REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
the Hirtle Callaghan Trust:
In planning and performing our audit of the financial statements and
financial highlights of the Hirtle Callaghan Trust, consisting of
the Value Equity Portfolio, Growth Equity Portfolio, Small
Capitalization Equity Portfolio, International Equity Portfolio,
Fixed Income Portfolio and the Intermediate Term Municipal Bond
Portfolio (collectively, the "Trust") for the year ended June 30,
2000, we considered its internal control, including control
activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the 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 controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements and financial highlights
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 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 one or more internal control components does
not reduce to a relatively low level the risk that misstatements
caused by errors or fraud in amounts that would be material in
relation to the financial statements and financial highlights
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 controlover
safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 2000.
This report is intended solely for the information and use of
management, the Board of Trustees of the Hirtle Callaghan 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.
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street
Philadelphia, Pennsylvania
August 18, 2000
