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SIGNATURE THOMAS A. CHRISTENSEN, JR.
TITLE TREASURER
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
Hansberger Institutional Series
(International Fund and Emerging Markets Fund)
In planning and performing our audit of the financial statements
of the Hansberger Institutional Series, a Massachusetts business
trust, for the year ended December 31, 1999, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Hansberger Institutional Series is responsible
for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1999.
This report is intended solely for the information and use of
management, and Board of Trustees of Hansberger Institutional
Series, and the Securities and Exchange Commission.
ARTHUR ANDERSEN
Boston, Massachusetts
February 4, 2000
- - 2 -
