June 16, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sirs:
In compliance with Rule 17f-2 promulgated under the Investment
Company Act of 1940, enclosed is our report covering our
examination of the securities of the IBJ Funds Trust at the close
of business on November 21, 1997.
Very truly yours,
Coopers & Lybrand L.L.P.
Enclosures
cc: Securities and Exchange Commission
Northeast Regional Office
7 World Trade Center
New York, NY 10045
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
IBJ Funds Trust:
We have examined the investment accounts shown by the books and
records of IBJ Funds Trust (the "Funds") for the period from the
date of our last similar examination on October 10, 1997 to
November 21, 1997. Our examination was made without prior notice
to the Funds. It is understood that this report is solely for the
use of management and the Securities and Exchange Commission and
should not be used for any other purpose.
Securities owned as of the close of business on November 21, 1997,
shown by the books and records audited by us, which were accounted
for by count or inspection, without exception, were located in the
vault of IBJ Schroder Bank & Trust Company (the Custodian), except
for securities purchased but not received, held by depositories,
subcustodians, or out for transfer on that date, as to which we
obtained confirmations or applied other auditing procedures where
confirmations were not received.
Because the above procedures do not constitute an audit made in
accordance with generally accepted auditing standards, we do not
express an opinion on the investment accounts referred to above.
In connection with the procedures referred to above, no matters
came to our attention that caused us to believe that the specified
accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements in
accordance with generally accepted auditing standards, matters
might have come to our attention that would have been reported to
you. This report relates only to the investments specified above
and does not extend to any financial statements of IBJ Funds
Trust, taken as a whole.
Coopers & Lybrand L.L.P.
New York, New York
June 12, 1998
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