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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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SIGNATURE BRIAN O'NEILL
TITLE DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Accountants
To the Board of Trustees and Shareholders of
MEMBERS Mutual Funds:
In planning and performing our audit of the financial statements of
MEMBERS Cash Reserves Fund, MEMBERS Bond Fund, MEMBERS Balanced Fund,
MEMBERS High Income Fund, MEMBERS Growth and Income Fund, MEMBERS
Capital Appreciation Fund and MEMBERS International Fund, constituting
MEMBERS Mutual Funds (the "Funds") for the year ended October 31, 1999,
we considered their 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 internal control.
The management of the Funds 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 controls
may become inadequate because of changes in conditions or that the
effectiveness of their 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 of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by error 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 October 31, 1999.
This report is intended solely for the information and use of the
Board of Trustees, management and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
December 10, 1999
2
2
KPMG [Letterhead]
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
December 28, 1999
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously independent auditors of MEMBERS Mutual Funds (the Funds)
and under the date of December 11, 1998, we reported on the financial
statements of the Funds as of October 31, 1998 and for each of the periods
indicated in our report. On June 14, 1999, we resigned as independent
auditors. We have read the Funds' statements included under Item 77 of
Form N-SAR dated December 1999 and we agree with such statements.
Very truly yours,
/s/ KPMG LLP
KPMG LLP
Exhibit 77K:
Changes in Registrant's Certifying Accountant
On June 14, 1999 KPMG LLP resigned as independent accountants for the
MEMBERS Mutual Funds and Ultra Series Fund (the "Funds").
KPMG's reports for the Funds' financial statements for the past two
years have not contained any adverse opinion or disclaimer of opinion and
have not been qualified as to uncertainty, audit scope or accounting
principles. In addition there have not been any disagreements with KPMG
during the Funds' two most recent fiscal years on any matter of accounting
principles or practices, financial statement disclosure, or auditing
scope or procedure which, if not resolved to the satisfaction of KPMG,
would have caused it to make a reference to the subject matter of the
disagreement in connection with its reports. The Funds' board of
directors, upon the recommendation of the audit committee, appointed
PricewaterhouseCoopers LLP as independent accountants for the Funds on
June 15, 1999 for the 1999 fiscal year.
