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<PAGE> PAGE 2
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<PAGE> PAGE 11
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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 20
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<PAGE> PAGE 21
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025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
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028 A010500 680
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<PAGE> PAGE 22
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050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 23
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 N
054 I000500 N
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054 L000500 N
054 M000500 N
054 N000500 N
054 O000500 N
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062 O000500 0.0
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066 C000500 N
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066 F000500 N
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<PAGE> PAGE 24
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070 E010500 N
070 E020500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE RICHARD A CLEMENS
TITLE MGR/FINANCIAL REPTG
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, 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 The Flex-Partners Trust 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 any 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 the 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 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 operations, 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 and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other
than these specified parties.
Columbus, Ohio
February 19, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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