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SIGNATURE RITA DAM
TITLE ASSISTANT TREASURER
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Report of Independent Auditors
To the Shareholders and Board of Directors of
Fleming Capital Mutual Fund Group, Inc.
In planning and performing our audit of the financial statements of Fleming
Capital Mutual Fund Group, Inc. (comprising, respectively, the Fleming Fund
and the Fleming Fledgling Fund) for the periods from November 13, 1997 and
November 14, 1997, respectively, (commencement of operations) to September
30, 1998, we considered its internal control, 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
the internal control.
The management of Fleming Capital Mutual Fund Group, 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.
Those 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 the internal control would not necessarily disclose
allmatters in the internal control that might be material weaknesses
understandards 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 of the 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 the internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above at September 30, 1998.
This report is intended solely for the information and use of the board
of directors and management of Fleming Capital Mutual Fund Group, Inc.
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
November 6, 1998