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August 29, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Cappiello-Rushmore Trust
(the "Trust")
Registration No. 33-46283
Dear Sir/Madam:
The following is duly submitted pursuant to Rule 24f-2 under
the Investment Company Act of 1940 (the "1940 Act"), as amended:
1. For fiscal year ended June 30, 1995.
2. There were not registered shares under the Securities
Act of 1933 remaining unsold at the beginning of said
fiscal year.
3. No shares were registered during the fiscal year other
than pursuant to the 1940 Act.
4. The aggregate number of shares sold during the fiscal
year was 13,116,821, consisting of 4,159,987 in the
Utility Income Fund, 1,788,616 in the Growth Fund,
4,797,089 in the Emerging Growth Fund and 2,371,129 in
the Gold Fund.
5. The aggregate number of shares sold during the fiscal
year in reliance on the relevant section of the 1940
Act was 13,116,821.
Proceeds from the sale of Trust shares totaled $142,716,777
for the fiscal year ended June 30, 1995. Disbursements due to
the redemption of Trust shares for the fiscal year ended June 30,
1995 were $122,240,159. Net proceeds were $20,476,618. The
filing fee pursuant to this section therefore is $7,061.
Sincerely,
/s/ Timothy N. Coakley
Timothy N. Coakley
Controller
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August 29, 1995
Cappiello-Rushmore Trust
4922 Fairmont Avenue
Bethesda, Maryland 20814
Re: Cappiello-Rushmore Trust
Registration Nos. 33-46283 and 811-6601
Rule 24f-2 Notice (the "Notice")
Ladies and Gentlemen:
This opinion is furnished in connection with Rule 24f-2
under the Investment Company Act of 1940, as amended (the "1940
Act"). We understand that, pursuant to Rule 24f-2, the
Cappiello-Rushmore Trust (the "Trust") has registered an
indefinite number of shares of beneficial interest with no par
value of the Trust (the "Shares") under the Securities Act of
1933, as amended. We further understand that, pursuant to the
provisions of Rule 24f-2, the Trust is filing with the Securities
and Exchange Commission the Notice attached hereto making
definite the registration of the Shares sold in reliance upon
Rule 24f-2 during the year ended June 30, 1995.
In connection with rendering this opinion, we have examined
such documents, records, and other matters of law as we have
deemed necessary and appropriate for purposes of this opinion.
We have assumed that all such documents and records are in full
force and effect and have not been rescinded or modified. We
have assumed, without independent investigation or verification,
the genuineness of all signatures of all parties and the
authenticity of all documents submitted to us as originals and
the conformity to original documents of all documents submitted
to us as certified or photostatic copies. We have assumed,
without independent investigation or verification, the accuracy
and correctness of all facts set forth in certificates executed
by public officials and authorized representatives of the Trust
and delivered to us and the accuracy and correctness of all facts
set forth in oral or written statements made to us.
We have assumed the validity of all Trust actions
represented to us as having been taken. We have also assumed
substantial compliance by the Trust and its representatives with
all applicable legal requirements to the extent necessary to
validate the actions taken or intended to be taken in connection
with the authorization, issuance, classification, designation,
and other Trust actions with respect to the shares described
below. This opinion is issued as of the date hereof and is
necessarily limited by laws now in effect and facts and
circumstances presently brought to our attention and is subject
to any change in law or facts reported or occurring subsequent to
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Cappiello-Rushmore Trust
August 29, 1995
Page 2
the date hereof.
Based upon and subject to the foregoing, we are of the
opinion that the Shares, which are the subject of the Notice
filed with the Securities and Exchange Commission today, were
legally issued, fully paid, and nonassessable.
We consent to the filing of this opinion with the Notice.
This opinion is rendered solely for the benefit of the addressee
only for the purpose of filing with the Notice attached hereto,
and may not be relied upon for any other purpose or by any other
person, firm, or entity whatsoever without our written consent.
Very truly yours,
/s/ Jorden Burt & Berenson
JORDEN BURT & BERENSON
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