To the Board of Trustees of
Fund for Government Investors:
We are the auditors of the Fund for Government Investors
(the Fund). Rushmore Trust and Savings, FSB (Rushmore Trust),
a related entity, is custodian of the Fund and the Fund is
therefore subject to the provisions of Rule 17f-2 under the
Investment Company Act of 1940. Accordingly, we have
accounted for the Fund's investment securities held by
Rushmore Trust as of the close of business on December 31,
1998. It is understood that this report is solely for the
1999. use of management and for the information of the
2000. Securities and Exchange Commission and should not
2001. be used for any other purpose.
Rushmore Trust, in addition to acting as custodian for the
Fund, is custodian for other customers. Agents of
ushmore Trust hold, or account for by book entry,
securities that are the responsibility of Rushmore Trust
through custodial or trust agreements. Securities held
by agents of Rushmore Trust, while identified by such
agents as being deposited by Rushmore Trust, cannot be
identified by such agents as to the specific customers
of Rushmore Trust who have securities included in such
deposits.
Rushmore Trust confirmed to us that the portfolio securities
owned by the Fund on December 31, 1998, were held for the
account of Rushmore Trust by the Federal Reserve Book Entry
System (the Fed), as agent for Rushmore Trust. We obtained
confirmation from the Fed of the securities held for the
account of the Rushmore Trust as of December 31, 1998. We
reviewed Rushmore Trust's reconciliation of the Fed's
confirmation to Rushmore Trust's internal records,
identifying securities held by the Fed as a part of Rushmore
Trust's aggregate security position with the Fed. We also
reviewed Rushmore Trust's records that show the owners of
the securities held by the Fed for the account of the
Rushmore Trust at December 31, 1998. We determined that
these securities, identified by such records as the
property of the Rushmore Trust, were in agreement with the
Fund's records of securities owned at December 31, 1998.
In addition, brokers confirmed to us the purchases and
sales outstanding at December 31, 1998, which were in
agreement with the Fund's records. We also agreed an
analysis of portfolio transactions recorded subsequent to
December 30, 1998, the date of our most recent examination
of the Fund's securities required under Rule 17f-2, in the
investment accounts to supporting records and verified a
sample of portfolio security transactions to supporting
records and documentation.
Because the above procedures were not sufficient to
constitute an audit conducted in accordance with generally
accepted auditing standards, we do not express an opinion
on the investment accounts referred to above as of the
dates indicated. In connection with the procedures
referred to above, no matters came to our attention that
caused us to believe that the specified accounts should be
adjusted. Had we performed additional procedures or had we
conducted an audit of the financial statements of the Fund
in accordance with generally accepted auditing standards,
matters might have come to our attention that would have
been reported to you. This report relates only to the
investments specified above and does not extend to the
financial statements of the Fund, taken as a whole for
any date or period.
Deloitte & Touche LLP
Princeton, New Jersey
January 27, 1999
