<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE CARL M. RIZZO, ESQ.
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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REPORT OF INDEPENDENT AUDITORS
Board of Trustees
The Rodney Square Fund
Wilmington, Delaware
In planning and performing our audit of the financial
statements of The Rodney Square Fund (the "Fund"), comprised of
the U.S. Government and Money Market Portfolios, for the year
ended September 30, 1997, 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 Fund 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 internal control, errors or
irregularities 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 the internal
control components 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 the internal
control and its operation, including procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above at September 30, 1997.
This report is intended solely for the information and use of
the Board of Trustees and management of the Fund and the
Securities and Exchange Commission.
October 22, 1997
