<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger Berman Focus Assets Annual Report and is qualified in its entirety by
reference to such document.
</LEGEND>
<CIK> 0000914228
<NAME> NEUBERGER BERMAN EQUITY ASSETS
<SERIES>
<NUMBER> 02
<NAME> NEUBERGER BERMAN FOCUS ASSETS
<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> 15,155
<RECEIVABLES> 63
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,230
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28
<TOTAL-LIABILITIES> 28
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,661
<SHARES-COMMON-STOCK> 645
<SHARES-COMMON-PRIOR> 117
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (71)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,612
<NET-ASSETS> 15,202
<DIVIDEND-INCOME> 40
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> (82)
<NET-INVESTMENT-INCOME> (36)
<REALIZED-GAINS-CURRENT> (66)
<APPREC-INCREASE-CURRENT> 3,270
<NET-CHANGE-FROM-OPS> 3,168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (194)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 605
<NUMBER-OF-SHARES-REDEEMED> (88)
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 13,303
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 195
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157
<AVERAGE-NET-ASSETS> 5,430
<PER-SHARE-NAV-BEGIN> 16.18
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 8.99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.54)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.57
<EXPENSE-RATIO> 1.50
</TABLE>
