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<PAGE> PAGE 2
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SIGNATURE ERIC W. FALKEIS
TITLE COMPLIANCE ADMIN.
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SUB-ITEM 77K
Disclosure required by Regulation Section 229.304 Item 304(a)(2)
Engagement of New Certifying Accountants.
Effective October 31, 1997, and ratified on December 18, 1997, the
Board of Trustees, meeting in person, terminated Coopers & Lybrand
L.L.P. (Coopers) and appointed KPMG Peat Marwick LLP (KPMG) as the
Fund's principal independent accountants for the fiscal year ended
October 31, 1997.
At no time during the Fund's two most recent fiscal years nor any
subsequent interim period prior to engaging KPMG did the Fund (or
someone on its behalf) consult KPMG regarding the application of
accounting principles, the type of opinion KPMG would issue on the
Fund's financial statements, or any other significant matter. Nor
was there any matter that was either the subject of a disagreement
(as defined by Regulation Section 229.304 (a)(1)(iv)) between Fund
management and Coopers prior to their termination nor a reportable
event (as described in Regulation Section 229.304(a)(1)(v)).
December 29, 1997
Chief Accountant
SECPS Letter File, Mail Stop 9-5
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by The Jefferson Fund Group
Trust-Jefferson Growth & Income Fund (Commission File Number 811-08958)
(copy attached), which we understand will be filed with the Commission,
pursuant to Item 77K of Form N-SAR, as part of the Fund's Form N-SAR
report as of the end of the fiscal year October 31, 1997. We agree with
the statements concerning our Firm in such Form N-SAR.
Very truly yours,
COOPERS & LYBRAND L.L.P.
cc: Lawrence J. Kujawski, President - Jefferson Growth & Income Fund
Eric Falkeis, Firstar Trust Company
To The Shareholders and
Board of Trustees
The Jefferson Fund Group Trust:
In planning and performing our audit of the financial statements of
the Jefferson Growth and Income Fund (the Fund), a series of The
Jefferson Fund Group Trust, for the year ended October 31, 1997, we
considered its internal control structure, including control
activities 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 internal control.
The management of the Fund 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 control activities.
Generally, control activities 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. These control activities
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 any specific internal control
components 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 internal control, including control activities
for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick
November 14, 1997
