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SIGNATURE ALLAN D. ENGEL
TITLE VP SEC'Y & ASST TREA
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Shareholders and
Board of Trustees
Amway Mutual Fund
Ada, Michigan
In planning and performing our audit of the financial statements of Amway
Mutual Fund for the year ended December 31, 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 internal control.
The management of Amway Mutual 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 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, error 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 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 the internal control and its
2
<PAGE>
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Amway Mutual Fund, and the Securities and Exchange
Commission.
/s/ BDO Seidman, LLP
Grand Rapids, Michigan
January 11, 1999
3
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMWAY MUTUAL
FUND - CLASS A FINANCIAL STATEMENTS FOR 12-31-98 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000006247
<NAME> AMWAY MUTUAL FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 170,550,608
<INVESTMENTS-AT-VALUE> 173,010,160
<RECEIVABLES> 494,219
<ASSETS-OTHER> 6,895,369
<OTHER-ITEMS-ASSETS> 0
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<SHARES-COMMON-PRIOR> 17,999,216
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<INTEREST-INCOME> 200,443
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<APPREC-INCREASE-CURRENT> (10,357,465)
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<EQUALIZATION> 0
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<SHARES-REINVESTED> 3,684,581
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<GROSS-EXPENSE> 1,619,676
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<PER-SHARE-NAV-BEGIN> 7.73
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
AMWAY MUTUAL FUND - CLASS R FINANCIAL STATEMENTS FOR 12-31-98 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000006247
<NAME> AMWAY MUTUAL FUND
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<NUMBER> 002
<NAME> CLASS R
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<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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