Report of Independent Accountants
To the Board of Trustees and Unitholders of
RSI Retirement Trust
In our opinion, the accompanying combined and
individual statements of assets and liabilities,
including the schedules of investments, and the
related statements of operations and of changes
in net assets and the financial highlights present
fairly, in all material respects, the financial
position of the Core Equity Fund, Value Equity
Fund, Emerging Growth Equity Fund, International
Equity Fund, Actively Managed Bond Fund,
Intermediate-Term Bond Fund and Short-Term
Investment Fund series of RSI Retirement Trust
(hereafter referred to as the Funds)at September 30,
2000 the results of each of
their operations for the year then ended
the changes in each of their net assets for
each of the two years then ended, and the
financial highlights for each of the five years
presented, in conformity with accounting
principles generally accepted in the United States
of America. These financial statements and financial
highlights (hereafter referred to as financial statements)
are the responsibility of the Funds management; our
responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of
these financial statements in accordance with accounting
principles generally accepted in the United States of America
which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that out
audits, which included confirmation of securities at September 30,
2000 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion. The financial statements for
the year ended September 30, 1998, including the financial
highlights for each of the three years in the period then ended,
were audited by other independent accountants whose report dated
October 30, 1998 expressed an unqualified opinion on those
financial statements.
PricewaterhouseCoopers LLP
New York, New York
November 3, 2000
