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SIGNATURE KELLY DIGAN
TITLE CORP. COMPLIANCE ADM
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
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<NAME> TRAINER, WORTHAM EMERGING GROWTH FUND
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<TABLE> <S> <C>
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<CIK> 0000036563
<NAME> TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
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<NAME> TRAINER, WORTHAM TOTAL RETURN BOND FUND
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</TABLE>
SUB-ITEM 77K: Changes in registrant's certifying accountant.
Trainer, Wortham Funds
845 Third Avenue
6th Floor
New York, NY 10022
June 9, 1997
Tait, Weller & Baker
Two Penn Center Plaza
Suite 700
Philadelphia, PA 19102
Dear Sirs:
The Board of Trustees of Trainer, Wortham Fist Mutual Funds has decided to
engage new independent certified public accountants. Our decision was
based upon the recent separation form your Firm of the partners and other
professional personnel most familiar with the affairs of our organization.
Tait, Weller & Baker has previously been selected as independent certified
public accountants for the Trust pursuant to the provisions of Section 32
of the Investment Company Act of 1940, and accordingly, we are hereby
requesting Tait, Weller & Baker's resignation as the Trust's independent
certified public accountants. We are grateful for the services that your
Firm has provided to our organization over the years and wish you well in
your future endeavors.
Sincerely,
/s/ David P. Como
David P. Como, Chairman of the Board
Trainer, Wortham First Mutual Funds<PAGE>
On June 9 , 1997, Tait, Weller & Baker was replaced as the Registrant's
independent certified public accountants. The decision to replace Tait,
Weller & Baker was based upon the separation of certain of the Firm's
partners and professional employees who had been the principal providers of
audit, accounting and tax services to the Registrant and who have formed a
new independent certified public accounting firm. The Registrant's Board
of Directors have approved the change in auditors. Tait, Weller & Baker
had served as the Registrant's independent certified public accountants for
each of the two years in the period ended June 30, 1996. Tait, Weller &
Baker's reports on the financial statements of the Registrant for these
years did not contain an adverse opinion or disclaimer of opinion or were
not qualified or modified as to uncertainty, audit scope or accounting
principles. There were no disagreements with Tait, Weller & Baker on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope of procedure during each of the two years in
the period ended June 30, 1996 and for the interim period from July 1, 1996
through June 9, 1997.
On June 9, 1997, the Registrant's Board of Directors also engaged the firm
of Briggs, Bunting & Dougherty, LLP to serve as its independent certified
public accountants. The Registrant represents that it had not consulted
with Briggs, Bunting & Dougherty, LLP at any time prior to their engagement
with respect to the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit opinion
that might be rendered on the Registrant's financial statements.
Briggs, Bunting & Dougherty, LLP
2121 Two Logan Square
18th & Arch Streets
Philadelphia, PA 19103-4901
REPORT OF INDEPENDENT CERTIFIED PUBLIC accountants ON INTERNAL CONTROL
STRUCTURE
Board of Directors
Trainer, Wortham First Mutual Funds
New York, NY
In planning and performing our audits of the financial statements of
Trainer, Wortham First Mutual Fund, Trainer, Wortham Emerging Growth Fund,
and Trainer, Wortham Total Return Bond Fund, each a series of shares of
Trainer, Wortham First Mutual Funds for the year ended June 30, 1997, we
considered their 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 to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Funds is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility,
estimates and judgements 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 that
transactions are executed in accordance with managements 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 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 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 June 30,
1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission, and should not be used for any
other purpose.
/s/ Briggs, Bunting & Dougherty, LLP
Philadelphia, Pennsylvania
July 17, 1997
