REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders of UC Investment Trust:
In planning and performing our audit of the financial statements of UC
Investment Fund for the year ended May 31, 2000 we considered its internal
control, including controls over 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 UC Investment Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgements 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 irregularities
may occur and may 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities 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,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 2000.
This report is intended solely for the information and use of management and the
Trustees of UC Investment 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.
/s/ PricewaterhouseCoopers LLP
July 25, 2000
