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<PAGE> PAGE 2
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
SIGNATURE RICHARD A CLEMENS
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The Board of Trustees of
The Flex-Partners Trust:
In planning and performing our audit of the financial
statements of The Flex-Partners Trust for the year
ended December 31, 1997, we considered its
internal controls, 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 controls.
The management of The Flex-Partners Trust is
responsible for establishing and maintaining internal
controls. In fulfilling this responsibility, estimates
and judgments by management are required to assess
the expected benefits and related costs of internal
control policies and procedures. Two of the objectives
of internal controls are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in internal controls,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of the internal
controls to future periods is subject to the risk that
they may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal controls would not
necessarily disclose all matters in the internal controls
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 the specific internal
control elements does not reduce to a relatively low
level the risk that errors or irregularities 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 controls, including
procedures 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 management and the Securities and Exchange Commission.
KPMG PEAT MARWICK LLP
Columbus, Ohio
February 12, 1998
