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SIGNATURE EILEEN CALIGIURI
TITLE ASST.COMPLIANCE ADM
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Coopers & Lybrand L.L.P
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
The Japan Alpha Fund:
In planning and performing our audit of the financial statements and
financial highlights of The Japan Alpha Fund ("the Fund") for the
year
ended March 31, 1997, we considered its internal control structure,
including procedures 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 the
internal
control structure.
The management of the Fund is responsible for establishing and
maintaining
an internal control structure. In fulfilling this responsibility,
estimates
and judgments by management are required to assess the expected
benefits
and related costs of internal control structure policies and
procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets
are
safeguarded against loss from unauthorized use or disposition and
transactions are executed in accordance with management's
authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors
or irregularities may occur and may not be detected. Also,
projection of
any evaluation of the structure 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 the internal control structure would not
necessarily
disclose all matters in the internal control structure 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 the specific internal control
structure
elements does not reduce to a relatively low level the risk that errors
or
irregularities 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 the internal control
structure,
including procedures for safeguarding securities, that we consider
to be
material weaknesses, as defined above, as of March 31, 1997.
This report is intended solely for the infarmation and use of
management
and the Securities and Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
April 23, 1997
