<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger Berman Guardian Fund Annual Report and is qualified in its entirety by
reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 01
<NAME> NUEBERGER BERMAN GUARDIAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,717,007
<RECEIVABLES> 2,616
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,719,623
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,423
<TOTAL-LIABILITIES> 6,423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,854,611
<SHARES-COMMON-STOCK> 134,208
<SHARES-COMMON-PRIOR> 151,434
<ACCUMULATED-NII-CURRENT> 3,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 271,662
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 583,477
<NET-ASSETS> 2,713,200
<DIVIDEND-INCOME> 33,425
<INTEREST-INCOME> 9,702
<OTHER-INCOME> 0
<EXPENSES-NET> (24,528)
<NET-INVESTMENT-INCOME> 18,599
<REALIZED-GAINS-CURRENT> 271,350
<APPREC-INCREASE-CURRENT> 142,773
<NET-CHANGE-FROM-OPS> 432,722
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,191)
<DISTRIBUTIONS-OF-GAINS> (747,250)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,444
<NUMBER-OF-SHARES-REDEEMED> (68,067)
<SHARES-REINVESTED> 39,397
<NET-CHANGE-IN-ASSETS> (727,833)
<ACCUMULATED-NII-PRIOR> 6,714
<ACCUMULATED-GAINS-PRIOR> 746,872
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,528
<AVERAGE-NET-ASSETS> 2,909,659
<PER-SHARE-NAV-BEGIN> 22.72
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 2.99
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (5.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.22
<EXPENSE-RATIO> .84
</TABLE>
