<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Ultra Short Bond Portfolio Annual Report and is qualified
in its entirety by reference to such document.
</LEGEND>
<SERIES>
   <NUMBER> 05
   <NAME> NEUBERGER&BERMAN ULTRA SHORT BOND PORTFOLIO
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                           62,078
<INVESTMENTS-AT-VALUE>                          62,552
<RECEIVABLES>                                      678
<ASSETS-OTHER>                                       3
<OTHER-ITEMS-ASSETS>                                 4
<TOTAL-ASSETS>                                  63,237
<PAYABLE-FOR-SECURITIES>                         3,067
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           49
<TOTAL-LIABILITIES>                              3,116
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        40,940
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       21,307
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (2,600)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           474
<NET-ASSETS>                                    60,121
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                4,986
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (329)
<NET-INVESTMENT-INCOME>                          4,657
<REALIZED-GAINS-CURRENT>                            21
<APPREC-INCREASE-CURRENT>                          115
<NET-CHANGE-FROM-OPS>                            4,793
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (35,942)
<ACCUMULATED-NII-PRIOR>                         16,650
<ACCUMULATED-GAINS-PRIOR>                      (2,621)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              200
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    329
<AVERAGE-NET-ASSETS>                            80,068
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                    .41
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0