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086 F020000 13
SIGNATURE ROBERT H. BOCKRATH II
TITLE SECRETARY
Report of Independent Auditors
To The Board of Directors and Stockholder
Great Lakes Fund, Inc.
In planning and performing our audit of the financial
statements of Great Lakes Fund, Inc. for the year ended
December 31, 1997, we considered its internal control,
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.
The management of Great Lakes Fund, Inc. 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. These controls include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and 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 one or more specific internal control
components does not reduce to a relatively low level the
risk that errors or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use
of the board of directors and management of Great Lakes
Fund, Inc. and the Securities and Exchange Commission.
Ernst & Young LLP
Detroit, Michigan
January 23, 1998
Exhibit 77K
Changes in Registrant's Certifying Accountant
1. On June 26, 1997, based upon the
recommendations of the Audit Committee of the
Registrant's Board of Directors, the Board of
Directors determined not to retain KPMG Peat
Marwick LLP as the Registrant's independent
accountants for the fiscal year ending December
31, 1997.
2. During the Registrant's period May 1, 1995
(commencement of operations) to December 31,
1995 and the most recent fiscal year ending
December 31, 1996, reports on the Registrant's
financial statements contained no adverse
opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit
scope or accounting principles.
3. During the Registrant's period May 1, 1995
(commencement of operations) to December 31,
1995 and the most recent fiscal year ending
December 31, 1996, there were no disagreements
with KPMG Peat Marwick LLP on any matter of
accounting principles or practices, financial
statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved
to the satisfaction of KPMG Peat Marwick LLP
would have caused it to make reference to the
subject matter of the disagreement in connection
with its report.
4. During the Registrant's period May 1, 1995
(commencement of operations) to December 31,
1995 and the most recent fiscal year ending
December 31, 1996, there have been no
"reportable events" as such term is described in
Item 304 (a)(i)(v) of Regulation S-K with
respect to Great Lakes Fund, Inc.
5. On June 30, 1997 the Registrant engaged
Ernst & Young as its principal accountants to
audit the Registrant's financial statements.
During the Registrant's period May 1, 1995
(commencement of operations) to December 31,
1995 and the most recent fiscal year ending
December 31, 1996, the Registrant has not
consulted with Ernst & Young on items which (i)
concerned 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 or (ii)
concerned the subject matter of a disagreement
or reportable event with KPMG Peat Marwick LLP.
6. The Registrant has requested KPMG Peat
Marwick LLP to furnish it with a letter
addressed to the Securities and Exchange
Commission stating whether KPMG Peat Marwick LLP
agrees with the statements contained in the
second, third and fourth paragraphs above. A
copy of the letter from KPMG Peat Marwick LLP to
the Securities and Exchange Commission is filed
as Annex I hereto.
Securities and Exchange Commission
Washington D.C. 20549
Gentlemen:
We were previously principal accountants for
Great Lakes Fund, Inc. (the "Fund") for the year
ended December 31, 1996 and for the period May
1, 1995 to December 31, 1995 and, under the
date of February 14, 1997, we reported on the
financial statements of Great Lakes Fund, Inc.
On June 26, 1997, our appointment as principal
accountants was terminated. We have read the
Fund's statements in the second, third and
fourth paragraphs under Item 77K of its Form N-
SAR semi-annual report, and we agree with such
statements.
Very truly yours,
KPMG Peat Marwick LLP
