Report of Independent Auditors
To the Board of Trustees of
Neuberger Berman Equity Series
In planning and performing our audit of the financial
statements of Neuberger Berman Genesis Institutional, (the
only series comprising Neuberger Berman Equity Series) for
the year ended August 31, 2000, we considered its internal
control, including control activities for safeguarding
securities, 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, and not to provide assurance on internal control.
The management of Neuberger Berman Equity 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 internal control. Generally,
internal controls that are relevant to an audit pertain to
the Company's objective of preparing financial statements
for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those internal controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that
internal control may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures 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 of the specific internal control
components does not reduce to a relatively low level the
risk that errors or fraud in amounts that would be material
in relation to the consolidated 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, including control activities for
safeguarding securities, and its operation that we consider
to be material weaknesses as defined above as of August 31,
2000.
This report is intended solely for the information and use
of the Board of Trustees and management of Neuberger Berman
Equity Series and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
October 2, 2000
