Report of Independent Accountants
To the Board of Trustees and Shareholders of
One Group Mutual Funds:
In planning and performing our audits of the financial statements of
One Group Mutual Funds for the year ended June 30, 2000, 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 One Group Mutual 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 June 30, 2000.
This report is intended solely for the information and use of the
management and the Board of Trustees of One Group Mutual Funds 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
August 18, 2000
Columbus, Ohio
(2)
