Report of Independent Auditors
To the Board of Trustees of
Neuberger Berman Equity Assets
In planning and performing our audits of the financial
statements of Neuberger Berman Focus Assets, Neuberger
Berman Genesis Assets, Neuberger Berman Guardian Assets, and
Neuberger Berman Partners Assets (four of the series
comprising Neuberger Berman Equity Assets) for the year
ended August 31, 2000, we considered their 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 Assets 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 Assets 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
