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SIGNATURE FREDDIE JACOBS, JR.
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE JEFFERSON FUND GROUP TRUST
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<NAME> JEFFERSON REGIONAL BANK FUND
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 316
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 316
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<DISTRIBUTIONS-OF-INCOME> (167)
<DISTRIBUTIONS-OF-GAINS> 0
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</TABLE>
INDEPENDENT AUDITOR'S REPORT
The Shareholders and Board of Trustees
The Jefferson Fund Group Trust
We have audited the accompanying statements of assets and liabilities of
Jefferson Fund Group Trust (comprising, respectively, the Jefferson Growth
and Income Fund, the Jefferson Regional Bank Fund, and the Jefferson REIT
Fund), collectively referred to as the "Funds" including the schedules of
investments as of October 31, 1999, and the related statements of
operations for the period then ended, the statements of changes in net
assets for each of the periods presented in the two-year period then ended
and the financial highlights for each of the periods presented. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlight based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements
and financial highlights. Our procedures included confirmation of
securities owned as of October 31, 1999, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of each of the respective Funds constituting the Jefferson Fund Group Trust
as of October 31, 1999, the results of their operations for the period then
ended, the changes in their net assets for each of the periods presented in
the two-year period then ended, and the financial highlights for each of
the periods presented, in conformity with generally accepted accounting
principles.
Chicago, Illinois
December 3, 1999
