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<PAGE> PAGE 2
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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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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE TIMOTHY N. COAKLEY
TITLE CFO
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885113
<NAME> CAPPIELLO-RUSHMORE TRUST
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<S> <C>
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<PERIOD-START> JUL-01-1997
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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DELOITTE & TOUCHE LLP
1900 M Street NW
Washington, DC 20036-3564
Telephone: (202) 955-4000
Facsimile: (202) 955-4294
To the Board of Trustees of Cappiello-Rushmore Trust:
In planning and performing our audit of the financial statements of
Cappiello-Rushmore Trust for the year ended June 30, 1998 (on which
we issued our report dated August 7, 1998), 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, and not to provide assurance on internal control.The
management of Cappiello-Rushmore Trust 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 tha re 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
acceped accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and may not be detected. Also, projectionof 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 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 any
specific internal control component does not reduce to a relatively low level
the risk that misstatements caused by error or fraud 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 control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as
defined above as of June 30, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission.
Deloitte & Touche LLP
Washington, D.C.
August 7, 1998
</TABLE>
