Report of Independent Auditors
To the Board of Trustees of
Global Managers Trust
In planning and performing our audit of the financial
statements of Neuberger Berman International Portfolio (the
only series comprising Global Managers Trust) 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 Global Managers Trust 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 Global Managers
Trust 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
