Fund for Government Investors
4922 Fairmont Avenue
Bethesda, Maryland 20814
To the Board of Directors of Fund for Government Investors:
We are the auditors of 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, without prior
notice to the Fund or Rushmore Trust, accounted for the Fund's investment
securities held by Rushmore Trust as of the close of business on December 19,
1997. It is understood that this report is solely for the use of management
and for the information of the Securities and Exchange Commission and should
not be used for any other purpose.
Rushmore Trust, in addition to acting as custodian for the Fund, is custodian
for other customers. Agents of Rushmore Trust hold, or account for by book
entry, securities which are the responsibility of Rushmore Trust through
custodian 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 securities owned by the Fund on
December 19, 1997 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 Rushmore
Trust as of December 19, 1997. 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 records which show
the owners of the securities held by the Fed for the account of Rushmore
Trust at December 19, 1997. We determined that securities, identified by
such records as the property of the Fund, were in agreement with the Fund's
records of securities owned at December 19, 1997. We also agreed an analysis
of portfolio transactions recorded subsequent to September 16, 1997, 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 made
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 made 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
Princeton, New Jersey
January 23, 1998
