<PAGE>
- - --------------------------------------------------------------------------------
[RUSHMORE FUNDS ANNUAL REPORT, March 31, 1995
LOGO APPEARS HERE]
American Gas Index Fund, Inc.
4922 Fairmont Avenue, Bethesda, Maryland 20814
(800) 622-1386 (301) 657-1510
- - --------------------------------------------------------------------------------
Dear Shareholders:
American Gas Index Fund, Inc. ("AGIF") closed the fiscal year ended
March 31, 1995, with a total return of 4.72%. A fourth quarter total return of
8.49% turned around the lackluster performance that had occurred during the
first several months of the Fund's fiscal year. While the rebound was not strong
enough to overtake general market indexes like the broad based Dow Jones
Industrial Average and the S&P 500 Average, it significantly exceeded the 2.52%
total return of the Dow Jones Utility Average.
Factors unrelated to the basic strengths of the natural gas transmission
and distribution sector, caused the decline in the market performance of the
AGIF's holdings during 1994. Analysts pointed to concerns regarding interest
rates, regulatory trends in the electric utility group and competing energy
prices as factors which negatively effected the Fund's holdings. Combating these
negative factors were positives, such as a rise in gas demand, increases in
authorized rates of return by regulators, growing gas reserves and the success
of corporate restructuring. During the latter part of the Fund's fiscal year,
the natural gas industry's strengths became dominant, AGIF portfolio holdings
improved and the Fund's net asset value began its rebound, closing the fiscal
year at $11.13 per share.
- - --------------------------- Total Return Comparison ----------------------------
(April 1, 1994 - March 31, 1995)
(Bar chart appears here comparing the Total Returns during the year April 1,
1994 - March 31, 1995 of: American Gas Index 4.72%, DJ Industries 16.99%,
DJ Utilities 2.52% and S&P 500 15.57%)
The average annual total return was 4.72% for the one-year period and 6.69% for
the period 5/10/89 (inception) through March 31, 1995. Returns are historical
and include changes in principal and reinvested dividends and capital gains.
Your return and principal will vary and you may have a gain or loss when you
sell shares.
- - --------------------------------------------------------------------------------
It is our opinion that the natural gas transmission and distribution
industry is well positioned to prosper as the supplier of our nations most
environmentally desirable fossil fuel. Both new and improved technologies
applied to electric power generation, heating and cooling, automotive
transportation and industrial applications
<PAGE>
are the paths for growth. With holdings in approximately 110 companies located
throughout the nation, all of which are members of the American Gas
Association, the Fund is uniquely positioned to participate in the long term
growth of the natural gas industry.
- - ---------------------------- American Gas Index Fund ---------------------------
Three Largest Holdings By Sector
(Pie chart appears here showing the three largest Holdings by Sector:
Pipeline 20%, Diversified 36%, Combination 22% and Natural Gas Utilities 22%)
Pipeline
Panhandle Eastern Corp.
Enron Corp.
Tenneco, Inc.
Diversified/Integrated
Consolidated Natural Gas Co.
Occidental Petroleum Corp.
Pacific Enterprises
Combination Natural
Gas & Electric Utilities
Pacific Gas & Electric Co.
Public Service Enterprise Group, Inc.
Consolidated Edison Co. of New York, Inc.
Natural Gas Utilities
Brooklyn Union Gas Co.
Atlanta Gas Light Co.
MCN Corp.
- - --------------------------------------------------------------------------------
As of March 31, 1995, the market value of pipeline companies represented
20% of the portfolio, diversified/integrated companies comprised 36%,
combination companies made up 22% and natural gas utility companies were 22%.
We look forward to continuing to help you with your investments.
Sincerely,
/s/ Richard J. Garvey
Richard J. Garvey, Chairman
American Gas Index Fund
2
<PAGE>
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AMERICAN GAS INDEX FUND, INC.
STATEMENT OF NET ASSETS
MARCH 31, 1995
<TABLE>
<CAPTION>
MARKET VALUE PERCENT OF
COMMON STOCKS SHARES (NOTE 1) NET ASSETS
------------- ------- ------------ ----------
<S> <C> <C> <C>
Consolidated Natural Gas Co..................... 240,000 $ 9,270,000 4.92%
Panhandle Eastern Corp.......................... 400,000 9,200,000 4.88%
Occidental Petroleum Corp....................... 420,000 9,187,500 4.87%
Pacific Gas and Electric Co..................... 365,000 9,079,375 4.81%
Enron Corp...................................... 260,000 8,580,000 4.55%
Pacific Enterprises............................. 330,000 8,167,500 4.33%
Tenneco, Inc.................................... 145,000 6,833,125 3.62%
The Coastal Corp................................ 220,000 6,325,000 3.35%
The Columbia Gas System, Inc.*.................. 165,000 4,888,125 2.59%
NICOR, Inc...................................... 180,000 4,500,000 2.39%
Sonat, Inc...................................... 150,000 4,500,000 2.39%
Brooklyn Union Gas Co........................... 170,000 4,101,250 2.17%
Williams Companies, Inc......................... 130,700 4,002,688 2.12%
El Paso Natural Gas Co.......................... 135,000 3,864,375 2.05%
Atlanta Gas Light Co............................ 100,000 3,475,000 1.84%
Washington Gas Light Co......................... 85,000 3,431,875 1.82%
MCN Corp........................................ 185,000 3,399,375 1.80%
Peoples Energy Corp............................. 125,000 3,125,000 1.66%
Public Service Enterprise Group, Inc............ 110,000 3,011,250 1.60%
Questar Corp.................................... 95,000 2,850,000 1.51%
National Fuel Gas Co............................ 100,000 2,800,000 1.49%
Consolidated Edison Co. of New York, Inc........ 100,000 2,725,000 1.45%
Noram Energy Corp............................... 500,000 2,687,500 1.43%
Piedmont Natural Gas Co., Inc................... 100,000 2,037,500 1.08%
ENSERCH Corp.................................... 130,000 1,933,750 1.03%
Equitable Resources, Inc........................ 68,800 1,917,800 1.02%
ONEOK, Inc...................................... 100,000 1,887,500 1.00%
NIPSCO Industries, Inc.......................... 60,000 1,867,500 0.99%
Cinergy Corp.................................... 75,000 1,865,625 0.99%
CMS Energy Corp................................. 75,000 1,753,125 0.93%
Indiana Energy, Inc............................. 92,500 1,722,813 0.91%
Northwest Natural Gas Co........................ 55,000 1,718,750 0.91%
Public Service Co. of Colorado.................. 55,000 1,691,250 0.90%
Western Resources, Inc.......................... 50,000 1,562,500 0.83%
WICOR, Inc...................................... 55,000 1,546,875 0.82%
PECO Energy Co.................................. 60,000 1,507,500 0.80%
KN Energy, Inc.................................. 60,000 1,440,000 0.76%
Utilicorp United, Inc........................... 50,000 1,406,250 0.75%
Bay State Gas Co................................ 53,000 1,305,125 0.69%
Eastern Enterprises............................. 45,000 1,248,750 0.66%
</TABLE>
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3
<PAGE>
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AMERICAN GAS INDEX FUND, INC.
STATEMENT OF NET ASSETS--(CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE PERCENT OF
COMMON STOCKS SHARES (NOTE 1) NET ASSETS
------------- ------ ------------ ----------
<S> <C> <C> <C>
Baltimore Gas & Electric Co...................... 50,000 $ 1,181,250 0.63%
New Jersey Resources Corp........................ 50,000 1,112,500 0.59%
Atmos Energy Corp................................ 60,000 1,110,000 0.59%
San Diego Gas and Electric Co.................... 52,500 1,089,375 0.58%
MDU Resources Group, Inc......................... 40,000 1,065,000 0.56%
Washington Energy Co............................. 78,500 1,049,938 0.56%
Public Service Co. of North Carolina............. 65,000 975,000 0.52%
Wisconsin Energy Corp............................ 35,000 949,375 0.50%
SCANA Corp....................................... 20,000 835,000 0.44%
Niagara Mohawk Power Corp........................ 60,000 825,000 0.44%
Yankee Energy System, Inc........................ 40,000 820,000 0.43%
Connecticut Natural Gas Corp..................... 35,000 800,625 0.42%
Energen Corp..................................... 35,000 800,625 0.42%
Northern States Power Co......................... 17,500 770,000 0.41%
Transco Energy Co................................ 38,880 738,720 0.39%
The Montana Power Co............................. 32,000 728,000 0.39%
Colonial Gas Co.................................. 35,000 708,750 0.38%
South Jersey Industries, Inc..................... 35,000 691,250 0.37%
Southern Union Co.*.............................. 40,000 690,000 0.37%
Southwestern Energy Co........................... 45,000 675,000 0.36%
Connecticut Energy Corp.......................... 32,500 621,562 0.33%
Rochester Gas and Electric Corp.................. 30,000 618,750 0.33%
Seagull Energy Corp.*............................ 30,000 592,500 0.31%
UGI Corp......................................... 30,000 573,750 0.30%
United Cities Gas Co............................. 37,000 573,500 0.30%
L G & E Energy Corp.............................. 15,000 562,500 0.30%
North Carolina Natural Gas Corp.................. 26,000 546,000 0.29%
NUI Corp......................................... 35,000 529,375 0.28%
DPL, Inc......................................... 25,000 521,875 0.28%
Illinova Corp.................................... 22,500 511,875 0.27%
Long Island Lighting Co.......................... 35,000 511,875 0.27%
Public Service Co. of New Mexico................. 40,000 500,000 0.27%
Cascade Natural Gas Corp......................... 35,000 485,625 0.26%
Tejas Power Corp................................. 50,000 481,250 0.26%
Midwest Resources, Inc........................... 32,500 459,062 0.24%
Commonwealth Energy System....................... 11,000 451,000 0.24%
Southwest Gas Corp............................... 30,000 442,500 0.23%
WPS Resources Corp............................... 15,000 435,000 0.23%
New York State Electric and Gas Corp............. 20,000 427,500 0.23%
Madison Gas and Electric Co...................... 12,000 396,000 0.21%
Providence Energy Corp........................... 23,500 387,750 0.21%
Washington Water Power Co........................ 25,000 375,000 0.20%
</TABLE>
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4
<PAGE>
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AMERICAN GAS INDEX FUND, INC.
STATEMENT OF NET ASSETS--(CONCLUDED)
<TABLE>
<CAPTION>
MARKET VALUE PERCENT OF
COMMON STOCKS SHARES (NOTE 1) NET ASSETS
------------- ------ ------------ ----------
<S> <C> <C> <C>
Fall River Gas Co............................... 14,500 $ 362,500 0.19%
Orange & Rockland Utilities, Inc................ 10,000 322,500 0.17%
Citizens Utilities Co., Series B................ 25,000 315,625 0.17%
Iowa-Illinois Gas & Electric Co................. 15,000 313,125 0.17%
Delmarva Power & Light Co....................... 15,000 296,250 0.16%
WPL Holdings, Inc............................... 10,000 287,500 0.15%
Alleghany & Western Energy Corp. *.............. 23,000 261,625 0.14%
Southern Indiana Gas and Electric Co............ 9,000 259,875 0.14%
Amoco Corp...................................... 4,000 254,500 0.13%
Pennsylvania Enterprises, Inc................... 8,000 249,000 0.13%
IES Industries, Inc............................. 10,000 248,750 0.13%
Mobile Gas Service Corp......................... 12,000 237,000 0.13%
EnergyNorth, Inc................................ 12,500 221,875 0.12%
Central Hudson Gas & Electric Corp.............. 7,500 196,875 0.10%
Valley Resources, Inc........................... 16,500 181,500 0.10%
Atlantic Richfield Co........................... 1,500 172,500 0.09%
Corning Natural Gas Corp........................ 7,000 169,750 0.09%
Essex County Gas Co............................. 7,000 164,500 0.09%
Chesapeake Utilities Corp....................... 12,000 159,000 0.08%
Sierra Pacific Resources........................ 8,000 158,000 0.08%
Roanoke Gas Co.................................. 10,000 155,000 0.08%
Delta Natural Gas Co., Inc...................... 7,500 136,875 0.07%
Entergy Corp.................................... 5,000 104,375 0.06%
Northwestern Public Service Co.................. 4,000 102,000 0.05%
The Berkshire Gas Co............................ 6,500 99,125 0.05%
Chevron Corp.................................... 2,000 96,000 0.05%
Energy West, Inc................................ 9,000 67,500 0.04%
Minnesota Power & Light Co. .................... 1,000 25,250 0.01%
Wisconsin Fuel & Light Co....................... 300 9,600 0.01%
Gulfside Industries *........................... 25,000 2,500 0.00%
------------ -------
Total Common Stocks (Cost $169,906,496)....... 182,666,683 96.88%
------------ -------
Repurchase Agreements
With PaineWebber at 6.15%, dated 3/31/95,
due 4/3/95, collaterized by U.S. Treasury
Bonds,
due 8/15/23 (Cost $1,749,438)................ 1,749,438 0.93%
------------ -------
Total Investments (Cost $171,655,934)......... 184,416,121 97.81%
Other Assets Less Liabilities................. 4,127,782 2.19%
------------ -------
Net Assets (Note 6)........................... $188,543,903 100.00%
============ =======
Net Asset Value Per Share (Based on 16,941,250 $11.13
Shares Outstanding).......................... ======
</TABLE>
*Non-income producing.
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
5
<PAGE>
- - --------------------------------------------------------------------------------
AMERICAN GAS INDEX FUND, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1995
<TABLE>
<S> <C>
INVESTMENT INCOME (Note 1)
Dividends........................................................ $ 9,427,294
Interest......................................................... 52,789
-----------
Total Investment Income........................................ 9,480,083
-----------
EXPENSES
Investment Advisory Fee (Note 2)................................. 775,316
Accounting and Administrative Service Fee (Note 2)............... 678,402
Administrative Fee (Note 2)...................................... 193,830
-----------
Total Expenses................................................. 1,647,548
-----------
NET INVESTMENT INCOME.............................................. 7,832,535
-----------
Net Realized Loss on Investments................................... (8,212,064)
Net Change in Unrealized Appreciation of Investments (Note 5)...... 8,574,990
-----------
NET GAIN ON INVESTMENTS............................................ 362,926
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... $ 8,195,461
===========
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
6
<PAGE>
- - --------------------------------------------------------------------------------
AMERICAN GAS INDEX FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31,
<TABLE>
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES
Net Investment Income............................ $ 7,832,535 $ 7,946,731
Net Realized Gain (Loss) on Investments.......... (8,212,064) 189,863
Net Change in Unrealized Appreciation
(Depreciation) of Investments................... 8,574,990 (21,254,511)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations................................. 8,195,461 (13,117,917)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income (Note 1).............. (7,827,698) (7,862,843)
From Realized Gain on Investments................ -- (1,226,000)
FROM SHARE TRANSACTIONS (Note 4)................... (20,860,276) 15,686,429
------------ ------------
Net Decrease in Net Assets....................... (20,492,513) (6,520,331)
NET ASSETS--Beginning of Year...................... 209,036,416 215,556,747
------------ ------------
NET ASSETS--End of Year............................ $188,543,903 $209,036,416
============ ============
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
7
<PAGE>
- - --------------------------------------------------------------------------------
AMERICAN GAS INDEX FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED MARCH 31,
--------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value--Beginning of
Year........................... $11.08 $12.17 $ 9.45 $10.20 $11.20
-------- -------- -------- -------- --------
Net Investment Income........... 0.440 0.410 0.407 0.472 0.528
Net Realized and Unrealized
Gains (Losses) on Securities... 0.050 (1.031) 2.853 (0.758) (0.899)
-------- -------- -------- -------- --------
Net Increase (Decrease) in Net
Asset Value Resulting from
Operations..................... 0.490 (0.621) 3.260 (0.286) (0.371)
Dividends to Shareholders....... (0.440) (0.406) (0.410) (0.464) (0.530)
Distributions to Shareholders
From Net Realized Capital
Gains.......................... -- (0.063) (0.130) -- (0.099)
-------- -------- -------- -------- --------
Net Increase (Decrease) in Net
Asset Value.................... 0.05 (1.09) 2.72 (0.75) (1.00)
-------- -------- -------- -------- --------
Net Asset Value--End of Year.... $11.13 $11.08 $12.17 $ 9.45 $10.20
======== ======== ======== ======== ========
Total Investment Return........... 4.72% (5.37)% 35.38% (2.89)% (3.55)%
Ratios to Average Net Assets:
Expenses Less Reimbursement from
Adviser........................ 0.85% 0.84% 0.85% 0.85% 0.79%
Expenses Before Reimbursement
from Adviser................... 0.85% 0.84% 0.85% 0.87% 0.91%
Net Investment Income........... 4.04% 3.33% 3.82% 4.73% 5.00%
Supplementary Data:
Portfolio Turnover Rate......... 8.5% 11.4% 21.5% 30.2% 29.9%
Number of Shares Outstanding at
End of Year (000's omitted).... 16,941 18,858 17,708 13,669 12,821
</TABLE>
See Notes to Financial Statements.
- - --------------------------------------------------------------------------------
8
<PAGE>
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AMERICAN GAS INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
1. SIGNIFICANT ACCOUNTING POLICIES
American Gas Index Fund, Inc. ("Fund") is registered with the Securities
and Exchange Commission under the Investment Company Act of 1940 as an open-
end, diversified investment company. The following is a summary of significant
accounting policies which the Fund follows.
(a) Securities listed on stock exchanges are valued at the last sales
price of the applicable exchange. Over-the-Counter securities are valued at
the last sales price. If market quotations are not readily available, the
Board of Directors will value the Fund's securities in good faith.
(b) Security transactions are recorded on the trade date (the date the
order to buy or sell is executed). Interest income is accrued on a daily
basis. Dividend income is recorded on the ex-dividend date. Realized gains
and losses from securities transactions are computed on an identified cost
basis.
(c) Net investment income is computed, and dividends are declared quar-
terly. Dividends are reinvested in additional shares unless shareholders
request payment in cash. Generally short-term capital gains are distributed
quarterly and long-term capital gains, if any, are distributed annually.
(d) The Fund complies with the provisions of the Internal Revenue Code
applicable to regulated investment companies and distributes all net in-
vestment income to its shareholders. Therefore, no Federal income tax pro-
vision is required.
2. INVESTMENT ADVISORY AND SHAREHOLDER SERVICES
Investment advisory and management services are provided by Money Manage-
ment Associates, ("Adviser"). Under an agreement with the Adviser, the Fund
pays a fee for such services at an annual rate of 0.40% of the average daily
net assets of the Fund.
Rushmore Trust and Savings, FSB ("Trust") which is wholly owned by Money
Management Associates, provides transfer agency, dividend-disbursing and share-
holder services to the Fund. In addition, the Trust serves as custodian of the
Fund's assets and pays the operating expenses of the Fund. For these services
the Trust receives an annual fee of 0.35% of the average daily net assets of
the Fund.
The American Gas Association, (A.G.A.), serves as administrator for the
Fund. As administrator, A.G.A. calculates and maintains the Index and provides
the Fund with information concerning the natural gas industry. For these serv-
ices the Fund pays a fee at an annual rate of 0.10% of the average daily net
assets of the Fund.
3. SECURITIES TRANSACTIONS
For the year ended March 31, 1995, purchases of securities were
$16,462,348, and sales of securities were $41,852,678. These totals exclude
short-term securities.
- - --------------------------------------------------------------------------------
9
<PAGE>
- - --------------------------------------------------------------------------------
AMERICAN GAS INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
4. SHARE TRANSACTIONS
On March 31, 1995, there were 1,000,000,000 shares of $0.001 par value cap-
ital stock authorized. Transactions in shares of the Fund for the year ended
March 31, 1995 were as follows:
<TABLE>
<CAPTION>
SHARES DOLLARS
---------- ------------
<S> <C> <C>
Shares Sold........................................... 3,676,255 $ 40,152,519
Shares Issued in Reinvestment of Dividends............ 619,298 6,667,885
---------- ------------
4,295,553 46,820,404
Shares Redeemed....................................... (6,212,802) (67,680,680)
---------- ------------
(1,917,249) $(20,860,276)
========== ============
</TABLE>
5. NET UNREALIZED APPRECIATION OF INVESTMENTS
As of March 31, 1995, net unrealized appreciation of investments for Fed-
eral income tax purposes was $10,086,551 of which $22,356,567 related to appre-
ciated investments and $12,270,016 related to depreciated investments. At March
31, 1995 the cost of the Fund's securities for Federal income tax purposes was
$174,329,570.
6. NET ASSETS
At March 31, 1995 net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in Capital................................................... $187,456,452
Net Unrealized Appreciation of Investments........................ 12,760,187
Accummulated Realized Loss on Investments......................... (11,816,667)
Undistributed Net Investment Income............................... 143,931
------------
NET ASSETS........................................................ $188,543,903
============
</TABLE>
7. CAPITAL LOSS CARRYOVERS
At March 31, 1995, for Federal income tax purposes, the Fund had capital
loss carryovers which may be applied against future net taxable realized gains
of each succeeding year until the earlier of its utilization or its expiration:
<TABLE>
<CAPTION>
EXPIRES IN EXPIRES IN EXPIRES IN
2001 2002 2003 TOTAL
- - ---------- ---------- ---------- -----------
<S> <C> <C> <C>
$2,568,466 $1,036,137 $8,212,064 $11,816,667
</TABLE>
- - --------------------------------------------------------------------------------
10
<PAGE>
- - --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Directors
of American Gas Index Fund, Inc.
We have audited the statement of net assets of American Gas Index Fund, Inc. as
of March 31, 1995, the related statements of operations for the year then ended
and changes in net assets and the financial highlights for the periods
presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at
March 31, 1995 by correspondence with the custodian and brokers; where replies
were not received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the net assets of American Gas Index Fund,
Inc. at March 31, 1995, the results of its operations, the changes in its net
assets, and the financial highlights for the respective stated periods in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Washington, D.C.
May 9, 1995
- - --------------------------------------------------------------------------------
11
<PAGE>
- - --------------------------------------------------------------------------------
AMERICAN
GAS
INDEX
FUND
- - ----------------------------------------------------------------------
ANNUAL REPORT
MARCH 31, 1995
[RECYCLING LOGO APPEARS HERE] [LOGO OF RUSHMORE APPEARS HERE]
Printed on Recycled Paper
[SOY INK LOGO APPEARS HERE]
- - --------------------------------------------------------------------------------
