<PAGE> PAGE 1
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002 B000000 PHOENIX
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020 A000001 BEAR STEARNS
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020 A000002 PIPER JAFFRAY, INC.
020 B000002 410953246
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
080 A000300 ICI MUTUAL INSURANCE COMPANY
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SIGNATURE TOM MARSCHEL
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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REPORT OF INDEPENDENT
ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Trustees of
Kaminski Poland Fund
In planning and performing our audit of the
financial statements of Kaminski Poland Fund
(hereafter referred to as the "Fund") for the year
ended June 30, 1999 we considered its internal
control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purposes 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 the Fund 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 accounting principles generally accepted in
the United States. 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,
including controls for safeguarding securities that
we consider to be material weaknesses as defined
above as of June 30, 1999.
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..
PricewaterhouseCoopers LLP
September 14, 1999
