Report of Independent Accountants
To the Board of Trustees and Shareholders
of the Pitcairn Funds:
In planning and performing our audit of the financial
statements of the Pitcairn Funds (the "Trust") for the period
ended October 31, 2000, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressingour 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 Company 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 October 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.
December 12, 2000
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