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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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SIGNATURE JIM SCHRACK
TITLE TREASURER
Independent Auditors' Report on Internal Accounting Controls
The Board of Trustees
The Cardinal Group:
In planning and performing our audit of the financial statements of The
Cardinal Group, Cardinal Aggressive Growth Fund and Cardinal Balanced Fund,
for the year ended September 30, 1995, 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 internal controls.
The management of The Cardinal Group is responsible for establishing and
maintaining internal controls. In fulfilling this responsibility, esti-
mates and judgments by management are required to assess the expected bene-
fits 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 irregular-
ities may occur and not be detected. Also, projection of any evaluation
of 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 internal controls would not necessarily disclose all
matters in 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 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 internal controls, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1995.
This report is intended solely for the use of management and the Securities
and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
November 17, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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