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SIGNATURE RICHARD IMPERIALE
TITLE CHAIRMAN
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
The Jefferson Fund Group Trust
In planning and performing our audit of the financial statements
and financial highlights of The Jefferson Fund Group Trust
Jefferson Growth and Income Fund (the "Fund") for the period
from September 1, 1995 to October 31, 1995, 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 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 that 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 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
October 31, 1995.
This report is intended solely for the information and use of
management of the Fund and the Securities Exchange Commission.
/s/Coopers & Lybrand LLP
Milwaukee, Wisconsin
November 17, 1995
JEFFERSON FUND GROUP TRUST
JEFFERSON GROWTH AND INCOME FUND
Exhibits to Form N-SAR
SUB-ITEM 77Q1
The Trust Agreement, Certificate of Trust, Bylaws and Investment
Advisory Agreement were submitted as exhibits to Form N-SAR as
filed with the Securities and Exchange Commission on August 18,
1995 and are hereby incorporated by reference.
