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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE RICHARD MASON
TITLE GENERAL COUNSEL
Deloitte & Touche LLP
University Square
117 Campus Drive
Princeton, New Jersey 08540
Telephone: (609) 520-2300
Facsimile: (609) 520-2413
To the Board of Trustees of
Mosaic Tax-Free Trust:
In planning and performing our audit of the financial statements of the
Arizona, Maryland, Missouri, Virginia, National, and Money Market Funds
(the "Funds") of the Mosaic Tax-Free Trust for the year ended September
30, 1997, we considered its internal control, including control over
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 internal control.
The management of the Funds 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 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
irregularities may occur and may 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 the specific internal control component 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 Fund's internal control,
including controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of
management, the board of trustees, and the Securities and Exchange
Commission.
(signature)
Deloitte & Touche LLP
Princeton, New Jersey
November 21, 1997
Deloitte Touche
Tohmatsu
International
Attachment to Form NSAR
Mosaic Government Money Market
Mosaic Tax-Free Trust
Mosaic Income Trust
Mosaic Equity Trust
Exhibit 77K: Changes in registrant's certifying accountant
The Registrant's certifying accountant has changed from Ernst & Young
LLP (Former Accountant) to Deloitte & Touche LLP (Current Accountant).
The following information is provided in the order set forth in Reg
229.304. Item 304(a)(1) (Item 304):
1(a)(i). The Former Accountant resigned for economic reasons pursuant
to the mutual agreement of the Registrant and the Former Accountant
effective on the date the Current Accountant was approved to succeed the
Former Accountant, August 27, 1997.
1(a)(ii). The Former Accountant's report on the financial statements
for either of the past two years contained NO adverse opinion or
disclaimer of opinion, NOR was it qualified or modified as to
uncertainty, audit scope or accounting principles.
1(a)(iii). The replacement of the Former Accountant with the Current
Accountant was unanimously approved by the Registrant's full Board of
Trustees on August 27, 1997 at a special meeting called for such
purpose.
1(a)(iv). There have been NO disagreements with the Former Accountant
on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure.
1(a)(v). The Former Accountant has NOT advised the Registrant as to any
matters set forth in paragraphs (A) through (D) of Item 304(a)(1)(v).
3. The Former Accountant has been provided a copy of these disclosures
prior to the date this Exhibit was filed as an attachment to Form NSAR.
By copy of these disclosures, the Registrant requests the Former
Accountant to furnish the Registrant with a letter address to the
Commission stating whether it agrees with the statements made by the
Registrant in response to this Item 304(a)(1) and, if not, stating the
respects in which it does not agree. The Former Accountant's letter is
intended to be filed as an exhibit to this Form NSAR. If the Former
Accountant's letter is unavailable at the time of filing, then the
Former Accountant is hereby requested to provide the letter as promptly
as possible so tht the Registrant can file the letter within 10 business
days after filing this Form NSAR.
<PAGE>
Ernst & Young LLP
2 Commerce Square
2001 Market Street
Philadelphia, PA 19103
215-448-5000
November 26, 1997
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Gentlemen:
We have read Exhibit 77K of Form N-SAR dated September 30, 1997 of
Mosaic Government Money Market Trust and Mosaic Tax-Free Trust and
are in agreement with the statements contained in paragraphs 1(a)(i),
1(a)(ii), 1(a)(iv) and 1(a)(v) therein. We have no basis to agree
or disagree with other statements of the registrant contained therein.
Very truly yours,
(signature)
Ernst & Young LLP
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data derived from the registrant's form
NSAR, current financial Statement and prospectus and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 1
<NAME> TAX-FREE MONEY MARKET
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 6,912
<INVESTMENTS-AT-VALUE> 6,912
<RECEIVABLES> 35
<ASSETS-OTHER> 156
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,103
<PAYABLE-FOR-SECURITIES> 251
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6852
<SHARES-COMMON-STOCK> 6,852
<SHARES-COMMON-PRIOR> 7,500
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,852
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 255
<OTHER-INCOME> 0
<EXPENSES-NET> 60
<NET-INVESTMENT-INCOME> 194
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 194
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,684
<NUMBER-OF-SHARES-REDEEMED> 6,519
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> (647)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60
<AVERAGE-NET-ASSETS> 7,256
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.027
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
form NSAR, current financial statement and prospectus and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 2
<NAME> TAX-FREE NATIONAL FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 24,282
<INVESTMENTS-AT-VALUE> 25,590
<RECEIVABLES> 337
<ASSETS-OTHER> 1,306
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,233
<PAYABLE-FOR-SECURITIES> 535
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,117
<SHARES-COMMON-STOCK> 2513
<SHARES-COMMON-PRIOR> 2847
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,727)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,308
<NET-ASSETS> 26,698
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,486
<OTHER-INCOME> 0
<EXPENSES-NET> 298
<NET-INVESTMENT-INCOME> 1,188
<REALIZED-GAINS-CURRENT> 390
<APPREC-INCREASE-CURRENT> 500
<NET-CHANGE-FROM-OPS> 2,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,188
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,162
<NUMBER-OF-SHARES-REDEEMED> 6,715
<SHARES-REINVESTED> 1,075
<NET-CHANGE-IN-ASSETS> (3,478)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 298
<AVERAGE-NET-ASSETS> 28,258
<PER-SHARE-NAV-BEGIN> 10.286
<PER-SHARE-NII> 0.437
<PER-SHARE-GAIN-APPREC> 0.338
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.437
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.624
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's form NSAR, current financial statement and prospectus and is
qualified in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 3
<NAME> TAX-FREE VIRGINIA FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 30,006
<INVESTMENTS-AT-VALUE> 31,766
<RECEIVABLES> 526
<ASSETS-OTHER> 322
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,614
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,658
<SHARES-COMMON-STOCK> 2,513
<SHARES-COMMON-PRIOR> 2,847
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (805)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,760
<NET-ASSETS> 32,614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,834
<OTHER-INCOME> 0
<EXPENSES-NET> 344
<NET-INVESTMENT-INCOME> 1,490
<REALIZED-GAINS-CURRENT> 259
<APPREC-INCREASE-CURRENT> 757
<NET-CHANGE-FROM-OPS> 2,506
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,490
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,271
<NUMBER-OF-SHARES-REDEEMED> 7,276
<SHARES-REINVESTED> 1,263
<NET-CHANGE-IN-ASSETS> (1,743)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344
<AVERAGE-NET-ASSETS> 32,761
<PER-SHARE-NAV-BEGIN> 11.209
<PER-SHARE-NII> 0.515
<PER-SHARE-GAIN-APPREC> 0.355
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.515
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.564
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
form NSAR, current financial statement and prospectus and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 4
<NAME> TAX-FREE ARIZONA FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 8,006
<INVESTMENTS-AT-VALUE> 8,466
<RECEIVABLES> 140
<ASSETS-OTHER> 140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,746
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,682
<SHARES-COMMON-STOCK> 837
<SHARES-COMMON-PRIOR> 893
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (396)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 460
<NET-ASSETS> 8,746
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 499
<OTHER-INCOME> 0
<EXPENSES-NET> 98
<NET-INVESTMENT-INCOME> 401
<REALIZED-GAINS-CURRENT> 121
<APPREC-INCREASE-CURRENT> 132
<NET-CHANGE-FROM-OPS> 653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 401
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 666
<NUMBER-OF-SHARES-REDEEMED> 1,527
<SHARES-REINVESTED> 289
<NET-CHANGE-IN-ASSETS> (572)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98
<AVERAGE-NET-ASSETS> 8,830
<PER-SHARE-NAV-BEGIN> 10.153
<PER-SHARE-NII> 0.466
<PER-SHARE-GAIN-APPREC> 0.295
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.466
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.448
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
Form NSAR, current financial statement and prospectus and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 5
<NAME> TAX-FREE MISSOURI FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 10,469
<INVESTMENTS-AT-VALUE> 10,984
<RECEIVABLES> 159
<ASSETS-OTHER> 827
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,970
<PAYABLE-FOR-SECURITIES> 412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5
<TOTAL-LIABILITIES> 412
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,197
<SHARES-COMMON-STOCK> 1,097
<SHARES-COMMON-PRIOR> 1,114
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (158)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 515
<NET-ASSETS> 11,553
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 616
<OTHER-INCOME> 0
<EXPENSES-NET> 115
<NET-INVESTMENT-INCOME> 501
<REALIZED-GAINS-CURRENT> 122
<APPREC-INCREASE-CURRENT> 210
<NET-CHANGE-FROM-OPS> 833
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 501
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,704
<NUMBER-OF-SHARES-REDEEMED> 2,293
<SHARES-REINVESTED> 429
<NET-CHANGE-IN-ASSETS> (160)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115
<AVERAGE-NET-ASSETS> 11,257
<PER-SHARE-NAV-BEGIN> 10.220
<PER-SHARE-NII> 0.460
<PER-SHARE-GAIN-APPREC> 0.311
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.460
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.531
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
Form NSAR, current financial statement and prospectus and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> MOSAIC TAX-FREE TRUST
<SERIES>
<NUMBER> 6
<NAME> TAX-FREE MARYLAND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,887
<INVESTMENTS-AT-VALUE> 1,972
<RECEIVABLES> 32
<ASSETS-OTHER> 94
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,098
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,200
<SHARES-COMMON-STOCK> 210
<SHARES-COMMON-PRIOR> 210
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 85
<NET-ASSETS> 2,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 110
<OTHER-INCOME> 0
<EXPENSES-NET> 23
<NET-INVESTMENT-INCOME> 87
<REALIZED-GAINS-CURRENT> 11
<APPREC-INCREASE-CURRENT> 46
<NET-CHANGE-FROM-OPS> 144
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 401
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 766
<NUMBER-OF-SHARES-REDEEMED> 843
<SHARES-REINVESTED> 76
<NET-CHANGE-IN-ASSETS> (813)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23
<AVERAGE-NET-ASSETS> 2,039
<PER-SHARE-NAV-BEGIN> 9.714
<PER-SHARE-NII> 0.421
<PER-SHARE-GAIN-APPREC> 0.284
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.421
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.998
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
