  file  with  the Securities  and  Exchange
     Commission.   We  also  consent to  the  reference to  our  firm under  the
     caption  "Legal Counsel" in the  Statement(s) of  Additional Information of
     each of the above-named series.

                                       Very truly yours,

                                       KIRKPATRICK & LOCKHART LLP

                                           /s/ Arthur C. Delibert
                                       By:__________________________
                                                Arthur C. Delibert
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