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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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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 21
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025 A000503 CREDIT SUISSE
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025 D000503 99
025 A000504 HANG SENG BANK
025 C000504 E
025 D000504 41
025 A000505 BARCLAYS
025 C000505 E
025 D000505 102
025 A000506 DAIWA BANK
025 C000506 E
025 D000506 18
025 A000507 SCHRODERS
025 C000507 E
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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050 000500 N
051 000500 N
052 000500 N
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054 A000500 Y
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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 K000500 N
054 L000500 N
054 M000500 N
054 N000500 N
054 O000500 N
058 A000500 N
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062 D000500 0.0
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<PAGE> PAGE 24
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066 F000500 N
066 G000500 N
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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 BRUCE MCKIBBEN
TITLE MGR/FINANCIAL REPTG
The Board of Trustees and Shareholders of
The Flex-Partners Trust:
In planning and performing our audits of the financial
statements of The Flex-Partners Trust (the Funds) for the
year ended December 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 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 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 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
its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of
the 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.
KPMG LLP
Columbus, Ohio
February 11, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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