PwC Letterhead
Report of Independent Accountants
To the Board of Trustees and Shareholders of Neuberger Berman
Equity Managers Trust, Equity Trust, Equity Funds, and Equity
Assets
In planning and performing our audit of the financial statements
Neuberger Berman Manhattan Fund, Neuberger Berman Manhattan
Trust, Neuberger Berman Manhattan Assets, Neuberger Berman
Manhattan Portfolio, Neuberger Berman Socially Responsive Fund,
Neuberger Berman Socially Responsive Trust, Neuberger Berman
Socially Responsive Assets, Neuberger Berman Socially Responsive
Portfolio, Neuberger Berman Millennium Fund, Neuberger Berman
Millennium Trust, Neuberger Berman Millennium Assets, Neuberger
Berman Millennium Portfolio, Neuberger Berman Regency Fund,
Neuberger Berman Regency Trust, Neuberger Berman Regency
Portfolio, Neuberger Berman Century Fund, Neuberger Berman
Century Trust, Neuberger Berman Century Portfolio, Neuberger
Berman Technology Fund, Neuberger Berman Technology Trust,
Neuberger Berman Technology Portfolio (hereinafter referred to
collectively as the "Funds") for the year ended August 31,
2000, we considered their 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 the Funds 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 controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors 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 controls may become inadequate because of changes
in conditions or that the effectiveness of their 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 of the
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 August 31, 2000.
This report is intended solely for the information and use of the
Board of Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
October 9, 2000
Boston, Massachusetts
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