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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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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<PAGE> PAGE 17
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<PAGE> PAGE 19
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SIGNATURE TIMOTHY N. COAKLEY
TITLE CFO
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INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of
Cappiello-Rushmore Trust:
In planning and performing our audit of the financial
statements of Cappiello-Rushmore Trust (the "Trust")
(including the Utility, Growth, Emerging Growth, and
Gold portfolios) for the year ended June 30, 1999
(on which we have issued our report dated August 6,
1999), 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 the Trust's
internal control.
The management of the 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 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 any internal
control, misstatements due to error or fraud may occur
and not be detected. Also, projection of any
evaluation of internal control to future periods
is subject to the risk that the internal control may
become inadequate because of changes in conditions,
or that the degree of compliance with policies or
procedures deteriorate.
Our consideration of the Trust's 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 one or more of the internal
control components 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 the
Trust's internal control and its operation, including
controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of June 30,
1999.
This report is intended solely for the information and
use of management, the Board of Trustees of Cappiello-
Rushmore Trust, and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.
Deloitte & Touche LLP
Washington, DC
August 6, 1999