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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 8
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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 VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000773754
<NAME> THE RUSHMORE FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
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Merger (NSAR item 77m)
On December 31, 1995, the Rushmore U.S. Government Long-Term Securities
Portfolio acquired all the net assets of the Rushmore U.S. Government
Intermediate-Term Securities Portfolio; pursuant to a plan of reorganization
approved by the Rushmore U.S. Government Intermediate-Term Securities
Portfolio shareholders on December 22, 1995. The acquisition was accomplished
by a tax-free exchange of 1,182,595 shares of Rushmore U.S. Government
Long-Term Securities Portfolio (valued at $12,773,496) for 1,291,408 shares
of Rushmore U.S. Government Intermediate-Term Securities Portfolio, outstanding
on December 31, 1995. The transferred Portfolio's net assets at that date
were $12,773,496, including $962,905 of unrealized appreciation and $980,429
ofaccumulated loss carryforwards, which combined with those of the
Rushmore U.S. Government Long-Term Securities Portfolio.
The aggregate net assets of the Portfolios immediately before and after the
acquisition were as follows:
Before After
Acquisition Acquisition
Rushmore U.S. Government Long-Term
Securities Portfolio.........................$20,593,589 $33,367,085
Rushmore U.S. Government Intermediate-Term
Securities Portfolio.........................$12,773,496 ------
Immediately following the Reorganization, the Rushmore U.S. Government
Long-Term Securities Portfolio was renamed
The Rushmore U.S. Government Bond Portfolio.
