UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811- 07584 | |
Rydex Series Funds
(Exact name of registrant as specified in charter)
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
(Address of principal executive offices) (Zip code)
Richard M. Goldman
Rydex Series Funds
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
(Name and address of agent for service)
Rydex Series Funds
9601 Blackwell Road, Suite 500
Rockville, Maryland 20850
Registrant’s telephone number, including area code: | 301-296-5100 | |
Date of fiscal year end: | March 31 | |
Date of reporting period: | September 30, 2009 | |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Rydex Series Funds
Semi-Annual Reports
Semi-Annual Reports
SEPTEMBER 30, 2009
RYDEX SERIES FUNDS SEMI-ANNUAL REPORT
BENCHMARK FUNDS
BENCHMARK FUNDS
DOMESTIC EQUITY FUNDS
RYDEX NOVA FUND
RYDEX S&P 500 FUND
RYDEX INVERSE S&P 500 STRATEGY FUND
RYDEX NASDAQ-100® FUND
RYDEX INVERSE NASDAQ-100® STRATEGY FUND
RYDEX MID-CAP 1.5x STRATEGY FUND
RYDEX INVERSE MID-CAP STRATEGY FUND
RYDEX RUSSELL 2000® 1.5x STRATEGY FUND
RYDEX RUSSELL 2000® FUND
RYDEX INVERSE RUSSELL 2000® STRATEGY FUND
RYDEX S&P SMALLCAP 600 PURE GROWTH FUND
(Formerly, Small-Cap Growth fund)
(Formerly, Small-Cap Growth fund)
RYDEX S&P MIDCAP 400 PURE GROWTH FUND
(Formerly, Mid-Cap Growth Fund)
(Formerly, Mid-Cap Growth Fund)
RYDEX S&P 500 PURE GROWTH FUND
(Formerly, Large-Cap Growth Fund)
(Formerly, Large-Cap Growth Fund)
RYDEX S&P SMALLCAP 600 PURE VALUE FUND
(Formerly, Small-Cap Value Fund)
(Formerly, Small-Cap Value Fund)
RYDEX S&P MIDCAP 400 PURE VALUE FUND
(Formerly, Mid-Cap Value Fund)
(Formerly, Mid-Cap Value Fund)
RYDEX S&P 500 PURE VALUE FUND
(Formerly, Large-Cap Value Fund)
(Formerly, Large-Cap Value Fund)
INTERNATIONAL EQUITY FUNDS
RYDEX EUROPE 1.25x STRATEGY FUND
RYDEX JAPAN 2x STRATEGY FUND
SPECIALTY FUNDS
RYDEX STRENGTHENING DOLLAR 2x STRATEGY FUND
RYDEX WEAKENING DOLLAR 2x STRATEGY FUND
RYDEX REAL ESTATE FUND
FIXED INCOME FUNDS
RYDEX GOVERNMENT LONG BOND 1.2x
STRATEGY FUND
STRATEGY FUND
RYDEX INVERSE GOVERNMENT LONG BOND
STRATEGY FUND
STRATEGY FUND
RYDEX HIGH YIELD STRATEGY FUND
RYDEX INVERSE HIGH YIELD STRATEGY FUND
MONEY MARKET FUND
RYDEX U.S. GOVERNMENT MONEY MARKET FUND
![RYDEX SGI LOGO](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612228.gif)
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612229.gif)
TABLE OF CONTENTS
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 1 |
LETTER TO OUR SHAREHOLDERS
DEAR SHAREHOLDER:
Nearly a year after the height of the financial crisis, the equity and credit markets are returning to more normal functioning. Fed chairman Ben Bernanke’s September 15 comment that “the recession is very likely over” seems to confirm the encouraging signs of the past six months. Overall, economic data suggest that the economy is emerging from the financial crisis and severe recession. Deflationary forces stemming from the financial crisis and economic slowdown are aggressively being countered by massive global efforts to ease monetary policy and create fiscal stimulus programs. But as unexpectedly lower demand for durable goods and a decrease over prior month’s existing home sales indicates, the road to recovery may still be a rough ride.
Continuing Fallout from 2008
Six months ago, the stock market began to climb back up from its lowest level in 12 years (reached March 9, 2009). For many, the spring surge gave hope for an end to the bear market that ravaged investors’ portfolios, but the deepest recession since the Great Depression would still leave its mark on the second and third quarters. As investors looked forward to putting 2008 far behind them, General Motors (“GM”) filed for bankruptcy on June 1 despite the interjection of more than $19.4 billion in federal help—and for the first time since 1925, GM was no longer part of the Dow Jones Industrial Average Index (“DJIA”). Second quarter GDP declined by a 1.0% annual rate, though recovering somewhat from the 6.4% contraction of the first quarter. According to Bloomberg, this quarterly drop in GDP was the fourth in a row, the longest contraction since quarterly records began in 1947. By the end of September, the U.S. unemployment rate climbed to 9.8%—the highest since June 1983. In the same breath as he suggested the recession’s end, Bernanke also cautioned that “it’s still going to feel like a very weak economy for some time.”
Cautious Optimism for Q4 and Beyond
The second and third quarters saw unprecedented growth in the stock market, kicked off in May by a report from payroll processor ADP that fewer jobs were lost in April than economists predicted. In May, the Treasury Department also released the results of the now infamous “bank stress tests,” allowing 10 major banks to pay back $68 billion in TARP money forced upon them earlier in the year. Existing home sales rose in July by 7.2%, while single-family housing starts rose 1.7% in July, the fifth straight month of increase. This larger than expected increase was followed by an unexpected drop in existing home sales in August. While there are signs of stabilization in the housing markets, recent economic reports suggest the recovery may be tepid at best. The index of U.S. leading indicators rose in August (0.6%) for the fifth straight month, though not by as much as in July (0.9%) or as expected (0.7%). Over the past six months, stock market fluctuations—as measured by the SPX Volatility Index, a measure of expected future volatility levels—have returned to more historically “normal” levels. Despite the impressive rally from its low point of 676.53 on March 9, 2009, the equity market—as measured by the S&P 500® Index—has declined 6.91% for the year period ending September 30, 2009.
Are we on the road to recovery? Clearly there are signs that point to an improving, or more specifically, a less negative economic environment. On the other hand, soft economic data in September showed us that excessive optimism is premature—the economy still has a long way to go. It is likely that we’ll continue to see volatility in the market as the economic situation moves from crisis to stabilization. While we are not out of the woods yet, improving market conditions should lead to better investment opportunities going forward.
2 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
LETTER TO OUR SHAREHOLDERS (concluded)
Moving Forward
From my perspective, every bear market—from the Great Depression to the tech bubble of the early 1990s—teaches investors the same valuable lesson: The need to diversify. Earlier this year, we integrated with Security Global Investors to become Rydex|SGI. This integration allows us to expand our current lineup of quantitatively managed, alternative and target beta funds to include actively managed global, growth, value and specialty fixed-income strategies. Simply put: We diversified our product offerings in order to position the company for future growth and to provide our clients with a wider array of investment strategies than ever before.
While this integration marks the firm’s evolution to a leading multi-discipline asset management firm, more importantly, we believe investors will be well served by the broader array of investment choices now available from Rydex|SGI.
We appreciate the trust that you have placed in our firm’s quality and integrity by investing with us. It is our goal to continue to offer you a wide variety of investment offerings to help you meet your financial goals.
Sincerely,
![-s- Michael Byrum](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612230.gif)
Michael Byrum
President & Chief Investment Officer
President & Chief Investment Officer
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 3 |
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)
Many of the Rydex Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.
Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.
An Example of Compounding
For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0%—in line with its benchmark.
On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.
Index | Index | Fund | Fund | |||||||||||||||||||||
Level | Performance | Expectation | Fund NAV | Performance | Assessment | |||||||||||||||||||
Start | 100 | $ | 10.00 | |||||||||||||||||||||
Day 1 | 106 | 6.0 | % | 9.0 | % | $ | 10.90 | 9.0 | % | In line | ||||||||||||||
Day 2 | 99 | -6.6 | % | -9.9 | % | $ | 9.82 | -9.9 | % | In line | ||||||||||||||
Cumulative | -1.0 | % | -1.5 | % | -1.8 | % | -0.3% | |||||||||||||||||
As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.
Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.
In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.
As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.
4 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2009 and ending September 30, 2009.
The following tables illustrate a Fund’s costs in two ways:
Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”
Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Certain retirement plans such as IRA, SEP, Roth IRA and 403(b) accounts are charged an annual $15 maintenance fee. Upon liquidating a retirement account, a $15 account-closing fee will be taken from the proceeds of the redemption.
The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.
Note that the expenses shown in the table are meant to highlight and help compare ongoing costs only and do not reflect any transactional costs which may be incurred by a Fund.
More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 5 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 1. Based on actual Fund return | ||||||||||||||||
Nova Fund | ||||||||||||||||
Investor Class | 1.29% | $1,000.00 | $1,530.70 | $ 8.18 | ||||||||||||
Advisor Class | 1.79% | 1,000.00 | 1,526.60 | 11.34 | ||||||||||||
A-Class | 1.54% | 1,000.00 | 1,527.60 | 9.76 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,523.00 | 14.48 | ||||||||||||
S&P 500 Fund | ||||||||||||||||
A-Class | 1.54% | 1,000.00 | 1,319.60 | 8.95 | ||||||||||||
C-Class | 2.28% | 1,000.00 | 1,315.20 | 13.23 | ||||||||||||
H-Class | 1.53% | 1,000.00 | 1,319.80 | 8.90 | ||||||||||||
Inverse S&P 500 Strategy Fund | ||||||||||||||||
Investor Class | 1.44% | 1,000.00 | 723.20 | 6.22 | ||||||||||||
Advisor Class | 1.94% | 1,000.00 | 721.20 | 8.37 | ||||||||||||
A-Class | 1.69% | 1,000.00 | 722.20 | 7.30 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 719.30 | 10.52 | ||||||||||||
NASDAQ-100® Fund | ||||||||||||||||
Investor Class | 1.31% | 1,000.00 | 1,386.50 | 7.84 | ||||||||||||
Advisor Class | 1.81% | 1,000.00 | 1,382.10 | 10.81 | ||||||||||||
A-Class | 1.56% | 1,000.00 | 1,383.60 | 9.32 | ||||||||||||
C-Class | 2.31% | 1,000.00 | 1,379.20 | 13.78 | ||||||||||||
Inverse NASDAQ-100® Strategy Fund | ||||||||||||||||
Investor Class | 1.47% | 1,000.00 | 699.10 | 6.26 | ||||||||||||
Advisor Class | 1.97% | 1,000.00 | 696.80 | 8.38 | ||||||||||||
A-Class | 1.72% | 1,000.00 | 697.60 | 7.32 | ||||||||||||
C-Class | 2.47% | 1,000.00 | 695.30 | 10.50 | ||||||||||||
Mid-Cap 1.5x Strategy Fund | ||||||||||||||||
A-Class | 1.69% | 1,000.00 | 1,657.20 | 11.26 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,651.20 | 16.22 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,657.20 | 11.26 | ||||||||||||
Inverse Mid-Cap Strategy Fund | ||||||||||||||||
A-Class | 1.70% | 1,000.00 | 668.50 | 7.11 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 665.70 | 10.19 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 668.10 | 7.07 | ||||||||||||
Russell 2000® 1.5x Strategy Fund | ||||||||||||||||
A-Class | 1.72% | 1,000.00 | 1,701.40 | 11.65 | ||||||||||||
C-Class | 2.47% | 1,000.00 | 1,696.00 | 16.69 | ||||||||||||
H-Class | 1.72% | 1,000.00 | 1,702.50 | 11.65 | ||||||||||||
Russell 2000® Fund | ||||||||||||||||
A-Class | 1.57% | 1,000.00 | 1,424.70 | 9.54 | ||||||||||||
C-Class | 2.32% | 1,000.00 | 1,419.10 | 14.07 | ||||||||||||
H-Class | 1.57% | 1,000.00 | 1,424.30 | 9.54 | ||||||||||||
Inverse Russell 2000® Strategy Fund | ||||||||||||||||
A-Class | 1.71% | 1,000.00 | 655.80 | 7.10 | ||||||||||||
C-Class | 2.46% | 1,000.00 | 653.30 | 10.20 | ||||||||||||
H-Class | 1.71% | 1,000.00 | 655.60 | 7.10 | ||||||||||||
S&P SmallCap 600 Pure Growth Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,567.00 | 9.97 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,560.70 | 14.70 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,566.10 | 9.91 | ||||||||||||
S&P MidCap 400 Pure Growth Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,534.90 | 9.85 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,529.20 | 14.52 | ||||||||||||
H-Class | 1.55% | 1,000.00 | 1,534.90 | 9.85 | ||||||||||||
S&P 500 Pure Growth Fund | ||||||||||||||||
A-Class | 1.54% | 1,000.00 | 1,441.20 | 9.42 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,436.00 | 13.98 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,442.10 | 9.43 |
6 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
S&P SmallCap 600 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | $1,000.00 | $2,353.80 | $13.03 | ||||||||||||
C-Class | 2.30% | 1,000.00 | 2,344.60 | 19.28 | ||||||||||||
H-Class | 1.55% | 1,000.00 | 2,352.30 | 13.03 | ||||||||||||
S&P MidCap 400 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,883.00 | 11.20 | ||||||||||||
C-Class | 2.30% | 1,000.00 | 1,875.80 | 16.58 | ||||||||||||
H-Class | 1.56% | 1,000.00 | 1,883.70 | 11.28 | ||||||||||||
S&P 500 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,976.40 | 11.57 | ||||||||||||
C-Class | 2.31% | 1,000.00 | 1,972.40 | 17.21 | ||||||||||||
H-Class | 1.56% | 1,000.00 | 1,979.80 | 11.65 | ||||||||||||
Europe 1.25x Strategy Fund | ||||||||||||||||
A-Class | 1.70% | 1,000.00 | 1,722.50 | 11.60 | ||||||||||||
C-Class | 2.45% | 1,000.00 | 1,713.90 | 16.67 | ||||||||||||
H-Class | 1.70% | 1,000.00 | 1,722.50 | 11.60 | ||||||||||||
Japan 2x Strategy Fund | ||||||||||||||||
A-Class | 1.53% | 1,000.00 | 1,668.10 | 10.23 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,663.30 | 15.29 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,668.10 | 10.30 | ||||||||||||
Strengthening Dollar 2x Strategy Fund | ||||||||||||||||
A-Class | 1.68% | 1,000.00 | 771.90 | 7.46 | ||||||||||||
C-Class | 2.43% | 1,000.00 | 769.10 | 10.78 | ||||||||||||
H-Class | 1.68% | 1,000.00 | 772.40 | 7.46 | ||||||||||||
Weakening Dollar 2x Strategy Fund | ||||||||||||||||
A-Class | 1.69% | 1,000.00 | 1,230.20 | 9.45 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,225.00 | 13.61 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,230.30 | 9.45 | ||||||||||||
Real Estate Fund | ||||||||||||||||
A-Class | 1.64% | 1,000.00 | 1,639.10 | 10.85 | ||||||||||||
C-Class | 2.40% | 1,000.00 | 1,633.40 | 15.84 | ||||||||||||
H-Class | 1.65% | 1,000.00 | 1,639.60 | 10.92 | ||||||||||||
Government Long Bond 1.2x Strategy Fund | ||||||||||||||||
Investor Class | 0.99% | 1,000.00 | 910.90 | 4.74 | ||||||||||||
Advisor Class | 1.49% | 1,000.00 | 910.20 | 7.13 | ||||||||||||
A-Class | 1.23% | 1,000.00 | 910.60 | 5.89 | ||||||||||||
C-Class | 1.99% | 1,000.00 | 907.70 | 9.52 | ||||||||||||
Inverse Government Long Bond Strategy Fund | ||||||||||||||||
Investor Class | 1.42% | 1,000.00 | 1,052.60 | 7.31 | ||||||||||||
Advisor Class | 1.92% | 1,000.00 | 1,050.20 | 9.87 | ||||||||||||
A-Class | 1.67% | 1,000.00 | 1,051.10 | 8.59 | ||||||||||||
C-Class | 2.42% | 1,000.00 | 1,046.40 | 12.41 | ||||||||||||
High Yield Strategy Fund | ||||||||||||||||
A-Class | 1.53% | 1,000.00 | 1,182.10 | 8.37 | ||||||||||||
C-Class | 2.28% | 1,000.00 | 1,178.80 | 12.45 | ||||||||||||
H-Class | 1.52% | 1,000.00 | 1,182.40 | 8.32 | ||||||||||||
Inverse High Yield Strategy Fund | ||||||||||||||||
A-Class | 1.57% | 1,000.00 | 801.60 | 7.09 | ||||||||||||
C-Class | 2.32% | 1,000.00 | 798.70 | 10.46 | ||||||||||||
H-Class | 1.57% | 1,000.00 | 801.70 | 7.09 | ||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||
Investor Class | 0.48% | 1,000.00 | 1,000.00 | 2.41 | ||||||||||||
Investor2 Class** | 0.36% | 1,000.00 | 1,000.00 | 0.80 | ||||||||||||
Advisor Class | 0.47% | 1,000.00 | 1,000.00 | 2.36 | ||||||||||||
A-Class | 0.48% | 1,000.00 | 1,000.00 | 2.41 | ||||||||||||
C-Class | 0.49% | 1,000.00 | 1,000.00 | 2.46 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 7 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||
Nova Fund | ||||||||||||||||
Investor Class | 1.29% | $1,000.00 | $1,018.60 | $ 6.53 | ||||||||||||
Advisor Class | 1.79% | 1,000.00 | 1,016.09 | 9.05 | ||||||||||||
A-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
S&P 500 Fund | ||||||||||||||||
A-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 | ||||||||||||
C-Class | 2.28% | 1,000.00 | 1,013.64 | 11.51 | ||||||||||||
H-Class | 1.53% | 1,000.00 | 1,017.40 | 7.74 | ||||||||||||
Inverse S&P 500 Strategy Fund | ||||||||||||||||
Investor Class | 1.44% | 1,000.00 | 1,017.85 | 7.28 | ||||||||||||
Advisor Class | 1.94% | 1,000.00 | 1,015.34 | 9.80 | ||||||||||||
A-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,012.84 | 12.31 | ||||||||||||
NASDAQ-100® Fund | ||||||||||||||||
Investor Class | 1.31% | 1,000.00 | 1,018.50 | 6.63 | ||||||||||||
Advisor Class | 1.81% | 1,000.00 | 1,015.99 | 9.15 | ||||||||||||
A-Class | 1.56% | 1,000.00 | 1,017.25 | 7.89 | ||||||||||||
C-Class | 2.31% | 1,000.00 | 1,013.49 | 11.66 | ||||||||||||
Inverse NASDAQ-100® Strategy Fund | ||||||||||||||||
Investor Class | 1.47% | 1,000.00 | 1,017.70 | 7.44 | ||||||||||||
Advisor Class | 1.97% | 1,000.00 | 1,015.19 | 9.95 | ||||||||||||
A-Class | 1.72% | 1,000.00 | 1,016.44 | 8.69 | ||||||||||||
C-Class | 2.47% | 1,000.00 | 1,012.68 | 12.46 | ||||||||||||
Mid-Cap 1.5x Strategy Fund | ||||||||||||||||
A-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,012.84 | 12.31 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
Inverse Mid-Cap Strategy Fund | ||||||||||||||||
A-Class | 1.70% | 1,000.00 | 1,016.55 | 8.59 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,012.84 | 12.31 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
Russell 2000® 1.5x Strategy Fund | ||||||||||||||||
A-Class | 1.72% | 1,000.00 | 1,016.44 | 8.69 | ||||||||||||
C-Class | 2.47% | 1,000.00 | 1,012.68 | 12.46 | ||||||||||||
H-Class | 1.72% | 1,000.00 | 1,016.44 | 8.69 | ||||||||||||
Russell 2000® Fund | ||||||||||||||||
A-Class | 1.57% | 1,000.00 | 1,017.20 | 7.94 | ||||||||||||
C-Class | 2.32% | 1,000.00 | 1,013.44 | 11.71 | ||||||||||||
H-Class | 1.57% | 1,000.00 | 1,017.20 | 7.94 | ||||||||||||
Inverse Russell 2000® Strategy Fund | ||||||||||||||||
A-Class | 1.71% | 1,000.00 | 1,016.50 | 8.64 | ||||||||||||
C-Class | 2.46% | 1,000.00 | 1,012.73 | 12.41 | ||||||||||||
H-Class | 1.71% | 1,000.00 | 1,016.50 | 8.64 | ||||||||||||
S&P SmallCap 600 Pure Growth Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 | ||||||||||||
S&P MidCap 400 Pure Growth Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
H-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
S&P 500 Pure Growth Fund | ||||||||||||||||
A-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 |
8 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (concluded)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
S&P SmallCap 600 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | $1,000.00 | $1,017.30 | $ 7.84 | ||||||||||||
C-Class | 2.30% | 1,000.00 | 1,013.54 | 11.61 | ||||||||||||
H-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
S&P MidCap 400 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
C-Class | 2.30% | 1,000.00 | 1,013.54 | 11.61 | ||||||||||||
H-Class | 1.56% | 1,000.00 | 1,017.25 | 7.89 | ||||||||||||
S&P 500 Pure Value Fund | ||||||||||||||||
A-Class | 1.55% | 1,000.00 | 1,017.30 | 7.84 | ||||||||||||
C-Class | 2.31% | 1,000.00 | 1,013.49 | 11.66 | ||||||||||||
H-Class | 1.56% | 1,000.00 | 1,017.25 | 7.89 | ||||||||||||
Europe 1.25x Strategy Fund | ||||||||||||||||
A-Class | 1.70% | 1,000.00 | 1,016.55 | 8.59 | ||||||||||||
C-Class | 2.45% | 1,000.00 | 1,012.78 | 12.36 | ||||||||||||
H-Class | 1.70% | 1,000.00 | 1,016.55 | 8.59 | ||||||||||||
Japan 2x Strategy Fund | ||||||||||||||||
A-Class | 1.53% | 1,000.00 | 1,017.40 | 7.74 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
H-Class | 1.54% | 1,000.00 | 1,017.35 | 7.79 | ||||||||||||
Strengthening Dollar 2x Strategy Fund | ||||||||||||||||
A-Class | 1.68% | 1,000.00 | 1,016.65 | 8.49 | ||||||||||||
C-Class | 2.43% | 1,000.00 | 1,012.89 | 12.26 | ||||||||||||
H-Class | 1.68% | 1,000.00 | 1,016.65 | 8.49 | ||||||||||||
Weakening Dollar 2x Strategy Fund | ||||||||||||||||
A-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
C-Class | 2.44% | 1,000.00 | 1,012.84 | 12.31 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
Real Estate Fund | ||||||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.40% | 1,000.00 | 1,013.04 | 12.11 | ||||||||||||
H-Class | 1.65% | 1,000.00 | 1,016.80 | 8.34 | ||||||||||||
Government Long Bond 1.2x Strategy Fund | ||||||||||||||||
Investor Class | 0.99% | 1,000.00 | 1,020.10 | 5.01 | ||||||||||||
Advisor Class | 1.49% | 1,000.00 | 1,017.60 | 7.54 | ||||||||||||
A-Class | 1.23% | 1,000.00 | 1,018.90 | 6.23 | ||||||||||||
C-Class | 1.99% | 1,000.00 | 1,015.09 | 10.05 | ||||||||||||
Inverse Government Long Bond Strategy Fund | ||||||||||||||||
Investor Class | 1.42% | 1,000.00 | 1,017.95 | 7.18 | ||||||||||||
Advisor Class | 1.92% | 1,000.00 | 1,015.44 | 9.70 | ||||||||||||
A-Class | 1.67% | 1,000.00 | 1,016.70 | 8.44 | ||||||||||||
C-Class | 2.42% | 1,000.00 | 1,012.94 | 12.21 | ||||||||||||
High Yield Strategy Fund | ||||||||||||||||
A-Class | 1.53% | 1,000.00 | 1,017.40 | 7.74 | ||||||||||||
C-Class | 2.28% | 1,000.00 | 1,013.64 | 11.51 | ||||||||||||
H-Class | 1.52% | 1,000.00 | 1,017.45 | 7.69 | ||||||||||||
Inverse High Yield Strategy Fund | ||||||||||||||||
A-Class | 1.57% | 1,000.00 | 1,017.20 | 7.94 | ||||||||||||
C-Class | 2.32% | 1,000.00 | 1,013.44 | 11.71 | ||||||||||||
H-Class | 1.57% | 1,000.00 | 1,017.20 | 7.94 | ||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||
Investor Class | 0.48% | 1,000.00 | 1,022.66 | 2.43 | ||||||||||||
Investor2 Class** | 0.36% | 1,000.00 | 1,023.26 | 1.83 | ||||||||||||
Advisor Class | 0.47% | 1,000.00 | 1,022.71 | 2.38 | ||||||||||||
A-Class | 0.48% | 1,000.00 | 1,022.66 | 2.43 | ||||||||||||
C-Class | 0.49% | 1,000.00 | 1,022.61 | 2.48 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by the number of days in the current fiscal year. | |
** | Since the commencement of operations: July 10, 2009. Due to the limited length of Class operations, current expense ratios may not be indicative of future expense ratios. | |
† | Annualized |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 9 |
FUND PROFILES (Unaudited)
NOVA FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P 500® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612201.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | July 12, 1993 | |||
Advisor Class | October 15, 1998 | |||
A-Class | March 31, 2004 | |||
C-Class | March 14, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Exxon Mobil Corp. | 2.7 | % | ||
Microsoft Corp. | 1.6 | % | ||
General Electric Co. | 1.4 | % | ||
JPMorgan Chase & Co. | 1.4 | % | ||
Procter & Gamble Co. | 1.4 | % | ||
Johnson & Johnson | 1.4 | % | ||
Apple, Inc. | 1.3 | % | ||
AT&T, Inc. | 1.3 | % | ||
International Business Machines Corp. | 1.3 | % | ||
Bank of America Corp. | 1.2 | % | ||
Top Ten Total | 15.0 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
S&P 500 FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the S&P 500® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612202.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | May 31, 2006 | |||
C-Class | May 31, 2006 | |||
H-Class | May 31, 2006 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Exxon Mobil Corp. | 3.1 | % | ||
Microsoft Corp. | 1.9 | % | ||
General Electric Co. | 1.6 | % | ||
JPMorgan Chase & Co. | 1.6 | % | ||
Procter & Gamble Co. | 1.6 | % | ||
Johnson & Johnson | 1.6 | % | ||
Apple, Inc. | 1.6 | % | ||
AT&T, Inc. | 1.5 | % | ||
International Business Machines Corp. | 1.5 | % | ||
Bank of America Corp. | 1.4 | % | ||
Top Ten Total | 17.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
10 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
INVERSE S&P 500 STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that inversely correlate to the performance of the S&P 500® Index (the “underlying index”) on a daily basis.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612203.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | January 7, 1994 | |||
Advisor Class | August 5, 1998 | |||
A-Class | March 31, 2004 | |||
C-Class | March 15, 2001 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
NASDAQ-100® FUND
OBJECTIVE: Seeks to provide investment results that correspond to a benchmark for over-the-counter securities on a daily basis. The Fund’s current benchmark is the NASDAQ-100 Index® (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612204.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | February 14, 1994 | |||
Advisor Class | September 22, 1998 | |||
A-Class | March 31, 2004 | |||
C-Class | March 26, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Apple, Inc. | 14.5 | % | ||
Qualcomm, Inc. | 5.6 | % | ||
Microsoft Corp. | 5.0 | % | ||
Google, Inc. — Class A | 4.6 | % | ||
Cisco Systems, Inc. | 3.0 | % | ||
Oracle Corp. | 2.7 | % | ||
Gilead Sciences, Inc. | 2.6 | % | ||
Intel Corp. | 2.4 | % | ||
Research In Motion Ltd. | 2.4 | % | ||
Teva Pharmaceutical Industries Ltd. — SP ADR | 2.3 | % | ||
Top Ten Total | 45.1 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 11 |
FUND PROFILES (Unaudited) (continued)
INVERSE NASDAQ-100® STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the NASDAQ-100 Index® (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612205.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | September 3, 1998 | |||
Advisor Class | August 1, 2003 | |||
A-Class | March 31, 2004 | |||
C-Class | March 7, 2001 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
MID-CAP 1.5x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of a specific benchmark for mid-cap securities on a daily basis. The Fund’s current benchmark is the S&P MidCap 400® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612206.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | August 20, 2001 | |||
H-Class | August 16, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Priceline.com, Inc. | 0.5 | % | ||
Vertex Pharmaceuticals, Inc. | 0.5 | % | ||
Ross Stores, Inc. | 0.4 | % | ||
Newfield Exploration Co. | 0.4 | % | ||
Everest Re Group Ltd. | 0.4 | % | ||
Pride International, Inc. | 0.4 | % | ||
Cerner Corp. | 0.4 | % | ||
Joy Global, Inc. | 0.4 | % | ||
Henry Schein, Inc. | 0.4 | % | ||
Lubrizol Corp. | 0.3 | % | ||
Top Ten Total | 4.1 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
12 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
INVERSE MID-CAP STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the S&P MidCap 400® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612207.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | March 31, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
RUSSELL 2000® 1.5x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of a specific benchmark for small-cap securities on a daily basis. The Fund’s current benchmark is the Russell 2000® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612208.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | March 31, 2004 | |
C-Class | January 23, 2001 | |
H-Class | November 1, 2000 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Perot Systems Corp. — Class A | 0.2 | % | ||
Human Genome Sciences, Inc. | 0.2 | % | ||
Tupperware Brands Corp. | 0.2 | % | ||
Palm, Inc. | 0.2 | % | ||
Polycom, Inc. | 0.2 | % | ||
Highwoods Properties, Inc. | 0.2 | % | ||
Skyworks Solutions, Inc. | 0.1 | % | ||
Solera Holdings, Inc. | 0.1 | % | ||
Bally Technologies, Inc. | 0.1 | % | ||
3Com Corp. | 0.1 | % | ||
Top Ten Total | 1.6 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 13 |
FUND PROFILES (Unaudited) (continued)
RUSSELL 2000® FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Russell 2000® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612209.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | May 31, 2006 | |
C-Class | May 31, 2006 | |
H-Class | May 31, 2006 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Tupperware Brands Corp. | 0.1 | % | ||
Perot Systems Corp. — Class A | 0.1 | % | ||
Palm, Inc. | 0.1 | % | ||
Bally Technologies, Inc. | 0.1 | % | ||
Skyworks Solutions, Inc. | 0.1 | % | ||
Polycom, Inc. | 0.1 | % | ||
Highwoods Properties, Inc. | 0.1 | % | ||
Knight Capital Group, Inc. — Class A | 0.1 | % | ||
3Com Corp. | 0.1 | % | ||
Owens & Minor, Inc. | 0.1 | % | ||
Top Ten Total | 1.0 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
INVERSE RUSSELL 2000® STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the Russell 2000® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612210.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | March 31, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
The Fund invests principally in short sales of securities and derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
14 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
S&P SMALLCAP 600 PURE GROWTH FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for small-cap growth securities. The Fund’s current benchmark is the S&P SmallCap 600/Citigroup Pure Growth Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612211.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | September 1, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
CROCS, Inc. | 4.0 | % | ||
Intevac, Inc. | 2.1 | % | ||
Ruth’s Hospitality Group, Inc. | 2.1 | % | ||
Kulicke & Soffa Industries, Inc. | 1.8 | % | ||
True Religion Apparel, Inc. | 1.8 | % | ||
Wright Express Corp. | 1.5 | % | ||
Shuffle Master, Inc. | 1.4 | % | ||
LCA-Vision, Inc. | 1.4 | % | ||
Commvault Systems, Inc. | 1.3 | % | ||
Palomar Medical Technologies, Inc. | 1.3 | % | ||
Top Ten Total | 18.7 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
S&P MIDCAP 400 PURE GROWTH FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for mid-cap growth securities. The Fund’s current benchmark is the S&P MidCap 400/Citigroup Pure Growth Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612212.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | September 1, 2004 | |
C-Class | February 20, 2004 | |
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
J. Crew Group, Inc. | 3.4 | % | ||
Sepracor, Inc. | 2.5 | % | ||
Aeropostale, Inc. | 2.4 | % | ||
Sotheby’s | 2.3 | % | ||
Chico’s FAS, Inc. | 2.1 | % | ||
Joy Global, Inc. | 2.1 | % | ||
CommScope, Inc. | 2.0 | % | ||
Helix Energy Solutions Group, Inc. | 1.9 | % | ||
United Therapeutics Corp. | �� | 1.9 | % | |
Lam Research Corp. | 1.6 | % | ||
Top Ten Total | 22.2 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 15 |
FUND PROFILES (Unaudited) (continued)
S&P 500 PURE GROWTH FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for large-cap growth securities. The Fund’s current benchmark is the S&P 500/Citigroup Pure Growth Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612213.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Freeport-McMoRan Copper & Gold, Inc. | 2.4 | % | ||
Intuitive Surgical, Inc. | 2.2 | % | ||
CB Richard Ellis Group, Inc. — Class A | 1.7 | % | ||
Cognizant Technology Solutions Corp. — Class A | 1.7 | % | ||
Red Hat, Inc. | 1.6 | % | ||
Agilent Technologies, Inc. | 1.6 | % | ||
Sears Holdings Corp. | 1.6 | % | ||
Goldman Sachs Group, Inc. | 1.5 | % | ||
SanDisk Corp. | 1.4 | % | ||
Salesforce.com, Inc. | 1.4 | % | ||
Top Ten Total | 17.1 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
S&P SMALLCAP 600 PURE VALUE FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for small-cap value securities. The Fund’s current benchmark is the S&P SmallCap 600/Citigroup Pure Value Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612214.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Stein Mart, Inc. | 7.1 | % | ||
Ruby Tuesday, Inc. | 4.6 | % | ||
Lithia Motors, Inc. — Class A | 4.6 | % | ||
Standard Motor Products, Inc. | 4.6 | % | ||
O’Charleys, Inc. | 4.1 | % | ||
Brunswick Corp. | 3.4 | % | ||
EW Scripps Co. — Class A | 3.1 | % | ||
Sonic Automotive, Inc. | 2.9 | % | ||
Technitrol, Inc. | 2.5 | % | ||
National Financial Partners Corp. | 2.5 | % | ||
Top Ten Total | 39.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
16 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
S&P MIDCAP 400 PURE VALUE FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for mid-cap value securities. The Fund’s current benchmark is the S&P MidCap 400/Citigroup Pure Value Index (the “underlying index”).
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612215.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Temple-Inland, Inc. | 7.0 | % | ||
Oshkosh Corp. | 6.9 | % | ||
Ashland, Inc. | 6.8 | % | ||
Louisiana-Pacific Corp. | 3.7 | % | ||
Williams-Sonoma, Inc. | 3.1 | % | ||
Protective Life Corp. | 2.4 | % | ||
AnnTaylor Stores Corp. | 2.4 | % | ||
Tech Data Corp. | 2.4 | % | ||
RF Micro Devices, Inc. | 2.4 | % | ||
SL Green Realty Corp. | 2.2 | % | ||
Top Ten Total | 39.3 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
S&P 500 PURE VALUE FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a benchmark for large-cap value securities. The Fund’s current benchmark is the S&P 500/Citigroup Pure Value Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612216.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings (% of Total Net Assets) | ||||
XL Capital Ltd. | 7.5 | % | ||
Genworth Financial, Inc. — Class A | 5.6 | % | ||
Office Depot, Inc. | 3.3 | % | ||
Hartford Financial Services Group, Inc. | 2.7 | % | ||
Tenet Healthcare Corp. | 2.6 | % | ||
Macy’s, Inc. | 2.2 | % | ||
ProLogis | 2.2 | % | ||
Wyndham Worldwide Corp. | 2.2 | % | ||
American International Group, Inc. | 2.1 | % | ||
Gannett Company, Inc. | 2.0 | % | ||
Top Ten Total | 32.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 17 |
FUND PROFILES (Unaudited) (continued)
EUROPE 1.25x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of a specific benchmark. The Fund’s current benchmark is 125% of the fair value of the Dow Jones STOXX 50® Index (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612217.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | May 10, 2001 | |||
H-Class | May 8, 2000 |
Ten Largest Holdings (% of Total Net Assets) | ||||
HSBC Holdings PLC — SP ADR | 4.4 | % | ||
Novartis AG — SP ADR | 3.8 | % | ||
BP PLC — SP ADR | 3.6 | % | ||
Telefonica SA — SP ADR | 3.5 | % | ||
GlaxoSmithKline PLC — SP ADR | 3.3 | % | ||
Total SA — SP ADR | 3.0 | % | ||
Vodafone Group PLC — SP ADR | 2.9 | % | ||
Sanofi-Aventis — SP ADR | 2.8 | % | ||
Banco Santander Central Hispano SA — SP ADR | 2.5 | % | ||
Royal Dutch Shell PLC — SP ADR | 2.3 | % | ||
Top Ten Total | 32.1 | % | ||
“Ten Largest Holdings” excludes any temporary cash or derivative investments.
JAPAN 2x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of a specific benchmark. The Fund’s current benchmark is 200% of the fair value of the Nikkei-225 Stock Average (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612218.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | February 22, 2008 | |||
C-Class | February 22, 2008 | |||
H-Class | February 22, 2008 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
18 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
STRENGTHENING DOLLAR 2x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the U.S. Dollar Index® (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612219.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | May 25, 2005 | |
C-Class | May 25, 2005 | |
H-Class | May 25, 2005 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
WEAKENING DOLLAR 2x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that match the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the U.S. Dollar Index® (the “underlying index”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612220.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | May 25, 2005 | |
C-Class | May 25, 2005 | |
H-Class | May 25, 2005 |
The Fund invests principally in derivative investments such as equity index swap agreements, futures contracts, and options on index futures.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 19 |
FUND PROFILES (Unaudited) (continued)
REAL ESTATE FUND
OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the real estate industry, including real estate investment trusts (“REITs”) (collectively, “Real Estate Companies”).
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612221.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 1, 2004 | |||
C-Class | February 20, 2004 | |||
H-Class | February 20, 2004 |
Ten Largest Holdings | ||||
(% of Total Net Assets) | ||||
Simon Property Group, Inc. | 3.8 | % | ||
Brookfield Asset Management, Inc. — Class A | 3.0 | % | ||
Vornado Realty Trust | 2.9 | % | ||
Public Storage | 2.8 | % | ||
Equity Residential | 2.6 | % | ||
Boston Properties, Inc. | 2.5 | % | ||
Annaly Capital Management, Inc. | 2.5 | % | ||
HCP, Inc. | 2.3 | % | ||
Host Hotels & Resorts, Inc. | 2.3 | % | ||
ProLogis | 2.1 | % | ||
Top Ten Total | 26.8 | % | ||
“Ten Largest Holdings” excludes any temporary cash or derivative investments.
GOVERNMENT LONG BOND 1.2x STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correspond to a benchmark for U.S. Government securities on a daily basis. The Fund’s current benchmark is 120% of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the U.S. Treasury bond with the longest maturity, which is currently 30 years. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612222.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
Investor Class | January 3, 1994 | |
Advisor Class | August 1, 2003 | |
A-Class | March 31, 2004 | |
C-Class | May 2, 2001 |
The Fund invests principally in U.S. Government securities and in derivative investments such as futures and options contracts.
20 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
INVERSE GOVERNMENT LONG BOND STRATEGY FUND
OBJECTIVE: Seeks to provide total returns that inversely correlate to the price movements of a benchmark for U.S. Treasury debt instruments or futures contracts on a specified debt instrument on a daily basis. The Fund’s current benchmark is the inverse of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the U.S. Treasury bond with the longest maturity, which is currently 30 years. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612223.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
Investor Class | March 3, 1995 | |
Advisor Class | August 1, 2003 | |
A-Class | March 31, 2004 | |
C-Class | March 28, 2001 |
The Fund invests principally in short sales and derivative investments such as futures contracts, and options on index futures.
HIGH YIELD STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of the high yield bond market.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612224.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
A-Class | April 16, 2007 | |
C-Class | April 16, 2007 | |
H-Class | April 16, 2007 |
The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 21 |
FUND PROFILES (Unaudited) (concluded)
INVERSE HIGH YIELD STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that inversely correlate to the performance of the high yield bond market.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612225.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||
H-Class | April 16, 2007 | |
A-Class | April 16, 2007 | |
C-Class | April 16, 2007 |
The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.
U.S. GOVERNMENT MONEY MARKET FUND
OBJECTIVE: Seeks to provide security of principal, high current income, and liquidity. An investment in the Rydex U.S. Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 a share, it is possible to lose money by investing in the Fund.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612226.gif)
FADN — Federal Agency Discount Notes.
Inception Dates: | ||
Investor Class | December 1, 1993 | |
Investor2 Class | July 10, 2009 | |
Advisor Class | April 1, 1998 | |
A-Class | March 31, 2004 | |
C-Class | October 19, 2000 |
The Fund invests principally in money market instruments issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and enters into repurchase agreements fully collateralized by U.S. government securities.
22 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 75.7% | ||||||||
INFORMATION TECHNOLOGY 14.1% | ||||||||
Microsoft Corp. | 47,790 | $ | 1,237,284 | |||||
Apple, Inc.* | 5,525 | 1,024,169 | ||||||
International Business Machines Corp. | 8,080 | 966,449 | ||||||
Cisco Systems, Inc.* | 35,550 | 836,847 | ||||||
Google, Inc. — Class A* | 1,485 | 736,337 | ||||||
Hewlett-Packard Co. | 14,620 | 690,210 | ||||||
Intel Corp. | 34,510 | 675,361 | ||||||
Oracle Corp. | 24,075 | 501,723 | ||||||
Qualcomm, Inc. | 10,250 | 461,045 | ||||||
EMC Corp.* | 12,460 | 212,318 | ||||||
Texas Instruments, Inc. | 7,780 | 184,308 | ||||||
eBay, Inc.* | 6,921 | 163,405 | ||||||
Dell, Inc.* | 10,610 | 161,909 | ||||||
Corning, Inc. | 9,580 | 146,670 | ||||||
Yahoo!, Inc.* | 7,350 | 130,904 | ||||||
Automatic Data Processing, Inc. | 3,100 | 121,830 | ||||||
Motorola, Inc. | 14,155 | 121,591 | ||||||
MasterCard, Inc. | 588 | 118,864 | ||||||
Applied Materials, Inc. | 8,220 | 110,148 | ||||||
Adobe Systems, Inc.* | 3,240 | 107,050 | ||||||
Juniper Networks, Inc.* | 3,235 | 87,410 | ||||||
Symantec Corp.* | 5,020 | 82,679 | ||||||
Western Union Co. | 4,320 | 81,734 | ||||||
Broadcom Corp. — Class A* | 2,662 | 81,697 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 1,812 | 70,052 | ||||||
Agilent Technologies, Inc.* | 2,132 | 59,334 | ||||||
Paychex, Inc. | 1,980 | 57,519 | ||||||
Intuit, Inc.* | 1,990 | 56,715 | ||||||
NetApp, Inc.* | 2,070 | 55,228 | ||||||
CA, Inc. | 2,455 | 53,985 | ||||||
NVIDIA Corp.* | 3,385 | 50,877 | ||||||
Western Digital Corp.* | 1,380 | 50,411 | ||||||
Analog Devices, Inc. | 1,800 | 49,644 | ||||||
Computer Sciences Corp.* | 940 | 49,547 | ||||||
Fiserv, Inc.* | 950 | 45,790 | ||||||
Citrix Systems, Inc.* | 1,130 | 44,330 | ||||||
Micron Technology, Inc.* | 5,220 | 42,804 | ||||||
BMC Software, Inc.* | 1,130 | 42,409 | ||||||
McAfee, Inc.* | 966 | 42,301 | ||||||
Sun Microsystems, Inc.* | 4,640 | 42,178 | ||||||
Xerox Corp. | 5,362 | 41,502 | ||||||
Amphenol Corp. | 1,063 | 40,054 | ||||||
Xilinx, Inc. | 1,700 | 39,814 | ||||||
Salesforce.com, Inc.* | 666 | 37,915 | ||||||
Electronic Arts, Inc.* | 1,990 | 37,910 | ||||||
Linear Technology Corp. | 1,370 | 37,853 | ||||||
KLA-Tencor Corp. | 1,055 | 37,832 | ||||||
Altera Corp. | 1,815 | 37,226 | ||||||
Autodesk, Inc.* | 1,425 | 33,915 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Affiliated Computer Services, Inc. — Class A* | 600 | $ | 32,502 | |||||
Red Hat, Inc.* | 1,160 | 32,062 | ||||||
SanDisk Corp.* | 1,404 | 30,467 | ||||||
Harris Corp. | 810 | 30,456 | ||||||
Fidelity National Information Services, Inc. | 1,179 | 30,076 | ||||||
Microchip Technology, Inc. | 1,130 | 29,945 | ||||||
Teradata Corp.* | 1,060 | 29,171 | ||||||
VeriSign, Inc.* | 1,190 | 28,191 | ||||||
Flir Systems, Inc.* | 931 | 26,040 | ||||||
MEMC Electronic Materials, Inc.* | 1,380 | 22,949 | ||||||
LSI Logic Corp.* | 4,020 | 22,070 | ||||||
Akamai Technologies, Inc.* | 1,060 | 20,861 | ||||||
National Semiconductor Corp. | 1,436 | 20,492 | ||||||
Total System Services, Inc. | 1,224 | 19,719 | ||||||
Advanced Micro Devices, Inc.* | 3,460 | 19,584 | ||||||
Molex, Inc. | 845 | 17,644 | ||||||
Tellabs, Inc.* | 2,440 | 16,885 | ||||||
Jabil Circuit, Inc. | 1,140 | 15,287 | ||||||
Novellus Systems, Inc.* | 600 | 12,588 | ||||||
QLogic Corp.* | 730 | 12,556 | ||||||
Compuware Corp.* | 1,465 | 10,738 | ||||||
Lexmark International, Inc.* | 485 | 10,447 | ||||||
Teradyne, Inc.* | 1,080 | 9,990 | ||||||
Novell, Inc.* | 2,140 | 9,651 | ||||||
JDS Uniphase Corp.* | 1,345 | 9,563 | ||||||
Ciena Corp.* | 560 | 9,117 | ||||||
Convergys Corp.* | 761 | 7,564 | ||||||
Total Information Technology | 10,735,702 | |||||||
FINANCIALS 11.5% | ||||||||
JPMorgan Chase & Co. | 24,242 | 1,062,284 | ||||||
Bank of America Corp. | 53,330 | 902,344 | ||||||
Wells Fargo & Co. | 28,805 | 811,725 | ||||||
Goldman Sachs Group, Inc. | 3,152 | 581,071 | ||||||
Citigroup, Inc. | 80,389 | 389,083 | ||||||
Morgan Stanley | 8,380 | 258,774 | ||||||
U.S. Bancorp | 11,790 | 257,729 | ||||||
American Express Co. | 7,330 | 248,487 | ||||||
Bank of New York Mellon Corp. | 7,412 | 214,874 | ||||||
MetLife, Inc. | 5,050 | 192,253 | ||||||
The Travelers Companies, Inc. | 3,500 | 172,305 | ||||||
State Street Corp. | 3,055 | 160,693 | ||||||
Prudential Financial, Inc. | 2,850 | 142,243 | ||||||
PNC Financial Services Group, Inc. | 2,840 | 137,996 | ||||||
CME Group, Inc. | 410 | 126,358 | ||||||
AFLAC, Inc. | 2,880 | 123,091 | ||||||
Simon Property Group, Inc. | 1,741 | 120,903 | ||||||
BB&T Corp. | 4,200 | 114,408 | ||||||
Charles Schwab Corp. | 5,870 | 112,410 | ||||||
Chubb Corp. | 2,160 | 108,886 | ||||||
Allstate Corp. | 3,315 | 101,505 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 23 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Capital One Financial Corp. | 2,797 | $ | 99,937 | |||||
Franklin Resources, Inc. | 920 | 92,552 | ||||||
Northern Trust Corp. | 1,490 | 86,658 | ||||||
Marsh & McLennan Companies, Inc. | 3,230 | 79,878 | ||||||
Loews Corp. | 2,241 | 76,754 | ||||||
T. Rowe Price Group, Inc. | 1,580 | 72,206 | ||||||
SunTrust Banks, Inc. | 3,075 | 69,341 | ||||||
Progressive Corp.* | 4,180 | 69,304 | ||||||
Aon Corp. | 1,690 | 68,766 | ||||||
Public Storage | 845 | 63,578 | ||||||
Hartford Financial Services Group, Inc. | 2,370 | 62,805 | ||||||
Vornado Realty Trust | 961 | 61,890 | ||||||
Invesco Ltd. | 2,560 | 58,266 | ||||||
Ameriprise Financial, Inc. | 1,570 | 57,038 | ||||||
Boston Properties, Inc. | 850 | 55,718 | ||||||
Principal Financial Group, Inc. | 1,970 | 53,958 | ||||||
Discover Financial Services | 3,305 | 53,640 | ||||||
HCP, Inc. | 1,810 | 52,019 | ||||||
Equity Residential | 1,690 | 51,883 | ||||||
Fifth Third Bancorp | 4,900 | 49,637 | ||||||
Lincoln National Corp. | 1,856 | 48,089 | ||||||
NYSE Euronext | 1,605 | 46,368 | ||||||
Regions Financial Corp. | 7,325 | 45,488 | ||||||
Host Hotels & Resorts, Inc. | 3,725 | 43,843 | ||||||
Unum Group | 2,040 | 43,738 | ||||||
IntercontinentalExchange, Inc.* | 446 | 43,347 | ||||||
Hudson City Bancorp, Inc. | 2,910 | 38,267 | ||||||
Ventas, Inc. | 960 | 36,960 | ||||||
XL Capital Ltd. | 2,115 | 36,928 | ||||||
American International Group, Inc.* | 835 | 36,832 | ||||||
AvalonBay Communities, Inc. | 490 | 35,638 | ||||||
Genworth Financial, Inc. — Class A | 2,972 | 35,515 | ||||||
KeyCorp | 5,417 | 35,211 | ||||||
People’s United Financial, Inc. | 2,155 | 33,532 | ||||||
ProLogis | 2,730 | 32,542 | ||||||
M&T Bank Corp. | 512 | 31,908 | ||||||
Legg Mason, Inc. | 1,001 | 31,061 | ||||||
Health Care REIT, Inc. | 743 | 30,924 | ||||||
Plum Creek Timber Company, Inc. (REIT) | 996 | 30,517 | ||||||
KIMCO Realty Corp. | 2,320 | 30,253 | ||||||
Leucadia National Corp.* | 1,170 | 28,922 | ||||||
Comerica, Inc. | 930 | 27,593 | ||||||
Cincinnati Financial Corp. | 1,000 | 25,990 | ||||||
SLM Corp.* | 2,880 | 25,114 | ||||||
Moody’s Corp. | 1,206 | 24,675 | ||||||
Assurant, Inc. | 734 | 23,532 | ||||||
Torchmark Corp. | 515 | 22,366 | ||||||
Huntington Bancshares, Inc. | 4,090 | 19,264 | ||||||
Nasdaq Stock Market, Inc.* | 875 | 18,419 | ||||||
Marshall & Ilsley Corp. | 2,275 | 18,359 |
MARKET | ||||||||
SHARES | VALUE | |||||||
First Horizon National Corp.* | 1,354 | $ | 17,919 | |||||
CB Richard Ellis Group, Inc. — Class A* | 1,480 | 17,375 | ||||||
Janus Capital Group, Inc. | 1,116 | 15,825 | ||||||
Federated Investors, Inc. — Class B | 550 | 14,504 | ||||||
Zions Bancorporation | 777 | 13,963 | ||||||
Apartment Investment & Management Co. — Class A | 718 | 10,591 | ||||||
E*Trade Financial Corp.* | 5,710 | 9,993 | ||||||
MBIA, Inc.* | 970 | 7,527 | ||||||
Total Financials | 8,764,142 | |||||||
HEALTH CARE 9.9% | ||||||||
Johnson & Johnson | 16,990 | 1,034,521 | ||||||
Pfizer, Inc. | 41,600 | 688,480 | ||||||
Abbott Laboratories | 9,530 | 471,449 | ||||||
Merck & Company, Inc. | 13,000 | 411,190 | ||||||
Wyeth | 8,230 | 399,813 | ||||||
Amgen, Inc.* | 6,260 | 377,040 | ||||||
Schering-Plough Corp. | 10,070 | 284,477 | ||||||
Bristol-Myers Squibb Co. | 12,210 | 274,969 | ||||||
Gilead Sciences, Inc.* | 5,575 | 259,684 | ||||||
Medtronic, Inc. | 6,820 | 250,976 | ||||||
Baxter International, Inc. | 3,720 | 212,077 | ||||||
Eli Lilly & Co. | 6,230 | 205,777 | ||||||
UnitedHealth Group, Inc. | 7,170 | 179,537 | ||||||
Medco Health Solutions, Inc.* | 2,920 | 161,505 | ||||||
Celgene Corp.* | 2,830 | 158,197 | ||||||
WellPoint, Inc.* | 2,935 | 139,002 | ||||||
Express Scripts, Inc.* | 1,690 | 131,110 | ||||||
Thermo Fisher Scientific, Inc.* | 2,520 | 110,048 | ||||||
Allergan, Inc. | 1,900 | 107,844 | ||||||
Becton, Dickinson & Co. | 1,480 | 103,230 | ||||||
Boston Scientific Corp.* | 9,290 | 98,381 | ||||||
McKesson Corp. | 1,645 | 97,960 | ||||||
Genzyme Corp.* | 1,670 | 94,739 | ||||||
Biogen Idec, Inc.* | 1,776 | 89,724 | ||||||
St. Jude Medical, Inc.* | 2,140 | 83,481 | ||||||
Stryker Corp. | 1,740 | 79,048 | ||||||
Aetna, Inc. | 2,690 | 74,863 | ||||||
Zimmer Holdings, Inc.* | 1,320 | 70,554 | ||||||
Cardinal Health, Inc. | 2,225 | 59,630 | ||||||
Intuitive Surgical, Inc.* | 227 | 59,531 | ||||||
Forest Laboratories, Inc.* | 1,860 | 54,758 | ||||||
Life Technologies Corp.* | 1,090 | 50,740 | ||||||
Quest Diagnostics, Inc. | 956 | 49,894 | ||||||
CIGNA Corp. | 1,680 | 47,191 | ||||||
C.R. Bard, Inc. | 600 | 47,166 | ||||||
Hospira, Inc.* | 990 | 44,154 | ||||||
Laboratory Corporation of America Holdings* | 668 | 43,888 | ||||||
AmerisourceBergen Corp. | 1,830 | 40,955 | ||||||
Humana, Inc.* | 1,050 | 39,165 | ||||||
DaVita, Inc.* | 640 | 36,250 |
24 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Waters Corp.* | 590 | $ | 32,957 | |||||
Varian Medical Systems, Inc.* | 770 | 32,440 | ||||||
DENTSPLY International, Inc. | 920 | 31,777 | ||||||
Mylan Laboratories, Inc.* | 1,880 | 30,099 | ||||||
Cephalon, Inc.* | 460 | 26,790 | ||||||
Millipore Corp.* | 345 | 24,264 | ||||||
CareFusion Corp.* | 1,110 | 24,198 | ||||||
Watson Pharmaceuticals, Inc.* | 655 | 23,999 | ||||||
Coventry Health Care, Inc.* | 920 | 18,363 | ||||||
IMS Health, Inc. | 1,117 | 17,146 | ||||||
King Pharmaceuticals, Inc.* | 1,535 | 16,532 | ||||||
Tenet Healthcare Corp.* | 2,675 | 15,729 | ||||||
Patterson Companies, Inc.* | 575 | 15,669 | ||||||
PerkinElmer, Inc. | 720 | 13,853 | ||||||
Total Health Care | 7,546,814 | |||||||
ENERGY 8.9% | ||||||||
Exxon Mobil Corp. | 29,620 | 2,032,228 | ||||||
Chevron Corp. | 12,360 | 870,515 | ||||||
Schlumberger Ltd. | 7,380 | 439,848 | ||||||
ConocoPhillips | 9,140 | 412,762 | ||||||
Occidental Petroleum Corp. | 5,005 | 392,392 | ||||||
Apache Corp. | 2,070 | 190,088 | ||||||
Anadarko Petroleum Corp. | 3,025 | 189,758 | ||||||
Devon Energy Corp. | 2,745 | 184,821 | ||||||
Halliburton Co. | 5,562 | 150,841 | ||||||
XTO Energy, Inc. | 3,580 | 147,926 | ||||||
Marathon Oil Corp. | 4,360 | 139,084 | ||||||
EOG Resources, Inc. | 1,549 | 129,357 | ||||||
Chesapeake Energy Corp. | 3,959 | 112,436 | ||||||
National-Oilwell Varco, Inc.* | 2,585 | 111,491 | ||||||
Hess Corp. | 1,790 | 95,693 | ||||||
Southwestern Energy Co.* | 2,120 | 90,482 | ||||||
Baker Hughes, Inc. | 1,910 | 81,481 | ||||||
Spectra Energy Corp. | 3,980 | 75,381 | ||||||
Noble Energy, Inc. | 1,075 | 70,907 | ||||||
Murphy Oil Corp. | 1,180 | 67,933 | ||||||
Valero Energy Corp. | 3,470 | 67,283 | ||||||
Williams Companies, Inc. | 3,595 | 64,243 | ||||||
Peabody Energy Corp. | 1,650 | 61,413 | ||||||
Cameron International Corp.* | 1,365 | 51,624 | ||||||
Consol Energy, Inc. | 1,115 | 50,298 | ||||||
Range Resources Corp. | 975 | 48,126 | ||||||
El Paso Corp. | 4,320 | 44,582 | ||||||
Diamond Offshore Drilling, Inc. | 430 | 41,074 | ||||||
FMC Technologies, Inc.* | 750 | 39,180 | ||||||
Smith International, Inc. | 1,365 | 39,175 | ||||||
ENSCO International, Inc. | 878 | 37,350 | ||||||
Nabors Industries Ltd.* | 1,750 | 36,575 | ||||||
BJ Services Co. | 1,800 | 34,974 | ||||||
Pioneer Natural Resources Co. | 712 | 25,838 | ||||||
Denbury Resources, Inc.* | 1,545 | 23,376 | ||||||
Cabot Oil & Gas Corp. | 636 | 22,737 | ||||||
Sunoco, Inc. | 717 | 20,399 | ||||||
Rowan Companies, Inc. | 700 | 16,149 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Massey Energy Co. | 530 | $ | 14,782 | |||||
Tesoro Corp. | 861 | 12,898 | ||||||
Total Energy | 6,737,500 | |||||||
CONSUMER STAPLES 8.7% | ||||||||
Procter & Gamble Co. | 17,990 | 1,041,981 | ||||||
Coca-Cola Co. | 14,277 | 766,675 | ||||||
Wal-Mart Stores, Inc. | 13,310 | 653,388 | ||||||
Philip Morris International, Inc. | 11,920 | 580,981 | ||||||
PepsiCo, Inc. | 9,600 | 563,136 | ||||||
CVS Caremark Corp. | 8,900 | 318,086 | ||||||
Kraft Foods, Inc. | 9,095 | 238,926 | ||||||
Colgate-Palmolive Co. | 3,070 | 234,179 | ||||||
Walgreen Co. | 6,120 | 229,316 | ||||||
Altria Group, Inc. | 12,770 | 227,434 | ||||||
Costco Wholesale Corp. | 2,685 | 151,595 | ||||||
Kimberly-Clark Corp. | 2,550 | 150,399 | ||||||
General Mills, Inc. | 2,015 | 129,726 | ||||||
Archer-Daniels-Midland Co. | 3,960 | 115,711 | ||||||
Sysco Corp. | 3,640 | 90,454 | ||||||
Avon Products, Inc. | 2,635 | 89,485 | ||||||
Kroger Co. | 4,020 | 82,973 | ||||||
Kellogg Co. | 1,581 | 77,833 | ||||||
H.J. Heinz Co. | 1,940 | 77,115 | ||||||
Lorillard, Inc. | 1,020 | 75,786 | ||||||
ConAgra Foods, Inc. | 2,730 | 59,186 | ||||||
Safeway, Inc. | 2,570 | 50,680 | ||||||
Clorox Co. | 860 | 50,585 | ||||||
Sara Lee Corp. | 4,290 | 47,791 | ||||||
Molson Coors Brewing Co. — Class B | 975 | 47,463 | ||||||
Reynolds American, Inc. | 1,045 | 46,523 | ||||||
Dr Pepper Snapple Group, Inc.* | 1,570 | 45,137 | ||||||
Coca-Cola Enterprises, Inc. | 1,960 | 41,964 | ||||||
Hershey Co. | 1,025 | 39,831 | ||||||
Campbell Soup Co. | 1,190 | 38,818 | ||||||
J.M. Smucker Co. | 727 | 38,538 | ||||||
Brown-Forman Corp. — Class B | 683 | 32,934 | ||||||
Pepsi Bottling Group, Inc. | 886 | 32,286 | ||||||
McCormick & Company, Inc. | 807 | 27,389 | ||||||
Estee Lauder Companies, Inc. — Class A | 734 | 27,217 | ||||||
Whole Foods Market, Inc.* | 873 | 26,618 | ||||||
Tyson Foods, Inc. — Class A | 1,885 | 23,807 | ||||||
Dean Foods Co.* | 1,115 | 19,836 | ||||||
SUPERVALU, Inc. | 1,310 | 19,729 | ||||||
Constellation Brands, Inc. — Class A* | 1,220 | 18,483 | ||||||
Hormel Foods Corp. | 430 | 15,274 | ||||||
Total Consumer Staples | 6,645,268 | |||||||
INDUSTRIALS 7.8% | ||||||||
General Electric Co. | 65,500 | 1,075,510 | ||||||
United Technologies Corp. | 5,800 | 353,394 | ||||||
United Parcel Service, Inc. — Class B | 6,135 | 346,443 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 25 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
3M Co. | 4,300 | $ | 317,340 | |||||
Boeing Co. | 4,480 | 242,592 | ||||||
Caterpillar, Inc. | 3,827 | 196,440 | ||||||
Emerson Electric Co. | 4,630 | 185,570 | ||||||
Union Pacific Corp. | 3,110 | 181,468 | ||||||
Honeywell International, Inc. | 4,640 | 172,376 | ||||||
Lockheed Martin Corp. | 1,995 | 155,770 | ||||||
General Dynamics Corp. | 2,370 | 153,102 | ||||||
FedEx Corp. | 1,935 | 145,551 | ||||||
Burlington Northern Santa Fe Corp. | 1,615 | 128,925 | ||||||
Raytheon Co. | 2,400 | 115,128 | ||||||
Deere & Co. | 2,610 | 112,021 | ||||||
Danaher Corp. | 1,597 | 107,510 | ||||||
Northrop Grumman Corp. | 1,960 | 101,430 | ||||||
CSX Corp. | 2,420 | 101,301 | ||||||
Illinois Tool Works, Inc. | 2,370 | 101,223 | ||||||
Norfolk Southern Corp. | 2,270 | 97,860 | ||||||
Waste Management, Inc. | 3,040 | 90,653 | ||||||
Precision Castparts Corp. | 859 | 87,506 | ||||||
Paccar, Inc. | 2,240 | 84,470 | ||||||
CH Robinson Worldwide, Inc. | 1,040 | 60,060 | ||||||
ITT Corp. | 1,120 | 58,408 | ||||||
L-3 Communications Holdings, Inc. | 720 | 57,830 | ||||||
Eaton Corp. | 1,020 | 57,722 | ||||||
Fluor Corp. | 1,110 | 56,444 | ||||||
Cummins, Inc. | 1,240 | 55,564 | ||||||
Republic Services, Inc. | 1,990 | 52,874 | ||||||
Parker Hannifin Corp. | 990 | 51,322 | ||||||
Rockwell Collins, Inc. | 970 | 49,276 | ||||||
Expeditors International of Washington, Inc. | 1,310 | 46,047 | ||||||
Dover Corp. | 1,150 | 44,574 | ||||||
Southwest Airlines Co. | 4,570 | 43,872 | ||||||
Goodrich Corp. | 760 | 41,298 | ||||||
Rockwell Automation, Inc. | 880 | 37,488 | ||||||
Jacobs Engineering Group, Inc.* | 765 | 35,152 | ||||||
W.W. Grainger, Inc. | 391 | 34,940 | ||||||
Flowserve Corp. | 337 | 33,208 | ||||||
Pitney Bowes, Inc. | 1,284 | 31,907 | ||||||
Textron, Inc. | 1,670 | 31,697 | ||||||
Fastenal Co. | 808 | 31,270 | ||||||
Iron Mountain, Inc.* | 1,114 | 29,699 | ||||||
Masco Corp. | 2,210 | 28,553 | ||||||
Quanta Services, Inc.* | 1,225 | 27,109 | ||||||
RR Donnelley & Sons Co. | 1,270 | 27,000 | ||||||
Stericycle, Inc.* | 525 | 25,436 | ||||||
Dun & Bradstreet Corp. | 330 | 24,856 | ||||||
Avery Dennison Corp. | 690 | 24,847 | ||||||
Cintas Corp. | 815 | 24,703 | ||||||
Pall Corp. | 734 | 23,694 | ||||||
Robert Half International, Inc. | 940 | 23,519 | ||||||
Equifax, Inc. | 785 | 22,875 | ||||||
Stanley Works | 490 | 20,918 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Monster Worldwide, Inc.* | 778 | $ | 13,599 | |||||
Ryder System, Inc. | 345 | 13,476 | ||||||
Snap-On, Inc. | 358 | 12,444 | ||||||
Total Industrials | 5,907,264 | |||||||
CONSUMER DISCRETIONARY 6.9% | ||||||||
McDonald’s Corp. | 6,730 | 384,081 | ||||||
Walt Disney Co. | 11,465 | 314,829 | ||||||
Comcast Corp. — Class A | 17,690 | 298,784 | ||||||
Home Depot, Inc. | 10,509 | 279,960 | ||||||
Target Corp. | 4,635 | 216,362 | ||||||
Time Warner, Inc. | 7,315 | 210,526 | ||||||
Amazon.com, Inc.* | 2,048 | 191,201 | ||||||
Lowe’s Companies, Inc. | 9,110 | 190,763 | ||||||
News Corp. | 13,860 | 166,181 | ||||||
Nike, Inc. — Class B | 2,405 | 155,603 | ||||||
Ford Motor Co.* | 19,865 | 143,227 | ||||||
Kohl’s Corp.* | 1,885 | 107,539 | ||||||
Viacom, Inc. — Class B* | 3,740 | 104,870 | ||||||
Staples, Inc. | 4,451 | 103,352 | ||||||
Yum! Brands, Inc. | 2,882 | 97,296 | ||||||
TJX Companies, Inc. | 2,607 | 96,850 | ||||||
Johnson Controls, Inc. | 3,670 | 93,805 | ||||||
Starbucks Corp.* | 4,540 | 93,751 | ||||||
Time Warner Cable, Inc. | 2,170 | 93,505 | ||||||
Carnival Corp. | 2,700 | 89,856 | ||||||
Best Buy Company, Inc. | 2,100 | 78,792 | ||||||
DIRECTV Group, Inc.* | 2,770 | 76,397 | ||||||
Omnicom Group, Inc. | 1,925 | 71,109 | ||||||
Coach, Inc. | 1,965 | 64,688 | ||||||
The Gap, Inc. | 2,967 | 63,494 | ||||||
Bed Bath & Beyond, Inc.* | 1,610 | 60,439 | ||||||
Apollo Group, Inc. — Class A* | 795 | 58,568 | ||||||
CBS Corp. | 4,180 | 50,369 | ||||||
J.C. Penney Company, Inc. | 1,453 | 49,039 | ||||||
McGraw-Hill Companies, Inc. | 1,940 | 48,772 | ||||||
Macy’s, Inc. | 2,590 | 47,371 | ||||||
Marriott International, | ||||||||
Inc. — Class A | 1,555 | 42,902 | ||||||
Mattel, Inc. | 2,220 | 40,981 | ||||||
Fortune Brands, Inc. | 930 | 39,971 | ||||||
VF Corp. | 548 | 39,692 | ||||||
International Game Technology, Inc. | 1,830 | 39,308 | ||||||
H&R Block, Inc. | 2,070 | 38,047 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,150 | 37,984 | ||||||
Genuine Parts Co. | 985 | 37,489 | ||||||
Sherwin-Williams Co. | 600 | 36,096 | ||||||
Harley-Davidson, Inc. | 1,450 | 33,350 | ||||||
Whirlpool Corp. | 460 | 32,182 | ||||||
Nordstrom, Inc. | 1,020 | 31,151 | ||||||
Expedia, Inc.* | 1,300 | 31,135 | ||||||
O’Reilly Automotive, Inc.* | 845 | 30,538 | ||||||
Wynn Resorts Ltd.* | 424 | 30,057 | ||||||
Tiffany & Co. | 770 | 29,668 |
26 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Darden Restaurants, Inc. | 860 | $ | 29,352 | |||||
AutoZone, Inc.* | 200 | 29,244 | ||||||
Limited Brands, Inc. | 1,650 | 28,033 | ||||||
Polo Ralph Lauren Corp. | 360 | 27,583 | ||||||
GameStop Corp. — Class A* | 1,025 | 27,132 | ||||||
Newell Rubbermaid, Inc. | 1,710 | 26,830 | ||||||
Goodyear Tire & Rubber Co.* | 1,495 | 25,460 | ||||||
Family Dollar Stores, Inc. | 860 | 22,704 | ||||||
Interpublic Group of Companies, Inc.* | 3,005 | 22,598 | ||||||
Hasbro, Inc. | 777 | 21,562 | ||||||
Pulte Homes, Inc. | 1,950 | 21,431 | ||||||
DeVry, Inc. | 385 | 21,298 | ||||||
Scripps Networks Interactive, Inc. | 550 | 20,323 | ||||||
Sears Holdings Corp.* | 310 | 20,246 | ||||||
D.R. Horton, Inc. | 1,700 | 19,397 | ||||||
Washington Post Co. — Class B | 40 | 18,723 | ||||||
Leggett & Platt, Inc. | 960 | 18,624 | ||||||
Gannett Co., Inc. | 1,450 | 18,140 | ||||||
Wyndham Worldwide Corp. | 1,100 | 17,952 | ||||||
Abercrombie & Fitch Co. — Class A | 542 | 17,821 | ||||||
Black & Decker Corp. | 367 | 16,988 | ||||||
Harman International Industries, Inc. | 430 | 14,568 | ||||||
Lennar Corp. — Class A | 946 | 13,481 | ||||||
RadioShack Corp. | 770 | 12,759 | ||||||
Big Lots, Inc.* | 506 | 12,660 | ||||||
Office Depot, Inc.* | 1,690 | 11,188 | ||||||
AutoNation, Inc.* | 580 | 10,486 | ||||||
Eastman Kodak Co. | 1,646 | 7,868 | ||||||
KB HOME | 460 | 7,641 | ||||||
Meredith Corp. | 220 | 6,587 | ||||||
New York Times Co. — Class A | 706 | 5,733 | ||||||
Total Consumer Discretionary | 5,246,342 | |||||||
UTILITIES 2.8% | ||||||||
Exelon Corp. | 4,060 | 201,457 | ||||||
Southern Co. | 4,915 | 155,658 | ||||||
FPL Group, Inc. | 2,540 | 140,284 | ||||||
Dominion Resources, Inc. | 3,669 | 126,580 | ||||||
Duke Energy Corp. | 7,992 | 125,794 | ||||||
Public Service Enterprise Group, Inc. | 3,120 | 98,093 | ||||||
Entergy Corp. | 1,210 | 96,631 | ||||||
PG&E Corp. | 2,281 | 92,358 | ||||||
American Electric Power Company, Inc. | 2,945 | 91,266 | ||||||
FirstEnergy Corp. | 1,880 | 85,954 | ||||||
Sempra Energy | 1,515 | 75,462 | ||||||
PPL Corp. | 2,320 | 70,389 | ||||||
Consolidated Edison, Inc. | 1,700 | 69,598 | ||||||
Edison International | 2,015 | 67,664 | ||||||
Progress Energy, Inc. | 1,720 | 67,183 | ||||||
AES Corp.* | 4,110 | 60,910 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Xcel Energy, Inc. | 2,810 | $ | 54,064 | |||||
Questar Corp. | 1,075 | 40,377 | ||||||
Constellation Energy Group, Inc. | 1,244 | 40,268 | ||||||
Ameren Corp. | 1,440 | 36,403 | ||||||
DTE Energy Co. | 1,014 | 35,632 | ||||||
EQT Corp. | 810 | 34,506 | ||||||
Wisconsin Energy Corp. | 717 | 32,387 | ||||||
CenterPoint Energy, Inc. | 2,380 | 29,583 | ||||||
Allegheny Energy, Inc. | 1,040 | 27,581 | ||||||
Northeast Utilities | 1,080 | 25,639 | ||||||
SCANA Corp. | 680 | 23,732 | ||||||
NiSource, Inc. | 1,700 | 23,613 | ||||||
Pinnacle West Capital Corp. | 620 | 20,348 | ||||||
Pepco Holdings, Inc. | 1,360 | 20,237 | ||||||
CMS Energy Corp. | 1,410 | 18,894 | ||||||
TECO Energy, Inc. | 1,318 | 18,557 | ||||||
Integrys Energy Group, Inc. | 468 | 16,797 | ||||||
Nicor, Inc. | 282 | 10,318 | ||||||
Dynegy, Inc.* | 3,130 | 7,982 | ||||||
Total Utilities | 2,142,199 | |||||||
MATERIALS 2.7% | ||||||||
Monsanto Co. | 3,375 | 261,225 | ||||||
Dow Chemical Co. | 7,050 | 183,793 | ||||||
E.I. du Pont de Nemours and Co. | 5,570 | 179,020 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 2,540 | 174,269 | ||||||
Praxair, Inc. | 1,890 | 154,394 | ||||||
Newmont Mining Corp. | 3,020 | 132,940 | ||||||
Air Products & Chemicals, Inc. | 1,290 | 100,078 | ||||||
Nucor Corp. | 1,940 | 91,199 | ||||||
Alcoa, Inc. | 6,010 | 78,851 | ||||||
Ecolab, Inc. | 1,460 | 67,496 | ||||||
PPG Industries, Inc. | 1,020 | 59,374 | ||||||
International Paper Co. | 2,670 | 59,354 | ||||||
Weyerhaeuser Co. | 1,300 | 47,645 | ||||||
Vulcan Materials Co. | 773 | 41,796 | ||||||
Sigma-Aldrich Corp. | 748 | 40,377 | ||||||
United States Steel Corp. | 880 | 39,046 | ||||||
Owens-Illinois, Inc.* | 1,045 | 38,561 | ||||||
Ball Corp. | 585 | 28,782 | ||||||
CF Industries Holdings, Inc. | 297 | 25,610 | ||||||
FMC Corp. | 450 | 25,313 | ||||||
Airgas, Inc. | 500 | 24,185 | ||||||
Eastman Chemical Co. | 450 | 24,093 | ||||||
MeadWestvaco Corp. | 1,050 | 23,426 | ||||||
Pactiv Corp.* | 809 | 21,074 | ||||||
Allegheny Technologies, Inc. | 600 | 20,994 | ||||||
Sealed Air Corp. | 976 | 19,159 | ||||||
International Flavors & Fragrances, Inc. | 489 | 18,548 | ||||||
Bemis Co. | 671 | 17,386 | ||||||
AK Steel Holding Corp. | 670 | 13,219 | ||||||
Titanium Metals Corp. | 523 | 5,016 | ||||||
Total Materials | 2,016,223 | |||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 27 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
NOVA FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
TELECOMMUNICATION SERVICES 2.4% | ||||||||
AT&T, Inc. | 36,370 | $ | 982,354 | |||||
Verizon Communications, Inc. | 17,510 | 530,028 | ||||||
American Tower Corp. — Class A* | 2,430 | 88,452 | ||||||
Sprint Nextel Corp.* | 17,730 | 70,033 | ||||||
CenturyTel, Inc. | 1,828 | 61,421 | ||||||
Qwest Communications International, Inc. | 9,145 | 34,842 | ||||||
Windstream Corp. | 2,690 | 27,250 | ||||||
MetroPCS Communications, Inc.* | 1,610 | 15,069 | ||||||
Frontier Communications Corp. | 1,935 | 14,590 | ||||||
Total Telecommunication Services | 1,824,039 | |||||||
Total Common Stocks | ||||||||
(Cost $45,650,634) | 57,565,492 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 20.9% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 5,084,571 | 5,084,571 | |||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 3,798,599 | 3,798,599 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 3,076,166 | 3,076,166 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 2,669,400 | 2,669,400 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 1,271,143 | 1,271,143 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $15,899,879) | 15,899,879 | |||||||
Total Investments 96.6%(a) | ||||||||
(Cost $61,550,513) | $ | 73,465,371 | ||||||
Other Assets in Excess of Liabilities – 3.4% | $ | 2,581,162 | ||||||
Net Assets – 100.0% | $ | 76,046,533 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 S&P 500 Index Mini Futures Contracts (Aggregate Market Value of Contracts $32,446,488) | 617 | $ | (11,200 | ) | ||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Goldman Sachs International September 2009 S&P 500 Index Swap, Terminating 09/30/09††† (Notional Market Value $6,440,125) | 6,092 | $ | 433,410 | |||||
Credit Suisse Capital, LLC October 2009 S&P 500 Index Swap, Terminating 10/30/09††† (Notional Market Value $18,518,923) | 17,519 | 150,469 | ||||||
(Total Notional Market Value $24,959,048) | $ | 583,879 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on S&P 500 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. | |
REIT — Real Estate Investment Trust. |
28 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 88.1% | ||||||||
INFORMATION TECHNOLOGY 16.4% | ||||||||
Microsoft Corp. | 114,510 | $ | 2,964,664 | |||||
Apple, Inc.* | 13,235 | 2,453,372 | ||||||
International Business Machines Corp. | 19,360 | 2,315,650 | ||||||
Cisco Systems, Inc.* | 85,200 | 2,005,608 | ||||||
Google, Inc. — Class A* | 3,555 | 1,762,747 | ||||||
Hewlett-Packard Co. | 35,020 | 1,653,294 | ||||||
Intel Corp. | 82,690 | 1,618,243 | ||||||
Oracle Corp. | 57,695 | 1,202,364 | ||||||
Qualcomm, Inc. | 24,560 | 1,104,709 | ||||||
EMC Corp* | 29,873 | 509,036 | ||||||
Texas Instruments, Inc. | 18,630 | 441,345 | ||||||
eBay, Inc.* | 16,576 | 391,359 | ||||||
Dell, Inc.* | 25,420 | 387,909 | ||||||
Corning, Inc. | 22,960 | 351,518 | ||||||
Yahoo!, Inc.* | 17,620 | 313,812 | ||||||
Automatic Data Processing, Inc. | 7,420 | 291,606 | ||||||
Motorola, Inc. | 33,915 | 291,330 | ||||||
MasterCard, Inc. | 1,418 | 286,649 | ||||||
Applied Materials, Inc. | 19,700 | 263,980 | ||||||
Adobe Systems, Inc.* | 7,760 | 256,390 | ||||||
Juniper Networks, Inc.* | 7,745 | 209,270 | ||||||
Symantec Corp.* | 12,030 | 198,134 | ||||||
Western Union Co. | 10,360 | 196,011 | ||||||
Broadcom Corp. — Class A* | 6,375 | 195,649 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 4,335 | 167,591 | ||||||
Agilent Technologies, Inc.* | 5,096 | 141,822 | ||||||
Paychex, Inc. | 4,750 | 137,987 | ||||||
Intuit, Inc.* | 4,770 | 135,945 | ||||||
NetApp, Inc.* | 4,970 | 132,600 | ||||||
CA, Inc. | 5,885 | 129,411 | ||||||
NVIDIA Corp.* | 8,095 | 121,668 | ||||||
Western Digital Corp.* | 3,320 | 121,280 | ||||||
Analog Devices, Inc. | 4,310 | 118,870 | ||||||
Computer Sciences Corp.* | 2,240 | 118,070 | ||||||
Fiserv, Inc.* | 2,280 | 109,896 | ||||||
Citrix Systems, Inc.* | 2,700 | 105,921 | ||||||
Micron Technology, Inc.* | 12,510 | 102,582 | ||||||
BMC Software, Inc.* | 2,720 | 102,082 | ||||||
McAfee, Inc.* | 2,325 | 101,812 | ||||||
Sun Microsystems, Inc.* | 11,130 | 101,172 | ||||||
Xerox Corp. | 12,845 | 99,420 | ||||||
Xilinx, Inc. | 4,080 | 95,554 | ||||||
Amphenol Corp. | 2,535 | 95,519 | ||||||
Salesforce.com, Inc.* | 1,607 | 91,486 | ||||||
Electronic Arts, Inc.* | 4,780 | 91,059 | ||||||
Linear Technology Corp. | 3,280 | 90,626 | ||||||
KLA-Tencor Corp. | 2,520 | 90,367 | ||||||
Altera Corp. | 4,355 | 89,321 | ||||||
Autodesk, Inc.* | 3,395 | 80,801 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Affiliated Computer Services, Inc. — Class A* | 1,436 | $ | 77,788 | |||||
Red Hat, Inc.* | 2,780 | 76,839 | ||||||
Harris Corp. | 1,940 | 72,944 | ||||||
SanDisk Corp.* | 3,355 | 72,803 | ||||||
Fidelity National Information Services, Inc. | 2,830 | 72,193 | ||||||
Microchip Technology, Inc. | 2,700 | 71,550 | ||||||
Teradata Corp.* | 2,540 | 69,901 | ||||||
VeriSign, Inc.* | 2,850 | 67,516 | ||||||
Flir Systems, Inc.* | 2,240 | 62,653 | ||||||
MEMC Electronic Materials, Inc.* | 3,300 | 54,879 | ||||||
LSI Logic Corp.* | 9,635 | 52,896 | ||||||
Akamai Technologies, Inc.* | 2,550 | 50,184 | ||||||
National Semiconductor Corp. | 3,456 | 49,317 | ||||||
Advanced Micro Devices, Inc.* | 8,280 | 46,865 | ||||||
Total System Services, Inc. | 2,906 | 46,816 | ||||||
Molex, Inc. | 2,015 | 42,073 | ||||||
Tellabs, Inc.* | 5,850 | 40,482 | ||||||
Jabil Circuit, Inc. | 2,720 | 36,475 | ||||||
Novellus Systems, Inc.* | 1,440 | 30,211 | ||||||
QLogic Corp.* | 1,740 | 29,928 | ||||||
Compuware Corp.* | 3,515 | 25,765 | ||||||
Lexmark International, Inc.* | 1,155 | 24,879 | ||||||
Teradyne, Inc.* | 2,579 | 23,856 | ||||||
Novell, Inc.* | 5,120 | 23,091 | ||||||
JDS Uniphase Corp.* | 3,215 | 22,859 | ||||||
Ciena Corp.* | 1,350 | 21,978 | ||||||
Convergys Corp.* | 1,814 | 18,031 | ||||||
Total Information Technology | 25,722,283 | |||||||
FINANCIALS 13.4% | ||||||||
JPMorgan Chase & Co. | 58,092 | 2,545,591 | ||||||
Bank of America Corp. | 127,800 | 2,162,376 | ||||||
Wells Fargo & Co. | 69,015 | 1,944,843 | ||||||
Goldman Sachs Group, Inc. | 7,550 | 1,391,843 | ||||||
Citigroup, Inc. | 192,660 | 932,474 | ||||||
Morgan Stanley | 20,080 | 620,070 | ||||||
U.S. Bancorp | 28,240 | 617,326 | ||||||
American Express Co. | 17,570 | 595,623 | ||||||
Bank of New York Mellon Corp. | 17,772 | 515,210 | ||||||
MetLife, Inc. | 12,090 | 460,266 | ||||||
The Travelers Companies, Inc. | 8,380 | 412,547 | ||||||
State Street Corp. | 7,305 | 384,243 | ||||||
Prudential Financial, Inc. | 6,840 | 341,384 | ||||||
PNC Financial Services Group, Inc. | 6,820 | 331,384 | ||||||
CME Group, Inc. | 980 | 302,026 | ||||||
AFLAC, Inc. | 6,910 | 295,333 | ||||||
Simon Property Group, Inc. | 4,179 | 290,153 | ||||||
BB&T Corp. | 10,070 | 274,307 | ||||||
Charles Schwab Corp. | 14,060 | 269,249 | ||||||
Chubb Corp. | 5,170 | 260,620 | ||||||
Allstate Corp. | 7,925 | 242,664 | ||||||
Capital One Financial Corp. | 6,725 | 240,284 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 29 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Franklin Resources, Inc. | 2,210 | $ | 222,326 | |||||
Northern Trust Corp. | 3,570 | 207,631 | ||||||
Marsh & McLennan Companies, Inc. | 7,740 | 191,410 | ||||||
Loews Corp. | 5,375 | 184,094 | ||||||
T. Rowe Price Group, Inc. | 3,780 | 172,746 | ||||||
SunTrust Banks, Inc. | 7,375 | 166,306 | ||||||
Progressive Corp.* | 10,020 | 166,132 | ||||||
Aon Corp. | 4,050 | 164,795 | ||||||
Hartford Financial Services Group, Inc. | 5,680 | 150,520 | ||||||
Public Storage | 2,000 | 150,480 | ||||||
Vornado Realty Trust | 2,311 | 148,837 | ||||||
Invesco Ltd. | 6,150 | 139,974 | ||||||
Ameriprise Financial, Inc. | 3,770 | 136,964 | ||||||
Boston Properties, Inc. | 2,050 | 134,378 | ||||||
Principal Financial Group, Inc. | 4,710 | 129,007 | ||||||
Discover Financial Services | 7,915 | 128,461 | ||||||
HCP, Inc. | 4,335 | 124,588 | ||||||
Equity Residential | 4,050 | 124,335 | ||||||
Fifth Third Bancorp | 11,750 | 119,028 | ||||||
Lincoln National Corp. | 4,461 | 115,585 | ||||||
NYSE Euronext | 3,845 | 111,082 | ||||||
Regions Financial Corp. | 17,555 | 109,017 | ||||||
Unum Group | 4,900 | 105,056 | ||||||
Host Hotels & Resorts, Inc. | 8,925 | 105,047 | ||||||
IntercontinentalExchange, Inc.* | 1,080 | 104,965 | ||||||
Hudson City Bancorp, Inc. | 6,970 | 91,656 | ||||||
Ventas, Inc. | 2,310 | 88,935 | ||||||
XL Capital Ltd. | 5,055 | 88,260 | ||||||
American International Group, Inc.* | 1,994 | 87,955 | ||||||
AvalonBay Communities, Inc. | 1,180 | 85,821 | ||||||
Genworth Financial, Inc. — Class A | 7,115 | 85,024 | ||||||
KeyCorp | 12,980 | 84,370 | ||||||
People’s United Financial, Inc. | 5,155 | 80,212 | ||||||
ProLogis | 6,540 | 77,957 | ||||||
M&T Bank Corp. | 1,220 | 76,030 | ||||||
Legg Mason, Inc. | 2,404 | 74,596 | ||||||
Plum Creek Timber Company, Inc. (REIT) | 2,410 | 73,842 | ||||||
Health Care REIT, Inc. | 1,770 | 73,667 | ||||||
KIMCO Realty Corp. | 5,560 | 72,502 | ||||||
Leucadia National Corp.* | 2,810 | 69,463 | ||||||
Comerica, Inc. | 2,230 | 66,164 | ||||||
Cincinnati Financial Corp. | 2,405 | 62,506 | ||||||
SLM Corp.* | 6,910 | 60,255 | ||||||
Moody’s Corp. | 2,900 | 59,334 | ||||||
Assurant, Inc. | 1,736 | 55,656 | ||||||
Torchmark Corp. | 1,225 | 53,202 | ||||||
Huntington Bancshares, Inc. | 9,810 | 46,205 | ||||||
Nasdaq Stock Market, Inc.* | 2,098 | 44,163 | ||||||
Marshall & Ilsley Corp. | 5,440 | 43,901 |
MARKET | ||||||||
SHARES | VALUE | |||||||
First Horizon National Corp.* | 3,230 | $ | 42,735 | |||||
CB Richard Ellis Group, Inc. — Class A* | 3,550 | 41,677 | ||||||
Janus Capital Group, Inc. | 2,690 | 38,144 | ||||||
Federated Investors, Inc. — Class B | 1,310 | 34,545 | ||||||
Zions Bancorporation | 1,870 | 33,604 | ||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 1,730 | 25,518 | ||||||
E*Trade Financial Corp.* | 13,690 | 23,958 | ||||||
MBIA, Inc.* | 2,340 | 18,158 | ||||||
Total Financials | 21,002,595 | |||||||
HEALTH CARE 11.6% | ||||||||
Johnson & Johnson | 40,710 | 2,478,832 | ||||||
Pfizer, Inc. | 99,700 | 1,650,035 | ||||||
Abbott Laboratories | 22,840 | 1,129,895 | ||||||
Merck & Company, Inc. | 31,150 | 985,274 | ||||||
Wyeth | 19,720 | 957,998 | ||||||
Amgen, Inc.* | 15,000 | 903,450 | ||||||
Schering-Plough Corp. | 24,140 | 681,955 | ||||||
Bristol-Myers Squibb Co. | 29,260 | 658,935 | ||||||
Gilead Sciences, Inc.* | 13,365 | 622,542 | ||||||
Medtronic, Inc. | 16,350 | 601,680 | ||||||
Baxter International, Inc. | 8,900 | 507,389 | ||||||
Eli Lilly & Co. | 14,940 | 493,468 | ||||||
UnitedHealth Group, Inc. | 17,170 | 429,937 | ||||||
Medco Health Solutions, Inc.* | 7,000 | 387,170 | ||||||
Celgene Corp.* | 6,770 | 378,443 | ||||||
WellPoint, Inc.* | 7,025 | 332,704 | ||||||
Express Scripts, Inc.* | 4,050 | 314,199 | ||||||
Thermo Fisher Scientific, Inc.* | 6,030 | 263,330 | ||||||
Allergan, Inc. | 4,540 | 257,690 | ||||||
Becton, Dickinson & Co. | 3,545 | 247,264 | ||||||
Boston Scientific Corp.* | 22,270 | 235,839 | ||||||
McKesson Corp. | 3,935 | 234,329 | ||||||
Genzyme Corp.* | 3,990 | 226,353 | ||||||
Biogen Idec, Inc.* | 4,270 | 215,720 | ||||||
St. Jude Medical, Inc.* | 5,136 | 200,355 | ||||||
Stryker Corp. | 4,175 | 189,670 | ||||||
Aetna, Inc. | 6,450 | 179,503 | ||||||
Zimmer Holdings, Inc.* | 3,170 | 169,436 | ||||||
Intuitive Surgical, Inc.* | 560 | 146,860 | ||||||
Cardinal Health, Inc. | 5,315 | 142,442 | ||||||
Forest Laboratories, Inc.* | 4,460 | 131,302 | ||||||
Life Technologies Corp.* | 2,598 | 120,937 | ||||||
Quest Diagnostics, Inc. | 2,300 | 120,037 | ||||||
CIGNA Corp. | 4,030 | 113,203 | ||||||
C.R. Bard, Inc. | 1,440 | 113,198 | ||||||
Hospira, Inc.* | 2,380 | 106,148 | ||||||
Laboratory Corporation of America Holdings* | 1,600 | 105,120 | ||||||
AmerisourceBergen Corp. | 4,390 | 98,248 | ||||||
Humana, Inc.* | 2,510 | 93,623 | ||||||
DaVita, Inc.* | 1,540 | 87,226 |
30 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Waters Corp.* | 1,410 | $ | 78,763 | |||||
Varian Medical Systems, Inc.* | 1,846 | 77,772 | ||||||
DENTSPLY International, Inc. | 2,190 | 75,643 | ||||||
Mylan Laboratories, Inc.* | 4,510 | 72,205 | ||||||
Cephalon, Inc.* | 1,100 | 64,064 | ||||||
CareFusion Corp.* | 2,660 | 57,988 | ||||||
Millipore Corp.* | 820 | 57,671 | ||||||
Watson Pharmaceuticals, Inc.* | 1,560 | 57,158 | ||||||
Coventry Health Care, Inc.* | 2,210 | 44,112 | ||||||
IMS Health, Inc. | 2,690 | 41,292 | ||||||
King Pharmaceuticals, Inc.* | 3,675 | 39,580 | ||||||
Tenet Healthcare Corp.* | 6,400 | 37,632 | ||||||
Patterson Companies, Inc.* | 1,372 | 37,387 | ||||||
PerkinElmer, Inc. | 1,720 | 33,093 | ||||||
Total Health Care | 18,086,099 | |||||||
ENERGY 10.3% | ||||||||
Exxon Mobil Corp. | 70,990 | 4,870,624 | ||||||
Chevron Corp. | 29,620 | 2,086,137 | ||||||
Schlumberger Ltd. | 17,690 | 1,054,324 | ||||||
ConocoPhillips | 21,900 | 989,004 | ||||||
Occidental Petroleum Corp. | 11,985 | 939,624 | ||||||
Apache Corp. | 4,960 | 455,477 | ||||||
Anadarko Petroleum Corp. | 7,255 | 455,106 | ||||||
Devon Energy Corp. | 6,565 | 442,022 | ||||||
Halliburton Co. | 13,320 | 361,238 | ||||||
XTO Energy, Inc. | 8,570 | 354,112 | ||||||
Marathon Oil Corp. | 10,450 | 333,355 | ||||||
EOG Resources, Inc. | 3,720 | 310,657 | ||||||
Chesapeake Energy Corp. | 9,480 | 269,232 | ||||||
National-Oilwell Varco, Inc.* | 6,185 | 266,759 | ||||||
Hess Corp. | 4,300 | 229,878 | ||||||
Southwestern Energy Co.* | 5,090 | 217,241 | ||||||
Baker Hughes, Inc. | 4,580 | 195,383 | ||||||
Spectra Energy Corp. | 9,540 | 180,688 | ||||||
Noble Energy, Inc. | 2,565 | 169,187 | ||||||
Murphy Oil Corp. | 2,820 | 162,347 | ||||||
Valero Energy Corp. | 8,310 | 161,131 | ||||||
Williams Companies, Inc. | 8,607 | 153,807 | ||||||
Peabody Energy Corp. | 3,950 | 147,019 | ||||||
Cameron International Corp.* | 3,255 | 123,104 | ||||||
Consol Energy, Inc. | 2,675 | 120,669 | ||||||
Range Resources Corp. | 2,325 | 114,762 | ||||||
El Paso Corp. | 10,360 | 106,915 | ||||||
Diamond Offshore Drilling, Inc. | 1,030 | 98,386 | ||||||
FMC Technologies, Inc.* | 1,810 | 94,554 | ||||||
Smith International, Inc. | 3,260 | 93,562 | ||||||
ENSCO International, Inc. | 2,100 | 89,334 | ||||||
Nabors Industries Ltd.* | 4,200 | 87,780 | ||||||
BJ Services Co. | 4,320 | 83,938 | ||||||
Pioneer Natural Resources Co. | 1,700 | 61,693 | ||||||
Denbury Resources, Inc.* | 3,680 | 55,678 | ||||||
Cabot Oil & Gas Corp. | 1,534 | 54,841 | ||||||
Sunoco, Inc. | 1,730 | 49,219 | ||||||
Rowan Companies, Inc. | 1,680 | 38,758 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Massey Energy Co. | 1,260 | $ | 35,141 | |||||
Tesoro Corp. | 2,060 | 30,859 | ||||||
Total Energy | 16,143,545 | |||||||
CONSUMER STAPLES 10.2% | ||||||||
Procter & Gamble Co. | 43,120 | 2,497,510 | ||||||
Coca-Cola Co. | 34,227 | 1,837,990 | ||||||
Wal-Mart Stores, Inc. | 31,900 | 1,565,971 | ||||||
Philip Morris International, Inc. | 28,580 | 1,392,989 | ||||||
PepsiCo, Inc. | 23,010 | 1,349,767 | ||||||
CVS Caremark Corp. | 21,320 | 761,977 | ||||||
Kraft Foods, Inc. | 21,795 | 572,555 | ||||||
Colgate-Palmolive Co. | 7,360 | 561,421 | ||||||
Walgreen Co. | 14,660 | 549,310 | ||||||
Altria Group, Inc. | 30,600 | 544,986 | ||||||
Costco Wholesale Corp. | 6,425 | 362,755 | ||||||
Kimberly-Clark Corp. | 6,120 | 360,958 | ||||||
General Mills, Inc. | 4,815 | 309,990 | ||||||
Archer-Daniels-Midland Co. | 9,480 | 277,006 | ||||||
Sysco Corp. | 8,730 | 216,940 | ||||||
Avon Products, Inc. | 6,315 | 214,457 | ||||||
Kroger Co. | 9,620 | 198,557 | ||||||
Kellogg Co. | 3,787 | 186,434 | ||||||
H.J. Heinz Co. | 4,665 | 185,434 | ||||||
Lorillard, Inc. | 2,440 | 181,292 | ||||||
ConAgra Foods, Inc. | 6,530 | 141,570 | ||||||
Safeway, Inc. | 6,150 | 121,278 | ||||||
Clorox Co. | 2,060 | 121,169 | ||||||
Sara Lee Corp. | 10,280 | 114,519 | ||||||
Molson Coors Brewing Co. — Class B | 2,320 | 112,938 | ||||||
Reynolds American, Inc. | 2,505 | 111,523 | ||||||
Dr Pepper Snapple Group, Inc.* | 3,750 | 107,812 | ||||||
Coca-Cola Enterprises, Inc. | 4,690 | 100,413 | ||||||
Hershey Co. | 2,450 | 95,207 | ||||||
J.M. Smucker Co. | 1,759 | 93,245 | ||||||
Campbell Soup Co. | 2,850 | 92,967 | ||||||
Brown-Forman Corp. — Class B | 1,624 | 78,309 | ||||||
Pepsi Bottling Group, Inc. | 2,130 | 77,617 | ||||||
McCormick & Company, Inc. | 1,927 | 65,402 | ||||||
Estee Lauder Companies, Inc. — Class A | 1,744 | 64,668 | ||||||
Whole Foods Market, Inc.* | 2,085 | 63,572 | ||||||
Tyson Foods, Inc. — Class A | 4,510 | 56,961 | ||||||
Dean Foods Co.* | 2,660 | 47,321 | ||||||
SUPERVALU, Inc. | 3,130 | 47,138 | ||||||
Constellation Brands, Inc. — Class A* | 2,939 | 44,526 | ||||||
Hormel Foods Corp. | 1,035 | 36,763 | ||||||
Total Consumer Staples | 15,923,217 | |||||||
INDUSTRIALS 9.0% | ||||||||
General Electric Co. | 156,990 | 2,577,776 | ||||||
United Technologies Corp. | 13,900 | 846,927 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 31 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
United Parcel Service, Inc. — Class B | 14,695 | $ | 829,827 | |||||
3M Co. | 10,320 | 761,616 | ||||||
Boeing Co. | 10,730 | 581,029 | ||||||
Caterpillar, Inc. | 9,180 | 471,209 | ||||||
Emerson Electric Co. | 11,100 | 444,888 | ||||||
Union Pacific Corp. | 7,450 | 434,707 | ||||||
Honeywell International, Inc. | 11,110 | 412,736 | ||||||
Lockheed Martin Corp. | 4,775 | 372,832 | ||||||
General Dynamics Corp. | 5,690 | 367,574 | ||||||
FedEx Corp. | 4,615 | 347,140 | ||||||
Burlington Northern Santa Fe Corp. | 3,875 | 309,341 | ||||||
Raytheon Co. | 5,750 | 275,827 | ||||||
Deere & Co. | 6,250 | 268,250 | ||||||
Danaher Corp. | 3,830 | 257,836 | ||||||
Northrop Grumman Corp. | 4,700 | 243,225 | ||||||
Illinois Tool Works, Inc. | 5,690 | 243,020 | ||||||
CSX Corp. | 5,790 | 242,369 | ||||||
Norfolk Southern Corp. | 5,430 | 234,087 | ||||||
Waste Management, Inc. | 7,280 | 217,090 | ||||||
Precision Castparts Corp. | 2,066 | 210,463 | ||||||
Paccar, Inc. | 5,370 | 202,503 | ||||||
CH Robinson Worldwide, Inc. | 2,490 | 143,798 | ||||||
ITT Corp. | 2,688 | 140,179 | ||||||
Eaton Corp. | 2,450 | 138,646 | ||||||
L-3 Communications Holdings, Inc. | 1,720 | 138,150 | ||||||
Fluor Corp. | 2,660 | 135,261 | ||||||
Cummins, Inc. | 2,980 | 133,534 | ||||||
Republic Services, Inc. | 4,760 | 126,473 | ||||||
Parker Hannifin Corp. | 2,370 | 122,861 | ||||||
Rockwell Collins, Inc. | 2,330 | 118,364 | ||||||
Expeditors International of Washington, Inc. | 3,130 | 110,020 | ||||||
Dover Corp. | 2,750 | 106,590 | ||||||
Southwest Airlines Co. | 10,950 | 105,120 | ||||||
Goodrich Corp. | 1,830 | 99,442 | ||||||
Rockwell Automation, Inc. | 2,100 | 89,460 | ||||||
Jacobs Engineering Group, Inc.* | 1,830 | 84,089 | ||||||
W.W. Grainger, Inc. | 925 | 82,658 | ||||||
Flowserve Corp. | 830 | 81,788 | ||||||
Pitney Bowes, Inc. | 3,056 | 75,942 | ||||||
Textron, Inc. | 3,995 | 75,825 | ||||||
Fastenal Co. | 1,949 | 75,426 | ||||||
Iron Mountain, Inc.* | 2,665 | 71,049 | ||||||
Masco Corp. | 5,310 | 68,605 | ||||||
Quanta Services, Inc.* | 2,930 | 64,841 | ||||||
RR Donnelley & Sons Co. | 3,030 | 64,418 | ||||||
Stericycle, Inc.* | 1,260 | 61,047 | ||||||
Avery Dennison Corp. | 1,670 | 60,137 | ||||||
Cintas Corp. | 1,945 | 58,953 | ||||||
Dun & Bradstreet Corp. | 780 | 58,750 | ||||||
Robert Half International, Inc. | 2,240 | 56,045 | ||||||
Pall Corp. | 1,736 | 56,038 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Equifax, Inc. | 1,870 | $ | 54,492 | |||||
Stanley Works | 1,170 | 49,947 | ||||||
Monster Worldwide, Inc.* | 1,860 | 32,513 | ||||||
Ryder System, Inc. | 830 | 32,420 | ||||||
Snap-On, Inc. | 850 | 29,546 | ||||||
Total Industrials | 14,154,699 | |||||||
CONSUMER DISCRETIONARY 8.0% | ||||||||
McDonald’s Corp. | 16,120 | 919,968 | ||||||
Walt Disney Co. | 27,455 | 753,914 | ||||||
Comcast Corp. — Class A | 42,390 | 715,967 | ||||||
Home Depot, Inc. | 25,181 | 670,822 | ||||||
Target Corp. | 11,115 | 518,848 | ||||||
Time Warner, Inc. | 17,515 | 504,082 | ||||||
Amazon.com, Inc.* | 4,910 | 458,398 | ||||||
Lowe’s Companies, Inc. | 21,830 | 457,120 | ||||||
News Corp. | 33,210 | 398,188 | ||||||
Nike, Inc. — Class B | 5,740 | 371,378 | ||||||
Ford Motor Co.* | 47,585 | 343,088 | ||||||
Kohl’s Corp.* | 4,515 | 257,581 | ||||||
Viacom, Inc. — Class B* | 8,960 | 251,238 | ||||||
Staples, Inc. | 10,675 | 247,873 | ||||||
TJX Companies, Inc. | 6,265 | 232,745 | ||||||
Yum! Brands, Inc. | 6,890 | 232,606 | ||||||
Johnson Controls, Inc. | 8,800 | 224,928 | ||||||
Starbucks Corp.* | 10,890 | 224,878 | ||||||
Time Warner Cable, Inc. | 5,200 | 224,068 | ||||||
Carnival Corp. | 6,470 | 215,322 | ||||||
Best Buy Company, Inc. | 5,040 | 189,101 | ||||||
DIRECTV Group, Inc.* | 6,640 | 183,131 | ||||||
Omnicom Group, Inc. | 4,595 | 169,739 | ||||||
Coach, Inc. | 4,700 | 154,724 | ||||||
The Gap, Inc. | 7,110 | 152,154 | ||||||
Bed Bath & Beyond, Inc.* | 3,868 | 145,205 | ||||||
Apollo Group, Inc. — Class A* | 1,885 | 138,868 | ||||||
CBS Corp. | 10,010 | 120,620 | ||||||
J.C. Penney Company, Inc. | 3,484 | 117,585 | ||||||
McGraw-Hill Companies, Inc. | 4,650 | 116,901 | ||||||
Macy’s, Inc. | 6,210 | 113,581 | ||||||
Marriott International, Inc. — Class A | 3,715 | 102,497 | ||||||
Mattel, Inc. | 5,320 | 98,207 | ||||||
VF Corp. | 1,320 | 95,608 | ||||||
Fortune Brands, Inc. | 2,220 | 95,416 | ||||||
International Game Technology, Inc. | 4,380 | 94,082 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 2,760 | 91,163 | ||||||
H&R Block, Inc. | 4,950 | 90,981 | ||||||
Genuine Parts Co. | 2,360 | 89,822 | ||||||
Sherwin-Williams Co. | 1,440 | 86,630 | ||||||
Harley-Davidson, Inc. | 3,470 | 79,810 | ||||||
Whirlpool Corp. | 1,088 | 76,116 | ||||||
Expedia, Inc.* | 3,110 | 74,485 | ||||||
Nordstrom, Inc. | 2,432 | 74,273 | ||||||
O’Reilly Automotive, Inc.* | 2,020 | 73,003 |
32 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Wynn Resorts Ltd.* | 1,020 | $ | 72,308 | |||||
Tiffany & Co. | 1,830 | 70,510 | ||||||
Darden Restaurants, Inc. | 2,060 | 70,308 | ||||||
AutoZone, Inc.* | 480 | 70,186 | ||||||
Limited Brands, Inc. | 3,940 | 66,941 | ||||||
Polo Ralph Lauren Corp. | 850 | 65,127 | ||||||
GameStop Corp. — Class A* | 2,435 | 64,454 | ||||||
Newell Rubbermaid, Inc. | 4,100 | 64,329 | ||||||
Goodyear Tire & Rubber Co.* | 3,575 | 60,882 | ||||||
Family Dollar Stores, Inc. | 2,060 | 54,384 | ||||||
Interpublic Group of Companies, Inc.* | 7,179 | 53,986 | ||||||
Hasbro, Inc. | 1,856 | 51,504 | ||||||
Pulte Homes, Inc. | 4,670 | 51,323 | ||||||
DeVry, Inc. | 915 | 50,618 | ||||||
Scripps Networks Interactive, Inc. | 1,320 | 48,774 | ||||||
Sears Holdings Corp.* | 740 | 48,329 | ||||||
D.R. Horton, Inc. | 4,080 | 46,553 | ||||||
Leggett & Platt, Inc. | 2,310 | 44,814 | ||||||
Gannett Co., Inc. | 3,470 | 43,410 | ||||||
Wyndham Worldwide Corp. | 2,640 | 43,085 | ||||||
Abercrombie & Fitch Co. — Class A | 1,300 | 42,744 | ||||||
Washington Post Co. — Class B | 90 | 42,127 | ||||||
Black & Decker Corp. | 890 | 41,198 | ||||||
Harman International Industries, Inc. | 1,025 | 34,727 | ||||||
Lennar Corp. — Class A | 2,280 | 32,490 | ||||||
RadioShack Corp. | 1,850 | 30,655 | ||||||
Big Lots, Inc.* | 1,220 | 30,524 | ||||||
Office Depot, Inc.* | 4,060 | 26,877 | ||||||
AutoNation, Inc.* | 1,390 | 25,131 | ||||||
Eastman Kodak Co. | 3,960 | 18,929 | ||||||
KB HOME | 1,090 | 18,105 | ||||||
Meredith Corp. | 540 | 16,168 | ||||||
New York Times Co. — Class A | 1,714 | 13,918 | ||||||
Total Consumer Discretionary | 12,562,132 | |||||||
UTILITIES 3.3% | ||||||||
Exelon Corp. | 9,740 | 483,299 | ||||||
Southern Co. | 11,762 | 372,503 | ||||||
FPL Group, Inc. | 6,080 | 335,798 | ||||||
Dominion Resources, Inc. | 8,790 | 303,255 | ||||||
Duke Energy Corp. | 19,155 | 301,500 | ||||||
Public Service Enterprise Group, Inc. | 7,470 | 234,857 | ||||||
Entergy Corp. | 2,890 | 230,795 | ||||||
PG&E Corp. | 5,485 | 222,088 | ||||||
American Electric Power Company, Inc. | 7,045 | 218,325 | ||||||
FirstEnergy Corp. | 4,500 | 205,740 | ||||||
Sempra Energy | 3,620 | 180,312 | ||||||
PPL Corp. | 5,560 | 168,690 | ||||||
Consolidated Edison, Inc. | 4,060 | 166,216 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Edison International | 4,810 | $ | 161,520 | |||||
Progress Energy, Inc. | 4,130 | 161,318 | ||||||
AES Corp.* | 9,850 | 145,977 | ||||||
Xcel Energy, Inc. | 6,730 | 129,485 | ||||||
Questar Corp. | 2,570 | 96,529 | ||||||
Constellation Energy Group, Inc. | 2,961 | 95,848 | ||||||
Ameren Corp. | 3,450 | 87,216 | ||||||
DTE Energy Co. | 2,431 | 85,425 | ||||||
EQT Corp. | 1,930 | 82,218 | ||||||
Wisconsin Energy Corp. | 1,730 | 78,144 | ||||||
CenterPoint Energy, Inc. | 5,710 | 70,975 | ||||||
Allegheny Energy, Inc. | 2,500 | 66,300 | ||||||
Northeast Utilities | 2,590 | 61,487 | ||||||
SCANA Corp. | 1,630 | 56,887 | ||||||
NiSource, Inc. | 4,070 | 56,532 | ||||||
Pinnacle West Capital Corp. | 1,494 | 49,033 | ||||||
Pepco Holdings, Inc. | 3,258 | 48,479 | ||||||
CMS Energy Corp. | 3,380 | 45,292 | ||||||
TECO Energy, Inc. | 3,160 | 44,493 | ||||||
Integrys Energy Group, Inc. | 1,130 | 40,556 | ||||||
Nicor, Inc. | 670 | 24,515 | ||||||
Dynegy, Inc.* | 7,490 | 19,099 | ||||||
Total Utilities | 5,130,706 | |||||||
MATERIALS 3.1% | ||||||||
Monsanto Co. | 8,065 | 624,231 | ||||||
Dow Chemical Co. | 16,890 | 440,322 | ||||||
E.I. du Pont de Nemours and Co. | 13,350 | 429,069 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 6,080 | 417,149 | ||||||
Praxair, Inc. | 4,530 | 370,056 | ||||||
Newmont Mining Corp. | 7,240 | 318,705 | ||||||
Air Products & Chemicals, Inc. | 3,100 | 240,498 | ||||||
Nucor Corp. | 4,650 | 218,596 | ||||||
Alcoa, Inc. | 14,390 | 188,797 | ||||||
Ecolab, Inc. | 3,500 | 161,805 | ||||||
International Paper Co. | 6,390 | 142,050 | ||||||
PPG Industries, Inc. | 2,440 | 142,032 | ||||||
Weyerhaeuser Co. | 3,120 | 114,348 | ||||||
Vulcan Materials Co. | 1,850 | 100,029 | ||||||
Sigma-Aldrich Corp. | 1,800 | 97,164 | ||||||
United States Steel Corp. | 2,125 | 94,286 | ||||||
Owens-Illinois, Inc.* | 2,490 | 91,881 | ||||||
Ball Corp. | 1,395 | 68,634 | ||||||
CF Industries Holdings, Inc. | 720 | 62,086 | ||||||
FMC Corp. | 1,070 | 60,187 | ||||||
Airgas, Inc. | 1,215 | 58,770 | ||||||
Eastman Chemical Co. | 1,070 | 57,288 | ||||||
MeadWestvaco Corp. | 2,530 | 56,444 | ||||||
Pactiv Corp.* | 1,950 | 50,797 | ||||||
Allegheny Technologies, Inc. | 1,450 | 50,735 | ||||||
Sealed Air Corp. | 2,350 | 46,131 | ||||||
International Flavors & Fragrances, Inc. | 1,175 | 44,568 | ||||||
Bemis Co. | 1,600 | 41,456 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 33 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P 500 FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
AK Steel Holding Corp. | 1,620 | $ | 31,963 | |||||
Titanium Metals Corp. | 1,250 | 11,988 | ||||||
Total Materials | 4,832,065 | |||||||
TELECOMMUNICATION SERVICES 2.8% | ||||||||
AT&T, Inc. | 87,150 | 2,353,921 | ||||||
Verizon Communications, Inc. | 41,960 | 1,270,129 | ||||||
American Tower Corp. — Class A* | 5,830 | 212,212 | ||||||
Sprint Nextel Corp.* | 42,480 | 167,796 | ||||||
CenturyTel, Inc. | 4,390 | 147,504 | ||||||
Qwest Communications International, Inc. | 21,905 | 83,458 | ||||||
Windstream Corp. | 6,450 | 65,339 | ||||||
MetroPCS Communications, Inc.* | 3,850 | 36,036 | ||||||
Frontier Communications Corp. | 4,615 | 34,797 | ||||||
Total Telecommunication Services | 4,371,192 | |||||||
Total Common Stocks (Cost $108,258,575) | 137,928,533 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 10.1% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% due 10/01/09 | $ | 5,767,379 | 5,767,379 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% due 10/01/09 | 3,489,264 | 3,489,264 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% due 10/01/09 | 3,027,874 | 3,027,874 | ||||||
Credit Suisse Group | ||||||||
issued 10/30/09 at 0.03% due 10/01/09†† | 2,032,525 | 2,032,525 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% due 10/01/09 | 1,441,845 | 1,441,845 | ||||||
Total Repurchase Agreements (Cost $15,758,887) | 15,758,887 | |||||||
Total Investments 98.2%(a) (Cost $124,017,462) | $ | 153,687,420 | ||||||
Other Assets in Excess of Liabilities – 1.8% | $ | 2,837,429 | ||||||
Net Assets – 100.0% | $ | 156,524,849 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 S&P 500 Index | ||||||||
Mini Futures Contracts (Aggregate Market Value of Contracts $4,732,875) | 90 | $ | 1,867 | |||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Credit Suisse Capital, LLC | ||||||||
October 2009 S&P 500 Index | ||||||||
Swap, Terminating 10/30/09††† (Notional Market Value $10,078,357) | 9,534 | $ | 110,572 | |||||
Goldman Sachs International | ||||||||
September 2009 S&P 500 Index | ||||||||
Swap, Terminating 09/30/09††† (Notional Market Value $3,473,404) | 3,286 | 8,742 | ||||||
(Total Notional Market Value $13,551,761) | $ | 119,314 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on S&P 500 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. | |
REIT — Real Estate Investment Trust. |
34 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE S&P 500 STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY DISCOUNT NOTES 68.6%(b) | ||||||||
Federal Home Loan Bank* | ||||||||
0.00% due 10/01/09 | $ | 50,000,000 | $ | 50,000,000 | ||||
0.74% due 10/16/09 | 25,000,000 | 24,999,575 | ||||||
0.21% due 10/20/09 | 25,000,000 | 24,999,475 | ||||||
Freddie Mac** | ||||||||
0.25% due 02/16/10 | 25,000,000 | 24,988,500 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $124,965,562) | 124,987,550 | |||||||
REPURCHASE AGREEMENTS† 36.6% | ||||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09†† | 29,366,007 | 29,366,007 | ||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 15,658,074 | 15,658,074 | ||||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 9,473,135 | 9,473,135 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 8,220,489 | 8,220,489 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 3,914,519 | 3,914,519 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $66,632,224) | 66,632,224 | |||||||
Total Investments 105.2%(a) | ||||||||
(Cost $191,597,786) | $ | 191,619,774 | ||||||
Liabilities in Excess of Other Assets – (5.2)% | $ | (9,488,128 | ) | |||||
Net Assets – 100.0% | $ | 182,131,646 | ||||||
UNREALIZED | ||||||||
CONTRACTS | LOSS | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 S&P 500 Index | ||||||||
Mini Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $11,411,488) | 217 | $ | (132,774 | ) | ||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT(b) | ||||||||
Goldman Sachs International | ||||||||
September 2009 S&P 500 Index | ||||||||
Swap, Terminating 09/30/09††† | ||||||||
(Notional Market Value $27,112,638) | 25,649 | $ | (505,955 | ) | ||||
Credit Suisse Capital, LLC | ||||||||
October 2009 S&P 500 Index | ||||||||
Swap, Terminating 10/30/09††† | ||||||||
(Notional Market Value $143,820,990) | 136,055 | (1,218,667 | ) | |||||
(Total Notional Market Value $170,933,628) | $ | (1,724,622 | ) | |||||
* | The issuer is a publicly traded company that operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
** | On September 7, 2008 the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on S&P 500 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
NASDAQ-100® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 97.1% | ||||||||
INFORMATION TECHNOLOGY 61.3% | ||||||||
Apple, Inc.* | 435,881 | $ | 80,799,261 | |||||
Qualcomm, Inc. | 699,405 | 31,459,237 | ||||||
Microsoft Corp. | 1,069,830 | 27,697,899 | ||||||
Google, Inc. — Class A* | 51,348 | 25,460,906 | ||||||
Cisco Systems, Inc.* | 718,870 | 16,922,200 | ||||||
Oracle Corp. | 729,486 | 15,202,488 | ||||||
Intel Corp. | 683,840 | 13,382,749 | ||||||
Research In Motion Ltd.* | 198,070 | 13,379,628 | ||||||
eBay, Inc.* | 335,872 | 7,929,938 | ||||||
Adobe Systems, Inc.* | 179,489 | 5,930,316 | ||||||
Activision Blizzard, Inc.* | 396,090 | 4,907,555 | ||||||
Symantec Corp.* | 297,110 | 4,893,402 | ||||||
Automatic Data Processing, Inc. | 123,800 | 4,865,340 | ||||||
Broadcom Corp. — Class A* | 138,740 | 4,257,931 | ||||||
Yahoo!, Inc.* | 235,336 | 4,191,334 | ||||||
Intuit, Inc.* | 141,970 | 4,046,145 | ||||||
CA, Inc. | 175,504 | 3,859,333 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 99,689 | 3,853,977 | ||||||
Dell, Inc.* | 250,770 | 3,826,750 | ||||||
Baidu.com, Inc. — SP ADR* | 9,220 | 3,605,481 | ||||||
Paychex, Inc. | 119,500 | 3,471,475 | ||||||
Marvell Technology Group Ltd.* | 206,110 | 3,336,921 | ||||||
NetApp, Inc.* | 122,648 | 3,272,249 | ||||||
Juniper Networks, Inc.* | 120,190 | 3,247,534 | ||||||
Fiserv, Inc.* | 67,370 | 3,247,234 | ||||||
Applied Materials, Inc. | 240,495 | 3,222,633 | ||||||
Xilinx, Inc. | 127,736 | 2,991,577 | ||||||
Citrix Systems, Inc.* | 75,856 | 2,975,831 | ||||||
Altera Corp. | 144,336 | 2,960,331 | ||||||
Linear Technology Corp. | 103,650 | 2,863,849 | ||||||
NVIDIA Corp.* | 187,663 | 2,820,575 | ||||||
Seagate Technology | 172,330 | 2,621,139 | ||||||
KLA-Tencor Corp. | 72,150 | 2,587,299 | ||||||
Flextronics International Ltd.* | 306,950 | 2,289,847 | ||||||
Electronic Arts, Inc.* | 113,780 | 2,167,509 | ||||||
Check Point Software Technologies Ltd.* | 71,930 | 2,039,215 | ||||||
Autodesk, Inc.* | 83,502 | 1,987,348 | ||||||
Maxim Integrated Products, Inc. | 105,076 | 1,906,079 | ||||||
Infosys Technologies Ltd. — SP ADR | 37,550 | 1,820,799 | ||||||
Lam Research Corp.* | 45,620 | 1,558,379 | ||||||
Flir Systems, Inc.* | 55,304 | 1,546,853 | ||||||
VeriSign, Inc.* | 63,440 | 1,502,894 | ||||||
Microchip Technology, Inc. | 53,060 | 1,406,090 | ||||||
Akamai Technologies, Inc.* | 57,630 | 1,134,158 | ||||||
Logitech International S.A.* | 61,414 | 1,128,789 | ||||||
IAC/InterActiveCorp* | 47,630 | 961,650 | ||||||
Total Information Technology | 341,540,127 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
HEALTH CARE 15.8% | ||||||||
Gilead Sciences, Inc.* | 310,660 | $ | 14,470,543 | |||||
Teva Pharmaceutical Industries Ltd. — SP ADR | 257,304 | 13,009,290 | ||||||
Amgen, Inc.* | 165,112 | 9,944,696 | ||||||
Celgene Corp.* | 158,640 | 8,867,976 | ||||||
Genzyme Corp.* | 118,220 | 6,706,621 | ||||||
Express Scripts, Inc.* | 85,420 | 6,626,884 | ||||||
Biogen Idec, Inc.* | 109,540 | 5,533,961 | ||||||
Intuitive Surgical, Inc.* | 13,218 | 3,466,420 | ||||||
Life Technologies Corp.* | 62,265 | 2,898,436 | ||||||
Vertex Pharmaceuticals, Inc.* | 65,915 | 2,498,178 | ||||||
Cerner Corp.* | 28,160 | 2,106,368 | ||||||
Warner Chilcott PLC* | 87,350 | 1,888,507 | ||||||
Illumina, Inc.* | 42,510 | 1,806,675 | ||||||
Henry Schein, Inc.* | 31,370 | 1,722,527 | ||||||
DENTSPLY International, Inc. | 49,760 | 1,718,710 | ||||||
Hologic, Inc.* | 94,130 | 1,538,084 | ||||||
Cephalon, Inc.* | 25,356 | 1,476,733 | ||||||
Patterson Companies, Inc.* | 40,918 | 1,115,015 | ||||||
Pharmaceutical Product Development, Inc. | 40,090 | 879,575 | ||||||
Total Health Care | 88,275,199 | |||||||
CONSUMER DISCRETIONARY 12.9% | ||||||||
Amazon.com, Inc.* | 100,022 | 9,338,054 | ||||||
Comcast Corp. — Class A | 503,490 | 8,503,946 | ||||||
Starbucks Corp.* | 357,520 | 7,382,788 | ||||||
DIRECTV Group, Inc.* | 248,250 | 6,846,735 | ||||||
News Corp. | 496,260 | 5,950,157 | ||||||
Bed Bath & Beyond, Inc.* | 122,859 | 4,612,127 | ||||||
Apollo Group, Inc. — Class A* | 54,200 | 3,992,914 | ||||||
Staples, Inc. | 169,269 | 3,930,426 | ||||||
Wynn Resorts Ltd.* | 46,820 | 3,319,070 | ||||||
Sears Holdings Corp.* | 43,350 | 2,831,189 | ||||||
Garmin Ltd. | 64,880 | 2,448,571 | ||||||
Expedia, Inc.* | 99,010 | 2,371,290 | ||||||
Ross Stores, Inc. | 44,690 | 2,134,841 | ||||||
Liberty Media Corp — Interactive* | 190,620 | 2,091,101 | ||||||
Urban Outfitters, Inc.* | 58,050 | 1,751,369 | ||||||
O’Reilly Automotive, Inc.* | 47,563 | 1,718,927 | ||||||
DISH Network Corp. — Class A* | 75,040 | 1,445,270 | ||||||
Liberty Global, Inc. — Class A* | 48,190 | 1,087,648 | ||||||
Total Consumer Discretionary | 71,756,423 | |||||||
INDUSTRIALS 4.7% | ||||||||
Paccar, Inc. | 142,070 | 5,357,460 | ||||||
First Solar, Inc.* | 25,860 | 3,952,960 | ||||||
CH Robinson Worldwide, Inc. | 58,010 | 3,350,077 | ||||||
Expeditors International of Washington, Inc. | 72,650 | 2,553,647 | ||||||
Cintas Corp. | 63,950 | 1,938,325 | ||||||
Fastenal Co. | 49,530 | 1,916,811 | ||||||
Joy Global, Inc. | 35,030 | 1,714,368 | ||||||
Stericycle, Inc.* | 31,170 | 1,510,187 | ||||||
Foster Wheeler AG* | 46,080 | 1,470,413 |
36 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
NASDAQ-100® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
J.B. Hunt Transport Services, Inc. | 44,223 | $ | 1,420,885 | |||||
Ryanair Holdings PLC — SP ADR* | 40,560 | 1,177,862 | ||||||
Total Industrials | 26,362,995 | |||||||
CONSUMER STAPLES 1.0% | ||||||||
Costco Wholesale Corp. | 79,910 | 4,511,719 | ||||||
Hansen Natural Corp.* | 31,280 | 1,149,227 | ||||||
Total Consumer Staples | 5,660,946 | |||||||
TELECOMMUNICATION SERVICES 0.8% | ||||||||
Millicom International Cellular S.A.* | 36,620 | 2,663,739 | ||||||
NII Holdings, Inc. — Class B* | 56,300 | 1,687,874 | ||||||
Total Telecommunication Services | 4,351,613 | |||||||
MATERIALS 0.6% | ||||||||
Sigma-Aldrich Corp. | 40,810 | 2,202,924 | ||||||
Steel Dynamics, Inc. | 77,400 | 1,187,316 | ||||||
Total Materials | 3,390,240 | |||||||
Total Common Stocks | ||||||||
(Cost $303,076,744) | 541,337,543 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 3.9% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 8,212,565 | 8,212,565 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 4,968,602 | 4,968,602 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 4,311,597 | 4,311,597 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09†† | 2,347,540 | 2,347,540 |
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $2,053,141 | $ | 2,053,141 | |||||
Total Repurchase Agreements | ||||||||
(Cost $21,893,445) | 21,893,445 | |||||||
Total Investments 101.0%(a) | ||||||||
(Cost $324,970,189) | $ | 563,230,988 | ||||||
Liabilities in Excess of Other | ||||||||
Assets – (1.0)% | $ | (5,410,398 | ) | |||||
Net Assets – 100.0% | $ | 557,820,590 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 NASDAQ-100 Index | ||||||||
Mini Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $7,822,680) | 228 | $ | 121,333 | |||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Goldman Sachs International | ||||||||
September 2009 NASDAQ-100 Index | ||||||||
Swap, Terminating 09/30/09††† | ||||||||
(Notional Market Value $925,107) | 538 | $ | 70,104 | |||||
Credit Suisse Capital, LLC October 2009 NASDAQ-100 Index | ||||||||
Swap, Terminating 10/30/09††† | ||||||||
(Notional Market Value $10,533,619) | 6,128 | 67,604 | ||||||
(Total Notional Market Value $11,458,726) | $ | 137,708 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on NASDAQ-100 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 37 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE NASDAQ-100® STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 105.9% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $11,355,115 | $ | 11,355,115 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 6,869,845 | 6,869,845 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 5,961,435 | 5,961,435 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09†† | 5,600,452 | 5,600,452 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 2,838,779 | 2,838,779 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $32,625,626) | 32,625,626 | |||||||
Total Investments 105.9%(a) | ||||||||
(Cost $32,625,626) | $ | 32,625,626 | ||||||
Liabilities in Excess of Other Assets – (5.9)% | $ | (1,815,186 | ) | |||||
Net Assets – 100.0% | $ | 30,810,440 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 NASDAQ-100 Index | ||||||||
Mini Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $3,019,280) | 88 | $ | (52,753 | ) | ||||
UNREALIZED | ||||||||
UNITS | LOSS | |||||||
EQUITY INDEX SWAP AGREEMENT SOLD SHORT(b) | ||||||||
Goldman Sachs International | ||||||||
September 2009 NASDAQ-100 Index | ||||||||
Swap, Terminating 09/30/09††† | ||||||||
(Notional Market Value $6,570,448) | 3,822 | $ | (47,287 | ) | ||||
Credit Suisse Capital, LLC | ||||||||
October 2009 NASDAQ-100 Index | ||||||||
Swap, Terminating 10/30/09 ††† | ||||||||
(Notional Market Value $21,307,696) | 12,395 | (197,737 | ) | |||||
(Total Notional Market Value $27,878,144) | $ | (245,024 | ) | |||||
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on NASDAQ-100 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
38 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
MID-CAP 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 61.8% | ||||||||
FINANCIALS 11.3% | ||||||||
Everest Re Group Ltd. | 610 | $ | 53,497 | |||||
New York Community Bancorp, Inc. | 3,490 | 39,856 | ||||||
Federal Realty Investment Trust | 610 | 37,436 | ||||||
Liberty Property Trust | 1,110 | 36,108 | ||||||
Fidelity National Financial, Inc. — Class A | 2,300 | 34,684 | ||||||
W.R. Berkley Corp. | 1,340 | 33,875 | ||||||
SL Green Realty Corp. | 770 | 33,765 | ||||||
AMB Property Corp. | 1,460 | 33,507 | ||||||
Jefferies Group, Inc.* | 1,220 | 33,221 | ||||||
Nationwide Health Properties, Inc. | 1,060 | 32,849 | ||||||
Eaton Vance Corp. | 1,170 | 32,748 | ||||||
Reinsurance Group of America, Inc. | 730 | 32,558 | ||||||
Rayonier, Inc. | 790 | 32,319 | ||||||
Cullen/Frost Bankers, Inc. | 600 | 30,984 | ||||||
HCC Insurance Holdings, Inc. | 1,120 | 30,632 | ||||||
First American Corp. | 930 | 30,104 | ||||||
Regency Centers Corp. | 800 | 29,640 | ||||||
Old Republic International Corp. | 2,400 | 29,232 | ||||||
Affiliated Managers Group, Inc.* | 420 | 27,304 | ||||||
Duke Realty Corp. | 2,230 | 26,782 | ||||||
Realty Income Corp. | 1,040 | 26,676 | ||||||
Camden Property Trust | 640 | 25,792 | ||||||
Commerce Bancshares, Inc. | 690 | 25,696 | ||||||
SEI Investments Co. | 1,300 | 25,584 | ||||||
Mack-Cali Realty Corp. | 780 | 25,217 | ||||||
Hospitality Properties Trust | 1,220 | 24,851 | ||||||
Arthur J. Gallagher & Co. | 1,010 | 24,614 | ||||||
Waddell & Reed Financial, Inc. — Class A | 860 | 24,467 | ||||||
Macerich Co. | 805 | 24,416 | ||||||
UDR, Inc. | 1,500 | 23,610 | ||||||
Alexandria Real Estate Equities, Inc. | 430 | 23,371 | ||||||
Raymond James Financial, Inc. | 980 | 22,814 | ||||||
First Niagara Financial Group, Inc. | 1,830 | 22,564 | ||||||
Brown & Brown, Inc. | 1,170 | 22,417 | ||||||
Highwoods Properties, Inc. | 710 | 22,330 | ||||||
Essex Property Trust, Inc. | 280 | 22,282 | ||||||
Corporate Office Properties | ||||||||
Trust SBI | 580 | 21,390 | ||||||
Hanover Insurance Group, Inc. | 510 | 21,078 | ||||||
Weingarten Realty Investors | 1,040 | 20,717 | ||||||
American Financial Group, Inc. | 790 | 20,145 | ||||||
Bank of Hawaii Corp. | 480 | 19,939 | ||||||
Jones Lang LaSalle, Inc. | 420 | 19,895 | ||||||
Stancorp Financial Group, Inc. | 490 | 19,781 | ||||||
Washington Federal, Inc. | 1,090 | 18,377 | ||||||
Protective Life Corp. | 850 | 18,207 | ||||||
Synovus Financial Corp. | 4,770 | 17,888 | ||||||
BancorpSouth, Inc. | 730 | 17,819 | ||||||
Valley National Bancorp | 1,430 | 17,575 |
MARKET | ||||||||
SHARES | VALUE | |||||||
City National Corp. | 430 | $ | 16,740 | |||||
BRE Properties, Inc. — Class A | 530 | 16,589 | ||||||
FirstMerit Corp. | 856 | 16,290 | ||||||
Apollo Investment Corp. | 1,630 | 15,567 | ||||||
AmeriCredit Corp.* | 960 | 15,158 | ||||||
Westamerica Bancorporation | 290 | 15,080 | ||||||
Associated Banc-Corp. | 1,270 | 14,503 | ||||||
TCF Financial Corp. | 1,110 | 14,474 | ||||||
SVB Financial Group* | 330 | 14,279 | ||||||
Omega Healthcare Investors, Inc. | 830 | 13,297 | ||||||
Fulton Financial Corp. | 1,760 | 12,954 | ||||||
Mercury General Corp. | 350 | 12,663 | ||||||
Potlatch Corp. | 400 | 11,380 | ||||||
NewAlliance Bancshares, Inc. | 1,060 | 11,342 | ||||||
Wilmington Trust Corp. | 690 | 9,798 | ||||||
Unitrin, Inc. | 500 | 9,745 | ||||||
Trustmark Corp. | 510 | 9,716 | ||||||
Astoria Financial Corp. | 810 | 8,942 | ||||||
International Bancshares Corp. | 520 | 8,481 | ||||||
Webster Financial Corp. | 640 | 7,981 | ||||||
Cousins Properties, Inc. | 927 | 7,676 | ||||||
Horace Mann Educators Corp. | 390 | 5,448 | ||||||
Equity One, Inc. | 330 | 5,171 | ||||||
PacWest Bancorp | 270 | 5,144 | ||||||
Cathay General Bancorp | 490 | 3,964 | ||||||
Total Financials | 1,572,995 | |||||||
CONSUMER DISCRETIONARY 9.7% | ||||||||
Priceline.com, Inc.* | 420 | 69,644 | ||||||
Ross Stores, Inc. | 1,250 | 59,712 | ||||||
CarMax, Inc.* | 2,200 | 45,980 | ||||||
Dollar Tree, Inc.* | 890 | 43,325 | ||||||
Urban Outfitters, Inc.* | 1,290 | 38,919 | ||||||
NVR, Inc.* | 60 | 38,242 | ||||||
Advance Auto Parts, Inc. | 950 | 37,316 | ||||||
ITT Educational Services, Inc.* | 320 | 35,331 | ||||||
BorgWarner, Inc. | 1,160 | 35,102 | ||||||
American Eagle Outfitters, Inc. | 2,070 | 34,900 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 320 | 31,056 | ||||||
Strayer Education, Inc. | 140 | 30,475 | ||||||
Aeropostale, Inc.* | 670 | 29,125 | ||||||
Petsmart, Inc. | 1,250 | 27,187 | ||||||
Toll Brothers, Inc.* | 1,370 | 26,770 | ||||||
Mohawk Industries, Inc.* | 560 | 26,706 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 750 | 26,677 | ||||||
LKQ Corp.* | 1,400 | 25,956 | ||||||
Tupperware Brands Corp. | 630 | 25,150 | ||||||
Marvel Entertainment, Inc.* | 490 | 24,314 | ||||||
Chico’s FAS, Inc.* | 1,770 | 23,010 | ||||||
Phillips-Van Heusen Corp. | 510 | 21,823 | ||||||
Guess?, Inc. | 580 | 21,483 | ||||||
Williams-Sonoma, Inc. | 1,050 | 21,241 | ||||||
Netflix, Inc.* | 450 | 20,776 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 39 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MID-CAP 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Hanesbrands, Inc.* | 940 | $ | 20,116 | |||||
WMS Industries, Inc.* | 450 | 20,052 | ||||||
The Warnaco Group, Inc.* | 450 | 19,737 | ||||||
Dick’s Sporting Goods, Inc.* | 880 | 19,712 | ||||||
J. Crew Group, Inc.* | 550 | 19,701 | ||||||
Gentex Corp. | 1,370 | 19,386 | ||||||
Foot Locker, Inc. | 1,560 | 18,642 | ||||||
Service Corporation | ||||||||
International | 2,500 | 17,525 | ||||||
Wendy’s/Arby’s Group, Inc. — Class A | 3,660 | 17,312 | ||||||
Panera Bread Co.* | 310 | 17,050 | ||||||
Career Education Corp.* | 690 | 16,822 | ||||||
Corinthian Colleges, Inc.* | 870 | 16,147 | ||||||
Brinker International, Inc. | 1,020 | 16,045 | ||||||
John Wiley & Sons, Inc. — Class A | 420 | 14,608 | ||||||
Lamar Advertising Co.* | 530 | 14,543 | ||||||
Aaron’s, Inc. | 540 | 14,256 | ||||||
Brink’s Home Security | ||||||||
Holdings, Inc.* | 460 | 14,163 | ||||||
Fossil, Inc.* | 480 | 13,656 | ||||||
M.D.C. Holdings, Inc. | 370 | 12,854 | ||||||
Rent-A-Center, Inc.* | 660 | 12,461 | ||||||
Sotheby’s | 670 | 11,544 | ||||||
Life Time Fitness, Inc.* | 410 | 11,501 | ||||||
Cheesecake Factory, Inc.* | 600 | 11,112 | ||||||
Collective Brands, Inc.* | 640 | 11,091 | ||||||
Thor Industries, Inc. | 350 | 10,833 | ||||||
Matthews International Corp. — Class A | 300 | 10,614 | ||||||
Under Armour, Inc.* | 370 | 10,297 | ||||||
Scientific Games Corp. — Class A* | 650 | 10,290 | ||||||
Saks, Inc.* | 1,440 | 9,821 | ||||||
AnnTaylor Stores Corp.* | 590 | 9,375 | ||||||
Ryland Group, Inc. | 440 | 9,271 | ||||||
Bob Evans Farms, Inc. | 310 | 9,009 | ||||||
Regis Corp. | 570 | 8,835 | ||||||
American Greetings Corp. — Class A | 390 | 8,697 | ||||||
Barnes & Noble, Inc. | 390 | 8,666 | ||||||
International Speedway Corp. — Class A | 310 | 8,547 | ||||||
Timberland Co. — Class A* | 450 | 6,264 | ||||||
Scholastic Corp. | 250 | 6,085 | ||||||
99 Cents Only Stores* | 450 | 6,053 | ||||||
Boyd Gaming Corp.* | 550 | 6,012 | ||||||
Harte-Hanks, Inc. | 380 | 5,255 | ||||||
Callaway Golf Co. | 640 | 4,870 | ||||||
Coldwater Creek, Inc.* | 570 | 4,674 | ||||||
Blyth, Inc. | 60 | 2,324 | ||||||
Total Consumer Discretionary | 1,356,048 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
INFORMATION TECHNOLOGY 9.4% | ||||||||
Lam Research Corp.* | 1,260 | $ | 43,042 | |||||
Avnet, Inc.* | 1,510 | 39,215 | ||||||
Global Payments, Inc. | 800 | 37,360 | ||||||
Cree, Inc.* | 1,000 | 36,750 | ||||||
SAIC, Inc.* | 2,090 | 36,659 | ||||||
Lender Processing Services, Inc. | 960 | 36,643 | ||||||
Equinix, Inc.* | 380 | 34,960 | ||||||
Rovi Corp.* | 1,010 | 33,936 | ||||||
Arrow Electronics, Inc.* | 1,190 | 33,498 | ||||||
ANSYS, Inc.* | 880 | 32,974 | ||||||
Synopsys, Inc.* | 1,450 | 32,509 | ||||||
Alliance Data Systems Corp.* | 530 | 32,372 | ||||||
Sybase, Inc.* | 810 | 31,509 | ||||||
Metavante Technologies, Inc.* | 900 | 31,032 | ||||||
F5 Networks, Inc.* | 780 | 30,911 | ||||||
Hewitt Associates, Inc.* | 830 | 30,237 | ||||||
Trimble Navigation Ltd.* | 1,190 | 28,453 | ||||||
Broadridge Financial Solutions, Inc. | 1,390 | 27,939 | ||||||
Palm, Inc.* | 1,600 | 27,888 | ||||||
CommScope, Inc.* | 930 | 27,835 | ||||||
FactSet Research Systems, Inc. | 420 | 27,821 | ||||||
Ingram Micro, Inc. — Class A* | 1,630 | 27,465 | ||||||
Itron, Inc.* | 400 | 25,656 | ||||||
Micros Systems, Inc.* | 800 | 24,152 | ||||||
Polycom, Inc.* | 840 | 22,470 | ||||||
NCR Corp.* | 1,580 | 21,836 | ||||||
Diebold, Inc. | 660 | 21,734 | ||||||
Silicon Laboratories, Inc.* | 450 | 20,862 | ||||||
Tech Data Corp.* | 500 | 20,805 | ||||||
3Com Corp.* | 3,900 | 20,397 | ||||||
Informatica Corp.* | 880 | 19,870 | ||||||
Jack Henry & Associates, Inc. | 840 | 19,715 | ||||||
Cadence Design Systems, Inc.* | 2,660 | 19,524 | ||||||
Atmel Corp.* | 4,500 | 18,855 | ||||||
Intersil Corp. — Class A | 1,220 | 18,678 | ||||||
DST Systems, Inc.* | 390 | 17,472 | ||||||
NeuStar, Inc.* | 740 | 16,724 | ||||||
Parametric Technology Corp.* | 1,160 | 16,031 | ||||||
National Instruments Corp. | 560 | 15,473 | ||||||
Digital River, Inc.* | 380 | 15,322 | ||||||
Zebra Technologies Corp. — Class A* | 590 | 15,299 | ||||||
Vishay Intertechnology, Inc.* | 1,860 | 14,694 | ||||||
RF Micro Devices, Inc.* | 2,660 | 14,444 | ||||||
International Rectifier Corp.* | 710 | 13,838 | ||||||
ADTRAN, Inc. | 560 | 13,748 | ||||||
Plantronics, Inc. | 490 | 13,137 | ||||||
Fairchild Semiconductor International, Inc.* | 1,240 | 12,685 | ||||||
ValueClick, Inc.* | 870 | 11,475 | ||||||
Integrated Device Technology, Inc.* | 1,650 | 11,154 |
40 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MID-CAP 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Gartner, Inc. — Class A* | 600 | $ | 10,962 | |||||
Fair Isaac Corp. | 490 | 10,530 | ||||||
Semtech Corp.* | 610 | 10,376 | ||||||
Mantech International | ||||||||
Corp. — Class A* | 220 | 10,375 | ||||||
Quest Software, Inc.* | 610 | 10,279 | ||||||
SRA International, Inc. — | ||||||||
Class A* | 430 | 9,284 | ||||||
Mentor Graphics Corp.* | 980 | 9,124 | ||||||
Avocent Corp.* | 440 | 8,919 | ||||||
ADC Telecommunications, Inc.* | 960 | 8,006 | ||||||
Acxiom Corp.* | 790 | 7,473 | ||||||
Advent Software, Inc.* | 160 | 6,440 | ||||||
ACI Worldwide, Inc.* | 340 | 5,144 | ||||||
Imation Corp. | 300 | 2,781 | ||||||
Total Information Technology | 1,306,751 | |||||||
INDUSTRIALS 9.1% | ||||||||
Joy Global, Inc. | 1,020 | 49,919 | ||||||
Roper Industries, Inc. | 910 | 46,392 | ||||||
Manpower, Inc. | 780 | 44,234 | ||||||
AMETEK, Inc. | 1,070 | 37,354 | ||||||
KBR, Inc. | 1,600 | 37,264 | ||||||
URS Corp.* | 840 | 36,666 | ||||||
SPX Corp. | 490 | 30,022 | ||||||
Aecom Technology Corp.* | 1,100 | 29,854 | ||||||
Pentair, Inc. | 980 | 28,929 | ||||||
Harsco Corp. | 800 | 28,328 | ||||||
J.B. Hunt Transport | ||||||||
Services, Inc. | 870 | 27,953 | ||||||
Oshkosh Corp. | 890 | 27,528 | ||||||
Bucyrus International, Inc. | 750 | 26,715 | ||||||
Donaldson Company, Inc. | 770 | 26,665 | ||||||
Shaw Group, Inc.* | 830 | 26,635 | ||||||
Corrections Corporation of America* | 1,150 | 26,047 | ||||||
Alliant Techsystems, Inc.* | 330 | 25,690 | ||||||
AGCO Corp.* | 920 | 25,420 | ||||||
Kansas City Southern* | 950 | 25,165 | ||||||
Hubbell, Inc. — Class B | 560 | 23,520 | ||||||
Waste Connections, Inc.* | 800 | 23,088 | ||||||
Terex Corp.* | 1,080 | 22,388 | ||||||
IDEX Corp. | 800 | 22,360 | ||||||
Copart, Inc.* | 670 | 22,251 | ||||||
FTI Consulting, Inc.* | 520 | 22,157 | ||||||
Carlisle Companies, Inc. | 610 | 20,685 | ||||||
BE Aerospace, Inc.* | 1,010 | 20,341 | ||||||
Kennametal, Inc. | 810 | 19,934 | ||||||
Lincoln Electric Holdings, Inc. | 420 | 19,929 | ||||||
Kirby Corp.* | 540 | 19,883 | ||||||
Landstar System, Inc. | 510 | 19,411 | ||||||
MSC Industrial Direct Co. | 440 | 19,175 | ||||||
Con-way, Inc. | 490 | 18,777 | ||||||
Watson Wyatt Worldwide, Inc. | 430 | 18,731 | ||||||
Nordson Corp. | 330 | 18,510 | ||||||
Timken Co. | 790 | 18,510 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Wabtec Corp. | 470 | $ | 17,639 | |||||
Lennox International, Inc. | 480 | 17,338 | ||||||
Valmont Industries, Inc. | 200 | 17,036 | ||||||
Graco, Inc. | 600 | 16,722 | ||||||
Thomas & Betts Corp.* | 530 | 15,942 | ||||||
Woodward Governor Co. | 560 | 13,586 | ||||||
Trinity Industries, Inc. | 790 | 13,580 | ||||||
Alexander & Baldwin, Inc. | 410 | 13,157 | ||||||
Clean Harbors, Inc.* | 230 | 12,940 | ||||||
GATX Corp. | 460 | 12,857 | ||||||
JetBlue Airways Corp.* | 2,140 | 12,797 | ||||||
Crane Co. | 470 | 12,131 | ||||||
The Brink’s Co. | 450 | 12,109 | ||||||
HNI Corp. | 448 | 10,573 | ||||||
Granite Construction, Inc. | 340 | 10,520 | ||||||
MPS Group, Inc.* | 930 | 9,784 | ||||||
Herman Miller, Inc. | 560 | 9,470 | ||||||
Alaska Air Group, Inc.* | 350 | 9,376 | ||||||
Deluxe Corp. | 510 | 8,721 | ||||||
Corporate Executive Board Co. | 340 | 8,466 | ||||||
Rollins, Inc. | 440 | 8,294 | ||||||
Mine Safety Appliances Co. | 300 | 8,253 | ||||||
Werner Enterprises, Inc. | 440 | 8,197 | ||||||
AirTran Holdings, Inc.* | 1,200 | 7,500 | ||||||
Korn/Ferry International* | 460 | 6,711 | ||||||
Navigant Consulting, Inc.* | 480 | 6,480 | ||||||
United Rentals, Inc.* | 600 | 6,180 | ||||||
Dycom Industries, Inc.* | 390 | 4,797 | ||||||
Federal Signal Corp. | 490 | 3,523 | ||||||
Kelly Services, Inc. — Class A | 260 | 3,198 | ||||||
Total Industrials | 1,274,307 | |||||||
HEALTH CARE 7.6% | ||||||||
Vertex Pharmaceuticals, Inc.* | 1,800 | 68,220 | ||||||
Cerner Corp.* | 670 | 50,116 | ||||||
Henry Schein, Inc.* | 900 | 49,419 | ||||||
Beckman Coulter, Inc. | 680 | 46,879 | ||||||
Hologic, Inc.* | 2,560 | 41,830 | ||||||
Edwards Lifesciences Corp.* | 560 | 39,150 | ||||||
Covance, Inc.* | 640 | 34,656 | ||||||
ResMed, Inc.* | 750 | 33,900 | ||||||
Mettler-Toledo International, Inc.* | 340 | 30,801 | ||||||
Universal Health Services, Inc. — Class B | 490 | 30,346 | ||||||
Community Health Systems, Inc.* | 920 | 29,376 | ||||||
IDEXX Laboratories, Inc.* | 580 | 29,000 | ||||||
Perrigo Co. | 790 | 26,852 | ||||||
Omnicare, Inc. | 1,190 | 26,799 | ||||||
Endo Pharmaceuticals Holdings, Inc.* | 1,170 | 26,477 | ||||||
Pharmaceutical Product Development, Inc. | 1,180 | 25,889 | ||||||
Sepracor, Inc.* | 1,110 | 25,419 | ||||||
Charles River Laboratories International, Inc.* | 660 | 24,407 | ||||||
Techne Corp. | 370 | 23,143 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 41 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MID-CAP 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Kinetic Concepts, Inc.* | 620 | $ | 22,928 | |||||
VCA Antech, Inc.* | 850 | 22,856 | ||||||
United Therapeutics Corp.* | 460 | 22,535 | ||||||
Lincare Holdings, Inc.* | 680 | 21,250 | ||||||
Gen-Probe, Inc.* | 500 | 20,720 | ||||||
OSI Pharmaceuticals, Inc.* | 580 | 20,474 | ||||||
Teleflex, Inc. | 400 | 19,324 | ||||||
Owens & Minor, Inc. | 420 | 19,005 | ||||||
Valeant Pharmaceuticals | ||||||||
International* | 670 | 18,800 | ||||||
Health Management Associates, Inc. — Class A* | 2,460 | 18,425 | ||||||
Steris Corp. | 580 | 17,661 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 190 | 17,457 | ||||||
Thoratec Corp.* | 560 | 16,951 | ||||||
Health Net, Inc.* | 1,040 | 16,016 | ||||||
Psychiatric Solutions, Inc.* | 560 | 14,986 | ||||||
LifePoint Hospitals, Inc.* | 550 | 14,883 | ||||||
Varian, Inc.* | 290 | 14,807 | ||||||
Masimo Corp.* | 520 | 13,624 | ||||||
Hill-Rom Holdings, Inc. | 620 | 13,504 | ||||||
Immucor, Inc.* | 700 | 12,390 | ||||||
Medicis Pharmaceutical | ||||||||
Corp. — Class A | 570 | 12,170 | ||||||
WellCare Health Plans, Inc.* | 420 | 10,353 | ||||||
Kindred Healthcare, Inc.* | 390 | 6,330 | ||||||
Affymetrix, Inc.* | 700 | 6,146 | ||||||
Total Health Care | 1,056,274 | |||||||
MATERIALS 4.2% | ||||||||
Lubrizol Corp. | 670 | 47,878 | ||||||
Cliffs Natural Resources, Inc | 1,310 | 42,392 | ||||||
Martin Marietta Materials, Inc. | 440 | 40,511 | ||||||
Terra Industries, Inc. | 990 | 34,323 | ||||||
Steel Dynamics, Inc. | 2,150 | 32,981 | ||||||
Ashland, Inc. | 740 | 31,983 | ||||||
Albemarle Corp. | 910 | 31,486 | ||||||
Valspar Corp. | 1,010 | 27,785 | ||||||
Sonoco Products Co. | 1,000 | 27,540 | ||||||
Reliance Steel & Aluminum Co. | 640 | 27,238 | ||||||
AptarGroup, Inc. | 670 | 25,031 | ||||||
RPM International, Inc. | 1,290 | 23,852 | ||||||
Packaging Corporation of America | 1,030 | 21,012 | ||||||
Commercial Metals Co. | 1,120 | 20,048 | ||||||
Scotts Miracle-Gro | ||||||||
Co. — Class A | 450 | 19,327 | ||||||
Greif, Inc. — Class A | 340 | 18,717 | ||||||
Temple-Inland, Inc. | 1,060 | 17,405 | ||||||
Cytec Industries, Inc. | 480 | 15,586 | ||||||
Cabot Corp. | 650 | 15,022 | ||||||
Sensient Technologies Corp. | 490 | 13,607 | ||||||
Olin Corp. | 780 | 13,603 | ||||||
Carpenter Technology Corp. | 440 | 10,292 | ||||||
Minerals Technologies, Inc. | 190 | 9,036 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Worthington Industries, Inc. | 610 | $ | 8,479 | |||||
Louisiana-Pacific Corp.* | 1,210 | 8,071 | ||||||
Total Materials | 583,205 | |||||||
ENERGY 4.1% | ||||||||
Newfield Exploration Co.* | 1,320 | 56,179 | ||||||
Pride International, Inc.* | 1,730 | 52,661 | ||||||
Helmerich & Payne, Inc. | 1,050 | 41,506 | ||||||
Plains Exploration & Production Co.* | 1,390 | 38,447 | ||||||
Cimarex Energy Co. | 830 | 35,956 | ||||||
Arch Coal, Inc. | 1,620 | 35,851 | ||||||
Oceaneering International, Inc.* | 550 | 31,212 | ||||||
Southern Union Co. | 1,240 | 25,780 | ||||||
Tidewater, Inc. | 520 | 24,487 | ||||||
Patterson-UTI Energy, Inc. | 1,530 | 23,103 | ||||||
Forest Oil Corp.* | 1,120 | 21,918 | ||||||
Encore Acquisition Co.* | 550 | 20,570 | ||||||
Comstock Resources, Inc.* | 460 | 18,437 | ||||||
Superior Energy Services* | 780 | 17,566 | ||||||
Quicksilver Resources, Inc.* | 1,180 | 16,744 | ||||||
Unit Corp.* | 400 | 16,500 | ||||||
Exterran Holdings, Inc.* | 620 | 14,719 | ||||||
Frontier Oil Corp. | 1,040 | 14,477 | ||||||
Mariner Energy, Inc.* | 1,020 | 14,464 | ||||||
Helix Energy Solutions Group, Inc.* | 910 | 13,632 | ||||||
Bill Barrett Corp.* | 390 | 12,788 | ||||||
Patriot Coal Corp.* | 750 | 8,820 | ||||||
Overseas Shipholding Group, Inc. | 230 | 8,595 | ||||||
Total Energy | 564,412 | |||||||
UTILITIES 3.7% | ||||||||
Oneok, Inc. | 1,050 | 38,451 | ||||||
MDU Resources Group, Inc. | 1,840 | 38,364 | ||||||
National Fuel Gas Co. | 800 | 36,648 | ||||||
NSTAR | 1,060 | 33,729 | ||||||
OGE Energy Corp. | 960 | 31,757 | ||||||
Alliant Energy Corp. | 1,100 | 30,635 | ||||||
Energen Corp. | 710 | 30,601 | ||||||
DPL, Inc. | 1,160 | 30,276 | ||||||
AGL Resources, Inc. | 770 | 27,158 | ||||||
NV Energy, Inc. | 2,340 | 27,121 | ||||||
UGI Corp. | 1,080 | 27,065 | ||||||
Great Plains Energy, Inc. | 1,350 | 24,233 | ||||||
Aqua America, Inc. | 1,360 | 23,990 | ||||||
Westar Energy, Inc. | 1,090 | 21,266 | ||||||
Vectren Corp. | 810 | 18,662 | ||||||
WGL Holdings, Inc. | 500 | 16,570 | ||||||
Hawaiian Electric Industries, Inc. | 910 | 16,489 | ||||||
Cleco Corp. | 600 | 15,048 | ||||||
IDACORP, Inc. | 470 | 13,531 | ||||||
PNM Resources, Inc. | 860 | 10,045 | ||||||
Black Hills Corp. | 390 | 9,816 | ||||||
Total Utilities | 521,455 | |||||||
42 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
MID-CAP 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 2.3% | ||||||||
Energizer Holdings, Inc.* | 690 | $ | 45,774 | |||||
Church & Dwight Company, Inc. | 700 | 39,718 | ||||||
Ralcorp Holdings, Inc.* | 560 | 32,743 | ||||||
Hansen Natural Corp.* | 720 | 26,453 | ||||||
NBTY, Inc.* | 620 | 24,540 | ||||||
Alberto-Culver Co. | 850 | 23,528 | ||||||
Corn Products International, Inc. | 740 | 21,105 | ||||||
Flowers Foods, Inc. | 770 | 20,243 | ||||||
BJ’s Wholesale Club, Inc.* | 550 | 19,921 | ||||||
Smithfield Foods, Inc.* | 1,400 | 19,320 | ||||||
PepsiAmericas, Inc. | 560 | 15,994 | ||||||
Ruddick Corp. | 410 | 10,914 | ||||||
Universal Corp. | 250 | 10,455 | ||||||
Lancaster Colony Corp. | 190 | 9,741 | ||||||
Tootsie Roll Industries, Inc. | 260 | 6,183 | ||||||
Total Consumer Staples | 326,632 | |||||||
TELECOMMUNICATION SERVICES 0.4% | ||||||||
Telephone & Data Systems, Inc. | 950 | 29,460 | ||||||
Syniverse Holdings, Inc.* | 690 | 12,075 | ||||||
Cincinnati Bell, Inc.* | 2,110 | 7,385 | ||||||
Total Telecommunication Services | 48,920 | |||||||
�� | ||||||||
Total Common Stocks | ||||||||
(Cost $6,512,036) | 8,610,999 | |||||||
WARRANTS 0.0% | ||||||||
CONSUMER DISCRETIONARY 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* $12.21, 03/02/12 | 510 | 31 | ||||||
Total Consumer Discretionary | 31 | |||||||
Total Warrants | ||||||||
(Cost $—) | 31 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 28.8% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 1,347,534 | 1,347,534 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 815,258 | 815,258 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 807,427 | 807,427 |
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | $707,455 | $ | 707,455 | |||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 336,883 | 336,883 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,014,557) | 4,014,557 | |||||||
Total Investments 90.6%(a) | ||||||||
(Cost $10,526,593) | $ | 12,625,587 | ||||||
Other Assets in Excess of Liabilities – 9.4% | $ | 1,305,060 | ||||||
Net Assets – 100.0% | $ | 13,930,647 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Market Value of | ||||||||
Contracts $6,466,260) | 94 | $ | 143,981 | |||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Goldman Sachs International September 2009 S&P MidCap 400 Index Swap, Terminating 09/30/09††† | ||||||||
(Notional Market Value $2,977,329) | 4,309 | $ | 60,045 | |||||
Credit Suisse Capital, LLC October 2009 S&P MidCap 400 Index Swap, Terminating 10/30/09††† | ||||||||
(Notional Market Value $2,797,237) | 4,048 | 47,975 | ||||||
(Total Notional Market Value $5,774,566) | $ | 108,020 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on S&P MidCap 400 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 43 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE MID-CAP STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 105.6% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $1,978,462 | $ | 1,978,462 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 1,196,970 | 1,196,970 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 1,065,524 | 1,065,524 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 1,038,693 | 1,038,693 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 494,615 | 494,615 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,774,264) | 5,774,264 | |||||||
Total Investments 105.6%(a) | ||||||||
(Cost $5,774,264) | $ | 5,774,264 | ||||||
Liabilities in Excess of | ||||||||
Other Assets — (5.6)% | $ | (304,379 | ) | |||||
Net Assets – 100.0% | $ | 5,469,885 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Market Value of Contracts $756,690) | 11 | $ | 4,679 | |||||
UNREALIZED | ||||||||
UNITS | LOSS | |||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT(b) | ||||||||
Goldman Sachs International September 2009 S&P MidCap 400 Index Swap, Terminating 09/30/09††† (Notional Market Value $355,672) | 515 | $ | (2,846 | ) | ||||
Credit Suisse Capital, LLC October 2009 S&P MidCap 400 Index Swap, Terminating 10/30/09††† (Notional Market Value $4,361,495) | 6,312 | (82,144 | ) | |||||
(Total Notional Market Value $4,717,167) | $ | (84,990 | ) | |||||
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on S&P MidCap 400 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
44 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 59.5% | ||||||||
INFORMATION TECHNOLOGY 11.6% | ||||||||
Perot Systems Corp. — Class A* | 1,410 | $ | 41,877 | |||||
Palm, Inc.* | 2,225 | 38,782 | ||||||
Polycom, Inc.* | 1,360 | 36,380 | ||||||
Skyworks Solutions, Inc.* | 2,706 | 35,827 | ||||||
Solera Holdings, Inc. | 1,129 | 35,123 | ||||||
3Com Corp.* | 6,280 | 32,844 | ||||||
Jack Henry & Associates, Inc. | 1,355 | 31,802 | ||||||
Informatica Corp.* | 1,405 | 31,725 | ||||||
TIBCO Software, Inc.* | 2,850 | 27,046 | ||||||
Arris Group, Inc.* | 2,011 | 26,163 | ||||||
Atheros Communications, Inc.* | 985 | 26,132 | ||||||
Parametric Technology Corp.* | 1,880 | 25,982 | ||||||
Concur Technologies, Inc.* | 640 | 25,446 | ||||||
Digital River, Inc.* | 616 | 24,837 | ||||||
Omniture, Inc.* | 1,099 | 23,563 | ||||||
RF Micro Devices, Inc.* | 4,305 | 23,376 | ||||||
CACI International, Inc. — Class A* | 485 | 22,926 | ||||||
ADTRAN, Inc. | 898 | 22,046 | ||||||
Tessera Technologies, Inc.* | 785 | 21,894 | ||||||
Plantronics, Inc. | 785 | 21,046 | ||||||
Microsemi Corp.* | 1,320 | 20,843 | ||||||
Riverbed Technology, Inc.* | 885 | 19,435 | ||||||
Anixter International, Inc.* | 480 | 19,253 | ||||||
Blackboard, Inc.* | 506 | 19,117 | ||||||
Formfactor, Inc.* | 798 | 19,088 | ||||||
Benchmark Electronics, Inc.* | 1,060 | 19,080 | ||||||
Euronet Worldwide, Inc.* | 791 | 19,008 | ||||||
ValueClick, Inc.* | 1,410 | 18,598 | ||||||
Cybersource Corp.* | 1,115 | 18,587 | ||||||
VeriFone Holdings, Inc.* | 1,165 | 18,512 | ||||||
Triquint Semiconductor, Inc.* | 2,391 | 18,459 | ||||||
Cymer, Inc.* | 475 | 18,458 | ||||||
Rackspace Hosting, Inc.* | 1,075 | 18,339 | ||||||
Wright Express Corp.* | 620 | 18,296 | ||||||
Quest Software, Inc.* | 1,060 | 17,861 | ||||||
Tekelec* | 1,080 | 17,744 | ||||||
Gartner, Inc. — Class A* | 962 | 17,576 | ||||||
TiVo, Inc.* | 1,685 | 17,457 | ||||||
Fair Isaac Corp. | 785 | 16,870 | ||||||
Semtech Corp.* | 990 | 16,840 | ||||||
Plexus Corp.* | 635 | 16,726 | ||||||
j2 Global Communications, Inc.* | 716 | 16,475 | ||||||
Blackbaud, Inc. | 710 | 16,472 | ||||||
Ariba, Inc.* | 1,420 | 16,472 | ||||||
InterDigital, Inc.* | 710 | 16,444 | ||||||
Mantech International Corp. — Class A* | 345 | 16,270 | ||||||
Unisys Corp.* | 6,000 | 16,020 | ||||||
Starent Networks Corp.* | 628 | 15,964 | ||||||
MercadoLibre, Inc.* | 415 | 15,961 | ||||||
MKS Instruments, Inc.* | 797 | 15,374 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Comtech Telecommunications Corp.* | 461 | $ | 15,314 | |||||
FEI Co.* | 609 | 15,012 | ||||||
SPSS, Inc.* | 298 | 14,885 | ||||||
Progress Software Corp.* | 650 | 14,722 | ||||||
SRA International, Inc. — Class A* | 678 | 14,638 | ||||||
Avocent Corp.* | 720 | 14,594 | ||||||
Take-Two Interactive Software, Inc.* | 1,300 | 14,573 | ||||||
Blue Coat Systems, Inc.* | 644 | 14,548 | ||||||
EarthLink, Inc. | 1,710 | 14,381 | ||||||
Mentor Graphics Corp.* | 1,530 | 14,244 | ||||||
Intermec, Inc.* | 1,005 | 14,170 | ||||||
Synaptics, Inc.* | 560 | 14,112 | ||||||
Commvault Systems, Inc.* | 670 | 13,902 | ||||||
Lawson Software, Inc.* | 2,225 | 13,884 | ||||||
Emulex Corp.* | 1,340 | 13,789 | ||||||
OmniVision Technologies, Inc.* | 805 | 13,105 | ||||||
ADC Telecommunications, Inc.* | 1,570 | 13,094 | ||||||
Cabot Microelectronics Corp.* | 375 | 13,072 | ||||||
Netlogic Microsystems, Inc.* | 290 | 13,050 | ||||||
Power Integrations, Inc. | 390 | 12,999 | ||||||
Net 1 UEPS Technologies, Inc.* | 620 | 12,995 | ||||||
Monolithic Power Systems, Inc.* | 552 | 12,944 | ||||||
MAXIMUS, Inc. | 276 | 12,862 | ||||||
Hittite Microwave Corp.* | 345 | 12,689 | ||||||
Cavium Networks, Inc.* | 588 | 12,624 | ||||||
Amkor Technology, Inc.* | 1,770 | 12,178 | ||||||
Veeco Instruments, Inc.* | 518 | 12,080 | ||||||
Websense, Inc.* | 716 | 12,029 | ||||||
Scansource, Inc.* | 424 | 12,008 | ||||||
STEC, Inc.* | 398 | 11,697 | ||||||
DealerTrack Holdings, Inc.* | 610 | 11,535 | ||||||
Taleo Corp.* | 506 | 11,456 | ||||||
TNS, Inc.* | 410 | 11,234 | ||||||
ViaSat, Inc.* | 420 | 11,164 | ||||||
Ultimate Software Group, Inc.* | 385 | 11,057 | ||||||
Sapient Corp.* | 1,370 | 11,015 | ||||||
United Online, Inc. | 1,355 | 10,894 | ||||||
Infinera Corp.* | 1,360 | 10,812 | ||||||
Rofin-Sinar Technologies, Inc.* | 468 | 10,745 | ||||||
Applied Micro Circuits Corp.* | 1,070 | 10,689 | ||||||
MicroStrategy, Inc. — Class A* | 146 | 10,445 | ||||||
Cognex Corp. | 637 | 10,434 | ||||||
Acxiom Corp.* | 1,095 | 10,359 | ||||||
Harmonic, Inc.* | 1,545 | 10,321 | ||||||
Netgear, Inc.* | 560 | 10,276 | ||||||
Checkpoint Systems, Inc.* | 625 | 10,275 | ||||||
Syntel, Inc. | 211 | 10,071 | ||||||
Advent Software, Inc.* | 250 | 10,062 | ||||||
Zoran Corp.* | 836 | 9,631 | ||||||
Sycamore Networks, Inc.* | 3,121 | 9,425 | ||||||
JDA Software Group, Inc.* | 428 | 9,390 | ||||||
AsiaInfo Holdings, Inc.* | 470 | 9,386 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 45 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Diodes, Inc.* | 516 | $ | 9,334 | |||||
SAVVIS, Inc.* | 590 | 9,334 | ||||||
SYNNEX Corp.* | 306 | 9,327 | ||||||
ATMI, Inc.* | 510 | 9,256 | ||||||
Littelfuse, Inc.* | 350 | 9,184 | ||||||
Entegris, Inc.* | 1,840 | 9,108 | ||||||
CSG Systems International, Inc.* | 565 | 9,046 | ||||||
TeleTech Holdings, Inc.* | 530 | 9,042 | ||||||
Insight Enterprises, Inc.* | 740 | 9,035 | ||||||
Electronics for Imaging, Inc.* | 800 | 9,016 | ||||||
Heartland Payment Systems, Inc. | 606 | 8,793 | ||||||
Tyler Technologies, Inc.* | 508 | 8,682 | ||||||
ACI Worldwide, Inc.* | 573 | 8,669 | ||||||
Netezza Corp.* | 760 | 8,542 | ||||||
L-1 Identity Solutions, Inc.* | 1,208 | 8,444 | ||||||
SuccessFactors, Inc.* | 600 | 8,442 | ||||||
Pegasystems, Inc. | 243 | 8,391 | ||||||
Standard Microsystems Corp.* | 360 | 8,356 | ||||||
Aruba Networks, Inc.* | 945 | 8,354 | ||||||
Coherent, Inc.* | 350 | 8,162 | ||||||
TTM Technologies, Inc.* | 700 | 8,029 | ||||||
Park Electrochemical Corp. | 325 | 8,011 | ||||||
Brooks Automation, Inc.* | 1,036 | 8,008 | ||||||
Art Technology Group, Inc.* | 2,050 | 7,913 | ||||||
MTS Systems Corp. | 270 | 7,887 | ||||||
Advanced Energy Industries, Inc.* | 540 | 7,690 | ||||||
DTS, Inc. — Class A* | 280 | 7,666 | ||||||
Sourcefire, Inc.* | 356 | 7,643 | ||||||
GSI Commerce, Inc.* | 395 | 7,627 | ||||||
Constant Contact, Inc.* | 393 | 7,565 | ||||||
EPIQ Systems, Inc.* | 520 | 7,540 | ||||||
THQ, Inc.* | 1,100 | 7,524 | ||||||
Rogers Corp.* | 250 | 7,492 | ||||||
Manhattan Associates, Inc.* | 370 | 7,474 | ||||||
NIC, Inc. | 820 | 7,290 | ||||||
SonicWALL, Inc.* | 865 | 7,266 | ||||||
ArcSight, Inc.* | 298 | 7,173 | ||||||
Brightpoint, Inc.* | 810 | 7,087 | ||||||
Sonus Networks, Inc.* | 3,335 | 7,070 | ||||||
Black Box Corp. | 280 | 7,025 | ||||||
Cogent, Inc.* | 686 | 6,929 | ||||||
Echelon Corp.* | 533 | 6,860 | ||||||
Volterra Semiconductor Corp.* | 368 | 6,760 | ||||||
Move, Inc.* | 2,500 | 6,750 | ||||||
Harris Stratex Networks, Inc. — Class A* | 960 | 6,720 | ||||||
Forrester Research, Inc.* | 247 | 6,580 | ||||||
Adaptec, Inc.* | 1,965 | 6,563 | ||||||
Maxwell Technologies, Inc.* | 355 | 6,543 | ||||||
Avid Technology, Inc.* | 460 | 6,481 | ||||||
Acme Packet, Inc.* | 634 | 6,346 | ||||||
DG FastChannel, Inc.* | 303 | 6,345 | ||||||
comScore, Inc.* | 350 | 6,303 | ||||||
MSC.Software Corp.* | 741 | 6,232 | ||||||
Sigma Designs, Inc.* | 425 | 6,175 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Technitrol, Inc. | 663 | $ | 6,106 | |||||
Ebix, Inc.* | 110 | 6,090 | ||||||
ModusLink Global Solutions, Inc.* | 740 | 5,987 | ||||||
Kulicke & Soffa Industries, Inc.* | 992 | 5,982 | ||||||
Micrel, Inc. | 730 | 5,949 | ||||||
Cirrus Logic, Inc.* | 1,060 | 5,894 | ||||||
Electro Scientific Industries, Inc.* | 438 | 5,865 | ||||||
Smith Micro Software, Inc.* | 460 | 5,686 | ||||||
Stratasys, Inc.* | 330 | 5,663 | ||||||
ShoreTel, Inc.* | 723 | 5,647 | ||||||
IPG Photonics Corp.* | 370 | 5,624 | ||||||
Novatel Wireless, Inc.* | 490 | 5,566 | ||||||
Universal Display Corp.* | 466 | 5,564 | ||||||
Vocus, Inc.* | 265 | 5,536 | ||||||
Terremark Worldwide, Inc.* | 883 | 5,492 | ||||||
Netscout Systems, Inc.* | 400 | 5,404 | ||||||
Supertex, Inc.* | 180 | 5,400 | ||||||
The Knot, Inc.* | 486 | 5,307 | ||||||
S1 Corp.* | 857 | 5,296 | ||||||
Bottomline Technologies, Inc.* | 410 | 5,289 | ||||||
Methode Electronics, Inc. — Class A | 610 | 5,289 | ||||||
TeleCommunication Systems, Inc. — Class A* | 624 | 5,217 | ||||||
Kopin Corp.* | 1,085 | 5,208 | ||||||
EMS Technologies, Inc.* | 250 | 5,205 | ||||||
Cohu, Inc. | 382 | 5,180 | ||||||
Newport Corp.* | 590 | 5,168 | ||||||
CTS Corp. | 548 | 5,096 | ||||||
Actel Corp.* | 417 | 5,075 | ||||||
RightNow Technologies, Inc.* | 350 | 5,054 | ||||||
Internet Capital Group, Inc.* | 600 | 5,016 | ||||||
RealNetworks, Inc.* | 1,342 | 4,992 | ||||||
3PAR, Inc.* | 450 | 4,963 | ||||||
Ultratech, Inc.* | 375 | 4,961 | ||||||
Ness Technologies, Inc.* | 625 | 4,931 | ||||||
Kenexa Corp. — Class A* | 365 | 4,920 | ||||||
Epicor Software Corp.* | 770 | 4,905 | ||||||
Radiant Systems, Inc.* | 450 | 4,833 | ||||||
Compellent Technologies, Inc.* | 267 | 4,819 | ||||||
Intevac, Inc.* | 357 | 4,798 | ||||||
Anadigics, Inc.* | 1,015 | 4,781 | ||||||
Oplink Communications, Inc.* | 325 | 4,719 | ||||||
Global Cash Access Holdings, Inc.* | 645 | 4,715 | ||||||
Loral Space & Communications, Inc.* | 170 | 4,672 | ||||||
Daktronics, Inc. | 540 | 4,628 | ||||||
FARO Technologies, Inc.* | 268 | 4,604 | ||||||
Cray, Inc.* | 549 | 4,573 | ||||||
OSI Systems, Inc.* | 250 | 4,572 | ||||||
Multi-Fineline Electronix, Inc.* | 158 | 4,536 | ||||||
Switch & Data Facilities Company, Inc.* | 332 | 4,519 | ||||||
Imation Corp. | 480 | 4,450 | ||||||
Ciber, Inc.* | 1,107 | 4,428 | ||||||
SolarWinds, Inc.* | 200 | 4,406 | ||||||
InfoSpace, Inc.* | 565 | 4,373 |
46 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Quantum Corp.* | 3,410 | $ | 4,297 | |||||
MoneyGram International, Inc.* | 1,340 | 4,208 | ||||||
Lattice Semiconductor Corp.* | 1,870 | 4,207 | ||||||
i2 Technologies, Inc.* | 262 | 4,202 | ||||||
Exar Corp.* | 570 | 4,189 | ||||||
Actuate Corp.* | 720 | 4,162 | ||||||
Hughes Communications, Inc.* | 136 | 4,126 | ||||||
Anaren, Inc.* | 240 | 4,080 | ||||||
NetSuite, Inc.* | 266 | 4,070 | ||||||
NVE Corp.* | 76 | 4,040 | ||||||
Extreme Networks, Inc.* | 1,440 | 4,032 | ||||||
Pericom Semiconductor Corp.* | 410 | 4,022 | ||||||
Seachange International, Inc.* | 520 | 3,900 | ||||||
Synchronoss Technologies, Inc.* | 310 | 3,866 | ||||||
infoGROUP, Inc.* | 549 | 3,848 | ||||||
Utstarcom, Inc.* | 1,840 | 3,846 | ||||||
Perficient, Inc.* | 460 | 3,804 | ||||||
China Security & Surveillance Technology, Inc.* | 532 | 3,798 | ||||||
Comverge, Inc.* | 310 | 3,785 | ||||||
Interactive Intelligence, Inc.* | 197 | 3,765 | ||||||
Cass Information Systems, Inc. | 124 | 3,703 | ||||||
Rudolph Technologies, Inc.* | 500 | 3,700 | ||||||
Symmetricom, Inc.* | 710 | 3,678 | ||||||
Mercury Computer Systems, Inc.* | 368 | 3,628 | ||||||
Symyx Technologies, Inc.* | 548 | 3,628 | ||||||
Openwave Systems, Inc.* | 1,350 | 3,510 | ||||||
Exlservice Holdings, Inc.* | 236 | 3,507 | ||||||
Ixia* | 510 | 3,499 | ||||||
Internet Brands, Inc. — Class A* | 435 | 3,471 | ||||||
Ceva, Inc.* | 320 | 3,440 | ||||||
Powerwave Technologies, Inc.* | 2,141 | 3,426 | ||||||
Digi International, Inc.* | 400 | 3,408 | ||||||
Network Equipment Technologies, Inc.* | 470 | 3,398 | ||||||
LivePerson, Inc.* | 670 | 3,377 | ||||||
Electro Rent Corp. | 290 | 3,341 | ||||||
Radisys Corp.* | 383 | 3,328 | ||||||
Photronics, Inc.* | 680 | 3,223 | ||||||
Bel Fuse, Inc. — Class B | 169 | 3,216 | ||||||
IXYS Corp.* | 376 | 3,200 | ||||||
Vasco Data Security International* | 430 | 3,191 | ||||||
Silicon Graphics International Corp.* | 475 | 3,187 | ||||||
iGate Corp. | 365 | 3,132 | ||||||
Silicon Storage Technology, Inc.* | 1,287 | 3,115 | ||||||
Super Micro Computer, Inc.* | 368 | 3,113 | ||||||
NCI, Inc.* | 108 | 3,095 | ||||||
Semitool, Inc.* | 363 | 3,067 | ||||||
Web.com Group, Inc.* | 428 | 3,035 | ||||||
DSP Group, Inc.* | 370 | 3,012 | ||||||
LoopNet, Inc.* | 330 | 2,983 | ||||||
Rubicon Technology, Inc.* | 200 | 2,968 | ||||||
Monotype Imaging Holdings, Inc.* | 350 | 2,944 | ||||||
Silicon Image, Inc.* | 1,210 | 2,940 | ||||||
Techwell, Inc.* | 264 | 2,899 |
MARKET | ||||||||
SHARES | VALUE | |||||||
DemandTec, Inc.* | 328 | $ | 2,896 | |||||
DivX, Inc.* | 526 | 2,872 | ||||||
Double-Take Software, Inc.* | 280 | 2,853 | ||||||
Smart Modular Technologies WWH, Inc.* | 590 | 2,808 | ||||||
FalconStor Software, Inc.* | 560 | 2,783 | ||||||
Innodata Isogen, Inc.* | 350 | 2,783 | ||||||
Advanced Analogic Technologies, Inc.* | 700 | 2,779 | ||||||
Airvana, Inc.* | 404 | 2,735 | ||||||
MIPS Technology, Inc.* | 725 | 2,733 | ||||||
Trident Microsystems, Inc.* | 1,020 | 2,642 | ||||||
Internap Network Services Corp.* | 815 | 2,616 | ||||||
PROS Holdings, Inc.* | 306 | 2,577 | ||||||
Rimage Corp.* | 150 | 2,564 | ||||||
Isilon Systems, Inc.* | 416 | 2,538 | ||||||
Cogo Group, Inc.* | 414 | 2,534 | ||||||
Online Resources Corp.* | 410 | 2,530 | ||||||
Liquidity Services, Inc.* | 240 | 2,477 | ||||||
Globecomm Systems, Inc.* | 340 | 2,472 | ||||||
China Information Security Technology, Inc.* | 440 | 2,438 | ||||||
Lionbridge Technologies, Inc.* | 930 | 2,418 | ||||||
Intellon Corp.* | 340 | 2,411 | ||||||
Measurement Specialties, Inc.* | 233 | 2,379 | ||||||
Tier Technologies, Inc. — Class B* | 280 | 2,374 | ||||||
Entropic Communications, Inc.* | 856 | 2,345 | ||||||
American Software, Inc. — Class A | 355 | 2,318 | ||||||
BigBand Networks, Inc.* | 576 | 2,310 | ||||||
Rosetta Stone, Inc.* | 100 | 2,296 | ||||||
Opnet Technologies, Inc. | 210 | 2,295 | ||||||
Zix Corp.* | 1,030 | 2,266 | ||||||
KVH Industries, Inc.* | 226 | 2,258 | ||||||
Limelight Networks, Inc.* | 530 | 2,152 | ||||||
ActivIdentity Corp.* | 740 | 2,050 | ||||||
Virtusa Corp.* | 210 | 1,993 | ||||||
Parkervision, Inc.* | 480 | 1,963 | ||||||
Integral Systems, Inc.* | 281 | 1,939 | ||||||
Computer Task Group, Inc.* | 239 | 1,938 | ||||||
PC-Tel, Inc.* | 310 | 1,938 | ||||||
Immersion Corp.* | 449 | 1,922 | ||||||
OpenTV Corp.* | 1,370 | 1,891 | ||||||
Chordiant Software, Inc.* | 485 | 1,887 | ||||||
Keynote Systems, Inc.* | 200 | 1,886 | ||||||
Dynamics Research Corp.* | 140 | 1,823 | ||||||
PLX Technology, Inc.* | 535 | 1,803 | ||||||
Hackett Group, Inc.* | 620 | 1,798 | ||||||
Support.com, Inc.* | 745 | 1,788 | ||||||
Unica Corp.* | 227 | 1,730 | ||||||
Phoenix Technologies Ltd.* | 470 | 1,716 | ||||||
White Electronics Designs Corp.* | 370 | 1,709 | ||||||
Spectrum Control, Inc.* | 200 | 1,698 | ||||||
Dice Holdings, Inc.* | 258 | 1,692 | ||||||
Saba Software, Inc.* | 400 | 1,684 | ||||||
Startek, Inc.* | 190 | 1,649 | ||||||
Agilysys, Inc. | 250 | 1,648 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 47 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Zygo Corp.* | 240 | $ | 1,627 | |||||
GSE Systems, Inc.* | 260 | 1,617 | ||||||
Emcore Corp.* | 1,220 | 1,586 | ||||||
Deltek, Inc.* | 205 | 1,576 | ||||||
Marchex, Inc. | 320 | 1,571 | ||||||
Microtune, Inc.* | 840 | 1,529 | ||||||
Information Services Group, Inc.* | 380 | 1,516 | ||||||
SRS Labs, Inc.* | 190 | 1,389 | ||||||
OpenTable, Inc.* | 50 | 1,378 | ||||||
Virage Logic Corp.* | 260 | 1,355 | ||||||
China TransInfo Technology Corp.* | 140 | 1,324 | ||||||
Opnext, Inc.* | 451 | 1,321 | ||||||
CPI International, Inc.* | 116 | 1,298 | ||||||
Travelzoo, Inc.* | 90 | 1,272 | ||||||
Callidus Software, Inc.* | 420 | 1,264 | ||||||
Pervasive Software, Inc.* | 250 | 1,238 | ||||||
GSI Technology, Inc.* | 298 | 1,189 | ||||||
PC Mall, Inc.* | 169 | 1,159 | ||||||
Communications Systems, Inc. | 98 | 1,145 | ||||||
Ipass, Inc.* | 820 | 1,132 | ||||||
ICx Technologies, Inc.* | 190 | 1,125 | ||||||
TechTarget, Inc.* | 190 | 1,083 | ||||||
Renaissance Learning, Inc. | 108 | 1,074 | ||||||
Imergent, Inc. | 130 | 1,024 | ||||||
DDi Corp.* | 230 | 978 | ||||||
MEMSIC, Inc.* | 250 | 938 | ||||||
ePlus, Inc.* | 60 | 933 | ||||||
QAD, Inc. | 197 | 896 | ||||||
eLoyalty Corp.* | 108 | 865 | ||||||
X-Rite, Inc.* | 420 | 844 | ||||||
PAR Technology Corp.* | 130 | 829 | ||||||
PC Connection, Inc.* | 150 | 816 | ||||||
RAE Systems, Inc.* | 660 | 726 | ||||||
Total Information Technology | 2,782,146 | |||||||
FINANCIALS 11.5% | ||||||||
Highwoods Properties, Inc. | 1,146 | 36,042 | ||||||
Knight Capital Group, Inc. — Class A* | 1,505 | 32,734 | ||||||
Platinum Underwriters Holdings Ltd. | 830 | 29,747 | ||||||
MFA Mortgage Investments, Inc. | 3,610 | 28,736 | ||||||
ProAssurance Corp.* | 543 | 28,339 | ||||||
National Retail Properties, Inc. | 1,300 | 27,911 | ||||||
Washington Real Estate Investment Trust | 942 | 27,130 | ||||||
Prosperity Bancshares, Inc. | 750 | 26,092 | ||||||
FirstMerit Corp. | 1,338 | 25,462 | ||||||
Westamerica Bancorporation | 468 | 24,336 | ||||||
Stifel Financial Corp.* | 435 | 23,881 | ||||||
SVB Financial Group* | 530 | 22,933 | ||||||
Montpelier Re Holdings Ltd. | 1,400 | 22,848 | ||||||
American Campus Communities, Inc. | 848 | 22,769 | ||||||
Home Properties, Inc. | 525 | 22,622 | ||||||
Tanger Factory Outlet Centers, Inc. | 595 | 22,217 | ||||||
Apollo Investment Corp. | 2,305 | 22,013 | ||||||
BioMed Realty Trust, Inc. | 1,593 | 21,983 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Omega Healthcare Investors, Inc. | 1,343 | $ | 21,515 | |||||
Developers Diversified Realty Corp. | 2,289 | 21,150 | ||||||
UMB Financial Corp. | 516 | 20,867 | ||||||
Mid-America Apartment Communities, Inc. | 460 | 20,760 | ||||||
Healthcare Realty Trust, Inc. | 956 | 20,200 | ||||||
Redwood Trust, Inc. | 1,255 | 19,452 | ||||||
Entertainment Properties Trust | 566 | 19,323 | ||||||
Assured Guaranty Ltd. | 986 | 19,148 | ||||||
Zenith National Insurance Corp. | 610 | 18,849 | ||||||
NewAlliance Bancshares, Inc. | 1,729 | 18,500 | ||||||
KBW, Inc.* | 564 | 18,172 | ||||||
Potlatch Corp. | 634 | 18,037 | ||||||
Trustmark Corp. | 930 | 17,717 | ||||||
Hatteras Financial Corp. | 590 | 17,688 | ||||||
PHH Corp.* | 880 | 17,459 | ||||||
Ares Capital Corp. | 1,580 | 17,412 | ||||||
LaSalle Hotel Properties | 864 | 16,986 | ||||||
Argo Group International Holdings Ltd.* | 500 | 16,840 | ||||||
First Financial Bankshares, Inc. | 340 | 16,816 | ||||||
Signature Bank* | 570 | 16,530 | ||||||
Tower Group, Inc. | 661 | 16,122 | ||||||
Kilroy Realty Corp. | 580 | 16,089 | ||||||
Max Capital Group Ltd. | 750 | 16,028 | ||||||
Delphi Financial Group, Inc. — Class A | 700 | 15,841 | ||||||
RLI Corp. | 300 | 15,834 | ||||||
Conseco, Inc.* | 3,000 | 15,780 | ||||||
Eastgroup Properties, Inc. | 409 | 15,632 | ||||||
Astoria Financial Corp. | 1,390 | 15,346 | ||||||
Piper Jaffray Companies, Inc.* | 320 | 15,270 | ||||||
MGIC Investment Corp.* | 2,030 | 15,042 | ||||||
Glacier Bancorp, Inc. | 1,000 | 14,940 | ||||||
Extra Space Storage, Inc. | 1,400 | 14,770 | ||||||
American Capital Ltd.* | 4,540 | 14,664 | ||||||
Hancock Holding Co. | 390 | 14,652 | ||||||
Equity Lifestyle Properties, Inc. | 342 | 14,634 | ||||||
DCT Industrial Trust, Inc. | 2,845 | 14,538 | ||||||
Cash America International, Inc. | 480 | 14,477 | ||||||
Capstead Mortgage Corp. | 1,030 | 14,327 | ||||||
DiamondRock Hospitality Co.* | 1,750 | 14,175 | ||||||
E*Trade Financial Corp.* | 8,023 | 14,040 | ||||||
Radian Group, Inc. | 1,325 | 14,019 | ||||||
PrivateBancorp, Inc. | 570 | 13,942 | ||||||
International Bancshares Corp. | 845 | 13,782 | ||||||
Selective Insurance Group, Inc. | 860 | 13,528 | ||||||
National Health Investors, Inc. | 415 | 13,135 | ||||||
Anworth Mortgage Asset Corp. | 1,646 | 12,970 | ||||||
Post Properties, Inc. | 715 | 12,870 | ||||||
NBT Bancorp, Inc. | 561 | 12,645 | ||||||
Franklin Street Properties Corp. | 956 | 12,524 | ||||||
PS Business Parks, Inc. | 244 | 12,522 | ||||||
Old National Bancorp | 1,080 | 12,096 | ||||||
United Bankshares, Inc. | 615 | 12,048 |
48 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
MB Financial Corp. | 570 | $ | 11,953 | |||||
IBERIABANK Corp. | 260 | 11,846 | ||||||
optionsXpress Holdings, Inc. | 683 | 11,802 | ||||||
Employers Holdings, Inc. | 760 | 11,765 | ||||||
MF Global Ltd.* | 1,570 | 11,414 | ||||||
Portfolio Recovery Associates, Inc.* | 248 | 11,242 | ||||||
Sovran Self Storage, Inc. | 368 | 11,198 | ||||||
CBL & Associates Properties, Inc. | 1,150 | 11,155 | ||||||
Navigators Group, Inc.* | 200 | 11,000 | ||||||
Wintrust Financial Corp. | 388 | 10,848 | ||||||
Webster Financial Corp. | 860 | 10,724 | ||||||
Park National Corp. | 180 | 10,501 | ||||||
FNB Corp. | 1,459 | 10,373 | ||||||
Umpqua Holding Corp. | 975 | 10,335 | ||||||
Financial Federal Corp. | 417 | 10,292 | ||||||
Pico Holdings, Inc.* | 306 | 10,205 | ||||||
Medical Properties Trust, Inc. | 1,295 | 10,114 | ||||||
Inland Real Estate Corp. | 1,135 | 9,943 | ||||||
Provident Financial Services, Inc. | 965 | 9,930 | ||||||
Ezcorp, Inc.* | 726 | 9,917 | ||||||
Forestar Real Estate Group, Inc.* | 575 | 9,879 | ||||||
Texas Capital Bancshares, Inc.* | 580 | 9,767 | ||||||
Sterling Bancshares, Inc. | 1,335 | 9,759 | ||||||
Community Bank System, Inc. | 525 | 9,592 | ||||||
Acadia Realty Trust | 635 | 9,569 | ||||||
Infinity Property & Casualty Corp. | 220 | 9,346 | ||||||
Brookline Bancorp, Inc. | 955 | 9,283 | ||||||
LTC Properties, Inc. | 382 | 9,183 | ||||||
Horace Mann Educators Corp. | 640 | 8,941 | ||||||
Allied Capital Corp. | 2,900 | 8,903 | ||||||
Investors Real Estate Trust | 983 | 8,886 | ||||||
Alexander’s, Inc. | 30 | 8,876 | ||||||
First Midwest Bancorp, Inc. | 785 | 8,847 | ||||||
Greenlight Capital Re Ltd. — Class A* | 460 | 8,648 | ||||||
Sunstone Hotel Investors, Inc.* | 1,218 | 8,648 | ||||||
East-West Bancorp, Inc. | 1,038 | 8,615 | ||||||
Equity One, Inc. | 530 | 8,305 | ||||||
National Penn Bancshares, Inc. | 1,359 | 8,303 | ||||||
CVB Financial Corp. | 1,085 | 8,235 | ||||||
Susquehanna Bancshares, Inc. | 1,398 | 8,234 | ||||||
Investors Bancorp, Inc.* | 760 | 8,064 | ||||||
First Commonwealth Financial Corp. | 1,383 | 7,855 | ||||||
Hilltop Holdings, Inc.* | 640 | 7,846 | ||||||
Ambac Financial Group, Inc. | 4,661 | 7,830 | ||||||
City Holding Co. | 260 | 7,751 | ||||||
TrustCo Bank Corp. | 1,235 | 7,719 | ||||||
Prospect Capital Corp. | 714 | 7,647 | ||||||
Colonial Properties Trust | 785 | 7,638 | ||||||
PacWest Bancorp | 400 | 7,620 | ||||||
GFI Group, Inc. | 1,050 | 7,592 | ||||||
Independent Bank Corp. | 339 | 7,502 | ||||||
Chemical Financial Corp. | 340 | 7,409 | ||||||
First Financial Bancorp | 605 | 7,290 | ||||||
Lexington Realty Trust | 1,421 | 7,247 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Boston Private Financial Holdings, Inc. | 1,098 | $ | 7,148 | |||||
Flagstone Reinsurance Holdings | 630 | 7,106 | ||||||
Ocwen Financial Corp.* | 623 | 7,052 | ||||||
Safety Insurance Group, Inc. | 210 | 6,913 | ||||||
Parkway Properties, Inc. | 350 | 6,895 | ||||||
Meadowbrook Insurance Group, Inc. | 926 | 6,852 | ||||||
Getty Realty Corp. | 276 | 6,773 | ||||||
Bank Mutual Corp. | 758 | 6,701 | ||||||
Cohen & Steers, Inc. | 278 | 6,672 | ||||||
Community Trust Bancorp, Inc. | 254 | 6,647 | ||||||
Harleysville Group, Inc. | 210 | 6,647 | ||||||
World Acceptance Corp.* | 260 | 6,555 | ||||||
Enstar Group* | 105 | 6,538 | ||||||
United Fire & Casualty Co. | 360 | 6,444 | ||||||
Cathay General Bancorp | 795 | 6,432 | ||||||
Simmons First National Corp. | 223 | 6,425 | ||||||
First Cash Financial Services, Inc.* | 370 | 6,338 | ||||||
National Western Life Insurance Co. — Class A | 36 | 6,335 | ||||||
Northwest Bancorp, Inc. | 276 | 6,304 | ||||||
Banco Latinoamericano de Comercio Exterior SA | 440 | 6,257 | ||||||
Dollar Financial Corp.* | 386 | 6,184 | ||||||
MarketAxess Holdings, Inc.* | 511 | 6,158 | ||||||
Phoenix Companies, Inc.* | 1,865 | 6,061 | ||||||
American Equity Investment Life Holding Co. | 860 | 6,037 | ||||||
Maiden Holdings Ltd. | 806 | 5,860 | ||||||
Universal Health Realty Income Trust | 179 | 5,826 | ||||||
Sun Communities, Inc. | 270 | 5,810 | ||||||
National Financial Partners Corp.* | 665 | 5,799 | ||||||
eHealth, Inc.* | 394 | 5,721 | ||||||
WesBanco, Inc. | 370 | 5,720 | ||||||
First Financial Corp. | 186 | 5,699 | ||||||
Tompkins Financial Corp. | 130 | 5,681 | ||||||
DuPont Fabros Technology, Inc.* | 425 | 5,665 | ||||||
Hercules Technology Growth Capital, Inc. | 570 | 5,597 | ||||||
SWS Group, Inc. | 385 | 5,544 | ||||||
SCBT Financial Corp. | 197 | 5,536 | ||||||
GAMCO Investors, Inc. — Class A | 120 | 5,484 | ||||||
Bank of the Ozarks, Inc. | 206 | 5,465 | ||||||
StellarOne Corp. | 365 | 5,384 | ||||||
Provident New York Bancorp | 560 | 5,348 | ||||||
Riskmetrics Group, Inc.* | 363 | 5,307 | ||||||
Cousins Properties, Inc. | 637 | 5,274 | ||||||
Amerisafe, Inc.* | 305 | 5,261 | ||||||
First Potomac Realty Trust | 446 | 5,156 | ||||||
Home Bancshares, Inc. | 231 | 5,064 | ||||||
Renasant Corp. | 339 | 5,034 | ||||||
U-Store-It Trust | 805 | 5,031 | ||||||
The PMI Group, Inc. | 1,180 | 5,015 | ||||||
Evercore Partners, Inc. — Class A | 169 | 4,938 | ||||||
iStar Financial, Inc.* | 1,620 | 4,925 | ||||||
Columbia Banking Systems, Inc. | 297 | 4,915 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 49 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Berkshire Hills Bancorp, Inc. | 224 | $ | 4,915 | |||||
Duff & Phelps Corp. — Class A | 256 | 4,905 | ||||||
Oriental Financial Group | 385 | 4,890 | ||||||
Pinnacle Financial Partners, Inc.* | 383 | 4,868 | ||||||
S&T Bancorp, Inc. | 375 | 4,860 | ||||||
Southside Bancshares, Inc. | 214 | 4,819 | ||||||
Broadpoint Gleacher Securities, Inc.* | 577 | 4,812 | ||||||
Beneficial Mutual Bancorp, Inc.* | 525 | 4,793 | ||||||
Dime Community Bancshares | 415 | 4,743 | ||||||
Urstadt Biddle Properties | 325 | 4,742 | ||||||
FelCor Lodging Trust, Inc. | 1,045 | 4,734 | ||||||
Western Alliance Bancorp* | 742 | 4,682 | ||||||
Walter Investment Management Corp. | 290 | 4,646 | ||||||
Tejon Ranch Co.* | 180 | 4,622 | ||||||
American Capital Agency Corp. | 160 | 4,552 | ||||||
Suffolk Bancorp | 153 | 4,530 | ||||||
Univest Corporation of Pennsylvania | 206 | 4,464 | ||||||
MCG Capital Corp.* | 1,060 | 4,441 | ||||||
American Physicians Capital, Inc. | 154 | 4,437 | ||||||
Pennsylvania Real Estate Investment Trust | 578 | 4,399 | ||||||
Sandy Spring Bancorp, Inc. | 270 | 4,396 | ||||||
SY Bancorp, Inc. | 190 | 4,387 | ||||||
TradeStation Group, Inc.* | 535 | 4,360 | ||||||
United America Indemnity Ltd. — Class A* | 590 | 4,360 | ||||||
CNA Surety Corp.* | 268 | 4,342 | ||||||
TowneBank | 340 | 4,335 | ||||||
Westfield Financial, Inc. | 510 | 4,320 | ||||||
First Bancorp, Inc. | 239 | 4,314 | ||||||
Amtrust Financial Services, Inc. | 368 | 4,199 | ||||||
Calamos Asset Management, Inc. — Class A | 320 | 4,179 | ||||||
Advance America Cash Advance Centers, Inc. | 740 | 4,144 | ||||||
Arrow Financial Corp. | 150 | 4,104 | ||||||
Compass Diversified Trust | 390 | 4,083 | ||||||
FBL Financial Group, Inc. — Class A | 210 | 4,080 | ||||||
State Auto Financial Corp. | 226 | 4,052 | ||||||
Lakeland Financial Corp. | 196 | 4,047 | ||||||
Cedar Shopping Centers, Inc. | 625 | 4,031 | ||||||
SeaBright Insurance Holdings, Inc.* | 350 | 3,997 | ||||||
Bancfirst Corp. | 108 | 3,988 | ||||||
1st Source Corp. | 244 | 3,977 | ||||||
Northfield Bancorp, Inc. | 310 | 3,968 | ||||||
First Bancorp Puerto Rico | 1,300 | 3,965 | ||||||
Camden National Corp. | 120 | 3,965 | ||||||
Washington Trust Bancorp, Inc. | 226 | 3,960 | ||||||
FPIC Insurance Group, Inc.* | 118 | 3,959 | ||||||
Flushing Financial Corp. | 345 | 3,933 | ||||||
Danvers Bancorp, Inc. | 280 | 3,805 | ||||||
Nelnet, Inc. — Class A* | 305 | 3,794 | ||||||
Great Southern Bancorp, Inc. | 160 | 3,794 | ||||||
Cardinal Financial Corp. | 459 | 3,778 |
MARKET | ||||||||
SHARES | VALUE | |||||||
TriCo Bancshares | 230 | $ | 3,772 | |||||
Harleysville National Corp. | 695 | 3,704 | ||||||
Oppenheimer Holdings, Inc. — Class A | 150 | 3,653 | ||||||
Safeguard Scientifics, Inc.* | 330 | 3,620 | ||||||
Capital Southwest Corp. | 47 | 3,607 | ||||||
Fifth Street Finance Corp. | 328 | 3,585 | ||||||
Presidential Life Corp. | 340 | 3,522 | ||||||
United Community Banks, Inc.* | 700 | 3,498 | ||||||
Stewart Information Services Corp. | 280 | 3,464 | ||||||
Ashford Hospitality Trust, Inc.* | 1,000 | 3,460 | ||||||
Citizens, Inc.* | 540 | 3,424 | ||||||
Consolidated-Tomoka Land Co. | 88 | 3,370 | ||||||
NorthStar Realty Finance Corp. | 960 | 3,370 | ||||||
First Industrial Realty Trust, Inc. | 640 | 3,360 | ||||||
BankFinancial Corp. | 350 | 3,353 | ||||||
ESSA Bancorp, Inc. | 250 | 3,303 | ||||||
Southwest Bancorp, Inc. | 235 | 3,299 | ||||||
Saul Centers, Inc. | 100 | 3,210 | ||||||
BGC Partners, Inc. — Class A | 748 | 3,201 | ||||||
Strategic Hotels & Resorts, Inc.* | 1,220 | 3,160 | ||||||
Credit Acceptance Corp.* | 98 | 3,155 | ||||||
CapLease, Inc. | 780 | 3,143 | ||||||
Westwood Holdings Group, Inc. | 90 | 3,123 | ||||||
Kite Realty Group Trust | 747 | 3,115 | ||||||
United Financial Bancorp, Inc. | 268 | 3,103 | ||||||
Heartland Financial USA, Inc. | 210 | 3,098 | ||||||
Penson Worldwide Company, Inc.* | 318 | 3,097 | ||||||
Orrstown Financial Services, Inc. | 80 | 3,091 | ||||||
RAIT Financial Trust | 1,050 | 3,087 | ||||||
MVC Capital, Inc. | 350 | 3,073 | ||||||
LaBranche & Company, Inc.* | 902 | 3,067 | ||||||
Gladstone Capital Corp. | 342 | 3,054 | ||||||
Baldwind & Lyons, Inc. — Class B | 130 | 3,049 | ||||||
Home Federal Bancorp, Inc. | 266 | 3,038 | ||||||
Kearny Financial Corp. | 291 | 3,032 | ||||||
First Mercury Financial Corp. | 225 | 2,997 | ||||||
First Financial Holdings, Inc. | 187 | 2,986 | ||||||
PMA Capital Corp.* | 516 | 2,936 | ||||||
Donegal Group, Inc. — Class A | 190 | 2,934 | ||||||
Republic Bancorp, Inc. | 146 | 2,914 | ||||||
Encore Capital Group, Inc.* | 214 | 2,878 | ||||||
National Bankshares, Inc. | 110 | 2,800 | ||||||
Education Realty Trust, Inc. | 471 | 2,793 | ||||||
German American Bancorp | 179 | 2,776 | ||||||
PennantPark Investment Corp. | 340 | 2,757 | ||||||
Agree Realty Corp. | 120 | 2,752 | ||||||
Union Bankshares Corp. | 218 | 2,714 | ||||||
Smithtown Bancorp, Inc. | 235 | 2,712 | ||||||
Abington Bancorp, Inc. | 350 | 2,709 | ||||||
Capital City Bank Group, Inc. | 190 | 2,698 | ||||||
WSFS Financial Corp. | 98 | 2,611 | ||||||
First Bancorp, Inc. | 140 | 2,604 | ||||||
Ames National Corp. | 108 | 2,604 |
50 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Harris & Harris Group, Inc.* | 415 | $ | 2,594 | |||||
Nara Bancorp, Inc. | 370 | 2,572 | ||||||
US Global Investors, Inc. — Class A | 208 | 2,565 | ||||||
NGP Capital Resources Co. | 346 | 2,512 | ||||||
Bank of Marin Bancorp | 80 | 2,506 | ||||||
Lakeland Bancorp, Inc. | 325 | 2,438 | ||||||
Bridge Bancorp, Inc. | 100 | 2,433 | ||||||
CNB Financial Corp. | 140 | 2,404 | ||||||
First Merchants Corp. | 340 | 2,370 | ||||||
First of Long Island Corp. | 88 | 2,340 | ||||||
Associated Estates Realty Corp. | 242 | 2,328 | ||||||
JMP Group, Inc. | 240 | 2,318 | ||||||
American Physicians Service Group, Inc. | 100 | 2,304 | ||||||
Wilshire Bancorp, Inc. | 310 | 2,275 | ||||||
Ramco-Gershenson Properties Trust | 254 | 2,266 | ||||||
MainSource Financial Group, Inc. | 330 | 2,244 | ||||||
Peapack Gladstone Financial Corp. | 139 | 2,232 | ||||||
Monmouth Real Estate Investment Corp. — Class A | 320 | 2,227 | ||||||
Shore Bancshares, Inc. | 133 | 2,225 | ||||||
ViewPoint Financial Group | 158 | 2,218 | ||||||
American Safety Insurance Holdings Ltd.* | 140 | 2,212 | ||||||
First Marblehead Corp.* | 1,000 | 2,200 | ||||||
Oritani Financial Corp. | 160 | 2,182 | ||||||
Cogdell Spencer, Inc. | 454 | 2,179 | ||||||
United Security Bancshares | 98 | 2,175 | ||||||
Pacific Continental Corp. | 206 | 2,169 | ||||||
FCStone Group, Inc.* | 450 | 2,169 | ||||||
Citizens & Northern Corp. | 146 | 2,159 | ||||||
TICC Capital Corp. | 428 | 2,157 | ||||||
Peoples Bancorp, Inc. | 165 | 2,153 | ||||||
Diamond Hill Investment Group, Inc.* | 37 | 2,145 | ||||||
Hersha Hospitality Trust | 690 | 2,139 | ||||||
Kayne Anderson Energy Development Co. | 160 | 2,117 | ||||||
Life Partners Holdings, Inc. | 118 | 2,112 | ||||||
American National Bankshares, Inc. | 96 | 2,095 | ||||||
Sterling Bancorp | 290 | 2,094 | ||||||
Kansas City Life Insurance Co. | 67 | 2,086 | ||||||
South Financial Group, Inc. | 1,410 | 2,073 | ||||||
State Bancorp, Inc. | 240 | 2,028 | ||||||
Glimcher Realty Trust | 550 | 2,019 | ||||||
ESB Financial Corp. | 150 | 2,009 | ||||||
First Community Bancshares, Inc. | 157 | 1,981 | ||||||
Medallion Financial Corp. | 236 | 1,973 | ||||||
First Busey Corp. | 415 | 1,951 | ||||||
First Defiance Financial Corp. | 130 | 1,938 | ||||||
Mission West Properties | 288 | 1,938 | ||||||
Bryn Mawr Bank Corp. | 110 | 1,922 | ||||||
Penns Woods Bancorp, Inc. | 60 | 1,921 | ||||||
Gladstone Commercial Corp. | 140 | 1,915 | ||||||
Winthrop Realty Trust | 190 | 1,851 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Resource Capital Corp. | 340 | $ | 1,850 | |||||
Epoch Holding Corp. | 211 | 1,846 | ||||||
Sanders Morris Harris Group, Inc. | 310 | 1,832 | ||||||
Alliance Financial Corp. | 67 | 1,812 | ||||||
Kohlberg Capital Corp. | 300 | 1,809 | ||||||
Thomas Weisel Partners Group, Inc.* | 337 | 1,800 | ||||||
Financial Institutions, Inc. | 180 | 1,795 | ||||||
Farmers Capital Bank Corp. | 100 | 1,788 | ||||||
Avatar Holdings, Inc.* | 94 | 1,786 | ||||||
Asset Acceptance Capital Corp.* | 243 | 1,762 | ||||||
First Financial Northwest, Inc. | 300 | 1,746 | ||||||
Gladstone Investment Corp. | 360 | 1,746 | ||||||
Oceanfirst Financial Corp. | 150 | 1,740 | ||||||
National Interstate Corp. | 98 | 1,715 | ||||||
Merchants Bancshares, Inc. | 80 | 1,709 | ||||||
Home Bancorp, Inc.* | 140 | 1,704 | ||||||
Sterling Savings Bank* | 850 | 1,700 | ||||||
Bar Harbor Bankshares | 50 | 1,700 | ||||||
Gramercy Capital Corp.* | 690 | 1,677 | ||||||
Cardtronics, Inc.* | 213 | 1,666 | ||||||
Enterprise Financial Services Corp. | 180 | 1,665 | ||||||
FBR Capital Markets Corp.* | 280 | 1,660 | ||||||
EMC Insurance Group, Inc. | 78 | 1,648 | ||||||
Mercer Insurance Group, Inc. | 90 | 1,626 | ||||||
China Housing & Land Development, Inc.* | 420 | 1,617 | ||||||
Ohio Valley Banc Corp. | 60 | 1,590 | ||||||
Citizens Holding Co. | 60 | 1,588 | ||||||
Ameris Bancorp | 222 | 1,586 | ||||||
NASB Financial, Inc. | 60 | 1,578 | ||||||
Tower Bancorp, Inc. | 60 | 1,576 | ||||||
Roma Financial Corp. | 126 | 1,566 | ||||||
Main Street Capital Corp. | 110 | 1,565 | ||||||
CoBiz Financial, Inc. | 314 | 1,564 | ||||||
UCBH Holdings, Inc. | 1,950 | 1,560 | ||||||
Citizens Banking Corp.* | 2,049 | 1,557 | ||||||
Care Investment Trust, Inc. | 200 | 1,534 | ||||||
Eagle Bancorp, Inc.* | 160 | 1,533 | ||||||
Northrim BanCorp, Inc. | 100 | 1,525 | ||||||
Dynex Capital, Inc. | 180 | 1,517 | ||||||
Crawford & Co. — Class B* | 340 | 1,499 | ||||||
Bancorp Rhode Island, Inc. | 60 | 1,499 | ||||||
NewStar Financial, Inc.* | 450 | 1,481 | ||||||
Clifton Savings Bancorp, Inc. | 150 | 1,470 | ||||||
Cape Bancorp, Inc.* | 190 | 1,459 | ||||||
Triangle Capital Corp. | 118 | 1,456 | ||||||
BlackRock Kelso Capital Corp. | 196 | 1,454 | ||||||
First South Bancorp, Inc. | 126 | 1,449 | ||||||
Virtus Investment Partners, Inc.* | 90 | 1,405 | ||||||
Rockville Financial, Inc. | 130 | 1,398 | ||||||
Sierra Bancorp | 116 | 1,393 | ||||||
NYMAGIC, Inc. | 80 | 1,381 | ||||||
Washington Banking Co. | 148 | 1,370 | ||||||
Center Bancorp, Inc. | 180 | 1,355 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 51 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Anthracite Capital, Inc.* | 1,281 | $ | 1,345 | |||||
Meridian Interstate Bancorp, Inc.* | 158 | 1,343 | ||||||
Chicopee Bancorp, Inc.* | 100 | 1,321 | ||||||
Rewards Network, Inc.* | 96 | 1,319 | ||||||
Century Bancorp, Inc. | 60 | 1,302 | ||||||
Primus Guaranty Ltd.* | 300 | 1,281 | ||||||
Guaranty Bancorp* | 848 | 1,255 | ||||||
West Bancorporation, Inc. | 250 | 1,240 | ||||||
Legacy Bancorp, Inc. | 118 | 1,239 | ||||||
Eastern Insurance Holdings, Inc. | 130 | 1,239 | ||||||
CompuCredit Holdings Corp.* | 260 | 1,225 | ||||||
Hallmark Financial Services, Inc.* | 152 | 1,224 | ||||||
Yadkin Valley Financial Corp. | 260 | 1,214 | ||||||
International Assets Holding Corp.* | 72 | 1,189 | ||||||
Heritage Financial Corp. | 90 | 1,184 | ||||||
Central Pacific Financial Corp. | 466 | 1,174 | ||||||
Centerstate Banks of Florida, Inc. | 145 | 1,144 | ||||||
UMH Properties, Inc. | 140 | 1,141 | ||||||
Sun Bancorp, Inc.* | 213 | 1,125 | ||||||
Flagstar Bancorp, Inc.* | 1,090 | 1,123 | ||||||
Peoples Financial Corp. | 60 | 1,117 | ||||||
Pacific Capital Bancorp | 760 | 1,094 | ||||||
Bank of Kentucky Financial Corp. | 50 | 1,058 | ||||||
Universal Insurance Holdings, Inc. | 210 | 1,056 | ||||||
Enterprise Bancorp, Inc. | 80 | 1,024 | ||||||
Bancorp, Inc.* | 179 | 1,024 | ||||||
Pzena Investment Management, Inc. — Class A* | 120 | �� | 980 | |||||
Auburn National Bancorporation, Inc. | 40 | 976 | ||||||
Old Second Bancorp, Inc. | 170 | 974 | ||||||
First Financial Service Corp. | 70 | 943 | ||||||
Premierwest Bancorp | 347 | 940 | ||||||
Resource America, Inc. — Class A | 195 | 938 | ||||||
Norwood Financial Corp. | 30 | 933 | ||||||
Metro Bancorp, Inc.* | 76 | 925 | ||||||
Midsouth Bancorp, Inc. | 70 | 924 | ||||||
Fox Chase Bancorp, Inc.* | 88 | 882 | ||||||
Hampton Roads Bankshares, Inc. | 298 | 858 | ||||||
Wilber Corp. | 90 | 756 | ||||||
Tree.com, Inc.* | 100 | 755 | ||||||
Northeast Community Bancorp, Inc. | 100 | 738 | ||||||
First Acceptance Corp.* | 270 | 729 | ||||||
Banner Corp. | 250 | 683 | ||||||
Porter Bancorp, Inc. | 40 | 652 | ||||||
Independence Holding Co. | 108 | 635 | ||||||
Santander BanCorp* | 65 | 634 | ||||||
Kentucky First Federal Bancorp | 50 | 625 | ||||||
Brooklyn Federal Bancorp, Inc. | 50 | 610 | ||||||
Waterstone Financial, Inc.* | 120 | 607 | ||||||
Prudential Bancorp of Pennsylvania, Inc. | 60 | 602 | ||||||
K-Fed Bancorp | 60 | 541 | ||||||
Republic First Bancorp, Inc.* | 118 | 536 | ||||||
Old Point Financial Corp. | 30 | 500 | ||||||
American Realty Investors, Inc.* | 40 | 463 | ||||||
First California Financial Group, Inc.* | 90 | 432 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Cheviot Financial Corp. | 50 | $ | 428 | |||||
QC Holdings, Inc. | 57 | 385 | ||||||
California First National Bancorp. | 30 | 332 | ||||||
Doral Financial Corp.* | 88 | 326 | ||||||
Heritage Financial Group | 30 | 248 | ||||||
Transcontinental Realty Investors, Inc.* | 20 | 234 | ||||||
Total Financials | 2,736,786 | |||||||
INDUSTRIALS 9.5% | ||||||||
Nordson Corp. | 543 | 30,457 | ||||||
Watson Wyatt Worldwide, Inc. | 683 | 29,751 | ||||||
GrafTech International Ltd.* | 1,950 | 28,665 | ||||||
EMCOR Group, Inc.* | 1,070 | 27,092 | ||||||
Regal-Beloit Corp. | 576 | 26,329 | ||||||
Clarcor, Inc. | 826 | 25,903 | ||||||
Tetra Tech, Inc.* | 975 | 25,867 | ||||||
Curtiss-Wright Corp. | 730 | 24,915 | ||||||
Woodward Governor Co. | 976 | 23,678 | ||||||
American Superconductor Corp.* | 700 | 23,478 | ||||||
Brady Corp. — Class A | 780 | 22,402 | ||||||
JetBlue Airways Corp.* | 3,731 | 22,311 | ||||||
Avis Budget Group, Inc.* | 1,650 | 22,044 | ||||||
Acuity Brands, Inc. | 678 | 21,838 | ||||||
UAL Corp.* | 2,331 | 21,492 | ||||||
Watsco, Inc. | 388 | 20,917 | ||||||
Teledyne Technologies, Inc.* | 578 | 20,802 | ||||||
Baldor Electric Co. | 750 | 20,505 | ||||||
Moog, Inc. — Class A* | 690 | 20,355 | ||||||
Clean Harbors, Inc.* | 350 | 19,691 | ||||||
Esterline Technologies Corp.* | 480 | 18,821 | ||||||
Hexcel Corp.* | 1,565 | 17,904 | ||||||
United Stationers, Inc.* | 375 | 17,854 | ||||||
Belden, Inc. | 762 | 17,602 | ||||||
Kaydon Corp. | 540 | 17,507 | ||||||
Granite Construction, Inc. | 559 | 17,295 | ||||||
HNI Corp. | 729 | 17,204 | ||||||
Geo Group, Inc.* | 825 | 16,640 | ||||||
ESCO Technologies, Inc.* | 415 | 16,351 | ||||||
Genesee & Wyoming, Inc. — Class A* | 530 | 16,070 | ||||||
Heico Corp. | 365 | 15,826 | ||||||
Alaska Air Group, Inc.* | 590 | 15,806 | ||||||
MPS Group, Inc.* | 1,500 | 15,780 | ||||||
ABM Industries, Inc. | 748 | 15,738 | ||||||
Simpson Manufacturing Company, Inc. | 620 | 15,661 | ||||||
Briggs & Stratton Corp. | 805 | 15,625 | ||||||
Knight Transportation, Inc. | 930 | 15,605 | ||||||
SkyWest, Inc. | 900 | 14,922 | ||||||
Herman Miller, Inc. | 870 | 14,712 | ||||||
Actuant Corp. — Class A | 916 | 14,711 | ||||||
Applied Industrial Technologies, Inc. | 688 | 14,558 | ||||||
Middleby Corp.* | 260 | 14,303 | ||||||
EnerSys* | 646 | 14,290 | ||||||
Mueller Industries, Inc. | 596 | 14,227 | ||||||
Deluxe Corp. | 830 | 14,193 | ||||||
Watts Industries, Inc. — Class A | 468 | 14,157 | ||||||
AAR Corp.* | 628 | 13,778 |
52 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Otter Tail Power Co. | 575 | $ | 13,760 | |||||
A.O. Smith Corp. | 360 | 13,716 | ||||||
HUB Group, Inc. — Class A* | 600 | 13,710 | ||||||
Corporate Executive Board Co. | 550 | 13,695 | ||||||
Orbital Sciences Corp.* | 910 | 13,623 | ||||||
Old Dominion Freight Line, Inc.* | 446 | 13,572 | ||||||
Rollins, Inc. | 710 | 13,383 | ||||||
Seaboard Corp. | 10 | 13,000 | ||||||
CoStar Group, Inc.* | 315 | 12,984 | ||||||
Barnes Group, Inc. | 751 | 12,835 | ||||||
Werner Enterprises, Inc. | 688 | 12,817 | ||||||
Healthcare Services Group, Inc. | 697 | 12,797 | ||||||
Triumph Group, Inc. | 265 | 12,717 | ||||||
Resources Connection, Inc.* | 730 | 12,454 | ||||||
Universal Forest Products, Inc. | 314 | 12,390 | ||||||
AirTran Holdings, Inc.* | 1,941 | 12,131 | ||||||
Arkansas Best Corp. | 405 | 12,126 | ||||||
Insituform Technologies, Inc. — Class A* | 630 | 12,058 | ||||||
Mine Safety Appliances Co. | 430 | 11,829 | ||||||
Heartland Express, Inc. | 820 | 11,808 | ||||||
SYKES Enterprises, Inc.* | 559 | 11,638 | ||||||
Beacon Roofing Supply, Inc.* | 725 | 11,585 | ||||||
EnergySolutions, Inc. | 1,220 | 11,248 | ||||||
Forward Air Corp. | 470 | 10,880 | ||||||
Navigant Consulting, Inc.* | 805 | 10,867 | ||||||
Korn/Ferry International* | 730 | 10,651 | ||||||
Franklin Electric Company, Inc. | 370 | 10,608 | ||||||
Layne Christensen Co.* | 320 | 10,256 | ||||||
Mueller Water Products, Inc.— Class A | 1,870 | 10,248 | ||||||
Mastec, Inc.* | 841 | 10,218 | ||||||
Ameron International Corp. | 146 | 10,217 | ||||||
American Science & Engineering, Inc. | 150 | 10,206 | ||||||
II-VI, Inc.* | 396 | 10,074 | ||||||
Mobile Mini, Inc.* | 580 | 10,069 | ||||||
Robbins & Myers, Inc. | 428 | 10,049 | ||||||
US Airways Group, Inc.* | 2,135 | 10,034 | ||||||
United Rentals, Inc.* | 970 | 9,991 | ||||||
TrueBlue, Inc.* | 706 | 9,933 | ||||||
Chart Industries, Inc.* | 455 | 9,823 | ||||||
Cubic Corp. | 245 | 9,670 | ||||||
Allegiant Travel Co.* | 250 | 9,522 | ||||||
Badger Meter, Inc. | 238 | 9,208 | ||||||
Kaman Corp. — Class A | 415 | 9,122 | ||||||
Huron Consulting Group, Inc.* | 349 | 9,015 | ||||||
Tutor Perini Corp.* | 420 | 8,946 | ||||||
Administaff, Inc. | 340 | 8,932 | ||||||
Interline Brands, Inc.* | 525 | 8,846 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 276 | 8,824 | ||||||
Tennant Co. | 300 | 8,718 | ||||||
Quanex Building Products Corp. | 606 | 8,702 | ||||||
Genco Shipping & Trading Ltd. | 415 | 8,624 | ||||||
Albany International Corp. — Class A | 440 | 8,536 | ||||||
Energy Conversion Devices, Inc.* | 736 | 8,523 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Dollar Thrifty Automotive Group, Inc.* | 345 | $ | 8,484 | |||||
John Bean Technologies Corp. | 450 | 8,176 | ||||||
Mcgrath Rentcorp | 380 | 8,083 | ||||||
RBC Bearings, Inc.* | 345 | 8,049 | ||||||
GeoEye, Inc.* | 300 | 8,040 | ||||||
AZZ, Inc.* | 200 | 8,034 | ||||||
Knoll, Inc. | 760 | 7,927 | ||||||
Lindsay Manufacturing Co. | 200 | 7,876 | ||||||
Circor International, Inc. | 278 | 7,856 | ||||||
Dycom Industries, Inc.* | 630 | 7,749 | ||||||
Ceradyne, Inc.* | 420 | 7,699 | ||||||
Astec Industries, Inc.* | 292 | 7,437 | ||||||
Comfort Systems USA, Inc. | 630 | 7,302 | ||||||
Aircastle Ltd. | 755 | 7,301 | ||||||
EnPro Industries, Inc.* | 318 | 7,269 | ||||||
Steelcase, Inc. — Class A | 1,160 | 7,204 | ||||||
DynCorp International, Inc. — Class A* | 399 | 7,182 | ||||||
Orion Marine Group, Inc.* | 345 | 7,086 | ||||||
Griffon Corp.* | 700 | 7,049 | ||||||
School Specialty, Inc.* | 295 | 6,997 | ||||||
Tredegar Corp. | 480 | 6,960 | ||||||
Raven Industries, Inc. | 260 | 6,950 | ||||||
Hawaiian Holdings, Inc.* | �� | 839 | 6,930 | |||||
Apogee Enterprises, Inc. | 450 | 6,759 | ||||||
Ennis, Inc. | 416 | 6,710 | ||||||
Rush Enterprises, Inc. — Class A* | 518 | 6,693 | ||||||
G & K Services, Inc. — Class A | 300 | 6,648 | ||||||
Viad Corp. | 330 | 6,570 | ||||||
Interface, Inc. — Class A | 790 | 6,557 | ||||||
Encore Wire Corp. | 285 | 6,367 | ||||||
Heidrick & Struggles International, Inc. | 273 | 6,350 | ||||||
ATC Technology Corp.* | 320 | 6,323 | ||||||
ACCO Brands Corp.* | 875 | 6,317 | ||||||
Advisory Board Co.* | 250 | 6,285 | ||||||
Amerco, Inc.* | 136 | 6,237 | ||||||
Microvision, Inc.* | 1,120 | 6,171 | ||||||
Force Protection, Inc.* | 1,125 | 6,142 | ||||||
Exponent, Inc.* | 218 | 6,141 | ||||||
EnerNOC, Inc.* | 185 | 6,135 | ||||||
Aerovironment, Inc.* | 215 | 6,039 | ||||||
MYR Group, Inc.* | 280 | 5,905 | ||||||
Gibraltar Industries, Inc. | 444 | 5,892 | ||||||
Cenveo, Inc.* | 850 | 5,882 | ||||||
Evergreen Solar, Inc.* | 3,035 | 5,827 | ||||||
Blount International, Inc.* | 615 | 5,824 | ||||||
Gorman-Rupp Co. | 231 | 5,754 | ||||||
RSC Holdings, Inc.* | 790 | 5,743 | ||||||
Federal Signal Corp. | 785 | 5,644 | ||||||
American Reprographics Co.* | 585 | 5,569 | ||||||
Kforce, Inc.* | 460 | 5,529 | ||||||
American Ecology Corp. | 285 | 5,330 | ||||||
Ener1, Inc.* | 770 | 5,328 | ||||||
DigitalGlobe, Inc.* | 238 | 5,324 | ||||||
CBIZ, Inc.* | 710 | 5,297 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 53 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
NACCO Industries, Inc. — Class A | 88 | $ | 5,286 | |||||
Spherion Corp.* | 843 | 5,235 | ||||||
Republic Airways Holdings, Inc.* | 560 | 5,225 | ||||||
Team, Inc.* | 308 | 5,221 | ||||||
Kelly Services, Inc. — Class A | 416 | 5,117 | ||||||
Titan International, Inc. | 566 | 5,037 | ||||||
CRA International, Inc.* | 183 | 4,994 | ||||||
Powell Industries, Inc.* | 130 | 4,991 | ||||||
H&E Equipment Services, Inc.* | 436 | 4,940 | ||||||
Stanley, Inc.* | 191 | 4,913 | ||||||
Northwest Pipe Co.* | 146 | 4,895 | ||||||
LB Foster Co. — Class A* | 158 | 4,832 | ||||||
Altra Holdings, Inc.* | 428 | 4,789 | ||||||
Polypore International, Inc.* | 370 | 4,777 | ||||||
Applied Signal Technology, Inc. | 205 | 4,770 | ||||||
Columbus McKinnon Corp. — Class A* | 312 | 4,727 | ||||||
Michael Baker Corp.* | 130 | 4,724 | ||||||
Taser International, Inc.* | 995 | 4,696 | ||||||
Trex Company, Inc.* | 250 | 4,550 | ||||||
Great Lakes Dredge & Dock Co. | 650 | 4,537 | ||||||
FuelCell Energy, Inc.* | 1,060 | 4,526 | ||||||
Acacia Research — Acacia Technologies* | 518 | 4,512 | ||||||
Freightcar America, Inc. | 185 | 4,496 | ||||||
American Commercial Lines, Inc.* | 152 | 4,426 | ||||||
Gencorp, Inc.* | 820 | 4,395 | ||||||
YRC Worldwide, Inc.* | 960 | 4,272 | ||||||
China Fire & Security Group, Inc.* | 222 | 4,262 | ||||||
Marten Transport Ltd.* | 248 | 4,231 | ||||||
Argon ST, Inc.* | 220 | 4,191 | ||||||
ICF International, Inc.* | 138 | 4,184 | ||||||
Dynamic Materials Corp. | 208 | 4,152 | ||||||
Sun Hydraulics Corp. | 197 | 4,149 | ||||||
Colfax Corp.* | 383 | 4,071 | ||||||
Broadwind Energy, Inc.* | 510 | 4,024 | ||||||
Cornell Companies, Inc.* | 179 | 4,017 | ||||||
AAON, Inc. | 200 | 4,016 | ||||||
Celadon Group, Inc.* | 355 | 4,015 | ||||||
Standex International Corp. | 200 | 3,966 | ||||||
Kimball International, Inc. — Class B | 518 | 3,952 | ||||||
Consolidated Graphics, Inc.* | 158 | 3,942 | ||||||
Ladish Company, Inc.* | 260 | 3,934 | ||||||
Cascade Corp. | 146 | 3,904 | ||||||
Eagle Bulk Shipping, Inc. | 760 | 3,899 | ||||||
K-Tron International, Inc.* | 40 | 3,808 | ||||||
Sterling Construction Company, Inc.* | 210 | 3,761 | ||||||
Ampco-Pittsburgh Corp. | 135 | 3,590 | ||||||
Saia, Inc.* | 217 | 3,489 | ||||||
TAL International Group, Inc. | 245 | 3,484 | ||||||
Bowne & Company, Inc. | 452 | 3,480 | ||||||
M&F Worldwide Corp.* | 170 | 3,441 | ||||||
On Assignment, Inc.* | 588 | 3,440 | ||||||
Tecumseh Products Co. — Class A* | 300 | 3,399 | ||||||
Advanced Battery Technologies, Inc.* | 780 | 3,385 | ||||||
Insteel Industries, Inc. | 280 | 3,346 |
MARKET | ||||||||
SHARES | VALUE | |||||||
American Woodmark Corp. | 170 | $ | 3,288 | |||||
Pike Electric Corp.* | 270 | 3,235 | ||||||
Houston Wire & Cable Co. | 292 | 3,227 | ||||||
Fuel Tech, Inc.* | 288 | 3,226 | ||||||
Ducommun, Inc. | 170 | 3,215 | ||||||
Air Transport Services Group, Inc.* | 900 | 3,114 | ||||||
Energy Recovery, Inc.* | 535 | 3,114 | ||||||
Horizon Lines, Inc. — Class A | 490 | 3,112 | ||||||
Greenbrier Companies, Inc. | 265 | 3,103 | ||||||
First Advantage Corp. — Class A* | 165 | 3,061 | ||||||
China BAK Battery, Inc.* | 605 | 2,995 | ||||||
Harbin Electric, Inc.* | 175 | 2,954 | ||||||
GT Solar International, Inc.* | 505 | 2,934 | ||||||
CDI Corp. | 200 | 2,810 | ||||||
Herley Industries, Inc.* | 215 | 2,806 | ||||||
Hill International, Inc.* | 395 | 2,805 | ||||||
Schawk, Inc. | 239 | 2,789 | ||||||
International Shipholding Corp. | 90 | 2,773 | ||||||
VSE Corp. | 70 | 2,731 | ||||||
PMFG, Inc.* | 210 | 2,701 | ||||||
3D Systems Corp.* | 292 | 2,695 | ||||||
Diamond Management & Technology Consultants, Inc. | 390 | 2,672 | ||||||
Aceto Corp. | 400 | 2,640 | ||||||
Titan Machinery, Inc.* | 210 | 2,629 | ||||||
Dynamex, Inc.* | 158 | 2,580 | ||||||
Multi-Color Corp. | 166 | 2,561 | ||||||
Furmanite Corp.* | 591 | 2,547 | ||||||
Vicor Corp.* | 320 | 2,470 | ||||||
Graham Corp. | 158 | 2,457 | ||||||
Volt Information Sciences, Inc.* | 200 | 2,444 | ||||||
Power-One, Inc.* | 1,245 | 2,428 | ||||||
Kadant, Inc.* | 200 | 2,426 | ||||||
Courier Corp. | 160 | 2,424 | ||||||
APAC Teleservices, Inc.* | 410 | 2,423 | ||||||
Textainer Group Holdings Ltd. | 150 | 2,402 | ||||||
Met-Pro Corp. | 238 | 2,306 | ||||||
LaBarge, Inc.* | 202 | 2,273 | ||||||
Fushi Copperweld, Inc.* | 261 | 2,208 | ||||||
Pacer International, Inc. | 570 | 2,200 | ||||||
Standard Parking Corp.* | 118 | 2,064 | ||||||
Perma-Fix Environmental Services* | 880 | 2,059 | ||||||
Innerworkings, Inc.* | 400 | 1,976 | ||||||
LSI Industries, Inc. | 295 | 1,962 | ||||||
GP Strategies Corp.* | 260 | 1,947 | ||||||
PowerSecure International, Inc.* | 281 | 1,905 | ||||||
TBS International Ltd. — Class A* | 215 | 1,871 | ||||||
Metalico, Inc.* | 444 | 1,851 | ||||||
Ascent Solar Technologies, Inc.* | 245 | 1,847 | ||||||
Miller Industries, Inc. — Class A* | 160 | 1,760 | ||||||
Ultrapetrol Bahamas Ltd.* | 350 | 1,722 | ||||||
Twin Disc, Inc. | 138 | 1,721 | ||||||
Hurco Companies, Inc.* | 100 | 1,708 | ||||||
USA Truck, Inc.* | 130 | 1,651 | ||||||
Standard Register Co. | 280 | 1,646 | ||||||
Odyssey Marine Exploration, Inc.* | 856 | 1,592 |
54 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
American Railcar Industries, Inc. | 150 | $ | 1,592 | |||||
Eastern Co. | 100 | 1,590 | ||||||
Argan, Inc.* | 118 | 1,586 | ||||||
Alamo Group, Inc. | 100 | 1,580 | ||||||
Flow International Corp.* | 610 | 1,580 | ||||||
ICT Group, Inc.* | 146 | 1,533 | ||||||
Patriot Transportation Holding, Inc.* | 20 | 1,510 | ||||||
COMSYS IT Partners, Inc.* | 233 | 1,491 | ||||||
Universal Truckload Services, Inc. | 90 | 1,486 | ||||||
Todd Shipyards Corp. | 90 | 1,480 | ||||||
Valence Technology, Inc.* | 810 | 1,458 | ||||||
DXP Enterprises, Inc.* | 130 | 1,450 | ||||||
Satcon Technology Corp.* | 840 | 1,436 | ||||||
Astronics Corp.* | 150 | 1,410 | ||||||
LMI Aerospace, Inc.* | 140 | 1,404 | ||||||
Preformed Line Products Co. | 35 | 1,402 | ||||||
Sauer, Inc. | 180 | 1,381 | ||||||
Flanders Corp.* | 263 | 1,357 | ||||||
Waste Services, Inc.* | 290 | 1,340 | ||||||
SmartHeat, Inc.* | 110 | 1,306 | ||||||
Trimas Corp.* | 250 | 1,275 | ||||||
Barrett Business Services, Inc. | 120 | 1,270 | ||||||
North American Galvanizing & Coating, Inc.* | 208 | 1,263 | ||||||
Franklin Covey Co.* | 210 | 1,229 | ||||||
Ultralife Batteries, Inc.* | 200 | 1,212 | ||||||
Lawson Products, Inc. | 67 | 1,166 | ||||||
CAI International, Inc.* | 157 | 1,157 | ||||||
Builders FirstSource, Inc.* | 260 | 1,134 | ||||||
Chase Corp. | 96 | 1,123 | ||||||
Willis Lease Finance Corp.* | 77 | 1,053 | ||||||
Portec Rail Products, Inc. | 110 | 1,044 | ||||||
NCI Building Systems, Inc.* | 315 | 1,008 | ||||||
Primoris Services Corp. | 130 | 937 | ||||||
Orion Energy Systems, Inc.* | 275 | 861 | ||||||
BlueLinx Holdings, Inc.* | 190 | 762 | ||||||
Integrated Electrical Services, Inc.* | 90 | 725 | ||||||
United Capital Corp.* | 30 | 694 | ||||||
Omega Flex, Inc. | 40 | 671 | ||||||
Heritage-Crystal Clean, Inc.* | 40 | 510 | ||||||
AMREP Corp.* | 20 | 264 | ||||||
Total Industrials | 2,264,957 | |||||||
HEALTH CARE 8.5% | ||||||||
Human Genome Sciences, Inc.* | 2,199 | 41,385 | ||||||
Owens & Minor, Inc. | 676 | 30,589 | ||||||
Steris Corp. | 950 | 28,927 | ||||||
Thoratec Corp.* | 916 | 27,727 | ||||||
Onyx Pharmaceuticals, Inc.* | 922 | 27,632 | ||||||
NuVasive, Inc.* | 585 | 24,430 | ||||||
Psychiatric Solutions, Inc.* | 910 | 24,352 | ||||||
Varian, Inc.* | 464 | 23,692 | ||||||
Auxilium Pharmaceuticals, Inc.* | 686 | 23,468 | ||||||
Haemonetics Corp.* | 416 | 23,346 | ||||||
Quality Systems, Inc. | 375 | 23,089 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Healthsouth Corp.* | 1,425 | $ | 22,287 | |||||
Isis Pharmaceuticals, Inc.* | 1,513 | 22,044 | ||||||
Masimo Corp.* | 815 | 21,353 | ||||||
West Pharmaceutical Services, Inc. | 525 | 21,320 | ||||||
PSS World Medical, Inc.* | 960 | 20,957 | ||||||
athenahealth, Inc.* | 540 | 20,720 | ||||||
American Medical Systems Holdings, Inc.* | 1,200 | 20,304 | ||||||
Medicis Pharmaceutical Corp. — Class A | 945 | 20,176 | ||||||
Immucor, Inc.* | 1,135 | 20,089 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,016 | 19,609 | ||||||
AMERIGROUP Corp.* | 861 | 19,088 | ||||||
Amedisys, Inc.* | 435 | 18,979 | ||||||
Cubist Pharmaceuticals, Inc.* | 930 | 18,786 | ||||||
Dionex Corp.* | 288 | 18,711 | ||||||
Magellan Health Services, Inc.* | 570 | 17,704 | ||||||
Eclipsys Corp.* | 912 | 17,602 | ||||||
Catalyst Health Solutions, Inc.* | 589 | 17,169 | ||||||
WellCare Health Plans, Inc.* | 680 | 16,762 | ||||||
Salix Pharmaceuticals Ltd.* | 776 | 16,498 | ||||||
Meridian Bioscience, Inc. | 655 | 16,382 | ||||||
Seattle Genetics, Inc.* | 1,160 | 16,275 | ||||||
Chemed Corp. | 369 | 16,195 | ||||||
HMS Holdings Corp.* | 413 | 15,789 | ||||||
PDL BioPharma, Inc. | 1,939 | 15,279 | ||||||
Savient Pharmaceuticals, Inc.* | 993 | 15,094 | ||||||
Nektar Therapeutics* | 1,495 | 14,561 | ||||||
MedAssets, Inc.* | 635 | 14,332 | ||||||
Acorda Therapeutics, Inc.* | 615 | 14,317 | ||||||
ev3, Inc.* | 1,145 | 14,095 | ||||||
Alkermes, Inc.* | 1,530 | 14,061 | ||||||
Align Technology, Inc.* | 950 | 13,509 | ||||||
Centene Corp.* | 700 | 13,258 | ||||||
Alnylam Pharmaceuticals, Inc.* | 575 | 13,041 | ||||||
Volcano Corp.* | 775 | 13,035 | ||||||
Parexel International Corp.* | 930 | 12,639 | ||||||
Medivation, Inc.* | 465 | 12,620 | ||||||
Theravance, Inc.* | 856 | 12,532 | ||||||
Cepheid, Inc.* | 936 | 12,374 | ||||||
Viropharma, Inc.* | 1,259 | 12,112 | ||||||
Martek Biosciences Corp.* | 536 | 12,108 | ||||||
AMAG Pharmaceuticals, Inc.* | 276 | 12,056 | ||||||
Par Pharmaceutical Companies, Inc.* | 555 | 11,938 | ||||||
Vivus, Inc.* | 1,130 | 11,808 | ||||||
Gentiva Health Services, Inc.* | 465 | 11,630 | ||||||
Luminex Corp.* | 670 | 11,390 | ||||||
Wright Medical Group, Inc.* | 623 | 11,127 | ||||||
Exelixis, Inc.* | 1,730 | 11,037 | ||||||
AmSurg Corp.* | 500 | 10,615 | ||||||
Integra LifeSciences Holdings Corp.* | 309 | 10,552 | ||||||
Invacare Corp. | 470 | 10,472 | ||||||
Kindred Healthcare, Inc.* | 630 | 10,225 | ||||||
Affymetrix, Inc.* | 1,150 | 10,097 | ||||||
InterMune, Inc.* | 620 | 9,877 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 55 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Phase Forward, Inc.* | 695 | $ | 9,758 | |||||
Abaxis, Inc.* | 360 | 9,630 | ||||||
Healthspring, Inc.* | 785 | 9,616 | ||||||
XenoPort, Inc.* | 447 | 9,490 | ||||||
Geron Corp.* | 1,440 | 9,446 | ||||||
Medicines Co.* | 855 | 9,414 | ||||||
Cell Therapeutics, Inc.* | 7,558 | 9,296 | ||||||
Genoptix, Inc.* | 265 | 9,217 | ||||||
inVentiv Health, Inc.* | 539 | 9,017 | ||||||
Conceptus, Inc.* | 486 | 9,010 | ||||||
Conmed Corp.* | 470 | 9,010 | ||||||
PharMerica Corp.* | 485 | 9,006 | ||||||
Impax Laboratories, Inc.* | 980 | 8,565 | ||||||
Greatbatch, Inc.* | 380 | 8,539 | ||||||
Bruker Corp.* | 790 | 8,429 | ||||||
Healthways, Inc.* | 550 | 8,426 | ||||||
MannKind Corp.* | 845 | 8,323 | ||||||
Celera Corp.* | 1,330 | 8,286 | ||||||
IPC The Hospitalist Co.* | 263 | 8,271 | ||||||
Orthofix International N.V.* | 280 | 8,229 | ||||||
Sirona Dental Systems, Inc.* | 270 | 8,032 | ||||||
Landauer, Inc. | 146 | 8,027 | ||||||
Incyte Corp.* | 1,160 | 7,830 | ||||||
Merit Medical Systems, Inc.* | 450 | 7,798 | ||||||
Analogic Corp. | 208 | 7,700 | ||||||
ICU Medical, Inc.* | 206 | 7,593 | ||||||
LHC Group, Inc.* | 250 | 7,482 | ||||||
Emergency Medical Services Corp.* | 160 | 7,440 | ||||||
Halozyme Therapeutics, Inc.* | 1,045 | 7,430 | ||||||
SonoSite, Inc.* | 278 | 7,356 | ||||||
Allos Therapeutics, Inc.* | 1,006 | 7,293 | ||||||
Zoll Medical Corp.* | 338 | 7,274 | ||||||
Pharmasset, Inc.* | 338 | 7,145 | ||||||
Emeritus Corp.* | 320 | 7,024 | ||||||
Cyberonics, Inc.* | 440 | 7,014 | ||||||
Facet Biotech Corp.* | 400 | 6,916 | ||||||
Natus Medical, Inc.* | 445 | 6,866 | ||||||
Quidel Corp.* | 420 | 6,817 | ||||||
Neogen Corp.* | 210 | 6,781 | ||||||
MWI Veterinary Supply, Inc.* | 168 | 6,712 | ||||||
ImmunoGen, Inc.* | 825 | 6,691 | ||||||
Bio-Reference Labs, Inc.* | 194 | 6,674 | ||||||
Odyssey HealthCare, Inc.* | 525 | 6,562 | ||||||
Computer Programs & Systems, Inc. | 158 | 6,543 | ||||||
RehabCare Group, Inc.* | 299 | 6,485 | ||||||
Optimer Pharmaceuticals, Inc.* | 462 | 6,251 | ||||||
Sun Healthcare Group, Inc.* | 706 | 6,100 | ||||||
SurModics, Inc.* | 246 | 6,052 | ||||||
Momenta Pharmaceuticals, Inc.* | 570 | 6,048 | ||||||
Enzon Pharmaceuticals, Inc.* | 730 | 6,022 | ||||||
Symmetry Medical, Inc.* | 575 | 5,963 | ||||||
Air Methods Corp.* | 180 | 5,863 | ||||||
Immunomedics, Inc.* | 1,060 | 5,851 | ||||||
Arena Pharmaceuticals, Inc.* | 1,306 | 5,838 | ||||||
DexCom, Inc.* | 735 | 5,829 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Res-Care, Inc.* | 410 | $ | 5,826 | |||||
Hanger Orthopedic Group, Inc.* | 410 | 5,687 | ||||||
Omnicell, Inc.* | 506 | 5,637 | ||||||
Angiodynamics, Inc.* | 399 | 5,498 | ||||||
Triple-S Management Corp. — Class B* | 326 | 5,467 | ||||||
Sangamo Biosciences, Inc.* | 665 | 5,460 | ||||||
Affymax, Inc.* | 216 | 5,160 | ||||||
Questcor Pharmaceuticals, Inc.* | 925 | 5,106 | ||||||
Cypress Bioscience, Inc.* | 620 | 5,065 | ||||||
AMN Healthcare Services, Inc.* | 530 | 5,040 | ||||||
Vanda Pharmaceuticals, Inc.* | 430 | 5,005 | ||||||
Genomic Health, Inc.* | 227 | 4,962 | ||||||
Rigel Pharmaceuticals, Inc.* | 600 | 4,920 | ||||||
ABIOMED, Inc.* | 500 | 4,855 | ||||||
National Healthcare Corp. | 130 | 4,848 | ||||||
eResearch Technology, Inc.* | 686 | 4,802 | ||||||
Insulet Corp.* | 421 | 4,728 | ||||||
Palomar Medical Technologies, Inc.* | 290 | 4,701 | ||||||
Orthovita, Inc.* | 1,070 | 4,697 | ||||||
Cross Country Healthcare, Inc.* | 500 | 4,655 | ||||||
Protalix BioTherapeutics, Inc.* | 562 | 4,642 | ||||||
BioScrip, Inc.* | 680 | 4,597 | ||||||
Emergent Biosolutions, Inc.* | 260 | 4,592 | ||||||
Micromet, Inc.* | 688 | 4,582 | ||||||
Cadence Pharmaceuticals, Inc.* | 400 | 4,424 | ||||||
Endologix, Inc.* | 710 | 4,395 | ||||||
Molina Healthcare, Inc.* | 210 | 4,345 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 1,840 | 4,250 | ||||||
Ardea Biosciences, Inc.* | 227 | 4,159 | ||||||
Universal American Financial Corp.* | 440 | 4,145 | ||||||
Accuray, Inc.* | 635 | 4,127 | ||||||
Novavax, Inc.* | 1,000 | 3,960 | ||||||
Kendle International, Inc.* | 236 | 3,946 | ||||||
I-Flow Corp.* | 345 | 3,930 | ||||||
GTx, Inc.* | 305 | 3,904 | ||||||
RTI Biologics, Inc.* | 878 | 3,819 | ||||||
Kensey Nash Corp.* | 130 | 3,763 | ||||||
Cytokinetics, Inc.* | 706 | 3,735 | ||||||
Enzo Biochem, Inc.* | 525 | 3,717 | ||||||
Zymogenetics, Inc.* | 610 | 3,684 | ||||||
Spectrum Pharmaceuticals, Inc.* | 545 | 3,668 | ||||||
CryoLife, Inc.* | 455 | 3,626 | ||||||
Depomed, Inc.* | 825 | 3,605 | ||||||
Hemispherx Biopharma, Inc.* | 1,790 | 3,580 | ||||||
Inspire Pharmaceuticals, Inc.* | 685 | 3,576 | ||||||
Durect Corp.* | 1,325 | 3,538 | ||||||
Almost Family, Inc.* | 118 | 3,510 | ||||||
Dyax Corp.* | 971 | 3,486 | ||||||
Micrus Endovascular Corp.* | 260 | 3,367 | ||||||
Aspect Medical Systems, Inc.* | 280 | 3,354 | ||||||
Spectranetics Corp.* | 520 | 3,333 | ||||||
Assisted Living Concepts, Inc. — Class A* | 160 | 3,315 | ||||||
SIGA Technologies, Inc.* | 420 | 3,314 |
56 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Albany Molecular Research, Inc.* | 380 | $ | 3,291 | |||||
IRIS International, Inc.* | 290 | 3,277 | ||||||
Obagi Medical Products, Inc.* | 280 | 3,248 | ||||||
TomoTherapy, Inc.* | 750 | 3,248 | ||||||
Corvel Corp.* | 114 | 3,238 | ||||||
Somanetics Corp.* | 200 | 3,224 | ||||||
Sequenom, Inc.* | 993 | 3,207 | ||||||
Clinical Data, Inc.* | 190 | 3,167 | ||||||
Orexigen Therapeutics, Inc.* | 320 | 3,152 | ||||||
Metabolix, Inc.* | 306 | 3,146 | ||||||
Ariad Pharmaceuticals, Inc.* | 1,412 | 3,135 | ||||||
NPS Pharmaceuticals, Inc.* | 770 | 3,095 | ||||||
Pozen, Inc.* | 420 | 3,091 | ||||||
Arqule, Inc.* | 670 | 3,042 | ||||||
Cantel Medical Corp.* | 200 | 3,012 | ||||||
Cambrex Corp.* | 474 | 2,986 | ||||||
Nabi Biopharmaceuticals* | 826 | 2,965 | ||||||
American Dental Partners, Inc.* | 210 | 2,940 | ||||||
Hi-Tech Pharmacal Company, Inc.* | 130 | 2,917 | ||||||
Atrion Corp. | 20 | 2,888 | ||||||
BioCryst Pharmaceuticals, Inc.* | 350 | 2,884 | ||||||
Vital Images, Inc.* | 230 | 2,880 | ||||||
Pain Therapeutics, Inc.* | 563 | 2,849 | ||||||
Electro-Optical Sciences, Inc.* | 295 | 2,826 | ||||||
US Physical Therapy, Inc.* | 185 | 2,788 | ||||||
Chindex International, Inc.* | 220 | 2,768 | ||||||
Poniard Pharmaceuticals, Inc.* | 370 | 2,768 | ||||||
Santarus, Inc.* | 840 | 2,764 | ||||||
Lexicon Genetics, Inc.* | 1,295 | 2,758 | ||||||
Maxygen, Inc.* | 410 | 2,743 | ||||||
Medical Action Industries, Inc.* | 227 | 2,740 | ||||||
StemCells, Inc.* | 1,670 | 2,722 | ||||||
BioMimetic Therapeutics, Inc.* | 220 | 2,686 | ||||||
Discovery Laboratories, Inc.* | 1,941 | 2,640 | ||||||
Synovis Life Technologies, Inc.* | 190 | 2,622 | ||||||
CardioNet, Inc.* | 390 | 2,621 | ||||||
Idera Pharmaceuticals, Inc.* | 348 | 2,579 | ||||||
SuperGen, Inc.* | 960 | 2,563 | ||||||
Accelrys, Inc.* | 440 | 2,552 | ||||||
Repligen Corp.* | 496 | 2,485 | ||||||
NxStage Medical, Inc.* | 370 | 2,475 | ||||||
SciClone Pharmaceuticals, Inc.* | 580 | 2,471 | ||||||
Ensign Group, Inc. | 175 | 2,455 | ||||||
Skilled Healthcare Group, Inc. — Class A* | 305 | 2,449 | ||||||
Nighthawk Radiology Holdings, Inc.* | 338 | 2,444 | ||||||
Curis, Inc.* | 1,030 | 2,410 | ||||||
Ista Pharmaceuticals, Inc.* | 540 | 2,408 | ||||||
Alliance Imaging, Inc.* | 425 | 2,406 | ||||||
Young Innovations, Inc. | 88 | 2,315 | ||||||
Vical, Inc.* | 540 | 2,300 | ||||||
HeartWare International, Inc.* | 76 | 2,279 | ||||||
Myriad Pharmaceuticals, Inc.* | 385 | 2,256 | ||||||
Capital Senior Living Corp.* | 366 | 2,233 | ||||||
Progenics Pharmaceuticals, Inc.* | 426 | 2,232 |
MARKET | ||||||||
SHARES | VALUE | |||||||
OncoGenex Pharmaceutical, Inc.* | 62 | $ | 2,232 | |||||
Alphatec Holdings, Inc.* | 485 | 2,231 | ||||||
Sunrise Senior Living, Inc.* | 728 | 2,206 | ||||||
Bovie Medical Corp.* | 280 | 2,198 | ||||||
Amicus Therapeutics, Inc.* | 248 | 2,170 | ||||||
America Service Group, Inc. | 130 | 2,150 | ||||||
Vascular Solutions, Inc.* | 260 | 2,150 | ||||||
AVI BioPharma, Inc.* | 1,250 | 2,150 | ||||||
OraSure Technologies, Inc.* | 740 | 2,146 | ||||||
Medcath Corp.* | 240 | 2,105 | ||||||
BMP Sunstone Corp.* | 515 | 2,096 | ||||||
ATS Medical, Inc.* | 770 | 2,064 | ||||||
AMICAS, Inc.* | 570 | 2,052 | ||||||
Exactech, Inc.* | 130 | 2,046 | ||||||
Allied Healthcare International, Inc.* | 730 | 2,044 | ||||||
AVANIR Pharmaceuticals, Inc. — Class A* | 980 | 2,038 | ||||||
Clarient, Inc.* | 480 | 2,021 | ||||||
Providence Service Corp.* | 170 | 1,982 | ||||||
Health Grades, Inc.* | 390 | 1,931 | ||||||
Rochester Medical Corp.* | 160 | 1,926 | ||||||
Neurocrine Biosciences, Inc.* | 630 | 1,922 | ||||||
Biospecifics Technologies Corp.* | 60 | 1,921 | ||||||
Cutera, Inc.* | 220 | 1,903 | ||||||
LCA-Vision, Inc.* | 270 | 1,893 | ||||||
Stereotaxis, Inc.* | 420 | 1,873 | ||||||
Allion Healthcare, Inc.* | 320 | 1,872 | ||||||
Cynosure, Inc.* | 160 | 1,864 | ||||||
KV Pharmaceutical Co.* | 604 | 1,854 | ||||||
Array Biopharma, Inc.* | 775 | 1,845 | ||||||
MAKO Surgical Corp.* | 210 | 1,840 | ||||||
Osiris Therapeutics, Inc.* | 274 | 1,825 | ||||||
Delcath Systems, Inc.* | 368 | 1,807 | ||||||
Infinity Pharmaceuticals, Inc.* | 290 | 1,807 | ||||||
Rockwell Medical Technologies, Inc.* | 230 | 1,789 | ||||||
Transcend Services, Inc.* | 100 | 1,747 | ||||||
Merge Healthcare, Inc.* | 420 | 1,726 | ||||||
Cytori Therapeutics, Inc.* | 435 | 1,718 | ||||||
Insmed, Inc.* | 2,030 | 1,665 | ||||||
Javelin Pharmaceuticals, Inc.* | 810 | 1,580 | ||||||
Harvard Bioscience, Inc.* | 400 | 1,516 | ||||||
Molecular Insight Pharmaceuticals, Inc.* | 270 | 1,493 | ||||||
Utah Medical Products, Inc. | 50 | 1,466 | ||||||
NovaMed, Inc.* | 320 | 1,450 | ||||||
Hansen Medical, Inc.* | 406 | 1,421 | ||||||
Continucare Corp.* | 470 | 1,419 | ||||||
Metropolitan Health Networks, Inc.* | 650 | 1,417 | ||||||
Opko Health, Inc.* | 620 | 1,414 | ||||||
Idenix Pharmaceuticals, Inc.* | 445 | 1,375 | ||||||
NeurogesX, Inc.* | 169 | 1,352 | ||||||
Biodel, Inc.* | 250 | 1,343 | ||||||
Virtual Radiologic Corp.* | 100 | 1,303 | ||||||
Home Diagnostics, Inc.* | 190 | 1,284 | ||||||
Cardiac Science Corp.* | 316 | 1,264 | ||||||
MAP Pharmaceuticals, Inc.* | 120 | 1,255 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 57 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Akorn, Inc.* | 906 | $ | 1,241 | |||||
RadNet, Inc.* | 470 | 1,217 | ||||||
Nanosphere, Inc.* | 169 | 1,210 | ||||||
EnteroMedics, Inc.* | 250 | 1,198 | ||||||
Adolor Corp.* | 753 | 1,197 | ||||||
Lannet Company, Inc.* | 160 | 1,197 | ||||||
Life Sciences Research, Inc.* | 148 | 1,178 | ||||||
Cardiovascular Systems, Inc.* | 150 | 1,091 | ||||||
ARYx Therapeutics, Inc.* | 340 | 1,064 | ||||||
Cardium Therapeutics, Inc.* | 630 | 1,021 | ||||||
TranS1, Inc.* | 212 | 1,020 | ||||||
Chelsea Therapeutics International, Inc.* | 394 | 989 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 166 | 968 | ||||||
MedQuist, Inc. | 150 | 954 | ||||||
Celldex Therapeutics, Inc.* | 168 | 922 | ||||||
Caraco Pharmaceuticals | ||||||||
Laboratories Ltd.* | 169 | 860 | ||||||
Matrixx Initiatives, Inc.* | 150 | 852 | ||||||
Synta Pharmaceuticals Corp.* | 270 | 837 | ||||||
American Caresource Holdings, Inc.* | 170 | 743 | ||||||
BioDelivery Sciences International, Inc.* | 152 | 730 | ||||||
Cornerstone Therapeutics, Inc.* | 108 | 707 | ||||||
MiddleBrook Pharmaceuticals, Inc.* | 585 | 673 | ||||||
Acura Pharmaceuticals, Inc.* | 130 | 664 | ||||||
OXiGENE, Inc.* | 445 | 632 | ||||||
National Research Corp. | 25 | 603 | ||||||
Repros Therapeutics, Inc.* | 150 | 135 | ||||||
Total Health Care | 2,024,318 | |||||||
CONSUMER DISCRETIONARY 8.3% | ||||||||
Tupperware Brands Corp. | 1,020 | 40,718 | ||||||
Bally Technologies, Inc.* | 880 | 33,766 | ||||||
The Warnaco Group, Inc.* | 740 | 32,456 | ||||||
J. Crew Group, Inc.* | 815 | 29,193 | ||||||
Tractor Supply Co.* | 575 | 27,841 | ||||||
Jones Apparel Group, Inc. | 1,380 | 24,743 | ||||||
Carter’s, Inc.* | 920 | 24,564 | ||||||
Corinthian Colleges, Inc.* | 1,300 | 24,128 | ||||||
Tempur-Pedic International, Inc.* | 1,210 | 22,917 | ||||||
Gymboree Corp.* | 468 | 22,642 | ||||||
Fossil, Inc.* | 760 | 21,622 | ||||||
Eastman Kodak Co. | 4,350 | 20,793 | ||||||
Men’s Wearhouse, Inc. | 838 | 20,699 | ||||||
Polaris Industries, Inc. | 500 | 20,390 | ||||||
Rent-A-Center, Inc.* | 1,065 | 20,107 | ||||||
Wolverine World Wide, Inc. | 795 | 19,748 | ||||||
Jack in the Box, Inc.* | 926 | 18,974 | ||||||
Sotheby’s | 1,090 | 18,781 | ||||||
Life Time Fitness, Inc.* | 648 | 18,176 | ||||||
Cheesecake Factory, Inc.* | 973 | 18,020 | ||||||
Collective Brands, Inc.* | 1,035 | 17,937 | ||||||
Deckers Outdoor Corp.* | 211 | 17,903 | ||||||
Pool Corp. | 781 | 17,354 | ||||||
Matthews International Corp. — Class A | 490 | 17,336 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Brunswick Corp. | 1,430 | $ | 17,131 | |||||
Cooper Tire & Rubber Co. | 955 | 16,789 | ||||||
Coinstar, Inc.* | 487 | 16,061 | ||||||
Vail Resorts, Inc.* | 476 | 15,965 | ||||||
Capella Education Co.* | 234 | 15,758 | ||||||
OfficeMax, Inc.* | 1,240 | 15,599 | ||||||
AnnTaylor Stores Corp.* | 950 | 15,095 | ||||||
Under Armour, Inc.* | 539 | 15,000 | ||||||
Lululemon Athletica, Inc.* | 656 | 14,924 | ||||||
Ryland Group, Inc. | 698 | 14,707 | ||||||
Bob Evans Farms, Inc. | 496 | 14,414 | ||||||
Orient-Express Hotels Ltd. — Class A | 1,250 | 14,387 | ||||||
American Greetings Corp. — Class A | 640 | 14,272 | ||||||
Valassis Communications, Inc.* | 775 | 13,857 | ||||||
Buckle, Inc. | 405 | 13,827 | ||||||
Jos. A. Bank Clothiers, Inc.* | 299 | 13,386 | ||||||
Saks, Inc.* | 1,930 | 13,163 | ||||||
Dress Barn, Inc.* | 724 | 12,981 | ||||||
Blue Nile, Inc.* | 208 | 12,921 | ||||||
P.F. Chang’s China Bistro, Inc.* | 379 | 12,875 | ||||||
Cracker Barrel Old Country Store, Inc. | 370 | 12,728 | ||||||
Buffalo Wild Wings, Inc.* | 294 | 12,233 | ||||||
Iconix Brand Group, Inc.* | 971 | 12,108 | ||||||
Dillard’s, Inc. — Class A | 830 | 11,703 | ||||||
Children’s Place Retail Stores, Inc.* | 385 | 11,535 | ||||||
National CineMedia, Inc. | 675 | 11,455 | ||||||
Jo-Ann Stores, Inc.* | 423 | 11,349 | ||||||
Gaylord Entertainment Co.* | 560 | 11,256 | ||||||
Live Nation, Inc.* | 1,360 | 11,138 | ||||||
Regis Corp. | 710 | 11,005 | ||||||
Dana Holding Corp.* | 1,615 | 10,998 | ||||||
Sonic Corp.* | 976 | 10,795 | ||||||
Sally Beauty Holdings, Inc.* | 1,515 | 10,772 | ||||||
True Religion Apparel, Inc.* | 406 | 10,528 | ||||||
HSN, Inc.* | 640 | 10,419 | ||||||
Meritage Homes Corp.* | 510 | 10,353 | ||||||
Group 1 Automotive, Inc. | 385 | 10,337 | ||||||
Unifirst Corp. | 230 | 10,224 | ||||||
99 Cents Only Stores* | 760 | 10,222 | ||||||
American Public Education, Inc.* | 293 | 10,179 | ||||||
Tenneco, Inc.* | 768 | 10,015 | ||||||
Pinnacle Entertainment, Inc.* | 970 | 9,884 | ||||||
Timberland Co. — Class A* | 710 | 9,883 | ||||||
CEC Entertainment, Inc.* | 370 | 9,568 | ||||||
ArvinMeritor, Inc. | 1,200 | 9,384 | ||||||
Helen of Troy Ltd.* | 476 | 9,249 | ||||||
Steven Madden Ltd.* | 250 | 9,203 | ||||||
Skechers U.S.A., Inc. — Class A* | 535 | 9,170 | ||||||
Charming Shoppes, Inc.* | 1,865 | 9,157 | ||||||
Cato Corp. — Class A | 446 | 9,049 | ||||||
CROCS, Inc.* | 1,355 | 9,011 | ||||||
Scholastic Corp. | 370 | 9,006 | ||||||
Arbitron, Inc. | 430 | 8,927 | ||||||
Cabela’s, Inc. — Class A* | 650 | 8,671 | ||||||
Texas Roadhouse, Inc.* | 807 | 8,570 |
58 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Papa John’s International, Inc.* | 345 | $ | 8,477 | |||||
Steiner Leisure Ltd.* | 237 | 8,475 | ||||||
Monro Muffler Brake, Inc. | 265 | 8,424 | ||||||
Harte-Hanks, Inc. | 605 | 8,367 | ||||||
Hibbett Sports, Inc.* | 458 | 8,349 | ||||||
Fred’s, Inc. | 653 | 8,313 | ||||||
CKE Restaurants, Inc. | 790 | 8,287 | ||||||
Shuffle Master, Inc.* | 865 | 8,148 | ||||||
Stage Stores, Inc. | 623 | 8,074 | ||||||
Callaway Golf Co. | 1,050 | 7,991 | ||||||
Interval Leisure Group, Inc.* | 640 | 7,987 | ||||||
Columbia Sportswear Co. | 190 | 7,820 | ||||||
Belo Corp. — Class A | 1,445 | 7,817 | ||||||
Pep Boys-Manny Moe & Jack | 785 | 7,669 | ||||||
NutriSystem, Inc. | 500 | 7,630 | ||||||
Coldwater Creek, Inc.* | 926 | 7,593 | ||||||
Liz Claiborne, Inc. | 1,540 | 7,592 | ||||||
Fuel Systems Solutions, Inc.* | 208 | 7,486 | ||||||
Genesco, Inc.* | 310 | 7,462 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 445 | 7,347 | ||||||
DineEquity, Inc. | 294 | 7,277 | ||||||
La-Z-Boy, Inc. | 830 | 7,180 | ||||||
PetMed Express, Inc. | 380 | 7,163 | ||||||
Ruby Tuesday, Inc.* | 850 | 7,157 | ||||||
Ticketmaster Entertainment, Inc.* | 610 | 7,131 | ||||||
Finish Line, Inc. — Class A | 690 | 7,010 | ||||||
Winnebago Industries, Inc.* | 473 | 6,958 | ||||||
National Presto Industries, Inc. | 80 | 6,921 | ||||||
Stewart Enterprises, Inc. — Class A | 1,300 | 6,799 | ||||||
Citi Trends, Inc.* | 238 | 6,776 | ||||||
Ethan Allen Interiors, Inc. | 400 | 6,600 | ||||||
Asbury Automotive Group, Inc.* | 518 | 6,568 | ||||||
Ameristar Casinos, Inc. | 415 | 6,549 | ||||||
Drew Industries, Inc.* | 300 | 6,507 | ||||||
Exide Technologies* | 810 | 6,456 | ||||||
Jakks Pacific, Inc.* | 449 | 6,430 | ||||||
Universal Technical Institute, Inc.* | 320 | 6,304 | ||||||
CKX, Inc.* | 935 | 6,274 | ||||||
K12, Inc.* | 380 | 6,262 | ||||||
Standard-Pacific Corp.* | 1,640 | 6,052 | ||||||
Pre-Paid Legal Services, Inc.* | 118 | 5,994 | ||||||
Charlotte Russe Holding, Inc.* | 340 | 5,950 | ||||||
The Wet Seal, Inc. — Class A* | 1,573 | 5,946 | ||||||
Ascent Media Corp. — Class A* | 230 | 5,888 | ||||||
Dolan Media Co.* | 490 | 5,875 | ||||||
Quiksilver, Inc.* | 2,080 | 5,720 | ||||||
Churchill Downs, Inc. | 148 | 5,698 | ||||||
Pier 1 Imports, Inc.* | 1,470 | 5,689 | ||||||
Shutterfly, Inc.* | 338 | 5,621 | ||||||
Pacific Sunwear of California, Inc.* | 1,070 | 5,511 | ||||||
RCN Corp.* | 590 | 5,487 | ||||||
Zumiez, Inc.* | 330 | 5,415 | ||||||
Cinemark Holdings, Inc. | 520 | 5,387 | ||||||
Brown Shoe Company, Inc. | 665 | 5,333 | ||||||
Domino’s Pizza, Inc.* | 600 | 5,304 | ||||||
Hot Topic, Inc.* | 708 | 5,303 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Superior Industries International, Inc. | 372 | $ | 5,282 | |||||
Stein Mart, Inc.* | 410 | 5,211 | ||||||
Big 5 Sporting Goods Corp. | 345 | 5,210 | ||||||
Red Robin Gourmet Burgers, Inc.* | 251 | 5,125 | ||||||
Volcom, Inc.* | 310 | 5,109 | ||||||
Peet’s Coffee & Tea, Inc.* | 180 | 5,081 | ||||||
Maidenform Brands, Inc.* | 310 | 4,979 | ||||||
American Axle & Manufacturing Holdings, Inc. | 700 | 4,956 | ||||||
World Wrestling Entertainment, Inc. | 350 | 4,904 | ||||||
Lumber Liquidators, Inc.* | 226 | 4,902 | ||||||
Modine Manufacturing Co. | 525 | 4,867 | ||||||
BJ’s Restaurants, Inc.* | 324 | 4,857 | ||||||
California Pizza Kitchen, Inc.* | 310 | 4,842 | ||||||
Grand Canyon Education, Inc.* | 261 | 4,654 | ||||||
Ambassadors Group, Inc. | 296 | 4,632 | ||||||
Knology, Inc.* | 475 | 4,631 | ||||||
Fuqi International, Inc.* | 158 | 4,626 | ||||||
Steak n Shake Co.* | 390 | 4,590 | ||||||
Smith & Wesson Holding Corp.* | 860 | 4,498 | ||||||
Universal Electronics, Inc.* | 216 | 4,411 | ||||||
Core-Mark Holding Company, Inc.* | 154 | 4,404 | ||||||
Lithia Motors, Inc. — Class A | 270 | 4,209 | ||||||
Denny’s Corp.* | 1,560 | 4,150 | ||||||
Marcus Corp. | 324 | 4,144 | ||||||
Sturm Ruger & Company, Inc. | 310 | 4,011 | ||||||
M/I Homes, Inc.* | 295 | 4,009 | ||||||
Sonic Automotive, Inc. | 380 | 3,990 | ||||||
Oxford Industries, Inc. | 200 | 3,940 | ||||||
RC2 Corp.* | 276 | 3,933 | ||||||
Christopher & Banks Corp. | 575 | 3,893 | ||||||
Blyth, Inc. | 100 | 3,873 | ||||||
iRobot Corp.* | 314 | 3,865 | ||||||
Cavco Industries, Inc.* | 108 | 3,834 | ||||||
America’s Car Mart, Inc.* | 160 | 3,832 | ||||||
Standard Motor Products, Inc. | 250 | 3,800 | ||||||
Movado Group, Inc. | 260 | 3,778 | ||||||
K-Swiss, Inc. — Class A | 420 | 3,692 | ||||||
Furniture Brands International, Inc.* | 665 | 3,677 | ||||||
Mediacom Communications Corp.* | 635 | 3,658 | ||||||
Orbitz Worldwide, Inc.* | 585 | 3,615 | ||||||
Overstock.com, Inc.* | 246 | 3,609 | ||||||
Talbots, Inc. | 390 | 3,600 | ||||||
Beazer Homes USA, Inc.* | 635 | 3,550 | ||||||
Lincoln Educational Services Corp.* | 155 | 3,546 | ||||||
ChinaCast Education Corp.* | 480 | 3,490 | ||||||
EW Scripps Co. — Class A* | 460 | 3,450 | ||||||
Haverty Furniture Companies, Inc.* | 291 | 3,437 | ||||||
drugstore.com, Inc.* | 1,405 | 3,414 | ||||||
AFC Enterprises, Inc.* | 405 | 3,410 | ||||||
Krispy Kreme Doughnuts, Inc.* | 948 | 3,384 | ||||||
Bridgepoint Education, Inc.* | 220 | 3,357 | ||||||
Tween Brands, Inc.* | 399 | 3,348 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 841 | 3,229 | ||||||
FGX International Holdings Ltd.* | 231 | 3,222 | ||||||
DSW, Inc.* | 200 | 3,194 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 59 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
hhgregg, Inc.* | 181 | $ | 3,066 | |||||
Speedway Motorsports, Inc. | 210 | 3,022 | ||||||
G-III Apparel Group Ltd.* | 210 | 2,972 | ||||||
Isle of Capri Casinos, Inc.* | 246 | 2,900 | ||||||
Bebe Stores, Inc. | 388 | 2,856 | ||||||
Kirkland’s, Inc.* | 200 | 2,850 | ||||||
Wonder Auto Technology, Inc.* | 233 | 2,796 | ||||||
Zale Corp.* | 390 | 2,789 | ||||||
Cherokee, Inc. | 115 | 2,757 | ||||||
Spartan Motors, Inc. | 530 | 2,724 | ||||||
Dorman Products, Inc.* | 180 | 2,704 | ||||||
Martha Stewart Omnimedia, Inc.* | 430 | 2,692 | ||||||
Rentrak Corp.* | 150 | 2,679 | ||||||
O’Charleys, Inc.* | 279 | 2,614 | ||||||
Amerigon, Inc.* | 350 | 2,573 | ||||||
Weyco Group, Inc. | 110 | 2,519 | ||||||
LodgeNet Interactive Corp.* | 330 | 2,492 | ||||||
Sinclair Broadcast Group, | ||||||||
Inc. — Class A | 690 | 2,470 | ||||||
Journal Communications, Inc. — Class A | 670 | 2,466 | ||||||
Borders Group, Inc.* | 790 | 2,457 | ||||||
Perry Ellis International, Inc.* | 150 | 2,406 | ||||||
Jackson Hewitt Tax Service, Inc. | 468 | 2,387 | ||||||
Skyline Corp. | 104 | 2,346 | ||||||
CSS Industries, Inc. | 118 | 2,333 | ||||||
Shoe Carnival, Inc.* | 151 | 2,328 | ||||||
Sealy Corp.* | 725 | 2,320 | ||||||
Unifi, Inc.* | 716 | 2,291 | ||||||
Leapfrog Enterprises, Inc.* | 554 | 2,277 | ||||||
Hooker Furniture Corp. | 166 | 2,241 | ||||||
Multimedia Games, Inc.* | 428 | 2,191 | ||||||
Midas, Inc.* | 226 | 2,124 | ||||||
Retail Ventures, Inc.* | 400 | 2,108 | ||||||
LIN TV Corp. — Class A* | 440 | 2,081 | ||||||
New York & Company, Inc.* | 405 | 2,074 | ||||||
Universal Travel Group* | 160 | 2,064 | ||||||
Tuesday Morning Corp.* | 493 | 2,051 | ||||||
Mac-Gray Corp.* | 190 | 2,048 | ||||||
Systemax, Inc.* | 168 | 2,038 | ||||||
Morgans Hotel Group Co.* | 350 | 1,897 | ||||||
Audiovox Corp. — Class A* | 276 | 1,891 | ||||||
American Apparel, Inc.* | 530 | 1,860 | ||||||
Carmike Cinemas, Inc.* | 180 | 1,820 | ||||||
Gaiam, Inc.* | 260 | 1,815 | ||||||
West Marine, Inc.* | 230 | 1,808 | ||||||
Conn’s, Inc.* | 160 | 1,806 | ||||||
Global Sources Ltd.* | 260 | 1,786 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.* | 240 | 1,786 | ||||||
Stanley Furniture Co. | 169 | 1,753 | ||||||
Stoneridge, Inc.* | 240 | 1,699 | ||||||
Stamps.com, Inc.* | 180 | 1,665 | ||||||
Fisher Communications, Inc.* | 90 | 1,636 | ||||||
Great Wolf Resorts, Inc.* | 446 | 1,592 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Outdoor Channel Holdings, Inc.* | 238 | $ | 1,557 | |||||
Sport Supply Group, Inc. | 150 | 1,529 | ||||||
Monarch Casino & Resort, Inc.* | 140 | 1,506 | ||||||
Learning Tree International, Inc.* | 130 | 1,481 | ||||||
1-800-FLOWERS.com, Inc.* | 418 | 1,442 | ||||||
Destination Maternity Corp.* | 78 | 1,414 | ||||||
Luby’s, Inc.* | 330 | 1,386 | ||||||
Carrols Restaurant Group, Inc.* | 180 | 1,361 | ||||||
Ruth’s Hospitality Group, Inc.* | 320 | 1,350 | ||||||
Build-A-Bear Workshop, Inc.* | 274 | 1,334 | ||||||
Books-A-Million, Inc. | 110 | 1,324 | ||||||
Raser Technologies, Inc.* | 865 | 1,323 | ||||||
Steinway Musical Instruments, Inc.* | 110 | 1,306 | ||||||
Rex Stores Corp.* | 118 | 1,286 | ||||||
Dover Downs Gaming & | ||||||||
Entertainment, Inc. | 225 | 1,283 | ||||||
Red Lion Hotels Corp.* | 220 | 1,265 | ||||||
Hawk Corp.* | 90 | 1,235 | ||||||
Landry’s Restaurants, Inc.* | 116 | 1,218 | ||||||
Kenneth Cole Productions, Inc. | ||||||||
— Class A | 120 | 1,204 | ||||||
Benihana, Inc.* | 210 | 1,203 | ||||||
Reading International, Inc. — Class A* | 280 | 1,151 | ||||||
Brookfield Homes Corp.* | 159 | 1,062 | ||||||
Playboy Enterprises, Inc. — Class B* | 350 | 1,057 | ||||||
Youbet.com, Inc.* | 490 | 1,029 | ||||||
Princeton Review, Inc.* | 240 | 1,008 | ||||||
Lakes Entertainment, Inc.* | 300 | 1,008 | ||||||
CPI Corp. | 80 | 998 | ||||||
Frisch’s Restaurants, Inc. | 35 | 906 | ||||||
Einstein Noah Restaurant Group, Inc.* | 75 | 903 | ||||||
Syms Corp.* | 110 | 890 | ||||||
Marine Products Corp. | 158 | 874 | ||||||
US Auto Parts Network, Inc.* | 160 | 872 | ||||||
Caribou Coffee Company, Inc.* | 108 | 780 | ||||||
Town Sports International Holdings, Inc.* | 310 | 778 | ||||||
Bluegreen Corp.* | 232 | 708 | ||||||
Primedia, Inc. | 270 | 680 | ||||||
China Automotive Systems, Inc.* | 70 | 650 | ||||||
Nobel Learning Communities, Inc.* | 67 | 628 | ||||||
Value Line, Inc. | 20 | 617 | ||||||
Gander Mountain Co.* | 80 | 411 | ||||||
NIVS IntelliMedia Technology Group, Inc.* | 130 | 348 | ||||||
Crown Media Holdings, | ||||||||
Inc. — Class A* | 175 | 273 | ||||||
Total Consumer Discretionary | 1,978,279 | |||||||
ENERGY 2.9% | ||||||||
Dril-Quip, Inc.* | 470 | 23,331 | ||||||
World Fuel Services Corp. | 478 | 22,977 | ||||||
Arena Resources, Inc.* | 615 | 21,832 | ||||||
Bill Barrett Corp.* | 615 | 20,166 | ||||||
Nordic American Tanker Shipping Ltd. | 678 | 20,055 | ||||||
Berry Petroleum Co. — Class A | 685 | 18,344 |
60 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Key Energy Services, Inc.* | 2,000 | $ | 17,400 | |||||
Penn Virginia Corp. | 735 | 16,839 | ||||||
CARBO Ceramics, Inc. | 310 | 15,980 | ||||||
Global Industries Ltd.* | 1,620 | 15,390 | ||||||
Atlas Energy, Inc. | 545 | 14,753 | ||||||
NATCO Group, Inc.* | 318 | 14,081 | ||||||
Bristow Group, Inc.* | 466 | 13,836 | ||||||
Gran Tierra Energy, Inc.* | 3,300 | 13,728 | ||||||
Lufkin Industries, Inc. | 235 | 12,497 | ||||||
Rosetta Resources, Inc.* | 845 | 12,413 | ||||||
Brigham Exploration Co.* | 1,350 | 12,258 | ||||||
Patriot Coal Corp.* | 1,040 | 12,230 | ||||||
Swift Energy Co.* | 505 | 11,958 | ||||||
GulfMark Offshore, Inc.* | 365 | 11,950 | ||||||
Tetra Technologies, Inc.* | 1,220 | 11,822 | ||||||
Carrizo Oil & Gas, Inc.* | 446 | 10,923 | ||||||
Complete Production Services, Inc.* | 950 | 10,735 | ||||||
Parker Drilling Co.* | 1,880 | 10,265 | ||||||
Contango Oil & Gas Co.* | 200 | 10,212 | ||||||
Goodrich Petroleum Corp.* | 395 | 10,195 | ||||||
Hornbeck Offshore Services, Inc.* | 365 | 10,059 | ||||||
Willbros Group, Inc.* | 643 | 9,793 | ||||||
BPZ Resources, Inc.* | 1,256 | 9,445 | ||||||
Stone Energy Corp.* | 560 | 9,134 | ||||||
Ship Finance International Ltd. | 705 | 8,664 | ||||||
James River Coal Co.* | 446 | 8,523 | ||||||
USEC, Inc.* | 1,815 | 8,512 | ||||||
ATP Oil & Gas Corp.* | 460 | 8,229 | ||||||
McMoRan Exploration Co.* | 1,011 | 7,633 | ||||||
Cal Dive International, Inc.* | 731 | 7,230 | ||||||
Hercules Offshore, Inc.* | 1,430 | 7,021 | ||||||
Clean Energy Fuels Corp.* | 483 | 6,960 | ||||||
W&T Offshore, Inc. | 550 | 6,440 | ||||||
GMX Resources, Inc.* | 398 | 6,253 | ||||||
General Maritime Corp. | 791 | 6,122 | ||||||
International Coal Group, Inc.* | 1,470 | 5,924 | ||||||
Golar LNG Ltd. | 520 | 5,751 | ||||||
ION Geophysical Corp.* | 1,450 | 5,104 | ||||||
Pioneer Drilling Co.* | 690 | 5,065 | ||||||
Delta Petroleum Corp.* | 2,880 | 5,040 | ||||||
RPC, Inc. | 460 | 4,821 | ||||||
Newpark Resources, Inc.* | 1,440 | 4,622 | ||||||
Matrix Service Co.* | 423 | 4,598 | ||||||
CVR Energy, Inc.* | 365 | 4,541 | ||||||
Petroquest Energy, Inc.* | 698 | 4,530 | ||||||
Petroleum Development Corp.* | 236 | 4,404 | ||||||
VAALCO Energy, Inc. | 942 | 4,333 | ||||||
PHI, Inc.* | 210 | 4,259 | ||||||
Allis-Chalmers Energy, Inc.* | 955 | 4,164 | ||||||
T-3 Energy Services, Inc. — Class A* | 200 | 3,940 | ||||||
Northern Oil and Gas, Inc.* | 460 | 3,864 | ||||||
Gulfport Energy Corp.* | 434 | 3,793 | ||||||
Gulf Island Fabrication, Inc. | 201 | 3,767 | ||||||
Knightsbridge Tankers Ltd. | 280 | 3,651 | ||||||
Oilsands Quest, Inc.* | 3,136 | 3,544 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Natural Gas Services Group, Inc.* | 200 | $ | 3,524 | |||||
Crosstex Energy, Inc. | 655 | 3,458 | ||||||
Dawson Geophysical Co.* | 126 | 3,450 | ||||||
Rex Energy Corp.* | 408 | 3,407 | ||||||
Venoco, Inc.* | 290 | 3,338 | ||||||
Western Refining, Inc.* | 510 | 3,289 | ||||||
Apco Oil and Gas International, Inc. | 143 | 3,278 | ||||||
Toreador Resources Corp. | 325 | 3,247 | ||||||
Basic Energy Services, Inc.* | 370 | 3,141 | ||||||
Clayton Williams Energy, Inc.* | 100 | 3,012 | ||||||
DHT Maritime, Inc. | 795 | 2,989 | ||||||
Warren Resources, Inc.* | 945 | 2,797 | ||||||
Syntroleum Corp.* | 1,020 | 2,754 | ||||||
Harvest Natural Resources, Inc.* | 526 | 2,698 | ||||||
Cheniere Energy, Inc.* | 906 | 2,655 | ||||||
Isramco, Inc.* | 20 | 2,613 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 120 | 2,563 | ||||||
Bronco Drilling Company, Inc.* | 380 | 2,489 | ||||||
Endeavour International Corp.* | 1,850 | 2,239 | ||||||
Superior Well Services, Inc.* | 230 | 2,226 | ||||||
FX Energy, Inc.* | 685 | 2,213 | ||||||
Uranium Energy Corp.* | 750 | 2,213 | ||||||
Parallel Petroleum Corp.* | 673 | 2,133 | ||||||
Boots & Coots, Inc.* | 1,270 | 2,045 | ||||||
Geokinetics, Inc.* | 93 | 1,972 | ||||||
Zion Oil & Gas, Inc.* | 190 | 1,854 | ||||||
OYO Geospace Corp.* | 70 | 1,808 | ||||||
Delek US Holdings, Inc. | 208 | 1,783 | ||||||
Bolt Technology Corp.* | 140 | 1,760 | ||||||
Approach Resources, Inc.* | 185 | 1,680 | ||||||
Uranerz Energy Corp.* | 730 | 1,672 | ||||||
Sulphco, Inc.* | 1,099 | 1,506 | ||||||
Teekay Tankers Ltd. | 170 | 1,420 | ||||||
Evergreen Energy, Inc.* | 2,110 | 1,308 | ||||||
Alon USA Energy, Inc. | 130 | 1,291 | ||||||
Westmoreland Coal Co.* | 155 | 1,260 | ||||||
GeoResources, Inc.* | 114 | 1,260 | ||||||
ENGlobal Corp.* | 300 | 1,236 | ||||||
Union Drilling, Inc.* | 160 | 1,222 | ||||||
CREDO Petroleum Corp.* | 110 | 1,113 | ||||||
Green Plains Renewable Energy, Inc.* | 150 | 1,065 | ||||||
TGC Industries, Inc.* | 210 | 1,019 | ||||||
Vantage Drilling Co.* | 480 | 878 | ||||||
Cubic Energy, Inc.* | 440 | 414 | ||||||
PrimeEnergy Corp.* | 10 | 287 | ||||||
Total Energy | 691,482 | |||||||
MATERIALS 2.6% | ||||||||
Rock-Tenn Co. — Class A | 615 | 28,973 | ||||||
W.R. Grace & Co.* | 1,170 | 25,436 | ||||||
Domtar Corp.* | 670 | 23,597 | ||||||
Silgan Holdings, Inc. | 430 | 22,674 | ||||||
Coeur d’Alene Mines Corp.* | 1,105 | 22,652 | ||||||
Olin Corp. | 1,260 | 21,974 | ||||||
Sensient Technologies Corp. | 790 | 21,938 | ||||||
Solutia, Inc.* | 1,525 | 17,659 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 61 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Rockwood Holdings, Inc.* | 800 | $ | 16,456 | |||||
H.B. Fuller Co. | 785 | 16,407 | ||||||
Texas Industries, Inc. | 375 | 15,750 | ||||||
Hecla Mining Co.* | 3,527 | 15,484 | ||||||
OM Group, Inc.* | 495 | 15,043 | ||||||
NewMarket Corp. | 160 | 14,886 | ||||||
Minerals Technologies, Inc. | 300 | 14,268 | ||||||
Worthington Industries, Inc. | 980 | 13,622 | ||||||
Schweitzer-Mauduit International, Inc. | 250 | 13,590 | ||||||
Calgon Carbon Corp.* | 891 | 13,214 | ||||||
Arch Chemicals, Inc. | 408 | 12,236 | ||||||
Louisiana-Pacific Corp.* | 1,681 | 11,212 | ||||||
PolyOne Corp.* | 1,495 | 9,972 | ||||||
Koppers Holdings, Inc. | 330 | 9,785 | ||||||
RTI International Metals, Inc.* | 365 | 9,092 | ||||||
Kaiser Aluminum Corp. | 250 | 9,090 | ||||||
Amcol International Corp. | 380 | 8,698 | ||||||
Glatfelter | 735 | 8,438 | ||||||
Westlake Chemical Corp. | 323 | 8,301 | ||||||
Brush Engineered Materials, Inc.* | 326 | 7,974 | ||||||
Balchem Corp. | 299 | 7,864 | ||||||
Deltic Timber Corp. | 170 | 7,781 | ||||||
A. Schulman, Inc. | 380 | 7,573 | ||||||
Clearwater Paper Corp.* | 180 | 7,439 | ||||||
Wausau Paper Corp. | 705 | 7,050 | ||||||
Century Aluminum Co.* | 740 | 6,919 | ||||||
Allied Nevada Gold Corp.* | 706 | 6,912 | ||||||
Stepan Co. | 115 | 6,909 | ||||||
Buckeye Technologies, Inc.* | 630 | 6,760 | ||||||
Horsehead Holding Corp.* | 570 | 6,680 | ||||||
Ferro Corp. | 728 | 6,479 | ||||||
Haynes International, Inc.* | 193 | 6,141 | ||||||
Zep, Inc. | 346 | 5,623 | ||||||
Innospec, Inc. | 375 | 5,531 | ||||||
Myers Industries, Inc. | 510 | 5,493 | ||||||
Spartech Corp. | 500 | 5,385 | ||||||
Innophos Holdings, Inc. | 280 | 5,180 | ||||||
GenTek, Inc.* | 136 | 5,173 | ||||||
Zoltek Companies, Inc.* | 450 | 4,725 | ||||||
Omnova Solutions, Inc.* | 710 | 4,601 | ||||||
Stillwater Mining Co.* | 655 | 4,402 | ||||||
LSB Industries, Inc.* | 280 | 4,360 | ||||||
Olympic Steel, Inc. | 146 | 4,189 | ||||||
Graphic Packaging Holding Co.* | 1,810 | 4,181 | ||||||
Quaker Chemical Corp. | 177 | 3,882 | ||||||
US Gold Corp.* | 1,290 | 3,728 | ||||||
AEP Industries, Inc.* | 88 | 3,511 | ||||||
Hawkins, Inc. | 140 | 3,270 | ||||||
General Moly, Inc.* | 1,025 | 3,229 | ||||||
ShengdaTech, Inc.* | 460 | 2,926 | ||||||
Neenah Paper, Inc. | 238 | 2,801 | ||||||
Landec Corp.* | 425 | 2,720 | ||||||
KapStone Paper and Packaging Corp.* | 332 | 2,702 | ||||||
A.M. Castle & Co. | 270 | 2,684 | ||||||
Headwaters, Inc.* | 690 | 2,670 | ||||||
American Vanguard Corp. | 320 | 2,659 | ||||||
Boise, Inc.* | 470 | 2,482 | ||||||
Bway Holding Co.* | 118 | 2,184 |
MARKET | ||||||||
SHARES | VALUE | |||||||
ICO, Inc.* | 446 | $ | 2,083 | |||||
Universal Stainless & Alloy | ||||||||
Products, Inc.* | 110 | 2,008 | ||||||
China Green Agriculture, Inc.* | 126 | 1,477 | ||||||
Paramount Gold and Silver Corp.* | 1,030 | 1,411 | ||||||
China Precision Steel, Inc.* | 498 | 1,355 | ||||||
United States Lime & Minerals, Inc.* | 30 | 1,078 | ||||||
General Steel Holdings, Inc.* | 252 | 980 | ||||||
U.S. Concrete, Inc.* | 540 | 934 | ||||||
NL Industries, Inc. | 106 | 709 | ||||||
Ampal American Israel Corp. — | ||||||||
Class A* | 340 | 690 | ||||||
Sutor Technology Group Ltd.* | 115 | 363 | ||||||
Total Materials | 626,307 | |||||||
CONSUMER STAPLES 2.0% | ||||||||
Casey’s General Stores, Inc. | 818 | 25,669 | ||||||
Chattem, Inc.* | 323 | 21,450 | ||||||
Ruddick Corp. | 695 | 18,501 | ||||||
TreeHouse Foods, Inc.* | 505 | 18,013 | ||||||
Universal Corp. | 405 | 16,937 | ||||||
United Natural Foods, Inc.* | 695 | 16,624 | ||||||
Lancaster Colony Corp. | 310 | 15,894 | ||||||
Fresh Del Monte Produce, Inc.* | 660 | 14,923 | ||||||
Nu Skin Enterprises, Inc. | 795 | 14,731 | ||||||
Bare Escentuals, Inc.* | 1,070 | 12,722 | ||||||
Hain Celestial Group, Inc.* | 655 | 12,556 | ||||||
Sanderson Farms, Inc. | 331 | 12,459 | ||||||
Chiquita Brands International, Inc.* | 723 | 11,684 | ||||||
Winn-Dixie Stores, Inc.* | 880 | 11,546 | ||||||
Lance, Inc. | 446 | 11,516 | ||||||
Central Garden and Pet Co. — Class A* | 1,010 | 11,039 | ||||||
Andersons, Inc. | 297 | 10,454 | ||||||
Vector Group Ltd. | 628 | 9,784 | ||||||
Darling International, Inc.* | 1,330 | 9,776 | ||||||
J&J Snack Foods Corp. | 224 | 9,675 | ||||||
American Italian Pasta Co.* | 340 | 9,241 | ||||||
Tootsie Roll Industries, Inc. | 386 | 9,179 | ||||||
Diamond Foods, Inc. | 270 | 8,564 | ||||||
WD-40 Co. | 270 | 7,668 | ||||||
Alliance One International, Inc.* | 1,435 | 6,429 | ||||||
Smart Balance, Inc.* | 1,015 | 6,232 | ||||||
Heckmann Corp.* | 1,300 | 5,954 | ||||||
Cal-Maine Foods, Inc. | 220 | 5,889 | ||||||
Weis Markets, Inc. | 183 | 5,847 | ||||||
Nash Finch Co. | 208 | 5,687 | ||||||
Pantry, Inc.* | 360 | 5,645 | ||||||
Boston Beer Company, Inc. — Class A* | 138 | 5,117 | ||||||
Spartan Stores, Inc. | 355 | 5,016 | ||||||
Pricesmart, Inc. | 263 | 4,931 | ||||||
Great Atlantic & Pacific | ||||||||
Tea Company, Inc* | 550 | 4,901 | ||||||
American Oriental Bioengineering, Inc.* | 1,000 | 4,860 | ||||||
Zhongpin, Inc.* | 320 | 4,710 | ||||||
Medifast, Inc.* | 210 | 4,561 | ||||||
Elizabeth Arden, Inc.* | 386 | 4,543 |
62 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Synutra International, Inc.* | 286 | $ | 3,921 | |||||
Prestige Brands Holdings, Inc. — Class A* | 551 | 3,879 | ||||||
American Dairy, Inc.* | 126 | 3,570 | ||||||
USANA Health Sciences, Inc.* | 100 | 3,411 | ||||||
Ingles Markets, Inc. — Class A | 208 | 3,293 | ||||||
Coca-Cola Bottling Company Consolidated | 67 | 3,245 | ||||||
Calavo Growers, Inc. | 165 | 3,132 | ||||||
Seneca Foods Corp. — Class A* | 108 | 2,959 | ||||||
Village Super Market, Inc. | 100 | 2,947 | ||||||
Inter Parfums, Inc. | 227 | 2,772 | ||||||
Imperial Sugar Company, Inc. | 194 | 2,460 | ||||||
AgFeed Industries, Inc.* | 454 | 2,424 | ||||||
Arden Group, Inc. | 20 | 2,390 | ||||||
B&G Foods, Inc. | 290 | 2,375 | ||||||
Farmer Brothers Co. | 110 | 2,277 | ||||||
China Sky One Medical, Inc.* | 169 | 2,229 | ||||||
Nutraceutical International Corp.* | 180 | 2,029 | ||||||
National Beverage Corp.* | 176 | 2,026 | ||||||
China-Biotics, Inc.* | 116 | 1,856 | ||||||
Alico, Inc. | 60 | 1,763 | ||||||
Griffin Land & Nurseries, Inc. | 50 | 1,600 | ||||||
Overhill Farms, Inc.* | 258 | 1,561 | ||||||
Orchids Paper Products Co.* | 78 | 1,560 | ||||||
Revlon, Inc.* | 320 | 1,555 | ||||||
Susser Holdings Corp.* | 120 | 1,508 | ||||||
Omega Protein Corp.* | 300 | 1,455 | ||||||
Female Health Co.* | 260 | 1,313 | ||||||
Diedrich Coffee, Inc.* | 50 | 1,203 | ||||||
HQ Sustainable Maritime | ||||||||
Industries, Inc.* | 136 | 1,197 | ||||||
Oil-Dri Corporation of America | 80 | 1,160 | ||||||
Star Scientific, Inc.* | 1,235 | 1,149 | ||||||
Zapata Corp.* | 150 | 1,044 | ||||||
Mannatech, Inc. | 247 | 946 | ||||||
Schiff Nutrition International, Inc. | 178 | 927 | ||||||
Lifeway Foods, Inc.* | 78 | 857 | ||||||
Total Consumer Staples | 474,920 | |||||||
UTILITIES 1.9% | ||||||||
Piedmont Natural Gas Co. | 1,185 | 28,369 | ||||||
WGL Holdings, Inc. | 810 | 26,843 | ||||||
Nicor, Inc. | 726 | 26,564 | ||||||
New Jersey Resources Corp. | 678 | 24,618 | ||||||
Cleco Corp. | 980 | 24,578 | ||||||
Portland General Electric Co. | 1,222 | 24,098 | ||||||
IDACORP, Inc. | 755 | 21,737 | ||||||
Southwest Gas Corp. | 718 | 18,366 | ||||||
Avista Corp. | 886 | 17,915 | ||||||
Northwest Natural Gas Co. | 430 | 17,914 | ||||||
Unisource Energy Corp. | 575 | 17,681 | ||||||
South Jersey Industries, Inc. | 483 | 17,050 | ||||||
PNM Resources, Inc. | 1,395 | 16,294 | ||||||
Black Hills Corp. | 630 | 15,857 | ||||||
Allete, Inc. | 428 | 14,368 |
MARKET | ||||||||
SHARES | VALUE | |||||||
NorthWestern Corp. | 575 | $ | 14,047 | |||||
MGE Energy, Inc. | 365 | 13,315 | ||||||
El Paso Electric Co.* | 725 | 12,811 | ||||||
UIL Holding Corp. | 478 | 12,614 | ||||||
California Water Service Group | 320 | 12,461 | ||||||
CH Energy Group, Inc. | 258 | 11,432 | ||||||
Laclede Group, Inc. | 355 | 11,417 | ||||||
American States Water Co. | 298 | 10,782 | ||||||
Empire District Electric Co. | 551 | 9,968 | ||||||
SJW Corp. | 210 | 4,799 | ||||||
Consolidated Water Company, Inc. | 236 | 3,854 | ||||||
Unitil Corp. | 170 | 3,817 | ||||||
Central Vermont Public Service Corp. | 194 | 3,744 | ||||||
Middlesex Water Co. | 215 | 3,242 | ||||||
Chesapeake Utilities Corp. | 104 | 3,223 | ||||||
Connecticut Water Service, Inc. | 137 | 3,067 | ||||||
York Water Co. | 190 | 2,633 | ||||||
Cadiz, Inc.* | 200 | 2,340 | ||||||
Southwest Water Co. | 400 | 1,968 | ||||||
Artesian Resources Corp. — Class A | 98 | 1,648 | ||||||
US Geothermal, Inc.* | 1,006 | 1,569 | ||||||
Pennichuck Corp. | 70 | 1,523 | ||||||
Florida Public Utilities Co. | 98 | 1,191 | ||||||
Total Utilities | 459,717 | |||||||
TELECOMMUNICATION SERVICES 0.7% | ||||||||
Syniverse Holdings, Inc.* | 1,110 | 19,425 | ||||||
Cincinnati Bell, Inc.* | 3,480 | 12,180 | ||||||
Neutral Tandem, Inc.* | 529 | 12,040 | ||||||
Centennial Communications Corp.* | 1,380 | 11,012 | ||||||
AboveNet, Inc.* | 196 | 9,557 | ||||||
NTELOS Holdings Corp. | 490 | 8,653 | ||||||
Premiere Global Services, Inc.* | 983 | 8,169 | ||||||
Cogent Communications Group, Inc.* | 720 | 8,136 | ||||||
PAETEC Holding Corp.* | 1,990 | 7,701 | ||||||
Atlantic Tele-Network, Inc. | 140 | 7,479 | ||||||
Shenandoah Telecommunications Co. | 384 | 6,893 | ||||||
Global Crossing Ltd* | 474 | 6,778 | ||||||
Alaska Communications Systems Group, Inc. | 718 | 6,641 | ||||||
Iowa Telecommunications Services, Inc. | 525 | 6,615 | ||||||
Cbeyond, Inc.* | 378 | 6,097 | ||||||
Consolidated Communications Holdings, Inc. | 375 | 6,004 | ||||||
iPCS, Inc. — Class A* | 280 | 4,872 | ||||||
USA Mobility, Inc. | 370 | 4,766 | ||||||
General Communication, Inc. — Class A* | 680 | 4,665 | ||||||
Virgin Mobile USA, Inc. — Class A* | 616 | 3,080 | ||||||
SureWest Communications* | 230 | 2,857 | ||||||
D&E Communications, Inc. | 230 | 2,643 | ||||||
HickoryTech Corp. | 210 | 1,796 | ||||||
inContact, Inc.* | 440 | 1,311 | ||||||
iBasis, Inc.* | 440 | 933 | ||||||
Fairpoint Communications, Inc. | 1,445 | 592 | ||||||
Total Telecommunication Services | 170,895 | |||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 63 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
RUSSELL 2000® 1.5x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Total Common Stocks | ||||||||
(Cost $10,756,899) | $ | 14,209,807 | ||||||
WARRANTS 0.0% | ||||||||
CONSUMER DISCRETIONARY 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* | ||||||||
$12.21, 03/02/12 | 250 | 15 | ||||||
Total Consumer Discretionary | 15 | |||||||
Total Warrants | ||||||||
(Cost $—) | 15 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 33.7% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 2,627,423 | 2,627,423 | |||||
Credit Suisse Group | ||||||||
issued 10/30/09 at 0.03% | ||||||||
due 10/01/09†† | 1,802,602 | 1,802,602 | ||||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 1,589,591 | 1,589,591 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 1,379,397 | 1,379,397 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 656,855 | 656,855 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,055,868) | 8,055,868 | |||||||
Total Investments 93.2%(a) | ||||||||
(Cost $18,812,767) | $ | 22,265,690 | ||||||
Other Assets in Excess of Liabilities – 6.8% | $ | 1,632,184 | ||||||
Net Assets – 100.0% | $ | 23,897,874 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 Russell 2000 Index | ||||||||
Mini Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $10,203,400) | 170 | $ | (391 | ) | ||||
UNREALIZED | ||||||||
UNITS | GAIN | |||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Goldman Sachs International | ||||||||
September 2009 Russell 2000 Index Swap, Terminating 09/30/09††† (Notional Market Value $5,535,418) | 9,160 | $ | 502,222 | |||||
Credit Suisse Capital, LLC | ||||||||
October 2009 Russell 2000 Index Swap, Terminating 10/30/09††† (Notional Market Value $4,446,638) | 7,359 | 5,745 | ||||||
(Total Notional Market Value $9,982,056) | $ | 507,967 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
†���† | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
64 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 30.6% | ||||||||
INFORMATION TECHNOLOGY 6.0% | ||||||||
Perot Systems Corp. — Class A* | 476 | $ | 14,137 | |||||
Palm, Inc.* | 790 | 13,770 | ||||||
Skyworks Solutions, Inc.* | 959 | 12,697 | ||||||
Polycom, Inc.* | 471 | 12,599 | ||||||
3Com Corp.* | 2,198 | 11,496 | ||||||
Jack Henry & Associates, Inc. | 486 | 11,406 | ||||||
Solera Holdings, Inc. | 364 | 11,324 | ||||||
Informatica Corp.* | 487 | 10,996 | ||||||
TIBCO Software, Inc.* | 979 | 9,291 | ||||||
Atheros Communications, Inc.* | 340 | 9,020 | ||||||
Arris Group, Inc.* | 693 | 9,016 | ||||||
Digital River, Inc.* | 223 | 8,991 | ||||||
Parametric Technology Corp.* | 650 | 8,983 | ||||||
Concur Technologies, Inc.* | 214 | 8,509 | ||||||
CACI International, Inc. — Class A* | 177 | 8,367 | ||||||
RF Micro Devices, Inc.* | 1,504 | 8,167 | ||||||
Omniture, Inc.* | 360 | 7,718 | ||||||
Tessera Technologies, Inc.* | 276 | 7,698 | ||||||
Plantronics, Inc. | 286 | 7,668 | ||||||
ADTRAN, Inc. | 311 | 7,635 | ||||||
Anixter International, Inc.* | 174 | 6,979 | ||||||
Microsemi Corp.* | 441 | 6,963 | ||||||
Formfactor, Inc.* | 288 | 6,889 | ||||||
Euronet Worldwide, Inc.* | 280 | 6,728 | ||||||
Quest Software, Inc.* | 396 | 6,673 | ||||||
Blackboard, Inc.* | 175 | 6,611 | ||||||
ValueClick, Inc.* | 501 | 6,608 | ||||||
Cybersource Corp.* | 391 | 6,518 | ||||||
Rackspace Hosting, Inc.* | 379 | 6,466 | ||||||
Triquint Semiconductor, Inc.* | 837 | 6,462 | ||||||
VeriFone Holdings, Inc.* | 404 | 6,420 | ||||||
Riverbed Technology, Inc.* | 289 | 6,346 | ||||||
Cymer, Inc.* | 162 | 6,295 | ||||||
Gartner, Inc. — Class A* | 342 | 6,248 | ||||||
Benchmark Electronics, Inc.* | 347 | 6,246 | ||||||
Fair Isaac Corp. | 290 | 6,232 | ||||||
Wright Express Corp.* | 207 | 6,109 | ||||||
Ariba, Inc.* | 522 | 6,055 | ||||||
TiVo, Inc.* | 581 | 6,019 | ||||||
j2 Global Communications, Inc.* | 261 | 6,006 | ||||||
Semtech Corp.* | 352 | 5,988 | ||||||
Tekelec* | 358 | 5,882 | ||||||
Plexus Corp.* | 223 | 5,874 | ||||||
Starent Networks Corp.* | 228 | 5,796 | ||||||
Blackbaud, Inc. | 247 | 5,730 | ||||||
Mantech International Corp. — Class A* | 121 | 5,706 | ||||||
Unisys Corp.* | 2,088 | 5,575 | ||||||
InterDigital, Inc.* | 240 | 5,558 | ||||||
SPSS, Inc.* | 110 | 5,494 |
MARKET | ||||||||
SHARES | VALUE | |||||||
MercadoLibre, Inc.* | 142 | $ | 5,461 | |||||
SRA International, Inc. — Class A* | 248 | 5,354 | ||||||
Commvault Systems, Inc.* | 254 | 5,270 | ||||||
Progress Software Corp.* | 230 | 5,209 | ||||||
FEI Co.* | 211 | 5,201 | ||||||
Take-Two Interactive Software, Inc.* | 463 | 5,190 | ||||||
Comtech Telecommunications Corp.* | 154 | 5,116 | ||||||
MKS Instruments, Inc.* | 264 | 5,093 | ||||||
Emulex Corp.* | 484 | 4,980 | ||||||
EarthLink, Inc. | 591 | 4,970 | ||||||
Mentor Graphics Corp.* | 526 | 4,897 | ||||||
Cabot Microelectronics Corp.* | 140 | 4,880 | ||||||
Lawson Software, Inc.* | 780 | 4,867 | ||||||
Synaptics, Inc.* | 193 | 4,864 | ||||||
Blue Coat Systems, Inc.* | 215 | 4,857 | ||||||
Avocent Corp.* | 233 | 4,723 | ||||||
Intermec, Inc.* | 332 | 4,681 | ||||||
Power Integrations, Inc. | 140 | 4,666 | ||||||
MAXIMUS, Inc. | 100 | 4,660 | ||||||
OmniVision Technologies, Inc.* | 284 | 4,624 | ||||||
ADC Telecommunications, Inc.* | 547 | 4,562 | ||||||
Veeco Instruments, Inc.* | �� | 194 | 4,524 | |||||
Net 1 UEPS Technologies, Inc.* | 208 | 4,360 | ||||||
Netlogic Microsystems, Inc.* | 96 | 4,320 | ||||||
Cavium Networks, Inc.* | 199 | 4,273 | ||||||
Amkor Technology, Inc.* | 617 | 4,245 | ||||||
Monolithic Power Systems, Inc.* | 180 | 4,221 | ||||||
Ultimate Software Group, Inc.* | 144 | 4,136 | ||||||
STEC, Inc.* | 140 | 4,115 | ||||||
Websense, Inc.* | 237 | 3,982 | ||||||
Hittite Microwave Corp.* | 108 | 3,972 | ||||||
Scansource, Inc.* | 138 | 3,908 | ||||||
ViaSat, Inc.* | 144 | 3,828 | ||||||
United Online, Inc. | 475 | 3,819 | ||||||
Harmonic, Inc.* | 571 | 3,814 | ||||||
Applied Micro Circuits Corp.* | 380 | 3,796 | ||||||
DealerTrack Holdings, Inc.* | 200 | 3,782 | ||||||
Infinera Corp.* | 471 | 3,744 | ||||||
Taleo Corp.* | 164 | 3,713 | ||||||
Rofin-Sinar Technologies, Inc.* | 161 | 3,697 | ||||||
Sapient Corp.* | 457 | 3,674 | ||||||
Netgear, Inc.* | 198 | 3,633 | ||||||
MicroStrategy, Inc. — Class A* | 50 | 3,577 | ||||||
TNS, Inc.* | 130 | 3,562 | ||||||
Acxiom Corp.* | 375 | 3,547 | ||||||
Cognex Corp. | 213 | 3,489 | ||||||
Syntel, Inc. | 73 | 3,484 | ||||||
Insight Enterprises, Inc.* | 271 | 3,309 | ||||||
Advent Software, Inc.* | 82 | 3,300 | ||||||
Checkpoint Systems, Inc.* | 200 | 3,288 | ||||||
Sycamore Networks, Inc.* | 1,088 | 3,286 | ||||||
ATMI, Inc.* | 180 | 3,267 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 65 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Pegasystems, Inc. | 93 | $ | 3,211 | |||||
SYNNEX Corp.* | 105 | 3,200 | ||||||
AsiaInfo Holdings, Inc.* | 160 | 3,195 | ||||||
Entegris, Inc.* | 645 | 3,193 | ||||||
Electronics for Imaging, Inc.* | 282 | 3,178 | ||||||
Diodes, Inc.* | 174 | 3,148 | ||||||
Zoran Corp.* | 272 | 3,133 | ||||||
Park Electrochemical Corp. | 127 | 3,131 | ||||||
CSG Systems International, Inc.* | 195 | 3,122 | ||||||
Coherent, Inc.* | 133 | 3,102 | ||||||
Aruba Networks, Inc.* | 344 | 3,041 | ||||||
JDA Software Group, Inc.* | 138 | 3,028 | ||||||
SAVVIS, Inc.* | 190 | 3,006 | ||||||
Tyler Technologies, Inc.* | 174 | 2,974 | ||||||
Littelfuse, Inc.* | 112 | 2,939 | ||||||
Netezza Corp.* | 261 | 2,934 | ||||||
L-1 Identity Solutions, Inc.* | 418 | 2,922 | ||||||
TeleTech Holdings, Inc.* | 170 | 2,900 | ||||||
SuccessFactors, Inc.* | 205 | 2,884 | ||||||
Heartland Payment Systems, Inc. | 196 | 2,844 | ||||||
ACI Worldwide, Inc.* | 186 | 2,814 | ||||||
Sourcefire, Inc.* | 130 | 2,791 | ||||||
Brooks Automation, Inc.* | 360 | 2,783 | ||||||
TTM Technologies, Inc.* | 242 | 2,776 | ||||||
Art Technology Group, Inc.* | 718 | 2,771 | ||||||
MTS Systems Corp. | 94 | 2,746 | ||||||
GSI Commerce, Inc.* | 141 | 2,723 | ||||||
Manhattan Associates, Inc.* | 134 | 2,707 | ||||||
EPIQ Systems, Inc.* | 180 | 2,610 | ||||||
SonicWALL, Inc.* | 309 | 2,596 | ||||||
DTS, Inc. — Class A* | 94 | 2,574 | ||||||
Advanced Energy Industries, Inc.* | 180 | 2,563 | ||||||
Standard Microsystems Corp.* | 110 | 2,553 | ||||||
Black Box Corp. | 100 | 2,509 | ||||||
Sonus Networks, Inc.* | 1,162 | 2,463 | ||||||
THQ, Inc.* | 360 | 2,462 | ||||||
Cogent, Inc.* | 240 | 2,424 | ||||||
ArcSight, Inc.* | 100 | 2,407 | ||||||
Brightpoint, Inc.* | 275 | 2,406 | ||||||
Adaptec, Inc.* | 712 | 2,378 | ||||||
Move, Inc.* | 878 | 2,371 | ||||||
Rogers Corp.* | 79 | 2,368 | ||||||
NIC, Inc. | 263 | 2,338 | ||||||
Maxwell Technologies, Inc.* | 126 | 2,322 | ||||||
Forrester Research, Inc.* | 87 | 2,318 | ||||||
Constant Contact, Inc.* | 120 | 2,310 | ||||||
Harris Stratex Networks, Inc. — Class A* | 324 | 2,268 | ||||||
Echelon Corp.* | 175 | 2,252 | ||||||
Ebix, Inc.* | 40 | 2,214 | ||||||
Volterra Semiconductor Corp.* | 120 | 2,204 | ||||||
Micrel, Inc. | 267 | 2,176 | ||||||
EMS Technologies, Inc.* | 104 | 2,165 | ||||||
MSC.Software Corp.* | 257 | 2,161 |
MARKET | ||||||||
SHARES | VALUE | |||||||
comScore, Inc.* | 119 | $ | 2,143 | |||||
Avid Technology, Inc.* | 150 | 2,113 | ||||||
Sigma Designs, Inc.* | 145 | 2,107 | ||||||
DG FastChannel, Inc.* | 100 | 2,094 | ||||||
Novatel Wireless, Inc.* | 184 | 2,090 | ||||||
Netscout Systems, Inc.* | 154 | 2,081 | ||||||
Kulicke & Soffa Industries, Inc.* | 345 | 2,080 | ||||||
Cirrus Logic, Inc.* | 365 | 2,029 | ||||||
Smith Micro Software, Inc.* | 164 | 2,027 | ||||||
ModusLink Global Solutions, Inc.* | 250 | 2,022 | ||||||
Acme Packet, Inc.* | 202 | 2,022 | ||||||
Vocus, Inc.* | 95 | 1,985 | ||||||
Actel Corp.* | 162 | 1,972 | ||||||
Universal Display Corp.* | 164 | 1,958 | ||||||
Electro Scientific Industries, Inc.* | 146 | 1,955 | ||||||
Oplink Communications, Inc.* | 134 | 1,946 | ||||||
The Knot, Inc.* | 178 | 1,944 | ||||||
Technitrol, Inc. | 211 | 1,943 | ||||||
Ultratech, Inc.* | 144 | 1,905 | ||||||
Cohu, Inc. | 138 | 1,871 | ||||||
Terremark Worldwide, Inc.* | 300 | 1,866 | ||||||
TeleCommunication Systems, Inc. — Class A* | 223 | 1,864 | ||||||
Stratasys, Inc.* | 108 | 1,853 | ||||||
IPG Photonics Corp.* | 120 | 1,824 | ||||||
Compellent Technologies, Inc.* | 101 | 1,823 | ||||||
ShoreTel, Inc.* | 232 | 1,812 | ||||||
Methode Electronics, Inc. — Class A | 207 | 1,795 | ||||||
Global Cash Access Holdings, Inc.* | 245 | 1,791 | ||||||
Ness Technologies, Inc.* | 224 | 1,767 | ||||||
S1 Corp.* | 285 | 1,761 | ||||||
Kopin Corp.* | 364 | 1,747 | ||||||
CTS Corp. | 186 | 1,730 | ||||||
Hughes Communications, Inc.* | 57 | 1,729 | ||||||
Anadigics, Inc.* | 367 | 1,729 | ||||||
RealNetworks, Inc.* | 464 | 1,726 | ||||||
Newport Corp.* | 196 | 1,717 | ||||||
Bottomline Technologies, Inc.* | 131 | 1,690 | ||||||
Epicor Software Corp.* | 264 | 1,682 | ||||||
Internet Capital Group, Inc.* | 201 | 1,680 | ||||||
Supertex, Inc.* | 56 | 1,680 | ||||||
Daktronics, Inc. | 193 | 1,654 | ||||||
Radiant Systems, Inc.* | 154 | 1,654 | ||||||
Loral Space & Communications, Inc.* | 60 | 1,649 | ||||||
Switch & Data Facilities Company, Inc.* | 120 | 1,633 | ||||||
3PAR, Inc.* | 148 | 1,632 | ||||||
Cray, Inc.* | 195 | 1,624 | ||||||
Kenexa Corp. — Class A* | 120 | 1,618 | ||||||
Imation Corp. | 174 | 1,613 | ||||||
RightNow Technologies, Inc.* | 110 | 1,588 | ||||||
FARO Technologies, Inc.* | 92 | 1,581 |
66 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
SolarWinds, Inc.* | 70 | $ | 1,542 | |||||
Ciber, Inc.* | 385 | 1,540 | ||||||
Intevac, Inc.* | 112 | 1,505 | ||||||
Actuate Corp.* | 258 | 1,491 | ||||||
Quantum Corp.* | 1,182 | 1,489 | ||||||
i2 Technologies, Inc.* | 92 | 1,476 | ||||||
InfoSpace, Inc.* | 190 | 1,471 | ||||||
Lattice Semiconductor Corp.* | 653 | 1,469 | ||||||
OSI Systems, Inc.* | 80 | 1,463 | ||||||
Exar Corp.* | 197 | 1,448 | ||||||
Multi-Fineline Electronix, Inc.* | 50 | 1,435 | ||||||
Anaren, Inc.* | 84 | 1,428 | ||||||
Synchronoss Technologies, Inc.* | 114 | 1,422 | ||||||
MoneyGram International, Inc.* | 447 | 1,404 | ||||||
NetSuite, Inc.* | 90 | 1,377 | ||||||
infoGROUP, Inc.* | 195 | 1,367 | ||||||
Extreme Networks, Inc.* | 487 | 1,364 | ||||||
Rudolph Technologies, Inc.* | 184 | 1,362 | ||||||
Perficient, Inc.* | 164 | 1,356 | ||||||
Interactive Intelligence, Inc.* | 70 | 1,338 | ||||||
Utstarcom, Inc.* | 634 | 1,325 | ||||||
Symyx Technologies, Inc.* | 200 | 1,324 | ||||||
Digi International, Inc.* | 154 | 1,312 | ||||||
China Security & Surveillance Technology, Inc.* | 182 | 1,299 | ||||||
Seachange International, Inc.* | 173 | 1,297 | ||||||
Pericom Semiconductor Corp.* | 131 | 1,285 | ||||||
Cass Information Systems, Inc. | 43 | 1,284 | ||||||
Symmetricom, Inc.* | 246 | 1,274 | ||||||
Exlservice Holdings, Inc.* | 84 | 1,248 | ||||||
Ixia* | 181 | 1,242 | ||||||
Silicon Graphics International | ||||||||
Corp.* | 184 | 1,235 | ||||||
Comverge, Inc.* | 100 | 1,221 | ||||||
Vasco Data Security | ||||||||
International* | 161 | 1,195 | ||||||
Openwave Systems, Inc.* | 457 | 1,188 | ||||||
Powerwave Technologies, Inc.* | 740 | 1,184 | ||||||
Mercury Computer Systems, | ||||||||
Inc.* | 120 | 1,183 | ||||||
LivePerson, Inc.* | 234 | 1,179 | ||||||
Network Equipment | ||||||||
Technologies, Inc.* | 160 | 1,157 | ||||||
Electro Rent Corp. | 100 | 1,152 | ||||||
Internet Brands, Inc. — Class A* | 144 | 1,149 | ||||||
Bel Fuse, Inc. — Class B | 60 | 1,142 | ||||||
Radisys Corp.* | 130 | 1,130 | ||||||
Ceva, Inc.* | 104 | 1,118 | ||||||
Silicon Storage Technology, Inc.* | 461 | 1,116 | ||||||
IXYS Corp.* | 130 | 1,106 | ||||||
iGate Corp. | 127 | 1,090 | ||||||
LoopNet, Inc.* | 120 | 1,085 | ||||||
Super Micro Computer, Inc.* | 128 | 1,083 | ||||||
Photronics, Inc.* | 227 | 1,076 | ||||||
Rubicon Technology, Inc.* | 70 | 1,039 | ||||||
Web.com Group, Inc.* | 144 | 1,021 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Semitool, Inc.* | 120 | $ | 1,014 | |||||
DSP Group, Inc.* | 124 | 1,009 | ||||||
Monotype Imaging | ||||||||
Holdings, Inc.* | 118 | 992 | ||||||
Silicon Image, Inc.* | 407 | 989 | ||||||
FalconStor Software, Inc.* | 198 | 984 | ||||||
DivX, Inc.* | 176 | 961 | ||||||
Liquidity Services, Inc.* | 93 | 960 | ||||||
Smart Modular Technologies WWH, Inc.* | 200 | 952 | ||||||
Online Resources Corp.* | 154 | 950 | ||||||
Advanced Analogic | ||||||||
Technologies, Inc.* | 239 | 949 | ||||||
MIPS Technology, Inc.* | 245 | 924 | ||||||
Techwell, Inc.* | 84 | 922 | ||||||
Cogo Group, Inc.* | 149 | 912 | ||||||
Innodata Isogen, Inc.* | 114 | 906 | ||||||
Double-Take Software, Inc.* | 88 | 897 | ||||||
Airvana, Inc.* | 132 | 894 | ||||||
DemandTec, Inc.* | 100 | 883 | ||||||
Intellon Corp.* | 124 | 879 | ||||||
PROS Holdings, Inc.* | 104 | 876 | ||||||
Trident Microsystems, Inc.* | 337 | 873 | ||||||
Measurement Specialties, Inc.* | 84 | 858 | ||||||
Rimage Corp.* | 50 | 855 | ||||||
NVE Corp.* | 16 | 851 | ||||||
Tier Technologies, | ||||||||
Inc. — Class B* | 100 | 848 | ||||||
Internap Network Services Corp.* | 264 | 847 | ||||||
China Information Security Technology, Inc.* | 152 | 842 | ||||||
Globecomm Systems, Inc.* | 115 | 836 | ||||||
Lionbridge Technologies, Inc.* | 320 | 832 | ||||||
Entropic Communications, Inc.* | 302 | 827 | ||||||
BigBand Networks, Inc.* | 200 | 802 | ||||||
Isilon Systems, Inc.* | 130 | 793 | ||||||
American Software, | ||||||||
Inc. — Class A | 120 | 784 | ||||||
Opnet Technologies, Inc. | 70 | 765 | ||||||
Zix Corp.* | 347 | 763 | ||||||
NCI, Inc.* | 26 | 745 | ||||||
Virtusa Corp.* | 78 | 740 | ||||||
Computer Task Group, Inc.* | 90 | 730 | ||||||
Limelight Networks, Inc.* | 177 | 719 | ||||||
Chordiant Software, Inc.* | 184 | 716 | ||||||
Dynamics Research Corp.* | 54 | 703 | ||||||
KVH Industries, Inc.* | 70 | 699 | ||||||
Integral Systems, Inc.* | 101 | 697 | ||||||
Rosetta Stone, Inc.* | 30 | 689 | ||||||
ActivIdentity Corp.* | 247 | 684 | ||||||
Parkervision, Inc.* | 166 | 679 | ||||||
OpenTV Corp.* | 491 | 678 | ||||||
Immersion Corp.* | 156 | 668 | ||||||
Keynote Systems, Inc.* | 70 | 660 | ||||||
Saba Software, Inc.* | 154 | 648 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 67 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
GSE Systems, Inc.* | 104 | $ | 647 | |||||
PC-Tel, Inc.* | 100 | 625 | ||||||
Agilysys, Inc. | 94 | 619 | ||||||
Hackett Group, Inc.* | 213 | 618 | ||||||
PLX Technology, Inc.* | 183 | 617 | ||||||
Unica Corp.* | 80 | 610 | ||||||
Support.com, Inc.* | 254 | 610 | ||||||
Marchex, Inc. | 124 | 609 | ||||||
Startek, Inc.* | 70 | 608 | ||||||
White Electronics Designs Corp.* | 130 | 601 | ||||||
Spectrum Control, Inc.* | 70 | 594 | ||||||
Information Services Group, Inc.* | 140 | 559 | ||||||
OpenTable, Inc.* | 20 | 551 | ||||||
Dice Holdings, Inc.* | 84 | 551 | ||||||
Emcore Corp.* | 420 | 546 | ||||||
Zygo Corp.* | 80 | 542 | ||||||
Virage Logic Corp.* | 104 | 542 | ||||||
Deltek, Inc.* | 70 | 538 | ||||||
Microtune, Inc.* | 294 | 535 | ||||||
Opnext, Inc.* | 164 | 481 | ||||||
China TransInfo Technology Corp.* | 50 | 473 | ||||||
ePlus, Inc.* | 30 | 467 | ||||||
CPI International, Inc.* | 40 | 448 | ||||||
Pervasive Software, Inc.* | 90 | 446 | ||||||
GSI Technology, Inc.* | 110 | 439 | ||||||
SRS Labs, Inc.* | 60 | 439 | ||||||
Phoenix Technologies Ltd.* | 120 | 438 | ||||||
Callidus Software, Inc.* | 144 | 433 | ||||||
Travelzoo, Inc.* | 30 | 424 | ||||||
TechTarget, Inc.* | 70 | 399 | ||||||
Renaissance Learning, Inc. | 40 | 398 | ||||||
Imergent, Inc. | 50 | 394 | ||||||
PC Mall, Inc.* | 56 | 384 | ||||||
ICx Technologies, Inc.* | 64 | 379 | ||||||
Ipass, Inc.* | 267 | 368 | ||||||
DDi Corp.* | 86 | 366 | ||||||
Communications Systems, Inc. | 30 | 350 | ||||||
PAR Technology Corp.* | 54 | 345 | ||||||
MEMSIC, Inc.* | 90 | 338 | ||||||
eLoyalty Corp.* | 40 | 320 | ||||||
QAD, Inc. | 68 | 309 | ||||||
X-Rite, Inc.* | 150 | 302 | ||||||
PC Connection, Inc.* | 50 | 272 | ||||||
RAE Systems, Inc.* | 237 | 261 | ||||||
Total Information Technology | 963,126 | |||||||
FINANCIALS 5.8% | ||||||||
Highwoods Properties, Inc. | 395 | 12,423 | ||||||
Knight Capital Group, Inc. — Class A* | 533 | 11,593 | ||||||
Platinum Underwriters Holdings Ltd. | 290 | 10,394 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Washington Real Estate Investment Trust | 339 | $ | 9,763 | |||||
ProAssurance Corp.* | 182 | 9,499 | ||||||
National Retail Properties, Inc. | 436 | 9,361 | ||||||
Prosperity Bancshares, Inc. | 265 | 9,219 | ||||||
FirstMerit Corp. | 464 | 8,830 | ||||||
Westamerica Bancorporation | 164 | 8,528 | ||||||
SVB Financial Group* | 194 | 8,394 | ||||||
UMB Financial Corp. | 198 | 8,007 | ||||||
Tanger Factory Outlet Centers, Inc. | 213 | 7,953 | ||||||
American Campus Communities, Inc. | 296 | 7,948 | ||||||
Stifel Financial Corp.* | 143 | 7,851 | ||||||
Home Properties, Inc. | 182 | 7,842 | ||||||
Montpelier Re Holdings Ltd. | 473 | 7,719 | ||||||
Healthcare Realty Trust, Inc. | 361 | 7,628 | ||||||
MFA Mortgage Investments, Inc. | 940 | 7,482 | ||||||
BioMed Realty Trust, Inc. | 534 | 7,369 | ||||||
Omega Healthcare Investors, Inc. | 451 | 7,225 | ||||||
Mid-America Apartment Communities, Inc. | 160 | 7,221 | ||||||
Developers Diversified Realty Corp. | 750 | 6,930 | ||||||
Entertainment Properties Trust | 201 | 6,862 | ||||||
Apollo Investment Corp. | 709 | 6,771 | ||||||
Redwood Trust, Inc. | 434 | 6,727 | ||||||
NewAlliance Bancshares, Inc. | 601 | 6,431 | ||||||
Zenith National Insurance Corp. | 206 | 6,365 | ||||||
PHH Corp.* | 313 | 6,210 | ||||||
E*Trade Financial Corp.* | 3,470 | 6,072 | ||||||
Argo Group International Holdings Ltd.* | 180 | 6,062 | ||||||
Potlatch Corp. | 213 | 6,060 | ||||||
KBW, Inc.* | 188 | 6,057 | ||||||
Trustmark Corp. | 316 | 6,020 | ||||||
Ares Capital Corp. | 539 | 5,940 | ||||||
Hatteras Financial Corp. | 198 | 5,936 | ||||||
Max Capital Group Ltd. | 264 | 5,642 | ||||||
Tower Group, Inc. | 229 | 5,585 | ||||||
Delphi Financial Group, Inc. — Class A | 243 | 5,499 | ||||||
RLI Corp. | 104 | 5,489 | ||||||
Conseco, Inc.* | 1,037 | 5,455 | ||||||
First Financial Bankshares, Inc. | 110 | 5,441 | ||||||
Piper Jaffray Companies, Inc.* | 113 | 5,392 | ||||||
Glacier Bancorp, Inc. | 358 | 5,349 | ||||||
Hancock Holding Co. | 140 | 5,260 | ||||||
MGIC Investment Corp.* | 704 | 5,217 | ||||||
Astoria Financial Corp. | 471 | 5,200 | ||||||
LaSalle Hotel Properties | 263 | 5,171 | ||||||
Eastgroup Properties, Inc. | 134 | 5,121 | ||||||
Extra Space Storage, Inc. | 470 | 4,958 |
68 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
DiamondRock Hospitality Co.* | 611 | $ | 4,949 | |||||
National Health Investors, Inc. | 154 | 4,874 | ||||||
Cash America International, Inc. | 160 | 4,826 | ||||||
American Capital Ltd.* | 1,490 | 4,813 | ||||||
Radian Group, Inc. | 453 | 4,793 | ||||||
Capstead Mortgage Corp. | 344 | 4,785 | ||||||
Assured Guaranty Ltd. | 244 | 4,738 | ||||||
International Bancshares Corp. | 289 | 4,714 | ||||||
Signature Bank* | 158 | 4,582 | ||||||
Post Properties, Inc. | 252 | 4,536 | ||||||
PrivateBancorp, Inc. | 185 | 4,525 | ||||||
Anworth Mortgage Asset Corp. | 566 | 4,460 | ||||||
Selective Insurance Group, Inc. | 283 | 4,452 | ||||||
Equity Lifestyle Properties, Inc. | 103 | 4,407 | ||||||
Franklin Street Properties Corp. | 332 | 4,349 | ||||||
NBT Bancorp, Inc. | 190 | 4,283 | ||||||
Portfolio Recovery Associates, Inc.* | 93 | 4,216 | ||||||
Kilroy Realty Corp. | 150 | 4,161 | ||||||
OptionsXpress Holdings, Inc. | 240 | 4,147 | ||||||
Alexander’s, Inc. | 14 | 4,142 | ||||||
Old National Bancorp | 367 | 4,110 | ||||||
Park National Corp. | 70 | 4,084 | ||||||
United Bankshares, Inc. | 208 | 4,075 | ||||||
DCT Industrial Trust, Inc. | 796 | 4,068 | ||||||
PS Business Parks, Inc. | 78 | 4,003 | ||||||
MF Global Ltd.* | 541 | 3,933 | ||||||
Employers Holdings, Inc. | 250 | 3,870 | ||||||
Navigators Group, Inc.* | 70 | 3,850 | ||||||
MB Financial Corp. | 182 | 3,817 | ||||||
IBERIABANK Corp. | 82 | 3,736 | ||||||
Ezcorp, Inc.* | 271 | 3,702 | ||||||
Sovran Self Storage, Inc. | 120 | 3,652 | ||||||
Medical Properties Trust, Inc. | 460 | 3,593 | ||||||
Provident Financial Services, Inc. | 349 | 3,591 | ||||||
Infinity Property & Casualty Corp. | 84 | 3,568 | ||||||
Community Bank System, Inc. | 194 | 3,544 | ||||||
Wintrust Financial Corp. | 124 | 3,467 | ||||||
Financial Federal Corp. | 138 | 3,406 | ||||||
Forestar Real Estate Group, Inc.* | 194 | 3,333 | ||||||
Sterling Bancshares, Inc. | 453 | 3,311 | ||||||
First Midwest Bancorp, Inc. | 291 | 3,280 | ||||||
Inland Real Estate Corp. | 374 | 3,276 | ||||||
Acadia Realty Trust | 214 | 3,225 | ||||||
Texas Capital Bancshares, Inc.* | 190 | 3,200 | ||||||
FNB Corp. | 439 | 3,121 | ||||||
Brookline Bancorp, Inc. | 321 | 3,120 | ||||||
Allied Capital Corp. | 994 | 3,052 | ||||||
Horace Mann Educators Corp. | 217 | 3,031 | ||||||
Investors Real Estate Trust | 333 | 3,010 | ||||||
Sunstone Hotel Investors, Inc.* | 418 | 2,968 | ||||||
Equity One, Inc. | 188 | 2,946 |
MARKET | ||||||||
SHARES | VALUE | |||||||
CBL & Associates Properties, Inc. | 301 | $ | 2,920 | |||||
Susquehanna Bancshares, Inc. | 492 | 2,898 | ||||||
Greenlight Capital Re Ltd. — Class A* | 154 | 2,895 | ||||||
Colonial Properties Trust | 297 | 2,890 | ||||||
Investors Bancorp, Inc.* | 268 | 2,843 | ||||||
LTC Properties, Inc. | 118 | 2,837 | ||||||
East-West Bancorp, Inc. | 335 | 2,780 | ||||||
TrustCo Bank Corp. | 440 | 2,750 | ||||||
Hilltop Holdings, Inc.* | 224 | 2,746 | ||||||
First Commonwealth Financial Corp. | 480 | 2,726 | ||||||
Ambac Financial Group, Inc. | 1,620 | 2,722 | ||||||
Cohen & Steers, Inc. | 113 | 2,712 | ||||||
Chemical Financial Corp. | 124 | 2,702 | ||||||
Prospect Capital Corp. | 250 | 2,677 | ||||||
National Penn Bancshares, Inc. | 434 | 2,652 | ||||||
Flagstone Reinsurance Holdings | 233 | 2,628 | ||||||
GFI Group, Inc. | 361 | 2,610 | ||||||
City Holding Co. | 86 | 2,564 | ||||||
Lexington Realty Trust | 502 | 2,560 | ||||||
Enstar Group* | 41 | 2,553 | ||||||
Webster Financial Corp. | 204 | 2,544 | ||||||
Harleysville Group, Inc. | 80 | 2,532 | ||||||
World Acceptance Corp.* | 100 | 2,521 | ||||||
Umpqua Holding Corp. | 234 | 2,480 | ||||||
PacWest Bancorp | 130 | 2,476 | ||||||
Pico Holdings, Inc.* | 74 | 2,468 | ||||||
Independent Bank Corp. | 110 | 2,434 | ||||||
CVB Financial Corp. | 320 | 2,429 | ||||||
Bank Mutual Corp. | 274 | 2,422 | ||||||
Meadowbrook Insurance Group, Inc. | 327 | 2,420 | ||||||
Boston Private Financial Holdings, Inc. | 369 | 2,402 | ||||||
First Cash Financial Services, Inc.* | 135 | 2,313 | ||||||
Parkway Properties, Inc. | 117 | 2,305 | ||||||
Safety Insurance Group, Inc. | 70 | 2,304 | ||||||
Cathay General Bancorp | 282 | 2,281 | ||||||
Universal Health Realty Income Trust | 70 | 2,278 | ||||||
Community Trust Bancorp, Inc. | 87 | 2,277 | ||||||
Dollar Financial Corp.* | 138 | 2,211 | ||||||
Getty Realty Corp. | 90 | 2,209 | ||||||
Banco Latinoamericano de | ||||||||
Comercio Exterior SA | 155 | 2,204 | ||||||
United Fire & Casualty Co. | 120 | 2,148 | ||||||
American Equity Investment Life Holding Co. | 300 | 2,106 | ||||||
Phoenix Companies, Inc.* | 637 | 2,070 | ||||||
Bank of the Ozarks, Inc. | 78 | 2,069 | ||||||
MarketAxess Holdings, Inc.* | 171 | 2,061 | ||||||
Northwest Bancorp, Inc. | 90 | 2,056 | ||||||
Tompkins Financial Corp. | 47 | 2,054 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 69 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
First Financial Corp. | 67 | $ | 2,053 | |||||
eHealth, Inc.* | 140 | 2,033 | ||||||
Simmons First National Corp. | 70 | 2,017 | ||||||
SWS Group, Inc. | 140 | 2,016 | ||||||
Duff & Phelps Corp. — Class A | 104 | 1,993 | ||||||
Maiden Holdings Ltd. | 274 | 1,992 | ||||||
Sun Communities, Inc. | 90 | 1,937 | ||||||
First Potomac Realty Trust | 166 | 1,919 | ||||||
National Financial Partners Corp.* | 220 | 1,918 | ||||||
Hercules Technology Growth Capital, Inc. | 192 | 1,885 | ||||||
SCBT Financial Corp. | 67 | 1,883 | ||||||
DuPont Fabros Technology, Inc.* | 141 | 1,880 | ||||||
WesBanco, Inc. | 120 | 1,855 | ||||||
First Financial Bancorp | 153 | 1,844 | ||||||
StellarOne Corp. | 124 | 1,829 | ||||||
GAMCO Investors, Inc. — Class A | 40 | 1,828 | ||||||
Southside Bancshares, Inc. | 81 | 1,824 | ||||||
Oriental Financial Group | 140 | 1,778 | ||||||
Amerisafe, Inc.* | 103 | 1,777 | ||||||
Renasant Corp. | 119 | 1,767 | ||||||
National Western Life Insurance Co. — Class A | 10 | 1,760 | ||||||
Provident New York Bancorp | 184 | 1,757 | ||||||
Berkshire Hills Bancorp, Inc. | 80 | 1,755 | ||||||
Western Alliance Bancorp* | 278 | 1,754 | ||||||
The PMI Group, Inc. | 411 | 1,747 | ||||||
Cousins Properties, Inc. | 206 | 1,706 | ||||||
iStar Financial, Inc.* | 561 | 1,705 | ||||||
S&T Bancorp, Inc. | 130 | 1,685 | ||||||
Riskmetrics Group, Inc.* | 115 | 1,681 | ||||||
FelCor Lodging Trust, Inc. | 371 | 1,681 | ||||||
CNA Surety Corp.* | 102 | 1,652 | ||||||
Home Bancshares, Inc. | 74 | 1,622 | ||||||
TradeStation Group, Inc.* | 197 | 1,606 | ||||||
Urstadt Biddle Properties | 110 | 1,605 | ||||||
Dime Community Bancshares | 140 | 1,600 | ||||||
Beneficial Mutual Bancorp, Inc.* | 174 | 1,589 | ||||||
Ocwen Financial Corp.* | 138 | 1,562 | ||||||
Tejon Ranch Co.* | 60 | 1,541 | ||||||
Capital Southwest Corp. | 20 | 1,535 | ||||||
Sandy Spring Bancorp, Inc. | 94 | 1,530 | ||||||
Lakeland Financial Corp. | 74 | 1,528 | ||||||
Great Southern Bancorp, Inc. | 64 | 1,517 | ||||||
First Bancorp, Inc. | 84 | 1,516 | ||||||
Compass Diversified Trust | 144 | 1,508 | ||||||
Pennsylvania Real Estate Investment Trust | 198 | 1,507 | ||||||
Advance America Cash Advance Centers, Inc. | 267 | 1,495 | ||||||
TowneBank | 117 | 1,492 | ||||||
1st Source Corp. | 91 | 1,483 | ||||||
MCG Capital Corp.* | 354 | 1,483 | ||||||
Suffolk Bancorp | 50 | 1,480 | ||||||
United America Indemnity Ltd. — Class A* | 200 | 1,478 |
MARKET | ||||||||
SHARES | VALUE | |||||||
SY Bancorp, Inc. | 64 | $ | 1,478 | |||||
Bancfirst Corp. | 40 | 1,477 | ||||||
Pinnacle Financial Partners, Inc.* | 115 | 1,462 | ||||||
Evercore Partners, Inc. — Class A | 50 | 1,461 | ||||||
Calamos Asset Management, Inc. — Class A | 111 | 1,450 | ||||||
Walter Investment Management Corp. | 90 | 1,442 | ||||||
American Physicians Capital, Inc. | 50 | 1,440 | ||||||
Westfield Financial, Inc. | 170 | 1,440 | ||||||
FBL Financial Group, Inc. — Class A | 74 | 1,438 | ||||||
Flushing Financial Corp. | 123 | 1,402 | ||||||
Broadpoint Gleacher Securities, Inc.* | 168 | 1,401 | ||||||
State Auto Financial Corp. | 78 | 1,399 | ||||||
First Bancorp Puerto Rico | 456 | 1,391 | ||||||
Univest Corporation of Pennsylvania | 64 | 1,387 | ||||||
Amtrust Financial Services, Inc. | 121 | 1,381 | ||||||
FPIC Insurance Group, Inc.* | 40 | 1,342 | ||||||
Cedar Shopping Centers, Inc. | 208 | 1,342 | ||||||
Northfield Bancorp, Inc. | 104 | 1,331 | ||||||
Camden National Corp. | 40 | 1,322 | ||||||
Harleysville National Corp. | 247 | 1,317 | ||||||
Cardinal Financial Corp. | 159 | 1,309 | ||||||
Ashford Hospitality Trust, Inc.* | 377 | 1,304 | ||||||
Nelnet, Inc. — Class A* | 104 | 1,294 | ||||||
Arrow Financial Corp. | 47 | 1,293 | ||||||
Saul Centers, Inc. | 40 | 1,284 | ||||||
BankFinancial Corp. | 134 | 1,284 | ||||||
Danvers Bancorp, Inc. | 94 | 1,277 | ||||||
Orrstown Financial Services, Inc. | 33 | 1,275 | ||||||
SeaBright Insurance Holdings, Inc.* | 110 | 1,256 | ||||||
TriCo Bancshares | 76 | 1,246 | ||||||
Safeguard Scientifics, Inc.* | 113 | 1,240 | ||||||
Washington Trust Bancorp, Inc. | 70 | 1,226 | ||||||
American Capital Agency Corp. | 43 | 1,223 | ||||||
NorthStar Realty Finance Corp. | 347 | 1,218 | ||||||
Oppenheimer Holdings, Inc. — Class A | 50 | 1,217 | ||||||
Education Realty Trust, Inc. | 205 | 1,216 | ||||||
Stewart Information Services Corp. | 96 | 1,188 | ||||||
Citizens, Inc.* | 187 | 1,186 | ||||||
Heartland Financial USA, Inc. | 80 | 1,180 | ||||||
Southwest Bancorp, Inc. | 84 | 1,179 | ||||||
First Industrial Realty Trust, Inc. | 224 | 1,176 | ||||||
MVC Capital, Inc. | 133 | 1,168 | ||||||
U-Store-It Trust | 186 | 1,162 | ||||||
United Community Banks, Inc.* | 232 | 1,162 | ||||||
First Mercury Financial Corp. | 87 | 1,159 | ||||||
Consolidated-Tomoka Land Co. | 30 | 1,149 | ||||||
Westwood Holdings Group, Inc. | 33 | 1,145 | ||||||
Presidential Life Corp. | 110 | 1,140 | ||||||
Penson Worldwide Company, Inc.* | 117 | 1,140 | ||||||
RAIT Financial Trust | 384 | 1,129 |
70 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CapLease, Inc. | 280 | $ | 1,128 | |||||
PMA Capital Corp.* | 198 | 1,127 | ||||||
National Bankshares, Inc. | 44 | 1,120 | ||||||
LaBranche & Company, Inc.* | 328 | 1,115 | ||||||
Kearny Financial Corp. | 107 | 1,115 | ||||||
ESSA Bancorp, Inc. | 84 | 1,110 | ||||||
Columbia Banking Systems, Inc. | 66 | 1,092 | ||||||
United Financial Bancorp, Inc. | 94 | 1,089 | ||||||
German American Bancorp | 70 | 1,086 | ||||||
Fifth Street Finance Corp. | 99 | 1,082 | ||||||
Donegal Group, Inc. — Class A | 70 | 1,081 | ||||||
Republic Bancorp, Inc. | 53 | 1,058 | ||||||
Strategic Hotels & Resorts, Inc.* | 405 | 1,049 | ||||||
Home Federal Bancorp, Inc. | 91 | 1,039 | ||||||
BGC Partners, Inc. — Class A | 241 | 1,031 | ||||||
Union Bankshares Corp. | 82 | 1,021 | ||||||
Kite Realty Group Trust | 244 | 1,017 | ||||||
PennantPark Investment Corp. | 125 | 1,014 | ||||||
Gladstone Capital Corp. | 113 | 1,009 | ||||||
Smithtown Bancorp, Inc. | 87 | 1,004 | ||||||
Credit Acceptance Corp.* | 30 | 966 | ||||||
Ames National Corp. | 40 | 964 | ||||||
First Financial Holdings, Inc. | 59 | 942 | ||||||
Encore Capital Group, Inc.* | 70 | 941 | ||||||
Bank of Marin Bancorp | 30 | 940 | ||||||
Baldwind & Lyons, Inc. — Class B | 40 | 938 | ||||||
Lakeland Bancorp, Inc. | 124 | 930 | ||||||
Abington Bancorp, Inc. | 120 | 929 | ||||||
CNB Financial Corp. | 54 | 927 | ||||||
American Physicians Service Group, Inc. | 40 | 922 | ||||||
Harris & Harris Group, Inc.* | 147 | 919 | ||||||
Agree Realty Corp. | 40 | 917 | ||||||
First Bancorp, Inc. | 49 | 911 | ||||||
NGP Capital Resources Co. | 123 | 893 | ||||||
First Merchants Corp. | 128 | 892 | ||||||
Nara Bancorp, Inc. | 128 | 890 | ||||||
Diamond Hill Investment Group, Inc.* | 15 | 870 | ||||||
South Financial Group, Inc. | 588 | 864 | ||||||
US Global Investors, Inc. — Class A | 70 | 863 | ||||||
American Safety Insurance Holdings Ltd.* | 54 | 853 | ||||||
ViewPoint Financial Group | 60 | 842 | ||||||
Capital City Bank Group, Inc. | 58 | 824 | ||||||
MainSource Financial Group, Inc. | 120 | 816 | ||||||
Monmouth Real Estate Investment Corp. — Class A | 117 | 814 | ||||||
JMP Group, Inc. | 84 | 811 | ||||||
Pacific Continental Corp. | 76 | 800 | ||||||
FCStone Group, Inc.* | 166 | 800 | ||||||
Wilshire Bancorp, Inc. | 109 | 800 |
MARKET | ||||||||
SHARES | VALUE | |||||||
First of Long Island Corp. | 30 | $ | 798 | |||||
Peoples Bancorp, Inc. | 60 | 783 | ||||||
Peapack Gladstone Financial Corp. | 48 | 771 | ||||||
Cogdell Spencer, Inc. | 160 | 768 | ||||||
First Marblehead Corp.* | 347 | 763 | ||||||
Gladstone Commercial Corp. | 55 | 752 | ||||||
Bryn Mawr Bank Corp. | 43 | 751 | ||||||
Oritani Financial Corp. | 55 | 750 | ||||||
Bancorp Rhode Island, Inc. | 30 | 749 | ||||||
Ramco-Gershenson Properties Trust | 84 | 749 | ||||||
Glimcher Realty Trust | 204 | 749 | ||||||
First Busey Corp. | 158 | 743 | ||||||
Associated Estates Realty Corp. | 77 | 741 | ||||||
Citizens & Northern Corp. | 50 | 739 | ||||||
Home Bancorp, Inc.* | 60 | 730 | ||||||
Bridge Bancorp, Inc. | 30 | 730 | ||||||
TICC Capital Corp. | 144 | 726 | ||||||
Sterling Bancorp | 100 | 722 | ||||||
WSFS Financial Corp. | 27 | 719 | ||||||
Life Partners Holdings, Inc. | 40 | 716 | ||||||
Hersha Hospitality Trust | 230 | 713 | ||||||
State Bancorp, Inc. | 84 | 710 | ||||||
Kayne Anderson Energy Development Co. | 51 | 675 | ||||||
Mission West Properties | 100 | 673 | ||||||
ESB Financial Corp. | 50 | 669 | ||||||
Shore Bancshares, Inc. | 40 | 669 | ||||||
Medallion Financial Corp. | 80 | 669 | ||||||
United Security Bancshares | 30 | 666 | ||||||
Farmers Capital Bank Corp. | 37 | 662 | ||||||
First Defiance Financial Corp. | 44 | 656 | ||||||
American National Bankshares, Inc. | 30 | 655 | ||||||
Resource Capital Corp. | 120 | 653 | ||||||
Sanders Morris Harris Group, Inc. | 110 | 650 | ||||||
Penns Woods Bancorp, Inc. | 20 | 640 | ||||||
Virtus Investment Partners, Inc.* | 41 | 640 | ||||||
EMC Insurance Group, Inc. | 30 | 634 | ||||||
First Community Bancshares, Inc. | 50 | 631 | ||||||
Financial Institutions, Inc. | 63 | 628 | ||||||
Winthrop Realty Trust | 64 | 623 | ||||||
Eagle Bancorp, Inc.* | 64 | 613 | ||||||
Enterprise Financial Services Corp. | 66 | 610 | ||||||
Northrim BanCorp, Inc. | 40 | 610 | ||||||
Ameris Bancorp | 85 | 605 | ||||||
Tower Bancorp, Inc. | 23 | 604 | ||||||
Thomas Weisel Partners Group, Inc.* | 113 | 603 | ||||||
Kohlberg Capital Corp. | 100 | 603 | ||||||
Gladstone Investment Corp. | 122 | 592 | ||||||
Rewards Network, Inc.* | 43 | 591 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 71 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Epoch Holding Corp. | 67 | $ | 586 | |||||
Auburn National Bancorporation, Inc. | 24 | 586 | ||||||
Oceanfirst Financial Corp. | 50 | 580 | ||||||
Gramercy Capital Corp.* | 237 | 576 | ||||||
Avatar Holdings, Inc.* | 30 | 570 | ||||||
Main Street Capital Corp. | 40 | 569 | ||||||
Asset Acceptance Capital Corp.* | 78 | 565 | ||||||
Kansas City Life Insurance Co. | 18 | 561 | ||||||
CoBiz Financial, Inc. | 110 | 548 | ||||||
Sterling Savings Bank* | 273 | 546 | ||||||
Mercer Insurance Group, Inc. | 30 | 542 | ||||||
Alliance Financial Corp. | 20 | 541 | ||||||
Citizens Banking Corp.* | 710 | 540 | ||||||
UCBH Holdings, Inc. | 674 | 539 | ||||||
Care Investment Trust, Inc. | 70 | 537 | ||||||
FBR Capital Markets Corp.* | 90 | 534 | ||||||
NewStar Financial, Inc.* | 162 | 533 | ||||||
China Housing & Land Development, Inc.* | 138 | 531 | ||||||
Ohio Valley Banc Corp. | 20 | 530 | ||||||
Citizens Holding Co. | 20 | 529 | ||||||
First Financial Northwest, Inc. | 90 | 524 | ||||||
BlackRock Kelso Capital Corp. | 70 | 519 | ||||||
Cardtronics, Inc.* | 66 | 516 | ||||||
Meridian Interstate Bancorp, Inc.* | 60 | 510 | ||||||
Dynex Capital, Inc. | 60 | 506 | ||||||
Roma Financial Corp. | 40 | 497 | ||||||
Merchants Bancshares, Inc. | 23 | 491 | ||||||
Clifton Savings Bancorp, Inc. | 50 | 490 | ||||||
CompuCredit Holdings Corp.* | 104 | 490 | ||||||
Crawford & Co. — Class B* | 110 | 485 | ||||||
Eastern Insurance Holdings, Inc. | 50 | 477 | ||||||
National Interstate Corp. | 27 | 473 | ||||||
Primus Guaranty Ltd.* | 110 | 470 | ||||||
Washington Banking Co. | 50 | 463 | ||||||
Anthracite Capital, Inc.* | 439 | 461 | ||||||
Cape Bancorp, Inc.* | 60 | 461 | ||||||
First South Bancorp, Inc. | 40 | 460 | ||||||
Center Bancorp, Inc. | 60 | 452 | ||||||
Yadkin Valley Financial Corp. | 94 | 439 | ||||||
Enterprise Bancorp, Inc. | 34 | 435 | ||||||
Century Bancorp, Inc. | 20 | 434 | ||||||
Sierra Bancorp | 36 | 432 | ||||||
Rockville Financial, Inc. | 40 | 430 | ||||||
Bank of Kentucky Financial Corp. | 20 | 423 | ||||||
NASB Financial, Inc. | 16 | 421 | ||||||
Guaranty Bancorp* | 284 | 420 | ||||||
Legacy Bancorp, Inc. | 40 | 420 | ||||||
UMH Properties, Inc. | 50 | 408 | ||||||
Central Pacific Financial Corp. | 161 | 406 | ||||||
Hallmark Financial Services, Inc.* | 50 | 403 | ||||||
Universal Insurance Holdings, Inc. | 80 | 402 | ||||||
NYMAGIC, Inc. | 23 | 397 | ||||||
West Bancorporation, Inc. | 80 | 397 | ||||||
Chicopee Bancorp, Inc.* | 30 | 396 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Midsouth Bancorp, Inc. | 30 | $ | 396 | |||||
Heritage Financial Corp. | 30 | 395 | ||||||
Flagstar Bancorp, Inc.* | 374 | 385 | ||||||
Peoples Financial Corp. | 20 | 372 | ||||||
Triangle Capital Corp. | 30 | 370 | ||||||
Sun Bancorp, Inc.* | 70 | 370 | ||||||
Wilber Corp. | 43 | 361 | ||||||
Resource America, Inc. — Class A | 74 | 356 | ||||||
Pacific Capital Bancorp | 245 | 353 | ||||||
Old Second Bancorp, Inc. | 60 | 344 | ||||||
Bar Harbor Bankshares | 10 | 340 | ||||||
Premierwest Bancorp | 125 | 339 | ||||||
International Assets Holding Corp.* | 20 | 330 | ||||||
Hampton Roads Bankshares, Inc. | 110 | 317 | ||||||
Centerstate Banks of Florida, Inc. | 40 | 316 | ||||||
Norwood Financial Corp. | 10 | 311 | ||||||
Pzena Investment Management, Inc. — Class A* | 37 | 302 | ||||||
Tree.com, Inc.* | 40 | 302 | ||||||
Fox Chase Bancorp, Inc.* | 30 | 301 | ||||||
First Acceptance Corp.* | 102 | 275 | ||||||
First Financial Service Corp. | 20 | 269 | ||||||
Banner Corp. | 92 | 251 | ||||||
Kentucky First Federal Bancorp | 20 | 250 | ||||||
Metro Bancorp, Inc.* | 20 | 243 | ||||||
Old Point Financial Corp. | 14 | 233 | ||||||
American Realty Investors, Inc.* | 20 | 231 | ||||||
Bancorp, Inc.* | 40 | 229 | ||||||
Northeast Community Bancorp, Inc. | 30 | 221 | ||||||
Waterstone Financial, Inc.* | 40 | 202 | ||||||
Prudential Bancorp of Pennsylvania, Inc. | 20 | 201 | ||||||
Brooklyn Federal Bancorp, Inc. | 16 | 195 | ||||||
Santander BanCorp* | 20 | 195 | ||||||
Republic First Bancorp, Inc.* | 40 | 182 | ||||||
K-Fed Bancorp | 20 | 180 | ||||||
Cheviot Financial Corp. | 20 | 171 | ||||||
Porter Bancorp, Inc. | 10 | 163 | ||||||
Independence Holding Co. | 26 | 153 | ||||||
First California Financial Group, Inc.* | 30 | 144 | ||||||
QC Holdings, Inc. | 20 | 135 | ||||||
Transcontinental Realty Investors, Inc.* | 10 | 117 | ||||||
Heritage Financial Group | 14 | 116 | ||||||
California First National Bancorp. | 10 | 111 | ||||||
Doral Financial Corp.* | 29 | 107 | ||||||
Total Financials | 930,666 | |||||||
INDUSTRIALS 4.9% | ||||||||
Nordson Corp. | 184 | 10,321 | ||||||
GrafTech International Ltd.* | 668 | 9,820 | ||||||
Watson Wyatt Worldwide, Inc. | 222 | 9,670 |
72 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
EMCOR Group, Inc.* | 374 | $ | 9,470 | |||||
Curtiss-Wright Corp. | 263 | 8,976 | ||||||
Tetra Tech, Inc.* | 338 | 8,967 | ||||||
Clarcor, Inc. | 281 | 8,812 | ||||||
Regal-Beloit Corp. | 188 | 8,593 | ||||||
Brady Corp. — Class A | 284 | 8,156 | ||||||
American Superconductor Corp.* | 243 | 8,150 | ||||||
JetBlue Airways Corp.* | 1,326 | 7,929 | ||||||
Woodward Governor Co. | 322 | 7,812 | ||||||
Avis Budget Group, Inc.* | 571 | 7,629 | ||||||
Baldor Electric Co. | 275 | 7,518 | ||||||
Teledyne Technologies, Inc.* | 207 | 7,450 | ||||||
UAL Corp.* | 807 | 7,441 | ||||||
Esterline Technologies Corp.* | 187 | 7,332 | ||||||
United Stationers, Inc.* | 153 | 7,284 | ||||||
Acuity Brands, Inc. | 224 | 7,215 | ||||||
Watsco, Inc. | 133 | 7,170 | ||||||
Moog, Inc. — Class A* | 240 | 7,080 | ||||||
Hexcel Corp.* | 544 | 6,223 | ||||||
Clean Harbors, Inc.* | 110 | 6,189 | ||||||
Belden, Inc. | 265 | 6,121 | ||||||
ESCO Technologies, Inc.* | 155 | 6,107 | ||||||
Granite Construction, Inc. | 195 | 6,033 | ||||||
Geo Group, Inc.* | 297 | 5,990 | ||||||
Kaydon Corp. | 184 | 5,965 | ||||||
HNI Corp. | 251 | 5,924 | ||||||
MPS Group, Inc.* | 544 | 5,723 | ||||||
ABM Industries, Inc. | 272 | 5,723 | ||||||
Middleby Corp.* | 104 | 5,721 | ||||||
Alaska Air Group, Inc.* | 212 | 5,679 | ||||||
Genesee & Wyoming, Inc. — Class A* | 183 | 5,549 | ||||||
Heico Corp. | 124 | 5,377 | ||||||
Herman Miller, Inc. | 317 | 5,360 | ||||||
Briggs & Stratton Corp. | 276 | 5,357 | ||||||
Knight Transportation, Inc. | 314 | 5,269 | ||||||
Simpson Manufacturing Company, Inc. | 207 | 5,229 | ||||||
Corporate Executive Board Co. | 204 | 5,080 | ||||||
Applied Industrial Technologies, Inc. | 240 | 5,078 | ||||||
Deluxe Corp. | 294 | 5,027 | ||||||
Mueller Industries, Inc. | 209 | 4,989 | ||||||
EnerSys* | 224 | 4,955 | ||||||
SkyWest, Inc. | 297 | 4,924 | ||||||
Universal Forest Products, Inc. | 124 | 4,893 | ||||||
Otter Tail Power Co. | 203 | 4,858 | ||||||
Watts Industries, Inc. — Class A | 159 | 4,810 | ||||||
Rollins, Inc. | 255 | 4,807 | ||||||
AAR Corp.* | 214 | 4,695 | ||||||
Old Dominion Freight Line, Inc.* | 154 | 4,686 | ||||||
Barnes Group, Inc. | 274 | 4,683 | ||||||
Orbital Sciences Corp.* | 310 | 4,641 | ||||||
Healthcare Services Group, Inc. | 249 | 4,572 | ||||||
HUB Group, Inc. — Class A* | 197 | 4,501 | ||||||
Werner Enterprises, Inc. | 241 | 4,490 |
MARKET | ||||||||
SHARES | VALUE | |||||||
CoStar Group, Inc.* | 108 | $ | 4,452 | |||||
A.O. Smith Corp. | 116 | 4,420 | ||||||
Actuant Corp. — Class A | 274 | 4,400 | ||||||
Resources Connection, Inc.* | 254 | 4,333 | ||||||
Triumph Group, Inc. | 90 | 4,319 | ||||||
AirTran Holdings, Inc.* | 676 | 4,225 | ||||||
Arkansas Best Corp. | 139 | 4,162 | ||||||
EnergySolutions, Inc. | 435 | 4,011 | ||||||
Mine Safety Appliances Co. | 144 | 3,961 | ||||||
Insituform Technologies, Inc. — Class A* | 204 | 3,905 | ||||||
Forward Air Corp. | 168 | 3,889 | ||||||
SYKES Enterprises, Inc.* | 185 | 3,852 | ||||||
Heartland Express, Inc. | 267 | 3,845 | ||||||
Beacon Roofing Supply, Inc.* | 239 | 3,819 | ||||||
Navigant Consulting, Inc.* | 275 | 3,712 | ||||||
Korn/Ferry International* | 248 | 3,618 | ||||||
TrueBlue, Inc.* | 254 | 3,574 | ||||||
Mastec, Inc.* | 294 | 3,572 | ||||||
Mobile Mini, Inc.* | 204 | 3,541 | ||||||
Mueller Water Products, Inc. — Class A | 643 | 3,524 | ||||||
Ameron International Corp. | 50 | 3,499 | ||||||
Franklin Electric Company, Inc. | 122 | 3,498 | ||||||
United Rentals, Inc.* | 337 | 3,471 | ||||||
II-VI, Inc.* | 136 | 3,460 | ||||||
US Airways Group, Inc.* | 730 | 3,431 | ||||||
Allegiant Travel Co.* | 90 | 3,428 | ||||||
American Science & Engineering, Inc. | 50 | 3,402 | ||||||
Robbins & Myers, Inc. | 144 | 3,381 | ||||||
Chart Industries, Inc.* | 154 | 3,325 | ||||||
Layne Christensen Co.* | 100 | 3,205 | ||||||
Quanex Building Products Corp. | 216 | 3,102 | ||||||
Badger Meter, Inc. | 80 | 3,095 | ||||||
Cubic Corp. | 78 | 3,079 | ||||||
Tutor Perini Corp.* | 144 | 3,067 | ||||||
Kaman Corp. — Class A | 138 | 3,033 | ||||||
Administaff, Inc. | 114 | 2,995 | ||||||
Energy Conversion Devices, Inc.* | 258 | 2,988 | ||||||
Albany International Corp. — Class A | 154 | 2,988 | ||||||
John Bean Technologies Corp. | 164 | 2,980 | ||||||
Huron Consulting Group, Inc.* | 115 | 2,970 | ||||||
Dollar Thrifty Automotive Group, Inc.* | 119 | 2,926 | ||||||
Interline Brands, Inc.* | 173 | 2,915 | ||||||
Tennant Co. | 100 | 2,906 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 90 | 2,877 | ||||||
Knoll, Inc. | 274 | 2,858 | ||||||
Genco Shipping & Trading Ltd. | 137 | 2,847 | ||||||
Raven Industries, Inc. | 104 | 2,780 | ||||||
Mcgrath Rentcorp | 130 | 2,765 | ||||||
Amerco, Inc.* | 60 | 2,752 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 73 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Circor International, Inc. | 97 | $ | 2,741 | |||||
GeoEye, Inc.* | 100 | 2,680 | ||||||
Aircastle Ltd. | 277 | 2,679 | ||||||
Ceradyne, Inc.* | 144 | 2,640 | ||||||
Lindsay Manufacturing Co. | 67 | 2,638 | ||||||
RBC Bearings, Inc.* | 113 | 2,636 | ||||||
Dycom Industries, Inc.* | 214 | 2,632 | ||||||
AZZ, Inc.* | 65 | 2,611 | ||||||
Comfort Systems USA, Inc. | 214 | 2,480 | ||||||
Viad Corp. | 124 | 2,469 | ||||||
Steelcase, Inc. — Class A | 397 | 2,465 | ||||||
Astec Industries, Inc.* | 96 | 2,445 | ||||||
Griffon Corp.* | 240 | 2,417 | ||||||
ACCO Brands Corp.* | 334 | 2,411 | ||||||
Tredegar Corp. | 166 | 2,407 | ||||||
Apogee Enterprises, Inc. | 160 | 2,403 | ||||||
G & K Services, Inc. — Class A | 107 | 2,371 | ||||||
Encore Wire Corp. | 106 | 2,368 | ||||||
Exponent, Inc.* | 84 | 2,366 | ||||||
Ennis, Inc. | 146 | 2,355 | ||||||
DynCorp International, Inc. — Class A* | 130 | 2,340 | ||||||
Heidrick & Struggles International, Inc. | 100 | 2,326 | ||||||
School Specialty, Inc.* | 97 | 2,301 | ||||||
EnPro Industries, Inc.* | 100 | 2,286 | ||||||
Rush Enterprises, Inc. — Class A* | 174 | 2,248 | ||||||
Hawaiian Holdings, Inc.* | 271 | 2,238 | ||||||
Interface, Inc. — Class A | 267 | 2,216 | ||||||
Force Protection, Inc.* | 397 | 2,168 | ||||||
Gorman-Rupp Co. | 86 | 2,142 | ||||||
Microvision, Inc.* | 388 | 2,138 | ||||||
American Ecology Corp. | 114 | 2,132 | ||||||
MYR Group, Inc.* | 100 | 2,109 | ||||||
ATC Technology Corp.* | 106 | 2,095 | ||||||
Blount International, Inc.* | 221 | 2,093 | ||||||
Gibraltar Industries, Inc. | 154 | 2,044 | ||||||
Evergreen Solar, Inc.* | 1,049 | 2,014 | ||||||
Orion Marine Group, Inc.* | 98 | 2,013 | ||||||
Advisory Board Co.* | 80 | 2,011 | ||||||
Cenveo, Inc.* | 290 | 2,007 | ||||||
Kforce, Inc.* | 164 | 1,971 | ||||||
American Reprographics Co.* | 207 | 1,971 | ||||||
Applied Signal Technology, Inc. | 84 | 1,955 | ||||||
Federal Signal Corp. | 269 | 1,934 | ||||||
RSC Holdings, Inc.* | 266 | 1,934 | ||||||
Kelly Services, Inc. — Class A | 157 | 1,931 | ||||||
CRA International, Inc.* | 70 | 1,910 | ||||||
K-Tron International, Inc.* | 20 | 1,904 | ||||||
Aerovironment, Inc.* | 67 | 1,882 | ||||||
Powell Industries, Inc.* | 49 | 1,881 | ||||||
DigitalGlobe, Inc.* | 84 | 1,879 | ||||||
Northwest Pipe Co.* | 56 | 1,878 | ||||||
Ener1, Inc.* | 271 | 1,875 | ||||||
Stanley, Inc.* | 72 | 1,852 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Freightcar America, Inc. | 76 | $ | 1,847 | |||||
CBIZ, Inc.* | 247 | 1,843 | ||||||
Michael Baker Corp.* | 50 | 1,817 | ||||||
NACCO Industries, Inc. — Class A | 30 | 1,802 | ||||||
Titan International, Inc. | 201 | 1,789 | ||||||
Spherion Corp.* | 287 | 1,782 | ||||||
LB Foster Co. — Class A* | 57 | 1,743 | ||||||
Taser International, Inc.* | 366 | 1,728 | ||||||
EnerNOC, Inc.* | 52 | 1,724 | ||||||
Republic Airways Holdings, Inc.* | 180 | 1,679 | ||||||
Team, Inc.* | 98 | 1,661 | ||||||
H&E Equipment Services, Inc.* | 146 | 1,654 | ||||||
Altra Holdings, Inc.* | 144 | 1,611 | ||||||
American Commercial Lines, Inc.* | 55 | 1,602 | ||||||
Great Lakes Dredge & Dock Co. | 227 | 1,584 | ||||||
Trex Company, Inc.* | 86 | 1,565 | ||||||
YRC Worldwide, Inc.* | 350 | 1,557 | ||||||
Polypore International, Inc.* | 120 | 1,549 | ||||||
ICF International, Inc.* | 50 | 1,516 | ||||||
Acacia Research — Acacia Technologies* | 174 | 1,516 | ||||||
Columbus McKinnon Corp. — Class A* | 100 | 1,515 | ||||||
FuelCell Energy, Inc.* | 354 | 1,512 | ||||||
Cornell Companies, Inc.* | 67 | 1,503 | ||||||
Ladish Company, Inc.* | 99 | 1,498 | ||||||
M&F Worldwide Corp.* | 74 | 1,498 | ||||||
Consolidated Graphics, Inc.* | 59 | 1,472 | ||||||
Celadon Group, Inc.* | 130 | 1,470 | ||||||
China Fire & Security Group, Inc.* | 76 | 1,459 | ||||||
Colfax Corp.* | 137 | 1,456 | ||||||
Sterling Construction Company, Inc.* | 80 | 1,433 | ||||||
Sun Hydraulics Corp. | 68 | 1,432 | ||||||
Gencorp, Inc.* | 267 | 1,431 | ||||||
Broadwind Energy, Inc.* | 181 | 1,428 | ||||||
Ampco-Pittsburgh Corp. | 53 | 1,409 | ||||||
AAON, Inc. | 70 | 1,406 | ||||||
First Advantage Corp. — Class A* | 74 | 1,373 | ||||||
Standex International Corp. | 68 | 1,348 | ||||||
Cascade Corp. | 50 | 1,337 | ||||||
Argon ST, Inc.* | 70 | 1,333 | ||||||
Kimball International, Inc. — Class B | 174 | 1,328 | ||||||
Dynamic Materials Corp. | 66 | 1,317 | ||||||
Marten Transport Ltd.* | 77 | 1,314 | ||||||
Tecumseh Products Co. — Class A* | 108 | 1,224 | ||||||
Insteel Industries, Inc. | 100 | 1,195 | ||||||
On Assignment, Inc.* | 202 | 1,182 |
74 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Advanced Battery Technologies, Inc.* | 271 | $ | 1,176 | |||||
TAL International Group, Inc. | 81 | 1,152 | ||||||
Ducommun, Inc. | 60 | 1,135 | ||||||
Saia, Inc.* | 70 | 1,126 | ||||||
Fuel Tech, Inc.* | 100 | 1,120 | ||||||
Horizon Lines, Inc. — Class A | 174 | 1,105 | ||||||
PMFG, Inc.* | 84 | 1,080 | ||||||
Air Transport Services Group, Inc.* | 307 | 1,062 | ||||||
Greenbrier Companies, Inc. | 90 | 1,054 | ||||||
Energy Recovery, Inc.* | 181 | 1,053 | ||||||
Pike Electric Corp.* | 87 | 1,042 | ||||||
China BAK Battery, Inc.* | 210 | 1,039 | ||||||
Schawk, Inc. | 88 | 1,027 | ||||||
Hill International, Inc.* | 143 | 1,015 | ||||||
GT Solar International, Inc.* | 174 | 1,011 | ||||||
Herley Industries, Inc.* | 77 | 1,005 | ||||||
Houston Wire & Cable Co. | 90 | 995 | ||||||
Eagle Bulk Shipping, Inc. | 193 | 990 | ||||||
American Woodmark Corp. | 50 | 967 | ||||||
International Shipholding Corp. | 30 | 924 | ||||||
3D Systems Corp.* | 100 | 923 | ||||||
Harbin Electric, Inc.* | 53 | 895 | ||||||
Volt Information Sciences, Inc.* | 73 | 892 | ||||||
Diamond Management & Technology Consultants, Inc. | 130 | 891 | ||||||
APAC Teleservices, Inc.* | 150 | 887 | ||||||
Aceto Corp. | 133 | 878 | ||||||
Titan Machinery, Inc.* | 70 | 876 | ||||||
Vicor Corp.* | 113 | 872 | ||||||
Kadant, Inc.* | 70 | 849 | ||||||
CDI Corp. | 60 | 843 | ||||||
Power-One, Inc.* | 424 | 827 | ||||||
Furmanite Corp.* | 190 | 819 | ||||||
Courier Corp. | 54 | 818 | ||||||
Met-Pro Corp. | 84 | 814 | ||||||
LaBarge, Inc.* | 72 | 810 | ||||||
Textainer Group Holdings Ltd. | 50 | 801 | ||||||
Graham Corp. | 51 | 793 | ||||||
Bowne & Company, Inc. | 102 | 785 | ||||||
Dynamex, Inc.* | 48 | 784 | ||||||
VSE Corp. | 20 | 780 | ||||||
Multi-Color Corp. | 50 | 772 | ||||||
Innerworkings, Inc.* | 154 | 761 | ||||||
Patriot Transportation Holding, Inc.* | 10 | 755 | ||||||
Standard Parking Corp.* | 43 | 752 | ||||||
Pacer International, Inc. | 194 | 749 | ||||||
Perma-Fix Environmental Services* | 297 | 695 | ||||||
Hurco Companies, Inc.* | 40 | 683 | ||||||
Fushi Copperweld, Inc.* | 80 | 677 | ||||||
LSI Industries, Inc. | 100 | 665 | ||||||
Ultrapetrol Bahamas Ltd.* | 134 | 659 | ||||||
USA Truck, Inc.* | 50 | 635 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Ascent Solar Technologies, Inc.* | 84 | $ | 633 | |||||
GP Strategies Corp.* | 84 | 629 | ||||||
Twin Disc, Inc. | 50 | 624 | ||||||
PowerSecure International, Inc.* | 91 | 617 | ||||||
Miller Industries, Inc. — Class A* | 54 | 594 | ||||||
Standard Register Co. | 100 | 588 | ||||||
Alamo Group, Inc. | 37 | 585 | ||||||
Universal Truckload Services, Inc. | 35 | 578 | ||||||
TBS International Ltd. — Class A* | 66 | 574 | ||||||
Odyssey Marine Exploration, Inc.* | 306 | 569 | ||||||
DXP Enterprises, Inc.* | 50 | 558 | ||||||
Flow International Corp.* | 214 | 554 | ||||||
LMI Aerospace, Inc.* | 54 | 542 | ||||||
Argan, Inc.* | 40 | 538 | ||||||
ICT Group, Inc.* | 50 | 525 | ||||||
American Railcar Industries, Inc. | 49 | 520 | ||||||
COMSYS IT Partners, Inc.* | 80 | 512 | ||||||
Ultralife Batteries, Inc.* | 83 | 503 | ||||||
Valence Technology, Inc.* | 277 | 499 | ||||||
Todd Shipyards Corp. | 30 | 493 | ||||||
Flanders Corp.* | 94 | 485 | ||||||
Trimas Corp.* | 94 | 479 | ||||||
Eastern Co. | 30 | 477 | ||||||
SmartHeat, Inc.* | 40 | 475 | ||||||
Astronics Corp.* | 50 | 470 | ||||||
Metalico, Inc.* | 107 | 446 | ||||||
CAI International, Inc.* | 60 | 442 | ||||||
Sauer, Inc. | 56 | 430 | ||||||
North American Galvanizing & Coating, Inc.* | 70 | 425 | ||||||
Barrett Business Services, Inc. | 40 | 423 | ||||||
Waste Services, Inc.* | 90 | 416 | ||||||
Willis Lease Finance Corp.* | 30 | 410 | ||||||
Builders FirstSource, Inc.* | 94 | 410 | ||||||
Franklin Covey Co.* | 70 | 410 | ||||||
Preformed Line Products Co. | 10 | 401 | ||||||
NCI Building Systems, Inc.* | 116 | 371 | ||||||
Chase Corp. | 30 | 351 | ||||||
Satcon Technology Corp.* | 204 | 349 | ||||||
Lawson Products, Inc. | 20 | 348 | ||||||
Omega Flex, Inc. | 20 | 335 | ||||||
Orion Energy Systems, Inc.* | 95 | 297 | ||||||
Primoris Services Corp. | 40 | 288 | ||||||
Portec Rail Products, Inc. | 30 | 285 | ||||||
BlueLinx Holdings, Inc.* | 70 | 281 | ||||||
Heritage-Crystal Clean, Inc.* | 20 | 255 | ||||||
Integrated Electrical Services, Inc.* | 30 | 242 | ||||||
United Capital Corp.* | 10 | 231 | ||||||
AMREP Corp.* | 10 | 132 | ||||||
Total Industrials | 780,831 | |||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 75 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
HEALTH CARE 4.4% | ||||||||
Owens & Minor, Inc. | 254 | $ | 11,493 | |||||
Steris Corp. | 348 | 10,597 | ||||||
Human Genome Sciences, Inc.* | 551 | 10,370 | ||||||
Thoratec Corp.* | 324 | 9,807 | ||||||
Onyx Pharmaceuticals, Inc.* | 321 | 9,620 | ||||||
NuVasive, Inc.* | 207 | 8,644 | ||||||
Quality Systems, Inc. | 140 | 8,620 | ||||||
Auxilium Pharmaceuticals, Inc.* | 248 | 8,484 | ||||||
Psychiatric Solutions, Inc.* | 314 | 8,403 | ||||||
Haemonetics Corp.* | 140 | 7,857 | ||||||
Healthsouth Corp.* | 485 | 7,585 | ||||||
Varian, Inc.* | 148 | 7,557 | ||||||
Immucor, Inc.* | 419 | 7,416 | ||||||
Isis Pharmaceuticals, Inc.* | 509 | 7,416 | ||||||
West Pharmaceutical Services, Inc. | 182 | 7,391 | ||||||
Medicis Pharmaceutical Corp. — Class A | 343 | 7,323 | ||||||
PSS World Medical, Inc.* | 334 | 7,291 | ||||||
Masimo Corp.* | 277 | 7,257 | ||||||
athenahealth, Inc.* | 182 | 6,983 | ||||||
American Medical Systems Holdings, Inc.* | 405 | 6,853 | ||||||
Regeneron Pharmaceuticals, Inc.* | 345 | 6,658 | ||||||
Cubist Pharmaceuticals, Inc.* | 328 | 6,626 | ||||||
Amedisys, Inc.* | 151 | 6,588 | ||||||
Dionex Corp.* | 100 | 6,497 | ||||||
AMERIGROUP Corp.* | 284 | 6,296 | ||||||
WellCare Health Plans, Inc.* | 254 | 6,261 | ||||||
Eclipsys Corp.* | 318 | 6,137 | ||||||
Magellan Health Services, Inc.* | 194 | 6,026 | ||||||
Salix Pharmaceuticals Ltd.* | 274 | 5,825 | ||||||
HMS Holdings Corp.* | 152 | 5,811 | ||||||
Catalyst Health Solutions, Inc.* | 191 | 5,568 | ||||||
Meridian Bioscience, Inc. | 214 | 5,352 | ||||||
Chemed Corp. | 120 | 5,267 | ||||||
PDL BioPharma, Inc. | 661 | 5,209 | ||||||
Nektar Therapeutics* | 531 | 5,172 | ||||||
Savient Pharmaceuticals, Inc.* | 337 | 5,122 | ||||||
MedAssets, Inc.* | 216 | 4,875 | ||||||
ev3, Inc.* | 396 | 4,875 | ||||||
Alkermes, Inc.* | 520 | 4,779 | ||||||
Acorda Therapeutics, Inc.* | 205 | 4,772 | ||||||
Seattle Genetics, Inc.* | 332 | 4,658 | ||||||
Theravance, Inc.* | 318 | 4,656 | ||||||
Alnylam Pharmaceuticals, Inc.* | 204 | 4,627 | ||||||
Align Technology, Inc.* | 317 | 4,508 | ||||||
Volcano Corp.* | 267 | 4,491 | ||||||
Gentiva Health Services, Inc.* | 175 | 4,377 | ||||||
Parexel International Corp.* | 320 | 4,349 | ||||||
Luminex Corp.* | 246 | 4,182 | ||||||
Centene Corp.* | 220 | 4,167 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Cepheid, Inc.* | 315 | $ | 4,164 | |||||
Medivation, Inc.* | 152 | 4,125 | ||||||
Par Pharmaceutical Companies, Inc.* | 190 | 4,087 | ||||||
Martek Biosciences Corp.* | 180 | 4,066 | ||||||
AMAG Pharmaceuticals, Inc.* | 93 | 4,062 | ||||||
Viropharma, Inc.* | 420 | 4,040 | ||||||
Vivus, Inc.* | 386 | 4,034 | ||||||
Wright Medical Group, Inc.* | 223 | 3,983 | ||||||
Exelixis, Inc.* | 590 | 3,764 | ||||||
Invacare Corp. | 160 | 3,565 | ||||||
Kindred Healthcare, Inc.* | 217 | 3,522 | ||||||
AmSurg Corp.* | 164 | 3,482 | ||||||
InterMune, Inc.* | 218 | 3,473 | ||||||
Healthspring, Inc.* | 282 | 3,454 | ||||||
Affymetrix, Inc.* | 393 | 3,451 | ||||||
Phase Forward, Inc.* | 242 | 3,398 | ||||||
Genoptix, Inc.* | 97 | 3,374 | ||||||
Conceptus, Inc.* | 181 | 3,356 | ||||||
Geron Corp.* | 511 | 3,352 | ||||||
Integra LifeSciences Holdings Corp.* | 98 | 3,347 | ||||||
Conmed Corp.* | 173 | 3,316 | ||||||
Medicines Co.* | 294 | 3,237 | ||||||
Impax Laboratories, Inc.* | 364 | 3,181 | ||||||
XenoPort, Inc.* | 148 | 3,142 | ||||||
Emergency Medical Services Corp.* | 67 | 3,115 | ||||||
inVentiv Health, Inc.* | 185 | 3,095 | ||||||
MannKind Corp.* | 304 | 2,994 | ||||||
PharMerica Corp.* | 160 | 2,971 | ||||||
Cell Therapeutics, Inc.* | 2,410 | 2,964 | ||||||
Bruker Corp.* | 277 | 2,956 | ||||||
Abaxis, Inc.* | 109 | 2,916 | ||||||
Landauer, Inc. | 53 | 2,914 | ||||||
IPC The Hospitalist Co. | 91 | 2,862 | ||||||
MWI Veterinary Supply, Inc.* | 71 | 2,836 | ||||||
Orthofix International N.V.* | 96 | 2,821 | ||||||
Healthways, Inc.* | 184 | 2,819 | ||||||
Celera Corp.* | 447 | 2,785 | ||||||
Incyte Corp.* | 407 | 2,747 | ||||||
ICU Medical, Inc.* | 74 | 2,728 | ||||||
SonoSite, Inc.* | 103 | 2,725 | ||||||
Merit Medical Systems, Inc.* | 156 | 2,703 | ||||||
Emeritus Corp.* | 123 | 2,700 | ||||||
Pharmasset, Inc.* | 127 | 2,685 | ||||||
Greatbatch, Inc.* | 118 | 2,651 | ||||||
LHC Group, Inc.* | 88 | 2,634 | ||||||
Facet Biotech Corp.* | 152 | 2,628 | ||||||
Allos Therapeutics, Inc.* | 361 | 2,617 | ||||||
Analogic Corp. | 70 | 2,591 | ||||||
Sirona Dental Systems, Inc.* | 87 | 2,588 | ||||||
Neogen Corp.* | 80 | 2,583 |
76 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Halozyme Therapeutics, Inc.* | 356 | $ | 2,531 | |||||
Computer Programs & Systems, Inc. | 60 | 2,485 | ||||||
Zoll Medical Corp.* | 112 | 2,410 | ||||||
Natus Medical, Inc.* | 155 | 2,392 | ||||||
Air Methods Corp.* | 72 | 2,345 | ||||||
Quidel Corp.* | 144 | 2,337 | ||||||
SurModics, Inc.* | 94 | 2,312 | ||||||
ImmunoGen, Inc.* | 285 | 2,311 | ||||||
RehabCare Group, Inc.* | 106 | 2,299 | ||||||
Cyberonics, Inc.* | 144 | 2,295 | ||||||
Odyssey HealthCare, Inc.* | 180 | 2,250 | ||||||
Optimer Pharmaceuticals, Inc.* | 166 | 2,246 | ||||||
Enzon Pharmaceuticals, Inc.* | 263 | 2,170 | ||||||
Momenta Pharmaceuticals, Inc.* | 199 | 2,111 | ||||||
Sun Healthcare Group, Inc.* | 244 | 2,108 | ||||||
DexCom, Inc.* | 265 | 2,101 | ||||||
Omnicell, Inc.* | 188 | 2,094 | ||||||
Triple-S Management Corp. — Class B* | 124 | 2,079 | ||||||
Bio-Reference Labs, Inc.* | 60 | 2,064 | ||||||
Symmetry Medical, Inc.* | 196 | 2,033 | ||||||
Hanger Orthopedic Group, Inc.* | 144 | 1,997 | ||||||
Immunomedics, Inc.* | 351 | 1,938 | ||||||
Angiodynamics, Inc.* | 140 | 1,929 | ||||||
Affymax, Inc.* | 80 | 1,911 | ||||||
Res-Care, Inc.* | 134 | 1,904 | ||||||
Questcor Pharmaceuticals, Inc.* | 332 | 1,833 | ||||||
Arena Pharmaceuticals, Inc.* | 408 | 1,824 | ||||||
Emergent Biosolutions, Inc.* | 102 | 1,801 | ||||||
Sangamo Biosciences, Inc.* | 218 | 1,790 | ||||||
ABIOMED, Inc.* | 184 | 1,787 | ||||||
Palomar Medical Technologies, Inc.* | 110 | 1,783 | ||||||
Insulet Corp.* | 156 | 1,752 | ||||||
AMN Healthcare Services, Inc.* | 184 | 1,750 | ||||||
Cadence Pharmaceuticals, Inc.* | 154 | 1,703 | ||||||
BioScrip, Inc.* | 250 | 1,690 | ||||||
Vanda Pharmaceuticals, Inc.* | 144 | 1,676 | ||||||
Cypress Bioscience, Inc.* | 205 | 1,675 | ||||||
Molina Healthcare, Inc.* | 80 | 1,655 | ||||||
Cross Country Healthcare, Inc.* | 176 | 1,639 | ||||||
Orthovita, Inc.* | 367 | 1,611 | ||||||
Endologix, Inc.* | 257 | 1,591 | ||||||
eResearch Technology, Inc.* | 227 | 1,589 | ||||||
Rigel Pharmaceuticals, Inc.* | 193 | 1,583 | ||||||
Protalix BioTherapeutics, Inc.* | 190 | 1,569 | ||||||
Genomic Health, Inc.* | 70 | 1,530 | ||||||
National Healthcare Corp. | 40 | 1,492 | ||||||
Accuray, Inc.* | 228 | 1,482 | ||||||
Ardea Biosciences, Inc.* | 80 | 1,466 | ||||||
Novavax, Inc.* | 370 | 1,465 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 633 | 1,462 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Assisted Living Concepts, Inc. — Class A* | 70 | $ | 1,450 | |||||
Enzo Biochem, Inc.* | 194 | 1,374 | ||||||
Kendle International, Inc.* | 82 | 1,371 | ||||||
Universal American Financial Corp.* | 144 | 1,356 | ||||||
GTx, Inc.* | 105 | 1,344 | ||||||
I-Flow Corp.* | 116 | 1,321 | ||||||
Spectranetics Corp.* | 204 | 1,308 | ||||||
Atrion Corp. | 9 | 1,300 | ||||||
Cytokinetics, Inc.* | 244 | 1,291 | ||||||
Zymogenetics, Inc.* | 213 | 1,287 | ||||||
Spectrum Pharmaceuticals, Inc.* | 190 | 1,279 | ||||||
RTI Biologics, Inc.* | 293 | 1,275 | ||||||
Hemispherx Biopharma, Inc.* | 614 | 1,228 | ||||||
CryoLife, Inc.* | 154 | 1,227 | ||||||
Depomed, Inc.* | 280 | 1,224 | ||||||
Metabolix, Inc.* | 118 | 1,213 | ||||||
Durect Corp.* | 448 | 1,196 | ||||||
Dyax Corp.* | 333 | 1,195 | ||||||
Pozen, Inc.* | 162 | 1,192 | ||||||
Almost Family, Inc.* | 40 | 1,190 | ||||||
SIGA Technologies, Inc.* | 150 | 1,183 | ||||||
Obagi Medical Products, Inc.* | 100 | 1,160 | ||||||
Corvel Corp.* | 40 | 1,136 | ||||||
IRIS International, Inc.* | 100 | 1,130 | ||||||
Albany Molecular Research, Inc.* | 130 | 1,126 | ||||||
TomoTherapy, Inc.* | 260 | 1,126 | ||||||
Kensey Nash Corp.* | 38 | 1,100 | ||||||
Arqule, Inc.* | 240 | 1,090 | ||||||
Sequenom, Inc.* | 335 | 1,082 | ||||||
Aspect Medical Systems, Inc.* | 90 | 1,078 | ||||||
Micromet, Inc.* | 160 | 1,066 | ||||||
Micrus Endovascular Corp.* | 82 | 1,062 | ||||||
Vital Images, Inc.* | 83 | 1,039 | ||||||
NPS Pharmaceuticals, Inc.* | 258 | 1,037 | ||||||
American Dental Partners, Inc.* | 74 | 1,036 | ||||||
BioMimetic Therapeutics, Inc.* | 84 | 1,026 | ||||||
Cantel Medical Corp.* | 68 | 1,024 | ||||||
Clinical Data, Inc.* | 61 | 1,017 | ||||||
Somanetics Corp.* | 63 | 1,016 | ||||||
Poniard Pharmaceuticals, Inc.* | 134 | 1,002 | ||||||
Santarus, Inc.* | 304 | 1,000 | ||||||
Nabi Biopharmaceuticals* | 278 | 998 | ||||||
Chindex International, Inc.* | 78 | 981 | ||||||
Pain Therapeutics, Inc.* | 193 | 977 | ||||||
Idera Pharmaceuticals, Inc.* | 131 | 971 | ||||||
StemCells, Inc.* | 581 | 947 | ||||||
BioCryst Pharmaceuticals, Inc.* | 114 | 939 | ||||||
Cambrex Corp.* | 149 | 939 | ||||||
Lexicon Genetics, Inc.* | 439 | 935 | ||||||
Discovery Laboratories, Inc.* | 685 | 932 | ||||||
Repligen Corp.* | 181 | 907 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 77 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Hi-Tech Pharmacal Company, Inc.* | 40 | $ | 898 | |||||
Maxygen, Inc.* | 134 | 896 | ||||||
SuperGen, Inc.* | 334 | 892 | ||||||
Orexigen Therapeutics, Inc.* | 90 | 886 | ||||||
Ensign Group, Inc. | 63 | 884 | ||||||
CardioNet, Inc.* | 130 | 874 | ||||||
Nighthawk Radiology Holdings, Inc.* | 120 | 868 | ||||||
Electro-Optical Sciences, Inc.* | 90 | 862 | ||||||
Vascular Solutions, Inc.* | 104 | 860 | ||||||
Inspire Pharmaceuticals, Inc.* | 164 | 856 | ||||||
Curis, Inc.* | 364 | 852 | ||||||
Progenics Pharmaceuticals, Inc.* | 162 | 849 | ||||||
US Physical Therapy, Inc.* | 56 | �� | 844 | |||||
Skilled Healthcare Group, Inc. — Class A* | 104 | 835 | ||||||
SciClone Pharmaceuticals, Inc.* | 194 | 826 | ||||||
Ista Pharmaceuticals, Inc.* | 184 | 821 | ||||||
Exactech, Inc.* | 52 | 818 | ||||||
Sunrise Senior Living, Inc.* | 269 | 815 | ||||||
Medical Action Industries, Inc.* | 67 | 809 | ||||||
Accelrys, Inc.* | 139 | 806 | ||||||
Alliance Imaging, Inc.* | 142 | 804 | ||||||
NxStage Medical, Inc.* | 120 | 803 | ||||||
Synovis Life Technologies, Inc.* | 58 | 800 | ||||||
Alphatec Holdings, Inc.* | 172 | 791 | ||||||
Young Innovations, Inc. | 30 | 789 | ||||||
OraSure Technologies, Inc.* | 271 | 786 | ||||||
Ariad Pharmaceuticals, Inc.* | 350 | 777 | ||||||
Clarient, Inc.* | 184 | 775 | ||||||
Rochester Medical Corp.* | 64 | 771 | ||||||
Capital Senior Living Corp.* | 125 | 763 | ||||||
Myriad Pharmaceuticals, Inc.* | 127 | 744 | ||||||
AVANIR Pharmaceuticals, Inc. — Class A* | 354 | 736 | ||||||
Amicus Therapeutics, Inc.* | 84 | 735 | ||||||
BMP Sunstone Corp.* | 180 | 733 | ||||||
OncoGenex Pharmaceutical, Inc.* | 20 | 720 | ||||||
Allied Healthcare International, Inc.* | 254 | 711 | ||||||
AMICAS, Inc.* | 197 | 709 | ||||||
ATS Medical, Inc.* | 264 | 708 | ||||||
Bovie Medical Corp.* | 90 | 707 | ||||||
Medcath Corp.* | 80 | 702 | ||||||
Cynosure, Inc.* | 60 | 699 | ||||||
Transcend Services, Inc.* | 40 | 699 | ||||||
Health Grades, Inc.* | 140 | 693 | ||||||
Neurocrine Biosciences, Inc.* | 221 | 674 | ||||||
Stereotaxis, Inc.* | 150 | 669 | ||||||
America Service Group, Inc. | 40 | 662 | ||||||
LCA-Vision, Inc.* | 94 | 659 | ||||||
Array Biopharma, Inc.* | 275 | 655 | ||||||
Allion Healthcare, Inc.* | 110 | 644 | ||||||
Biospecifics Technologies Corp.* | 20 | 640 | ||||||
Cutera, Inc.* | 74 | 640 |
MARKET | ||||||||
SHARES | VALUE | |||||||
KV Pharmaceutical Co.* | 208 | $ | 639 | |||||
Infinity Pharmaceuticals, Inc.* | 100 | 623 | ||||||
Rockwell Medical Technologies, Inc.* | 80 | 622 | ||||||
Osiris Therapeutics, Inc.* | 92 | 613 | ||||||
HeartWare International, Inc.* | 20 | 600 | ||||||
Delcath Systems, Inc.* | 120 | 589 | ||||||
Utah Medical Products, Inc. | 20 | 586 | ||||||
Harvard Bioscience, Inc.* | 154 | 584 | ||||||
Insmed, Inc.* | 711 | 583 | ||||||
Providence Service Corp.* | 50 | 583 | ||||||
Cytori Therapeutics, Inc.* | 146 | 577 | ||||||
Merge Healthcare, Inc.* | 140 | 575 | ||||||
Molecular Insight Pharmaceuticals, Inc.* | 104 | 575 | ||||||
Vical, Inc.* | 134 | 571 | ||||||
MAKO Surgical Corp.* | 64 | 561 | ||||||
AVI BioPharma, Inc.* | 321 | 552 | ||||||
Javelin Pharmaceuticals, Inc.* | 269 | 525 | ||||||
Virtual Radiologic Corp.* | 40 | 521 | ||||||
Biodel, Inc.* | 96 | 516 | ||||||
Hansen Medical, Inc.* | 147 | 515 | ||||||
Metropolitan Health Networks, Inc.* | 234 | 510 | ||||||
Continucare Corp.* | 164 | 495 | ||||||
NeurogesX, Inc.* | 60 | 480 | ||||||
Home Diagnostics, Inc.* | 70 | 473 | ||||||
NovaMed, Inc.* | 100 | 453 | ||||||
EnteroMedics, Inc.* | 94 | 450 | ||||||
RadNet, Inc.* | 170 | 440 | ||||||
Nanosphere, Inc.* | 60 | 430 | ||||||
Opko Health, Inc.* | 188 | 429 | ||||||
Akorn, Inc.* | 310 | 425 | ||||||
Idenix Pharmaceuticals, Inc.* | 137 | 423 | ||||||
Lannet Company, Inc.* | 55 | 411 | ||||||
Life Sciences Research, Inc.* | 50 | 398 | ||||||
Cardiac Science Corp.* | 98 | 392 | ||||||
Adolor Corp.* | 244 | 388 | ||||||
TranS1, Inc.* | 76 | 366 | ||||||
Cardiovascular Systems, Inc.* | 50 | 364 | ||||||
Chelsea Therapeutics International, Inc.* | 140 | 351 | ||||||
ARYx Therapeutics, Inc.* | 110 | 344 | ||||||
Cardium Therapeutics, Inc.* | 210 | 340 | ||||||
Celldex Therapeutics, Inc.* | 60 | 329 | ||||||
Sucampo Pharmaceuticals, Inc. — Class A* | 56 | 326 | ||||||
Synta Pharmaceuticals Corp.* | 104 | 322 | ||||||
MedQuist, Inc. | 50 | 318 | ||||||
MAP Pharmaceuticals, Inc.* | 30 | 314 | ||||||
Caraco Pharmaceuticals Laboratories Ltd.* | 60 | 305 | ||||||
Matrixx Initiatives, Inc.* | 50 | 284 | ||||||
Cornerstone Therapeutics, Inc.* | 40 | 262 | ||||||
National Research Corp. | 10 | 241 | ||||||
BioDelivery Sciences International, Inc.* | 50 | 240 |
78 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
MiddleBrook Pharmaceuticals, Inc.* | 204 | $ | 235 | |||||
American Caresource Holdings, Inc.* | 50 | 219 | ||||||
Acura Pharmaceuticals, Inc.* | 37 | 189 | ||||||
OXiGENE, Inc.* | 110 | 156 | ||||||
Repros Therapeutics, Inc.* | 50 | 45 | ||||||
Total Health Care | 696,940 | |||||||
CONSUMER DISCRETIONARY 4.3% | ||||||||
Tupperware Brands Corp. | 360 | 14,371 | ||||||
Bally Technologies, Inc.* | 331 | 12,700 | ||||||
The Warnaco Group, Inc.* | 257 | 11,272 | ||||||
J. Crew Group, Inc.* | 290 | 10,388 | ||||||
Tractor Supply Co.* | 197 | 9,539 | ||||||
Jones Apparel Group, Inc. | 491 | 8,804 | ||||||
Gymboree Corp.* | 173 | 8,370 | ||||||
Carter’s, Inc.* | 313 | 8,357 | ||||||
Corinthian Colleges, Inc.* | 434 | 8,055 | ||||||
Tempur-Pedic International, Inc.* | 412 | 7,803 | ||||||
Fossil, Inc.* | 271 | 7,710 | ||||||
Eastman Kodak Co. | 1,514 | 7,237 | ||||||
Men’s Wearhouse, Inc. | 292 | 7,212 | ||||||
Deckers Outdoor Corp.* | 84 | 7,127 | ||||||
Wolverine World Wide, Inc. | 280 | 6,955 | ||||||
Polaris Industries, Inc. | 170 | 6,933 | ||||||
Rent-A-Center, Inc.* | 364 | 6,872 | ||||||
Matthews International Corp. — Class A | 184 | 6,510 | ||||||
Jack in the Box, Inc.* | 317 | 6,495 | ||||||
Sotheby’s | 370 | 6,375 | ||||||
Collective Brands, Inc.* | 367 | 6,360 | ||||||
Cheesecake Factory, Inc.* | 337 | 6,241 | ||||||
Life Time Fitness, Inc.* | 220 | 6,171 | ||||||
Brunswick Corp. | 507 | 6,074 | ||||||
Coinstar, Inc.* | 174 | 5,739 | ||||||
Pool Corp. | 258 | 5,733 | ||||||
Cooper Tire & Rubber Co. | 317 | 5,573 | ||||||
OfficeMax, Inc.* | 434 | 5,460 | ||||||
Lululemon Athletica, Inc.* | 234 | 5,323 | ||||||
Capella Education Co.* | 79 | 5,320 | ||||||
Bob Evans Farms, Inc. | 181 | 5,260 | ||||||
AnnTaylor Stores Corp.* | 327 | 5,196 | ||||||
Vail Resorts, Inc.* | 150 | 5,031 | ||||||
Buckle, Inc. | 145 | 4,950 | ||||||
Orient-Express Hotels Ltd. — Class A | 427 | 4,915 | ||||||
Valassis Communications, Inc.* | 274 | 4,899 | ||||||
Under Armour, Inc.* | 175 | 4,870 | ||||||
Ryland Group, Inc. | 226 | 4,762 | ||||||
P.F. Chang’s China Bistro, Inc.* | 140 | 4,756 | ||||||
American Greetings Corp. — Class A | 210 | 4,683 | ||||||
Saks, Inc.* | 684 | 4,665 | ||||||
Jos. A. Bank Clothiers, Inc.* | 100 | 4,477 | ||||||
Blue Nile, Inc.* | 70 | 4,348 | ||||||
Dress Barn, Inc.* | 236 | 4,231 |
MARKET | ||||||||
SHARES | VALUE | |||||||
National CineMedia, Inc. | 245 | $ | 4,158 | |||||
Cracker Barrel Old Country Store, Inc. | 120 | 4,128 | ||||||
Children’s Place Retail Stores, Inc.* | 137 | 4,105 | ||||||
Dillard’s, Inc. — Class A | 290 | 4,089 | ||||||
Sonic Corp.* | 358 | 3,959 | ||||||
Buffalo Wild Wings, Inc.* | 94 | 3,911 | ||||||
Dana Holding Corp.* | 573 | 3,902 | ||||||
Live Nation, Inc.* | 474 | 3,882 | ||||||
Jo-Ann Stores, Inc.* | 144 | 3,864 | ||||||
American Public Education, Inc.* | 111 | 3,856 | ||||||
Sally Beauty Holdings, Inc.* | 537 | 3,818 | ||||||
True Religion Apparel, Inc.* | 147 | 3,812 | ||||||
Meritage Homes Corp.* | 183 | 3,715 | ||||||
Iconix Brand Group, Inc.* | 294 | 3,666 | ||||||
Helen of Troy Ltd.* | 188 | 3,653 | ||||||
99 Cents Only Stores* | 270 | 3,631 | ||||||
Gaylord Entertainment Co.* | 180 | 3,618 | ||||||
Unifirst Corp. | 80 | 3,556 | ||||||
Timberland Co. — Class A* | 254 | 3,536 | ||||||
CEC Entertainment, Inc.* | 135 | 3,491 | ||||||
HSN, Inc.* | 210 | 3,419 | ||||||
Pinnacle Entertainment, Inc.* | 335 | 3,414 | ||||||
Group 1 Automotive, Inc. | 127 | 3,410 | ||||||
Tenneco, Inc.* | 255 | 3,325 | ||||||
Charming Shoppes, Inc.* | 669 | 3,285 | ||||||
Regis Corp. | 210 | 3,255 | ||||||
ArvinMeritor, Inc. | 411 | 3,214 | ||||||
CROCS, Inc.* | 481 | 3,199 | ||||||
Arbitron, Inc. | 154 | 3,197 | ||||||
Cato Corp. — Class A | 154 | 3,125 | ||||||
CKE Restaurants, Inc. | 294 | 3,084 | ||||||
Cabela’s, Inc. — Class A* | 230 | 3,068 | ||||||
Monro Muffler Brake, Inc. | 94 | 2,988 | ||||||
Steven Madden Ltd.* | 80 | 2,945 | ||||||
Texas Roadhouse, Inc.* | 276 | 2,931 | ||||||
Fred’s, Inc. | 230 | 2,928 | ||||||
Scholastic Corp. | 120 | 2,921 | ||||||
Skechers U.S.A., Inc. — Class A* | 170 | 2,914 | ||||||
Harte-Hanks, Inc. | 210 | 2,904 | ||||||
Steiner Leisure Ltd.* | 80 | 2,861 | ||||||
Hibbett Sports, Inc.* | 155 | 2,826 | ||||||
Interval Leisure Group, Inc.* | 224 | 2,796 | ||||||
Stage Stores, Inc. | 214 | 2,773 | ||||||
Shuffle Master, Inc.* | 294 | 2,769 | ||||||
Belo Corp. — Class A | 507 | 2,743 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 164 | 2,708 | ||||||
Winnebago Industries, Inc.* | 184 | 2,707 | ||||||
Papa John’s International, Inc.* | 110 | 2,703 | ||||||
NutriSystem, Inc. | 177 | 2,701 | ||||||
Pep Boys-Manny Moe & Jack | 274 | 2,677 | ||||||
Fuel Systems Solutions, Inc.* | 74 | 2,663 | ||||||
Genesco, Inc.* | 110 | 2,648 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 79 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Callaway Golf Co. | 347 | $ | 2,641 | |||||
Coldwater Creek, Inc.* | 317 | 2,599 | ||||||
Liz Claiborne, Inc. | 527 | 2,598 | ||||||
Ticketmaster Entertainment, Inc.* | 214 | 2,502 | ||||||
Columbia Sportswear Co. | 60 | 2,470 | ||||||
PetMed Express, Inc. | 130 | 2,450 | ||||||
Universal Technical Institute, Inc.* | 124 | 2,443 | ||||||
Ethan Allen Interiors, Inc. | 148 | 2,442 | ||||||
La-Z-Boy, Inc. | 280 | 2,422 | ||||||
Asbury Automotive Group, Inc.* | 188 | 2,384 | ||||||
Finish Line, Inc. — Class A | 233 | 2,367 | ||||||
Stewart Enterprises, Inc. — Class A | 451 | 2,359 | ||||||
Citi Trends, Inc.* | 82 | 2,335 | ||||||
Jakks Pacific, Inc.* | 163 | 2,334 | ||||||
Exide Technologies* | 287 | 2,287 | ||||||
Ameristar Casinos, Inc. | 144 | 2,272 | ||||||
K12, Inc.* | 137 | 2,258 | ||||||
DineEquity, Inc. | 90 | 2,227 | ||||||
Charlotte Russe Holding, Inc.* | 127 | 2,222 | ||||||
Ruby Tuesday, Inc.* | 259 | 2,181 | ||||||
Drew Industries, Inc.* | 100 | 2,169 | ||||||
CKX, Inc.* | 314 | 2,107 | ||||||
Dolan Media Co.* | 175 | 2,098 | ||||||
Standard-Pacific Corp.* | 568 | 2,096 | ||||||
Pre-Paid Legal Services, Inc.* | 40 | 2,032 | ||||||
The Wet Seal, Inc. — Class A* | 533 | 2,015 | ||||||
Cinemark Holdings, Inc. | 194 | 2,010 | ||||||
Quiksilver, Inc.* | 724 | 1,991 | ||||||
National Presto Industries, Inc. | 23 | 1,990 | ||||||
Brown Shoe Company, Inc. | 244 | 1,957 | ||||||
RCN Corp.* | 210 | 1,953 | ||||||
Churchill Downs, Inc. | 50 | 1,925 | ||||||
Pier 1 Imports, Inc.* | 497 | 1,923 | ||||||
Shutterfly, Inc.* | 114 | 1,896 | ||||||
Domino’s Pizza, Inc.* | 214 | 1,892 | ||||||
Pacific Sunwear of California, Inc.* | 367 | 1,890 | ||||||
Zumiez, Inc.* | 115 | 1,887 | ||||||
Stein Mart, Inc.* | 148 | 1,881 | ||||||
Peet’s Coffee & Tea, Inc.* | 66 | 1,863 | ||||||
Red Robin Gourmet Burgers, Inc.* | 90 | 1,838 | ||||||
Big 5 Sporting Goods Corp. | 120 | 1,812 | ||||||
Ascent Media Corp. — Class A* | 70 | 1,792 | ||||||
Hot Topic, Inc.* | 239 | 1,790 | ||||||
Modine Manufacturing Co. | 193 | 1,789 | ||||||
Ambassadors Group, Inc. | 113 | 1,768 | ||||||
Lumber Liquidators, Inc.* | 81 | 1,757 | ||||||
BJ’s Restaurants, Inc.* | 116 | 1,739 | ||||||
Core-Mark Holding Company, Inc.* | 60 | 1,716 | ||||||
Universal Electronics, Inc.* | 84 | 1,715 | ||||||
Superior Industries International, Inc. | 120 | 1,704 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Steak n Shake Co.* | 144 | $ | 1,695 | |||||
Knology, Inc.* | 171 | 1,667 | ||||||
American Axle & Manufacturing Holdings, Inc. | 234 | 1,657 | ||||||
World Wrestling Entertainment, Inc. | 116 | 1,625 | ||||||
Maidenform Brands, Inc.* | 100 | 1,606 | ||||||
Volcom, Inc.* | 97 | 1,599 | ||||||
Smith & Wesson Holding Corp.* | 304 | 1,590 | ||||||
California Pizza Kitchen, Inc.* | 100 | 1,562 | ||||||
Lithia Motors, Inc. — Class A | 98 | 1,528 | ||||||
Sonic Automotive, Inc. | 140 | 1,470 | ||||||
M/I Homes, Inc.* | 107 | 1,454 | ||||||
Grand Canyon Education, Inc.* | 81 | 1,444 | ||||||
America’s Car Mart, Inc.* | 60 | 1,437 | ||||||
Denny’s Corp.* | 523 | 1,391 | ||||||
Oxford Industries, Inc. | 70 | 1,379 | ||||||
Overstock.com, Inc.* | 94 | 1,379 | ||||||
iRobot Corp.* | 112 | 1,379 | ||||||
Lincoln Educational Services Corp.* | 60 | 1,373 | ||||||
Movado Group, Inc. | 92 | 1,337 | ||||||
K-Swiss, Inc. — Class A | 151 | 1,327 | ||||||
Mediacom Communications Corp.* | 229 | 1,319 | ||||||
Christopher & Banks Corp. | 194 | 1,313 | ||||||
Furniture Brands International, Inc.* | 237 | 1,311 | ||||||
Sturm Ruger & Company, Inc. | 100 | 1,294 | ||||||
Talbots, Inc. | 140 | 1,292 | ||||||
Orbitz Worldwide, Inc.* | 209 | 1,292 | ||||||
Beazer Homes USA, Inc.* | 230 | 1,286 | ||||||
Marcus Corp. | 100 | 1,279 | ||||||
EW Scripps Co. — Class A* | 164 | 1,230 | ||||||
Haverty Furniture Companies, Inc.* | 104 | 1,228 | ||||||
Krispy Kreme Doughnuts, Inc.* | 342 | 1,221 | ||||||
Bridgepoint Education, Inc.* | 80 | 1,221 | ||||||
Standard Motor Products, Inc. | 80 | 1,216 | ||||||
Speedway Motorsports, Inc. | 84 | 1,209 | ||||||
drugstore.com, Inc.* | 491 | 1,193 | ||||||
ChinaCast Education Corp.* | 164 | 1,192 | ||||||
Fuqi International, Inc.* | 40 | 1,171 | ||||||
AFC Enterprises, Inc.* | 137 | 1,154 | ||||||
Isle of Capri Casinos, Inc.* | 97 | 1,144 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 293 | 1,125 | ||||||
Blyth, Inc. | 29 | 1,123 | ||||||
DSW, Inc.* | 70 | 1,118 | ||||||
FGX International Holdings Ltd.* | 80 | 1,116 | ||||||
Tween Brands, Inc.* | 130 | 1,091 | ||||||
G-III Apparel Group Ltd.* | 74 | 1,047 | ||||||
Dorman Products, Inc.* | 69 | 1,036 | ||||||
hhgregg, Inc.* | 60 | 1,016 | ||||||
Weyco Group, Inc. | 44 | 1,008 | ||||||
Zale Corp.* | 140 | 1,001 |
80 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Kirkland’s, Inc.* | 70 | $ | 997 | |||||
Wonder Auto Technology, Inc.* | 82 | 984 | ||||||
Cherokee, Inc. | 40 | 959 | ||||||
Skyline Corp. | 42 | 948 | ||||||
Cavco Industries, Inc.* | 26 | 923 | ||||||
Martha Stewart Omnimedia, Inc.* | 146 | 914 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 254 | 909 | ||||||
LodgeNet Interactive Corp.* | 120 | 906 | ||||||
Rentrak Corp.* | 50 | 893 | ||||||
Spartan Motors, Inc. | 173 | 889 | ||||||
Bebe Stores, Inc. | 120 | 883 | ||||||
Hooker Furniture Corp. | 64 | 864 | ||||||
Borders Group, Inc.* | 277 | 861 | ||||||
RC2 Corp.* | 60 | 855 | ||||||
O’Charleys, Inc.* | 90 | 843 | ||||||
Amerigon, Inc.* | 114 | 838 | ||||||
Unifi, Inc.* | 260 | 832 | ||||||
Universal Travel Group* | 64 | 826 | ||||||
Perry Ellis International, Inc.* | 50 | 802 | ||||||
CSS Industries, Inc. | 40 | 791 | ||||||
Jackson Hewitt Tax Service, Inc. | 155 | 790 | ||||||
Leapfrog Enterprises, Inc.* | 192 | 789 | ||||||
Journal Communications, Inc. — Class A | 214 | 788 | ||||||
Sealy Corp.* | 245 | 784 | ||||||
Fisher Communications, Inc.* | 43 | 782 | ||||||
Shoe Carnival, Inc.* | 50 | 771 | ||||||
New York & Company, Inc.* | 144 | 737 | ||||||
Systemax, Inc.* | 60 | 728 | ||||||
Multimedia Games, Inc.* | 140 | 717 | ||||||
Carmike Cinemas, Inc.* | 70 | 708 | ||||||
Global Sources Ltd.* | 102 | 701 | ||||||
Tuesday Morning Corp.* | 168 | 699 | ||||||
LIN TV Corp. — Class A* | 147 | 695 | ||||||
Mac-Gray Corp.* | 64 | 690 | ||||||
Retail Ventures, Inc.* | 130 | 685 | ||||||
Audiovox Corp. — Class A* | 100 | 685 | ||||||
West Marine, Inc.* | 87 | 684 | ||||||
Morgans Hotel Group Co.* | 123 | 667 | ||||||
Midas, Inc.* | 70 | 658 | ||||||
Stamps.com, Inc.* | 70 | 647 | ||||||
American Apparel, Inc.* | 184 | 646 | ||||||
Monarch Casino & Resort, Inc.* | 60 | 646 | ||||||
Conn’s, Inc.* | 57 | 644 | ||||||
Stanley Furniture Co. | 60 | 622 | ||||||
Stoneridge, Inc.* | 87 | 616 | ||||||
McCormick & Schmick’s Seafood | ||||||||
Restaurants, Inc.* | 80 | 595 | ||||||
Gaiam, Inc.* | 85 | 593 | ||||||
Learning Tree International, Inc.* | 50 | 569 | ||||||
Great Wolf Resorts, Inc.* | 157 | 560 | ||||||
Outdoor Channel Holdings, Inc.* | 84 | 549 | ||||||
1-800-FLOWERS.com, Inc.* | 158 | 545 | ||||||
Destination Maternity Corp.* | 30 | 544 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Books-A-Million, Inc. | 44 | $ | 530 | |||||
Sport Supply Group, Inc. | 50 | 509 | ||||||
Ruth’s Hospitality Group, Inc.* | 120 | 506 | ||||||
Luby’s, Inc.* | 120 | 504 | ||||||
Build-A-Bear Workshop, Inc.* | 98 | 477 | ||||||
Benihana, Inc.* | 80 | 458 | ||||||
Dover Downs Gaming & | ||||||||
Entertainment, Inc. | 80 | 456 | ||||||
Carrols Restaurant Group, Inc.* | 60 | 454 | ||||||
Steinway Musical Instruments, Inc.* | 37 | 439 | ||||||
Rex Stores Corp.* | 40 | 436 | ||||||
Red Lion Hotels Corp.* | 74 | 425 | ||||||
Landry’s Restaurants, Inc.* | 40 | 420 | ||||||
Hawk Corp.* | 30 | 412 | ||||||
Raser Technologies, Inc.* | 267 | 409 | ||||||
Kenneth Cole Productions, Inc. — Class A | 40 | 401 | ||||||
CPI Corp. | 30 | 374 | ||||||
Reading International, Inc. — Class A* | 90 | 370 | ||||||
Princeton Review, Inc.* | 85 | 357 | ||||||
Youbet.com, Inc.* | 168 | 353 | ||||||
Lakes Entertainment, Inc.* | 104 | 349 | ||||||
Playboy Enterprises, Inc. — Class B* | 114 | 344 | ||||||
Brookfield Homes Corp.* | 50 | 334 | ||||||
US Auto Parts Network, Inc.* | 60 | 327 | ||||||
Syms Corp.* | 40 | 324 | ||||||
Value Line, Inc. | 10 | 309 | ||||||
Caribou Coffee Company, Inc.* | 40 | 289 | ||||||
Einstein Noah Restaurant Group, Inc.* | 23 | 277 | ||||||
Marine Products Corp. | 50 | 276 | ||||||
Town Sports International Holdings, Inc.* | 108 | 271 | ||||||
Frisch’s Restaurants, Inc. | 10 | 259 | ||||||
Bluegreen Corp.* | 84 | 256 | ||||||
Primedia, Inc. | 94 | 237 | ||||||
Nobel Learning Communities, Inc.* | 20 | 188 | ||||||
China Automotive Systems, Inc.* | 20 | 186 | ||||||
Gander Mountain Co.* | 30 | 154 | ||||||
NIVS IntelliMedia Technology | ||||||||
Group, Inc.* | 40 | 107 | ||||||
Crown Media Holdings, Inc. — Class A* | 67 | 105 | ||||||
Total Consumer Discretionary | 686,639 | |||||||
ENERGY 1.5% | ||||||||
Dril-Quip, Inc.* | 184 | 9,134 | ||||||
World Fuel Services Corp. | 164 | 7,883 | ||||||
Arena Resources, Inc.* | 204 | 7,242 | ||||||
Nordic American Tanker Shipping Ltd. | 239 | 7,070 | ||||||
Bill Barrett Corp.* | 209 | 6,853 | ||||||
Berry Petroleum Co. — Class A | 247 | 6,615 | ||||||
Key Energy Services, Inc.* | 694 | 6,038 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 81 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Penn Virginia Corp. | 249 | $ | 5,705 | |||||
CARBO Ceramics, Inc. | 110 | 5,670 | ||||||
Atlas Energy, Inc. | 197 | 5,333 | ||||||
Global Industries Ltd.* | 547 | 5,196 | ||||||
Bristow Group, Inc.* | 164 | 4,869 | ||||||
Gran Tierra Energy, Inc.* | 1,158 | 4,817 | ||||||
NATCO Group, Inc.* | 107 | 4,738 | ||||||
Lufkin Industries, Inc. | 88 | 4,680 | ||||||
GulfMark Offshore, Inc.* | 134 | 4,387 | ||||||
Rosetta Resources, Inc.* | 287 | 4,216 | ||||||
Brigham Exploration Co.* | 453 | 4,113 | ||||||
Tetra Technologies, Inc.* | 417 | 4,041 | ||||||
Carrizo Oil & Gas, Inc.* | 161 | 3,943 | ||||||
Complete Production Services, Inc.* | 344 | 3,887 | ||||||
Contango Oil & Gas Co.* | 73 | 3,727 | ||||||
Hornbeck Offshore Services, Inc.* | 130 | 3,583 | ||||||
Goodrich Petroleum Corp.* | 137 | 3,536 | ||||||
Parker Drilling Co.* | 641 | 3,500 | ||||||
Patriot Coal Corp.* | 294 | 3,457 | ||||||
Willbros Group, Inc.* | 224 | 3,412 | ||||||
James River Coal Co.* | 164 | 3,134 | ||||||
USEC, Inc.* | 636 | 2,983 | ||||||
BPZ Resources, Inc.* | 384 | 2,888 | ||||||
Ship Finance International Ltd. | 234 | 2,876 | ||||||
Swift Energy Co.* | 115 | 2,723 | ||||||
Stone Energy Corp.* | 157 | 2,561 | ||||||
Hercules Offshore, Inc.* | 501 | 2,460 | ||||||
Cal Dive International, Inc.* | 245 | 2,423 | ||||||
McMoRan Exploration Co.* | 307 | 2,318 | ||||||
General Maritime Corp. | 295 | 2,283 | ||||||
W&T Offshore, Inc. | 194 | 2,272 | ||||||
GMX Resources, Inc.* | 142 | 2,231 | ||||||
Golar LNG Ltd. | 190 | 2,101 | ||||||
International Coal Group, Inc.* | 511 | 2,059 | ||||||
ATP Oil & Gas Corp.* | 113 | 2,022 | ||||||
Clean Energy Fuels Corp.* | 138 | 1,989 | ||||||
Pioneer Drilling Co.* | 254 | 1,864 | ||||||
Delta Petroleum Corp.* | 1,010 | 1,767 | ||||||
CVR Energy, Inc.* | 135 | 1,679 | ||||||
PHI, Inc.* | 80 | 1,622 | ||||||
Matrix Service Co.* | 149 | 1,620 | ||||||
RPC, Inc. | 154 | 1,614 | ||||||
Newpark Resources, Inc.* | 494 | 1,586 | ||||||
VAALCO Energy, Inc. | 327 | 1,504 | ||||||
Gulfport Energy Corp.* | 162 | 1,416 | ||||||
Allis-Chalmers Energy, Inc.* | 324 | 1,413 | ||||||
Northern Oil and Gas, Inc.* | 164 | 1,378 | ||||||
Petroquest Energy, Inc.* | 210 | 1,363 | ||||||
T-3 Energy Services, Inc. — Class A* | 68 | 1,340 | ||||||
ION Geophysical Corp.* | 377 | 1,327 | ||||||
Dawson Geophysical Co.* | 48 | 1,314 | ||||||
Knightsbridge Tankers Ltd. | 96 | 1,252 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Rex Energy Corp.* | 147 | $ | 1,227 | |||||
Crosstex Energy, Inc. | 227 | 1,199 | ||||||
Venoco, Inc.* | 104 | 1,197 | ||||||
Natural Gas Services Group, Inc.* | 67 | 1,181 | ||||||
Gulf Island Fabrication, Inc. | 62 | 1,162 | ||||||
Apco Oil and Gas International, Inc. | 50 | 1,146 | ||||||
Petroleum Development Corp.* | 60 | 1,120 | ||||||
DHT Maritime, Inc. | 290 | 1,090 | ||||||
Toreador Resources Corp. | 107 | 1,069 | ||||||
Oilsands Quest, Inc.* | 944 | 1,067 | ||||||
Basic Energy Services, Inc.* | 120 | 1,019 | ||||||
Warren Resources, Inc.* | 343 | 1,015 | ||||||
Harvest Natural Resources, Inc.* | 194 | 995 | ||||||
Clayton Williams Energy, Inc.* | 33 | 994 | ||||||
Syntroleum Corp.* | 358 | 967 | ||||||
Cheniere Energy, Inc.* | 318 | 932 | ||||||
Bronco Drilling Company, Inc.* | 140 | 917 | ||||||
Western Refining, Inc.* | 137 | 884 | ||||||
Panhandle Oil and Gas, Inc. — Class A | 40 | 854 | ||||||
FX Energy, Inc.* | 248 | 801 | ||||||
Endeavour International Corp.* | 644 | 779 | ||||||
Uranium Energy Corp.* | 264 | 779 | ||||||
Parallel Petroleum Corp.* | 237 | 751 | ||||||
Boots & Coots, Inc.* | 437 | 704 | ||||||
Zion Oil & Gas, Inc.* | 70 | 683 | ||||||
Superior Well Services, Inc.* | 70 | 678 | ||||||
Geokinetics, Inc.* | 30 | 636 | ||||||
Bolt Technology Corp.* | 50 | 628 | ||||||
Delek US Holdings, Inc. | 70 | 600 | ||||||
Approach Resources, Inc.* | 65 | 590 | ||||||
Uranerz Energy Corp.* | 254 | 582 | ||||||
Sulphco, Inc.* | 365 | 500 | ||||||
Union Drilling, Inc.* | 64 | 489 | ||||||
Westmoreland Coal Co.* | 60 | 488 | ||||||
Evergreen Energy, Inc.* | 741 | 459 | ||||||
CREDO Petroleum Corp.* | 44 | 445 | ||||||
OYO Geospace Corp.* | 17 | 439 | ||||||
GeoResources, Inc.* | 38 | 420 | ||||||
Teekay Tankers Ltd. | 50 | 417 | ||||||
ENGlobal Corp.* | 100 | 412 | ||||||
Alon USA Energy, Inc. | 40 | 397 | ||||||
TGC Industries, Inc.* | 80 | 388 | ||||||
Green Plains Renewable Energy, Inc.* | 50 | 355 | ||||||
Vantage Drilling Co.* | 134 | 245 | ||||||
PrimeEnergy Corp.* | 5 | 143 | ||||||
Cubic Energy, Inc.* | 144 | 135 | ||||||
Total Energy | 235,005 | |||||||
MATERIALS 1.3% | ||||||||
Rock-Tenn Co. — Class A | 221 | 10,411 | ||||||
Domtar Corp.* | 244 | 8,594 | ||||||
W.R. Grace & Co.* | 390 | 8,479 | ||||||
Silgan Holdings, Inc. | 152 | 8,015 |
82 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Coeur d’Alene Mines Corp.* | 387 | $ | 7,933 | |||||
Olin Corp. | 450 | 7,848 | ||||||
Sensient Technologies Corp. | 279 | 7,748 | ||||||
Texas Industries, Inc. | 144 | 6,048 | ||||||
H.B. Fuller Co. | 267 | 5,580 | ||||||
Rockwood Holdings, Inc.* | 269 | 5,533 | ||||||
Hecla Mining Co.* | 1,220 | 5,356 | ||||||
Schweitzer-Mauduit International, Inc. | 94 | 5,110 | ||||||
NewMarket Corp. | 54 | 5,024 | ||||||
OM Group, Inc.* | 159 | 4,832 | ||||||
Minerals Technologies, Inc. | 100 | 4,756 | ||||||
Worthington Industries, Inc. | 321 | 4,462 | ||||||
Solutia, Inc.* | 377 | 4,366 | ||||||
Calgon Carbon Corp.* | 292 | 4,330 | ||||||
Arch Chemicals, Inc. | 130 | 3,899 | ||||||
Louisiana-Pacific Corp.* | 564 | 3,762 | ||||||
Koppers Holdings, Inc. | 124 | 3,677 | ||||||
PolyOne Corp.* | 514 | 3,428 | ||||||
RTI International Metals, Inc.* | 132 | 3,288 | ||||||
Amcol International Corp. | 140 | 3,205 | ||||||
Glatfelter | 255 | 2,927 | ||||||
Kaiser Aluminum Corp. | 80 | 2,909 | ||||||
Deltic Timber Corp. | 63 | 2,883 | ||||||
Brush Engineered Materials, Inc.* | 117 | 2,862 | ||||||
Balchem Corp. | 107 | 2,814 | ||||||
Clearwater Paper Corp.* | 66 | 2,728 | ||||||
A. Schulman, Inc. | 130 | 2,591 | ||||||
Stepan Co. | 43 | 2,583 | ||||||
Westlake Chemical Corp. | 98 | 2,519 | ||||||
Allied Nevada Gold Corp.* | 247 | 2,418 | ||||||
Buckeye Technologies, Inc.* | 224 | 2,403 | ||||||
Wausau Paper Corp. | 234 | 2,340 | ||||||
Horsehead Holding Corp.* | 197 | 2,309 | ||||||
Century Aluminum Co.* | 240 | 2,244 | ||||||
Innospec, Inc. | 147 | 2,168 | ||||||
Ferro Corp. | 235 | 2,091 | ||||||
Myers Industries, Inc. | 185 | 1,992 | ||||||
Innophos Holdings, Inc. | 104 | 1,924 | ||||||
Haynes International, Inc.* | 60 | 1,909 | ||||||
GenTek, Inc.* | 50 | 1,902 | ||||||
Spartech Corp. | 167 | 1,799 | ||||||
Zep, Inc. | 108 | 1,755 | ||||||
Zoltek Companies, Inc.* | 156 | 1,638 | ||||||
Omnova Solutions, Inc.* | 247 | 1,601 | ||||||
LSB Industries, Inc.* | 100 | 1,557 | ||||||
Stillwater Mining Co.* | 229 | 1,539 | ||||||
Graphic Packaging Holding Co.* | 621 | 1,434 | ||||||
Olympic Steel, Inc. | 50 | 1,434 | ||||||
Quaker Chemical Corp. | 60 | 1,316 | ||||||
US Gold Corp.* | 451 | 1,303 | ||||||
AEP Industries, Inc.* | 30 | 1,197 | ||||||
Hawkins, Inc. | 50 | 1,168 | ||||||
General Moly, Inc.* | 366 | 1,153 | ||||||
KapStone Paper and Packaging Corp.* | 133 | 1,083 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Landec Corp.* | 159 | $ | 1,018 | |||||
Neenah Paper, Inc. | 84 | 989 | ||||||
ShengdaTech, Inc.* | 150 | 954 | ||||||
A.M. Castle & Co. | 90 | 895 | ||||||
American Vanguard Corp. | 106 | 881 | ||||||
Boise, Inc.* | 160 | 845 | ||||||
ICO, Inc.* | 168 | 785 | ||||||
Bway Holding Co.* | 40 | 740 | ||||||
Universal Stainless & Alloy Products, Inc.* | 40 | 730 | ||||||
Headwaters, Inc.* | 167 | 646 | ||||||
Paramount Gold and Silver Corp.* | 351 | 481 | ||||||
China Green Agriculture, Inc.* | 40 | 469 | ||||||
China Precision Steel, Inc.* | 166 | 451 | ||||||
United States Lime & Minerals, Inc.* | 10 | 359 | ||||||
U.S. Concrete, Inc.* | 184 | 318 | ||||||
General Steel Holdings, Inc.* | 76 | 296 | ||||||
Ampal American Israel Corp. — Class A* | 131 | 266 | ||||||
NL Industries, Inc. | 37 | 248 | ||||||
Sutor Technology Group Ltd.* | 38 | 120 | ||||||
Total Materials | 215,668 | |||||||
CONSUMER STAPLES 1.0% | ||||||||
Casey’s General Stores, Inc. | 287 | 9,006 | ||||||
Chattem, Inc.* | 110 | 7,305 | ||||||
TreeHouse Foods, Inc.* | 180 | 6,421 | ||||||
Ruddick Corp. | 238 | 6,336 | ||||||
Universal Corp. | 144 | 6,022 | ||||||
United Natural Foods, Inc.* | 247 | 5,908 | ||||||
Lancaster Colony Corp. | 110 | 5,640 | ||||||
Nu Skin Enterprises, Inc. | 289 | 5,355 | ||||||
Fresh Del Monte Produce, Inc.* | 210 | 4,748 | ||||||
Sanderson Farms, Inc. | 124 | 4,667 | ||||||
Bare Escentuals, Inc.* | 384 | 4,566 | ||||||
Hain Celestial Group, Inc.* | 236 | 4,524 | ||||||
Winn-Dixie Stores, Inc.* | 327 | 4,290 | ||||||
Lance, Inc. | 164 | 4,234 | ||||||
Chiquita Brands International, Inc.* | 262 | 4,234 | ||||||
Central Garden and Pet Co. — Class A* | 337 | 3,683 | ||||||
J&J Snack Foods Corp. | 80 | 3,455 | ||||||
Vector Group Ltd. | 221 | 3,443 | ||||||
Tootsie Roll Industries, Inc. | 143 | 3,401 | ||||||
Andersons, Inc. | 96 | 3,379 | ||||||
Darling International, Inc.* | 443 | 3,256 | ||||||
American Italian Pasta Co.* | 114 | 3,099 | ||||||
Diamond Foods, Inc. | 87 | 2,760 | ||||||
WD-40 Co. | 90 | 2,556 | ||||||
Alliance One International, Inc.* | 514 | 2,303 | ||||||
Weis Markets, Inc. | 70 | 2,236 | ||||||
Smart Balance, Inc.* | 350 | 2,149 | ||||||
Cal-Maine Foods, Inc. | 75 | 2,008 | ||||||
Pantry, Inc.* | 126 | 1,976 | ||||||
Heckmann Corp.* | 427 | 1,956 | ||||||
Pricesmart, Inc. | 104 | 1,950 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 83 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Medifast, Inc.* | 84 | $ | 1,824 | |||||
Nash Finch Co. | 66 | 1,804 | ||||||
Boston Beer Company, Inc. — Class A* | 48 | 1,780 | ||||||
Spartan Stores, Inc. | 123 | 1,738 | ||||||
American Oriental Bioengineering, Inc.* | 357 | 1,735 | ||||||
Zhongpin, Inc.* | 110 | 1,619 | ||||||
Elizabeth Arden, Inc.* | 136 | 1,601 | ||||||
Great Atlantic & Pacific Tea Company, Inc* | 174 | 1,550 | ||||||
American Dairy, Inc.* | 50 | 1,416 | ||||||
Synutra International, Inc.* | 101 | 1,385 | ||||||
Prestige Brands Holdings, Inc. — Class A* | 180 | 1,267 | ||||||
Arden Group, Inc. | 10 | 1,195 | ||||||
Ingles Markets, Inc. — Class A | 74 | 1,171 | ||||||
USANA Health Sciences, Inc.* | 30 | 1,023 | ||||||
Inter Parfums, Inc. | 80 | 977 | ||||||
Calavo Growers, Inc. | 47 | 892 | ||||||
Village Super Market, Inc. | 30 | 884 | ||||||
B&G Foods, Inc. | 107 | 876 | ||||||
AgFeed Industries, Inc.* | 158 | 844 | ||||||
National Beverage Corp.* | 72 | 829 | ||||||
Farmer Brothers Co. | 40 | 828 | ||||||
Seneca Foods Corp. — Class A* | 30 | 822 | ||||||
Nutraceutical International Corp.* | 70 | 789 | ||||||
Coca-Cola Bottling Company Consolidated | 16 | 775 | ||||||
Imperial Sugar Company, Inc. | 57 | 723 | ||||||
China Sky One Medical, Inc.* | 50 | 660 | ||||||
China-Biotics, Inc.* | 40 | 640 | ||||||
Overhill Farms, Inc.* | 90 | 545 | ||||||
Revlon, Inc.* | 110 | 535 | ||||||
Susser Holdings Corp.* | 40 | 503 | ||||||
Oil-Dri Corporation of America | 34 | 493 | ||||||
Female Health Co.* | 97 | 490 | ||||||
Omega Protein Corp.* | 101 | 490 | ||||||
Diedrich Coffee, Inc.* | 20 | 481 | ||||||
Griffin Land & Nurseries, Inc. | 15 | 480 | ||||||
Alico, Inc. | 16 | 470 | ||||||
Orchids Paper Products Co.* | 20 | 400 | ||||||
Star Scientific, Inc.* | 425 | 395 | ||||||
Mannatech, Inc. | 94 | 360 | ||||||
Zapata Corp.* | 50 | 348 | ||||||
Lifeway Foods, Inc.* | 30 | 330 | ||||||
Schiff Nutrition International, Inc. | 63 | 328 | ||||||
HQ Sustainable Maritime | ||||||||
Industries, Inc.* | 25 | 220 | ||||||
Total Consumer Staples | 165,381 | |||||||
UTILITIES 1.0% | ||||||||
WGL Holdings, Inc. | 305 | 10,108 | ||||||
Nicor, Inc. | 274 | 10,026 | ||||||
Piedmont Natural Gas Co. | 409 | 9,791 |
MARKET | ||||||||
SHARES | VALUE | |||||||
New Jersey Resources Corp. | 237 | $ | 8,605 | |||||
Cleco Corp. | 337 | 8,452 | ||||||
Portland General Electric Co. | 420 | 8,282 | ||||||
IDACORP, Inc. | 252 | 7,255 | ||||||
Southwest Gas Corp. | 265 | 6,779 | ||||||
South Jersey Industries, Inc. | 185 | 6,530 | ||||||
Unisource Energy Corp. | 205 | 6,304 | ||||||
Avista Corp. | 301 | 6,086 | ||||||
Northwest Natural Gas Co. | 141 | 5,874 | ||||||
PNM Resources, Inc. | 473 | 5,525 | ||||||
Black Hills Corp. | 212 | 5,336 | ||||||
NorthWestern Corp. | 205 | 5,008 | ||||||
Allete, Inc. | 144 | 4,834 | ||||||
El Paso Electric Co.* | 244 | 4,311 | ||||||
MGE Energy, Inc. | 118 | 4,305 | ||||||
California Water Service Group | 108 | 4,206 | ||||||
Laclede Group, Inc. | 130 | 4,181 | ||||||
UIL Holding Corp. | 152 | 4,011 | ||||||
American States Water Co. | 108 | 3,907 | ||||||
CH Energy Group, Inc. | 80 | 3,545 | ||||||
Empire District Electric Co. | 194 | 3,509 | ||||||
SJW Corp. | 70 | 1,599 | ||||||
Consolidated Water Company, Inc. | 84 | 1,372 | ||||||
Chesapeake Utilities Corp. | 40 | 1,240 | ||||||
Central Vermont Public Service Corp. | 60 | 1,158 | ||||||
Unitil Corp. | 50 | 1,122 | ||||||
Connecticut Water Service, Inc. | 50 | 1,120 | ||||||
Middlesex Water Co. | 70 | 1,056 | ||||||
York Water Co. | 64 | 887 | ||||||
Cadiz, Inc.* | 67 | 784 | ||||||
Southwest Water Co. | 150 | 738 | ||||||
US Geothermal, Inc.* | 331 | 516 | ||||||
Artesian Resources Corp. — Class A | 30 | 505 | ||||||
Pennichuck Corp. | 20 | 435 | ||||||
Florida Public Utilities Co. | 30 | 365 | ||||||
Total Utilities | 159,667 | |||||||
TELECOMMUNICATION SERVICES 0.4% | ||||||||
Syniverse Holdings, Inc.* | 385 | 6,738 | ||||||
Cincinnati Bell, Inc.* | 1,222 | 4,277 | ||||||
Neutral Tandem, Inc.* | 182 | 4,142 | ||||||
Centennial Communications Corp.* | 453 | 3,615 | ||||||
Atlantic Tele-Network, Inc. | 60 | 3,205 | ||||||
AboveNet, Inc.* | 60 | 2,926 | ||||||
NTELOS Holdings Corp. | 164 | 2,896 | ||||||
Premiere Global Services, Inc.* | 344 | 2,859 | ||||||
Cogent Communications Group, Inc.* | 248 | 2,802 | ||||||
Shenandoah Telecommunications Co. | 154 | 2,764 | ||||||
PAETEC Holding Corp.* | 691 | 2,674 | ||||||
Global Crossing Ltd* | 175 | 2,503 |
84 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
RUSSELL 2000® FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Alaska Communications Systems Group, Inc. | 236 | $ | 2,183 | |||||
Iowa Telecommunications Services, Inc. | 172 | 2,167 | ||||||
Consolidated Communications Holdings, Inc. | 130 | 2,081 | ||||||
Cbeyond, Inc.* | 120 | 1,936 | ||||||
General Communication, Inc. — Class A* | 230 | 1,578 | ||||||
USA Mobility, Inc. | 118 | 1,520 | ||||||
iPCS, Inc. — Class A* | 86 | 1,496 | ||||||
SureWest Communications* | 94 | 1,168 | ||||||
Virgin Mobile USA, Inc. — Class A* | 216 | 1,080 | ||||||
D&E Communications, Inc. | 78 | 896 | ||||||
HickoryTech Corp. | 84 | 718 | ||||||
inContact, Inc.* | 144 | 429 | ||||||
iBasis, Inc.* | 164 | 348 | ||||||
Fairpoint Communications, Inc. | 501 | 205 | ||||||
Total Telecommunication Services | 59,206 | |||||||
Total Common Stocks | ||||||||
(Cost $3,377,059) | 4,893,129 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 61.9% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $3,479,789 | 3,479,789 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 2,105,272 | 2,105,272 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 1,826,889 | 1,826,889 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 1,628,099 | 1,628,099 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 869,947 | 869,947 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $9,909,996) | 9,909,996 | |||||||
Total Investments 92.5%(a) | ||||||||
(Cost $13,287,055) | $ | 14,803,125 | ||||||
Other Assets in Excess of Liabilities – 7.5% | $ | 1,206,803 | ||||||
Net Assets – 100.0% | $ | 16,009,928 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 Russell 2000 Index Mini Futures Contracts (Aggregate Market Value of Contracts $3,661,220) | 61 | $ | (36,950 | ) | ||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS(b) | ||||||||
Credit Suisse Capital, LLC October 2009 Russell 2000 Index Swap, Terminating 10/30/09††† (Notional Market Value $5,116,813) | 8,468 | $ | 45,647 | |||||
Goldman Sachs International September 2009 Russell 2000 Index Swap, Terminating 09/30/09††† (Notional Market Value $2,387,901) | 3,952 | (526 | ) | |||||
(Total Notional Market Value $7,504,714) | $ | 45,121 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 85 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE RUSSELL 2000® STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 99.3% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 6,997,726 | $ | 6,997,726 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 4,233,624 | 4,233,624 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 3,673,806 | 3,673,806 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 2,700,103 | 2,700,103 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 1,749,431 | 1,749,431 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $19,354,690) | 19,354,690 | |||||||
Total Investments 99.3%(a) | ||||||||
(Cost $19,354,690) | $ | 19,354,690 | ||||||
Other Assets in Excess of Liabilities – 0.7% | $ | 145,189 | ||||||
Net Assets – 100.0% | $ | 19,499,879 | ||||||
UNREALIZED | ||||||||
CONTRACTS | LOSS | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 Russell 2000 Index Mini Futures Contracts (Aggregate Market Value of Contracts $5,701,900) | 95 | $ | (69,360 | ) | ||||
UNITS | ||||||||
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT(b) | ||||||||
Credit Suisse Capital, LLC October 2009 Russell 2000 Index Swap, Terminating 10/30/09††† (Notional Market Value $7,625,973) | 12,620 | $ | (57,647 | ) | ||||
Goldman Sachs International September 2009 Russell 2000 Index Swap, Terminating 09/30/09 ††† (Notional Market Value $5,998,500) | 9,927 | (247,951 | ) | |||||
(Total Notional Market Value $13,624,473) | $ | (305,598 | ) | |||||
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as equity index swap collateral at September 30, 2009. | |
††† | Total Return based on Russell 2000 Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
86 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P SMALLCAP 600 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
INFORMATION TECHNOLOGY 30.0% | ||||||||
Intevac, Inc.* | 26,600 | $ | 357,504 | |||||
Kulicke & Soffa Industries, Inc.* | 50,455 | 304,244 | ||||||
Wright Express Corp.* | 8,259 | 243,723 | ||||||
Commvault Systems, Inc.* | 10,597 | 219,888 | ||||||
Smith Micro Software, Inc.* | 15,386 | 190,171 | ||||||
Diodes, Inc.* | 9,908 | 179,236 | ||||||
Pericom Semiconductor Corp.* | 17,391 | 170,606 | ||||||
Perficient, Inc.* | 19,787 | 163,638 | ||||||
DealerTrack Holdings, Inc.* | 8,290 | 156,764 | ||||||
Hittite Microwave Corp.* | 3,783 | 139,139 | ||||||
Epicor Software Corp.* | 21,833 | 139,076 | ||||||
Electro Scientific Industries, Inc.* | 10,209 | 136,698 | ||||||
j2 Global Communications, Inc.* | 5,694 | 131,019 | ||||||
Cybersource Corp.* | 7,603 | 126,742 | ||||||
The Knot, Inc.* | 11,350 | 123,942 | ||||||
TTM Technologies, Inc.* | 10,748 | 123,279 | ||||||
United Online, Inc. | 15,197 | 122,184 | ||||||
Plexus Corp.* | 4,460 | 117,476 | ||||||
Blackbaud, Inc. | 5,051 | 117,183 | ||||||
Netgear, Inc.* | 6,181 | 113,421 | ||||||
InfoSpace, Inc.* | 14,594 | 112,957 | ||||||
Ebix, Inc.* | 2,035 | 112,658 | ||||||
MKS Instruments, Inc.* | 5,692 | 109,799 | ||||||
Varian Semiconductor Equipment Associates, Inc.* | 3,089 | 101,443 | ||||||
TeleTech Holdings, Inc.* | 5,600 | 95,536 | ||||||
Heartland Payment Systems, Inc. | 6,535 | 94,823 | ||||||
Micrel, Inc. | 11,044 | 90,009 | ||||||
Park Electrochemical Corp. | 3,567 | 87,926 | ||||||
ATMI, Inc.* | 4,740 | 86,031 | ||||||
Sigma Designs, Inc.* | 5,760 | 83,693 | ||||||
Concur Technologies, Inc.* | 1,855 | 73,755 | ||||||
Websense, Inc.* | 4,165 | 69,972 | ||||||
FARO Technologies, Inc.* | 3,417 | 58,704 | ||||||
Daktronics, Inc. | 6,011 | 51,514 | ||||||
EPIQ Systems, Inc.* | 3,486 | 50,547 | ||||||
Synaptics, Inc.* | 1,998 | 50,350 | ||||||
Stratasys, Inc.* | 2,922 | 50,141 | ||||||
Cymer, Inc.* | 1,267 | 49,236 | ||||||
ViaSat, Inc.* | 1,801 | 47,871 | ||||||
Bel Fuse, Inc. — Class B | 2,415 | 45,957 | ||||||
Comtech Telecommunications Corp.* | 1,309 | 43,485 | ||||||
Tyler Technologies, Inc.* | 2,253 | 38,504 | ||||||
CACI International, Inc. — Class A* | 770 | 36,398 | ||||||
Integral Systems, Inc.* | 2,351 | 16,222 | ||||||
Total Information Technology | 5,033,464 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER DISCRETIONARY 22.7% | ||||||||
CROCS, Inc.* | 100,169 | $ | 666,124 | |||||
Ruth’s Hospitality Group, Inc.* | 83,671 | 353,092 | ||||||
True Religion Apparel, Inc.* | 11,386 | 295,239 | ||||||
Shuffle Master, Inc.* | 24,742 | 233,070 | ||||||
Zumiez, Inc.* | 10,197 | 167,333 | ||||||
NutriSystem, Inc. | 9,892 | 150,952 | ||||||
Stamps.com, Inc.* | 14,655 | 135,559 | ||||||
Cracker Barrel Old Country Store, Inc. | 3,620 | 124,528 | ||||||
Pool Corp. | 5,032 | 111,811 | ||||||
PetMed Express, Inc. | 5,926 | 111,705 | ||||||
Volcom, Inc.* | 6,217 | 102,456 | ||||||
Pre-Paid Legal Services, Inc.* | 2,013 | 102,260 | ||||||
Drew Industries, Inc.* | 4,287 | 92,985 | ||||||
Jos. A. Bank Clothiers, Inc.* | 2,058 | 92,137 | ||||||
Meritage Homes Corp.* | 4,518 | 91,715 | ||||||
Dress Barn, Inc.* | 4,987 | 89,417 | ||||||
Maidenform Brands, Inc.* | 4,524 | 72,655 | ||||||
Deckers Outdoor Corp.* | 811 | 68,813 | ||||||
Children’s Place Retail Stores, Inc.* | 2,253 | 67,500 | ||||||
Hibbett Sports, Inc.* | 3,603 | 65,683 | ||||||
Papa John’s International, Inc.* | 2,606 | 64,029 | ||||||
Tractor Supply Co.* | 1,265 | 61,251 | ||||||
Gymboree Corp.* | 1,218 | 58,927 | ||||||
HSN, Inc.* | 3,560 | 57,957 | ||||||
Coinstar, Inc.* | 1,671 | 55,110 | ||||||
P.F. Chang’s China Bistro, Inc.* | 1,598 | 54,284 | ||||||
Capella Education Co.* | 769 | 51,784 | ||||||
Universal Technical Institute, Inc.* | 2,520 | 49,644 | ||||||
K-Swiss, Inc. — Class A | 5,381 | 47,299 | ||||||
CEC Entertainment, Inc.* | 1,725 | 44,609 | ||||||
Monarch Casino & Resort, Inc.* | 3,575 | 38,467 | ||||||
Carter’s, Inc.* | 1,202 | 32,093 | ||||||
Total Consumer Discretionary | 3,810,488 | |||||||
HEALTH CARE 13.5% | ||||||||
LCA-Vision, Inc.* | 32,442 | 227,418 | ||||||
Palomar Medical Technologies, Inc.* | 13,370 | 216,728 | ||||||
inVentiv Health, Inc.* | 9,255 | 154,836 | ||||||
Quality Systems, Inc. | 2,423 | 149,184 | ||||||
Cubist Pharmaceuticals, Inc.* | 5,785 | 116,857 | ||||||
Viropharma, Inc.* | 11,091 | 106,695 | ||||||
Healthways, Inc.* | 6,930 | 106,168 | ||||||
Catalyst Health Solutions, Inc.* | 3,479 | 101,413 | ||||||
Chemed Corp. | 1,894 | 83,128 | ||||||
Magellan Health Services, Inc.* | 2,532 | 78,644 | ||||||
Martek Biosciences Corp.* | 3,436 | 77,619 | ||||||
Abaxis, Inc.* | 2,806 | 75,060 | ||||||
Salix Pharmaceuticals Ltd.* | 3,524 | 74,920 | ||||||
Air Methods Corp.* | 2,273 | 74,032 | ||||||
Dionex Corp.* | 1,123 | 72,961 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 87 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
S&P SMALLCAP 600 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Meridian Bioscience, Inc. | 2,623 | $ | 65,601 | |||||
Mednax, Inc.* | 1,151 | 63,213 | ||||||
Natus Medical, Inc.* | 3,488 | 53,820 | ||||||
Symmetry Medical, Inc.* | 4,978 | 51,622 | ||||||
eResearch Technology, Inc.* | 7,208 | 50,456 | ||||||
LHC Group, Inc.* | 1,676 | 50,163 | ||||||
Integra LifeSciences Holdings Corp.* | 1,452 | 49,586 | ||||||
Molina Healthcare, Inc.* | 2,366 | 48,953 | ||||||
Amedisys, Inc.* | 970 | 42,321 | ||||||
ICU Medical, Inc.* | 1,027 | 37,855 | ||||||
AmSurg Corp.* | 1,276 | 27,089 | ||||||
SurModics, Inc.* | 810 | 19,926 | ||||||
Total Health Care | 2,276,268 | |||||||
ENERGY 9.8% | ||||||||
St. Mary Land & Exploration Co. | 5,180 | 168,143 | ||||||
Hornbeck Offshore Services, Inc.* | 5,665 | 156,127 | ||||||
Oil States International, Inc.* | 4,024 | 141,363 | ||||||
NATCO Group, Inc.* | 3,176 | 140,633 | ||||||
Tetra Technologies, Inc.* | 12,040 | 116,668 | ||||||
Dril-Quip, Inc.* | 2,264 | 112,385 | ||||||
Swift Energy Co.* | 4,656 | 110,254 | ||||||
Petroleum Development Corp.* | 4,778 | 89,157 | ||||||
Basic Energy Services, Inc.* | 10,499 | 89,137 | ||||||
Superior Well Services, Inc.* | 8,543 | 82,696 | ||||||
Lufkin Industries, Inc. | 1,332 | 70,836 | ||||||
CARBO Ceramics, Inc. | 1,326 | 68,355 | ||||||
ION Geophysical Corp.* | 18,575 | 65,384 | ||||||
Penn Virginia Corp. | 2,846 | 65,202 | ||||||
SEACOR Holdings, Inc.* | 735 | 59,998 | ||||||
Petroquest Energy, Inc.* | 9,138 | 59,306 | ||||||
Pioneer Drilling Co.* | 8,046 | 59,058 | ||||||
Total Energy | 1,654,702 | |||||||
INDUSTRIALS 8.5% | ||||||||
Encore Wire Corp. | 5,810 | 129,795 | ||||||
Ceradyne, Inc.* | 5,665 | 103,839 | ||||||
Viad Corp. | 3,999 | 79,620 | ||||||
Actuant Corp. — Class A | 4,821 | 77,425 | ||||||
Gardner Denver, Inc.* | 2,172 | 75,759 | ||||||
Toro Co. | 1,885 | 74,966 | ||||||
Geo Group, Inc.* | 3,268 | 65,916 | ||||||
Astec Industries, Inc.* | 2,554 | 65,050 | ||||||
SkyWest, Inc. | 3,847 | 63,783 | ||||||
II-VI, Inc.* | 2,480 | 63,091 | ||||||
Mueller Industries, Inc. | 2,501 | 59,699 | ||||||
Knight Transportation, Inc. | 3,406 | 57,153 | ||||||
Aerovironment, Inc.* | 1,872 | 52,585 | ||||||
Forward Air Corp. | 2,246 | 51,995 | ||||||
American Science & Engineering, Inc. | 747 | 50,826 | ||||||
Old Dominion Freight Line, Inc.* | 1,486 | 45,219 | ||||||
AAR Corp.* | 2,054 | 45,065 |
MARKET | ||||||||
SHARES | VALUE | |||||||
SYKES Enterprises, Inc.* | 2,151 | $ | 44,784 | |||||
Curtiss-Wright Corp. | 1,252 | 42,731 | ||||||
Stanley, Inc.* | 1,538 | 39,557 | ||||||
Heartland Express, Inc. | 2,704 | 38,938 | ||||||
Teledyne Technologies, Inc.* | 1,025 | 36,890 | ||||||
Simpson Manufacturing Company, Inc. | 1,449 | 36,602 | ||||||
Orbital Sciences Corp.* | 2,255 | 33,757 | ||||||
Total Industrials | 1,435,045 | |||||||
FINANCIALS 7.9% | ||||||||
TradeStation Group, Inc.* | 22,619 | 184,345 | ||||||
Greenhill & Company, Inc. | 1,799 | 161,154 | ||||||
optionsXpress Holdings, Inc. | 7,645 | 132,106 | ||||||
Portfolio Recovery Associates, Inc.* | 2,092 | 94,830 | ||||||
eHealth, Inc.* | 5,793 | 84,114 | ||||||
Wilshire Bancorp, Inc. | 10,749 | 78,898 | ||||||
Employers Holdings, Inc. | 5,016 | 77,648 | ||||||
Bank of the Ozarks, Inc. | 2,505 | 66,458 | ||||||
World Acceptance Corp.* | 2,579 | 65,016 | ||||||
Signature Bank* | 1,822 | 52,838 | ||||||
American Physicians Capital, Inc. | 1,746 | 50,302 | ||||||
Amerisafe, Inc.* | 2,870 | 49,507 | ||||||
Nara Bancorp, Inc. | 5,760 | 40,032 | ||||||
PrivateBancorp, Inc. | 1,552 | 37,962 | ||||||
Pinnacle Financial Partners, Inc.* | 2,922 | 37,139 | ||||||
First Cash Financial Services, Inc.* | 2,137 | 36,607 | ||||||
Stifel Financial Corp.* | 614 | 33,709 | ||||||
East-West Bancorp, Inc. | 3,925 | 32,577 | ||||||
Cascade Bancorp. | 8,190 | 9,910 | ||||||
Total Financials | 1,325,152 | |||||||
CONSUMER STAPLES 3.7% | ||||||||
Green Mountain Coffee | ||||||||
Roasters, Inc.* | 2,291 | 169,168 | ||||||
Mannatech, Inc. | 42,623 | 163,246 | ||||||
Darling International, Inc.* | 12,188 | 89,582 | ||||||
Diamond Foods, Inc. | 2,396 | 76,001 | ||||||
Boston Beer Company, Inc. — Class A* | 1,165 | 43,198 | ||||||
Chattem, Inc.* | 633 | 42,038 | ||||||
Spartan Stores, Inc. | 2,234 | 31,566 | ||||||
Total Consumer Staples | 614,799 | |||||||
MATERIALS 2.8% | ||||||||
Brush Engineered Materials, Inc.* | 6,120 | 149,695 | ||||||
Eagle Materials, Inc. | 4,493 | 128,410 | ||||||
A.M. Castle & Co. | 9,709 | 96,508 | ||||||
Balchem Corp. | 1,340 | 35,242 | ||||||
Headwaters, Inc.* | 7,553 | 29,230 | ||||||
Deltic Timber Corp. | 562 | 25,723 | ||||||
Total Materials | 464,808 | |||||||
88 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P SMALLCAP 600 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
TELECOMMUNICATION SERVICES 0.6% | ||||||||
Cbeyond, Inc.* | 5,886 | $ | 94,941 | |||||
Total Telecommunication Services | 94,941 | |||||||
Total Common Stocks | ||||||||
(Cost $11,645,913) | 16,709,667 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 0.6% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 41,649 | 41,649 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 25,198 | 25,198 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 21,866 | 21,866 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 10,412 | 10,412 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 3,422 | 3,422 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $102,547) | 102,547 | |||||||
Total Investments 100.1%(a) | ||||||||
(Cost $11,748,460) | $ | 16,812,214 | ||||||
Liabilities in Excess of Other Assets – (0.1)% | $ | (15,366 | ) | |||||
Net Assets – 100.0% | $ | 16,796,848 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 89 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P MIDCAP 400 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 97.6% | ||||||||
CONSUMER DISCRETIONARY 29.6% | ||||||||
J. Crew Group, Inc.* | 41,379 | $ | 1,482,196 | |||||
Aeropostale, Inc.* | 23,733 | 1,031,674 | ||||||
Sotheby’s | 59,020 | 1,016,915 | ||||||
Chico’s FAS, Inc.* | 70,733 | 919,529 | ||||||
Guess?, Inc. | 18,210 | 674,498 | ||||||
Urban Outfitters, Inc.* | 18,225 | 549,848 | ||||||
NVR, Inc.* | 844 | 537,940 | ||||||
Lamar Advertising Co.* | 17,216 | 472,407 | ||||||
The Warnaco Group, Inc.* | 9,852 | 432,109 | ||||||
Thor Industries, Inc. | 13,650 | 422,467 | ||||||
Netflix, Inc.* | 8,753 | 404,126 | ||||||
Marvel Entertainment, Inc.* | 8,129 | 403,361 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 4,033 | 391,403 | ||||||
WMS Industries, Inc.* | 8,765 | 390,568 | ||||||
ITT Educational Services, Inc.* | 3,384 | 373,627 | ||||||
Under Armour, Inc.* | 13,203 | 367,439 | ||||||
Ross Stores, Inc. | 7,643 | 365,106 | ||||||
Priceline.com, Inc.* | 1,862 | 308,757 | ||||||
Panera Bread Co.* | 4,907 | 269,885 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 7,586 | 269,834 | ||||||
Dick’s Sporting Goods, Inc.* | 11,950 | 267,680 | ||||||
Strayer Education, Inc. | 1,168 | 254,250 | ||||||
Career Education Corp.* | 9,568 | 233,268 | ||||||
Toll Brothers, Inc.* | 10,677 | 208,629 | ||||||
Advance Auto Parts, Inc. | 5,155 | 202,488 | ||||||
Fossil, Inc.* | 7,050 | 200,573 | ||||||
Timberland Co. — Class A* | 13,253 | 184,482 | ||||||
John Wiley & Sons, Inc. — Class A | 4,862 | 169,100 | ||||||
Dollar Tree, Inc.* | 3,273 | 159,330 | ||||||
Total Consumer Discretionary | 12,963,489 | |||||||
INFORMATION TECHNOLOGY 17.0% | ||||||||
CommScope, Inc.* | 29,603 | 886,018 | ||||||
Lam Research Corp.* | 19,976 | 682,380 | ||||||
Digital River, Inc.* | 12,374 | 498,920 | ||||||
ValueClick, Inc.* | 36,355 | 479,523 | ||||||
Silicon Laboratories, Inc.* | 9,501 | 440,466 | ||||||
FactSet Research Systems, Inc. | 6,558 | 434,402 | ||||||
Plantronics, Inc. | 14,367 | 385,179 | ||||||
F5 Networks, Inc.* | 9,691 | 384,054 | ||||||
NeuStar, Inc.* | 16,688 | 377,149 | ||||||
DST Systems, Inc.* | 8,080 | 361,984 | ||||||
Cree, Inc.* | 8,366 | 307,451 | ||||||
Metavante Technologies, Inc.* | 8,755 | 301,872 | ||||||
Synopsys, Inc.* | 12,830 | 287,649 | ||||||
Quest Software, Inc.* | 16,620 | 280,047 | ||||||
Alliance Data Systems Corp.* | 3,686 | 225,141 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Parametric Technology Corp.* | 15,824 | $ | 218,688 | |||||
Global Payments, Inc. | 4,356 | 203,425 | ||||||
ANSYS, Inc.* | 5,082 | 190,423 | ||||||
Micros Systems, Inc.* | 5,795 | 174,951 | ||||||
ACI Worldwide, Inc.* | 7,895 | 119,451 | ||||||
Trimble Navigation Ltd.* | 4,977 | 119,000 | ||||||
Gartner, Inc. — Class A* | 6,435 | 117,567 | ||||||
Total Information Technology | 7,475,740 | |||||||
INDUSTRIALS 16.3% | ||||||||
Joy Global, Inc. | 18,398 | 900,398 | ||||||
Corporate Executive Board Co. | 17,479 | 435,227 | ||||||
Bucyrus International, Inc. | 12,212 | 434,991 | ||||||
Con-way, Inc. | 10,889 | 417,266 | ||||||
Herman Miller, Inc. | 23,894 | 404,048 | ||||||
Trinity Industries, Inc. | 23,359 | 401,541 | ||||||
Thomas & Betts Corp.* | 11,824 | 355,666 | ||||||
Landstar System, Inc. | 9,032 | 343,758 | ||||||
Graco, Inc. | 12,199 | 339,986 | ||||||
Terex Corp.* | 15,653 | 324,487 | ||||||
J.B. Hunt Transport Services, Inc. | 9,669 | 310,665 | ||||||
Clean Harbors, Inc.* | 4,947 | 278,318 | ||||||
MSC Industrial Direct Co. | 6,253 | 272,506 | ||||||
Alliant Techsystems, Inc.* | 2,927 | 227,867 | ||||||
Korn/Ferry International* | 15,211 | 221,928 | ||||||
Rollins, Inc. | 10,669 | 201,111 | ||||||
Alaska Air Group, Inc.* | 7,086 | 189,834 | ||||||
Donaldson Company, Inc. | 5,384 | 186,448 | ||||||
Lincoln Electric Holdings, Inc. | 3,263 | 154,829 | ||||||
AMETEK, Inc. | 4,094 | 142,922 | ||||||
Roper Industries, Inc. | 2,654 | 135,301 | ||||||
Copart, Inc.* | 3,853 | 127,958 | ||||||
Navigant Consulting, Inc.* | 9,381 | 126,643 | ||||||
FTI Consulting, Inc.* | 2,719 | 115,857 | ||||||
Watson Wyatt Worldwide, Inc. | 2,230 | 97,139 | ||||||
Total Industrials | 7,146,694 | |||||||
HEALTH CARE 11.6% | ||||||||
Sepracor, Inc.* | 48,516 | 1,111,016 | ||||||
United Therapeutics Corp.* | 16,610 | 813,724 | ||||||
Kinetic Concepts, Inc.* | 18,236 | 674,367 | ||||||
VCA Antech, Inc.* | 13,492 | 362,800 | ||||||
Hologic, Inc.* | 16,476 | 269,218 | ||||||
Cerner Corp.* | 3,557 | 266,064 | ||||||
IDEXX Laboratories, Inc.* | 5,294 | 264,700 | ||||||
Lincare Holdings, Inc.* | 7,212 | 225,375 | ||||||
ResMed, Inc.* | 4,336 | 195,987 | ||||||
Endo Pharmaceuticals Holdings, Inc.* | 8,536 | 193,170 | ||||||
Techne Corp. | 2,730 | 170,761 | ||||||
Immucor, Inc.* | 8,820 | 156,114 | ||||||
Gen-Probe, Inc.* | 3,758 | 155,732 |
90 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P MIDCAP 400 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Pharmaceutical Product Development, Inc. | 5,747 | $ | 126,089 | |||||
Mettler-Toledo International, Inc.* | 1,169 | 105,900 | ||||||
Total Health Care | 5,091,017 | |||||||
ENERGY 10.6% | ||||||||
Helix Energy Solutions Group, Inc.* | 54,578 | 817,579 | ||||||
Quicksilver Resources, Inc.* | 42,199 | 598,804 | ||||||
Unit Corp.* | 13,993 | 577,211 | ||||||
Helmerich & Payne, Inc. | 13,635 | 538,992 | ||||||
Patterson-UTI Energy, Inc. | 35,082 | 529,738 | ||||||
Frontier Oil Corp. | 32,184 | 448,001 | ||||||
Encore Acquisition Co.* | 11,352 | 424,565 | ||||||
Oceaneering International, Inc.* | 5,487 | 311,387 | ||||||
Superior Energy Services* | 12,762 | 287,400 | ||||||
Comstock Resources, Inc.* | 2,443 | 97,915 | ||||||
Total Energy | 4,631,592 | |||||||
FINANCIALS 6.0% | ||||||||
Affiliated Managers Group, Inc.* | 7,631 | 496,091 | ||||||
Eaton Vance Corp. | 15,190 | 425,168 | ||||||
Jones Lang LaSalle, Inc. | 8,602 | 407,477 | ||||||
SEI Investments Co. | 18,060 | 355,421 | ||||||
HCC Insurance Holdings, Inc. | 8,574 | 234,499 | ||||||
SVB Financial Group* | 5,125 | 221,759 | ||||||
W.R. Berkley Corp. | 7,371 | 186,339 | ||||||
Brown & Brown, Inc. | 9,099 | 174,337 | ||||||
Hanover Insurance Group, Inc. | 3,393 | 140,232 | ||||||
Total Financials | 2,641,323 | |||||||
MATERIALS 3.7% | ||||||||
Reliance Steel & Aluminum Co. | 12,928 | 550,216 | ||||||
Cliffs Natural Resources, Inc. | 16,932 | 547,920 | ||||||
Steel Dynamics, Inc. | 34,980 | 536,593 | ||||||
Total Materials | 1,634,729 | |||||||
CONSUMER STAPLES 2.8% | ||||||||
Hansen Natural Corp.* | 15,496 | 569,323 | ||||||
Energizer Holdings, Inc.* | 7,756 | 514,533 | ||||||
Church & Dwight Company, Inc. | 2,322 | 131,750 | ||||||
Total Consumer Staples | 1,215,606 | |||||||
Total Common Stocks (Cost $31,319,235) | 42,800,190 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
WARRANTS 0.0% | ||||||||
CONSUMER DISCRETIONARY 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* $12.21, 03/02/12 | 18 | $ | 1 | |||||
Total Consumer Discretionary | 1 | |||||||
Total Warrants (Cost $—) | 1 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 0.8% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 135,670 | 135,670 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 82,081 | 82,081 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 71,227 | 71,227 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 33,918 | 33,918 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 11,148 | 11,148 | ||||||
Total Repurchase Agreements (Cost $334,044) | 334,044 | |||||||
Total Investments 98.4% (a) (Cost $31,653,279) | $ | 43,134,235 | ||||||
Other Assets in Excess of Liabilities – 1.6% | $ | 701,436 | ||||||
Net Assets – 100.0% | $ | 43,835,671 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 91 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P 500 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
INFORMATION TECHNOLOGY 31.6% | ||||||||
Cognizant Technology Solutions Corp. — Class A* | 4,756 | $ | 183,867 | |||||
Red Hat, Inc.* | 6,460 | 178,554 | ||||||
Agilent Technologies, Inc.* | 6,291 | 175,079 | ||||||
SanDisk Corp.* | 7,392 | 160,406 | ||||||
Salesforce.com, Inc.* | 2,665 | 151,718 | ||||||
Motorola, Inc. | 17,297 | 148,581 | ||||||
Apple, Inc.* | 780 | 144,589 | ||||||
Google, Inc. — Class A* | 281 | 139,334 | ||||||
MasterCard, Inc. | 587 | 118,662 | ||||||
Western Digital Corp.* | 3,200 | 116,896 | ||||||
BMC Software, Inc.* | 3,004 | 112,740 | ||||||
Akamai Technologies, Inc.* | 5,681 | 111,802 | ||||||
Amphenol Corp. | 2,954 | 111,307 | ||||||
NetApp, Inc.* | 4,001 | 106,747 | ||||||
Dell, Inc.* | 6,048 | 92,293 | ||||||
Texas Instruments, Inc. | 3,786 | 89,690 | ||||||
eBay, Inc.* | 3,728 | 88,018 | ||||||
Autodesk, Inc.* | 3,647 | 86,799 | ||||||
National Semiconductor Corp. | 6,042 | 86,219 | ||||||
Microsoft Corp. | 3,266 | 84,557 | ||||||
Yahoo!, Inc.* | 4,617 | 82,229 | ||||||
Western Union Co. | 4,237 | �� | 80,164 | |||||
Cisco Systems, Inc.* | 3,199 | 75,305 | ||||||
Paychex, Inc. | 2,276 | 66,118 | ||||||
VeriSign, Inc.* | 2,712 | 64,247 | ||||||
Oracle Corp. | 3,061 | 63,791 | ||||||
Qualcomm, Inc. | 1,410 | 63,422 | ||||||
Intuit, Inc.* | 2,223 | 63,356 | ||||||
Adobe Systems, Inc.* | 1,896 | 62,644 | ||||||
Altera Corp. | 2,898 | 59,438 | ||||||
Total System Services, Inc. | 3,471 | 55,918 | ||||||
Flir Systems, Inc.* | 1,966 | 54,989 | ||||||
Fiserv, Inc.* | 1,116 | 53,791 | ||||||
Harris Corp. | 1,284 | 48,278 | ||||||
MEMC Electronic Materials, Inc.* | 2,729 | 45,383 | ||||||
Compuware Corp.* | 5,371 | 39,369 | ||||||
Lexmark International, Inc.* | 1,467 | 31,599 | ||||||
Total Information Technology | 3,497,899 | |||||||
ENERGY 15.7% | ||||||||
Schlumberger Ltd. | 2,105 | 125,458 | ||||||
Chesapeake Energy Corp. | 4,086 | 116,042 | ||||||
BJ Services Co. | 5,736 | 111,451 | ||||||
Nabors Industries Ltd.* | 5,017 | 104,855 | ||||||
XTO Energy, Inc. | 2,426 | 100,242 | ||||||
Murphy Oil Corp. | 1,579 | 90,903 | ||||||
EOG Resources, Inc. | 1,020 | 85,180 | ||||||
Anadarko Petroleum Corp. | 1,219 | 76,468 | ||||||
Cameron International Corp.* | 2,003 | 75,754 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Baker Hughes, Inc. | 1,723 | $ | 73,503 | |||||
Apache Corp. | 787 | 72,270 | ||||||
Sunoco, Inc. | 2,468 | 70,215 | ||||||
Cabot Oil & Gas Corp. | 1,922 | 68,712 | ||||||
FMC Technologies, Inc.* | 1,293 | 67,546 | ||||||
Consol Energy, Inc. | 1,492 | 67,304 | ||||||
ENSCO International, Inc. | 1,554 | 66,107 | ||||||
Exxon Mobil Corp. | 926 | 63,533 | ||||||
Chevron Corp. | 832 | 58,598 | ||||||
Smith International, Inc. | 2,029 | 58,232 | ||||||
Range Resources Corp. | 1,078 | 53,210 | ||||||
Hess Corp. | 964 | 51,535 | ||||||
Denbury Resources, Inc.* | 2,950 | 44,634 | ||||||
Devon Energy Corp. | 581 | 39,119 | ||||||
Total Energy | 1,740,871 | |||||||
CONSUMER DISCRETIONARY 13.4% | ||||||||
Sears Holdings Corp.* | 2,663 | 173,921 | ||||||
Coach, Inc. | 4,363 | 143,630 | ||||||
Starbucks Corp.* | 6,082 | 125,593 | ||||||
Amazon.com, Inc.* | 1,302 | 121,555 | ||||||
Abercrombie & Fitch | ||||||||
Co. — Class A | 3,432 | 112,844 | ||||||
TJX Companies, Inc. | 2,988 | 111,004 | ||||||
Wynn Resorts Ltd.* | 1,467 | 103,996 | ||||||
Apollo Group, Inc. — Class A* | 994 | 73,228 | ||||||
Bed Bath & Beyond, Inc.* | 1,912 | 71,777 | ||||||
Black & Decker Corp. | 1,398 | 64,713 | ||||||
AutoZone, Inc.* | 429 | 62,728 | ||||||
Viacom, Inc. — Class B* | 2,236 | 62,697 | ||||||
Sherwin-Williams Co. | 949 | 57,092 | ||||||
Yum! Brands, Inc. | 1,651 | 55,738 | ||||||
McGraw-Hill Companies, Inc. | 2,153 | 54,126 | ||||||
Nike, Inc. — Class B | 730 | 47,231 | ||||||
GameStop Corp. — Class A* | 1,695 | 44,867 | ||||||
Total Consumer Discretionary | 1,486,740 | |||||||
HEALTH CARE 12.0% | ||||||||
Intuitive Surgical, Inc.* | 909 | 238,385 | ||||||
Celgene Corp.* | 2,089 | 116,775 | ||||||
DaVita, Inc.* | 1,773 | 100,423 | ||||||
Waters Corp.* | 1,714 | 95,744 | ||||||
Express Scripts, Inc.* | 1,086 | 84,252 | ||||||
Varian Medical Systems, Inc.* | 1,740 | 73,306 | ||||||
IMS Health, Inc. | 4,637 | 71,178 | ||||||
UnitedHealth Group, Inc. | 2,587 | 64,778 | ||||||
Amgen, Inc.* | 912 | 54,930 | ||||||
Forest Laboratories, Inc.* | 1,846 | 54,346 | ||||||
St. Jude Medical, Inc.* | 1,298 | 50,635 | ||||||
Zimmer Holdings, Inc.* | 923 | 49,334 | ||||||
Medtronic, Inc. | 1,334 | 49,091 | ||||||
Biogen Idec, Inc.* | 961 | 48,550 | ||||||
Patterson Companies, Inc.* | 1,780 | 48,505 | ||||||
Johnson & Johnson | 766 | 46,642 | ||||||
Stryker Corp. | 972 | 44,158 |
92 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P 500 PURE GROWTH FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Laboratory Corporation of | ||||||||
America Holdings* | 590 | $ | 38,763 | |||||
Total Health Care | 1,329,795 | |||||||
FINANCIALS 8.0% | ||||||||
CB Richard Ellis Group, | ||||||||
Inc. — Class A* | 16,425 | 192,830 | ||||||
Goldman Sachs Group, Inc. | 887 | 163,518 | ||||||
IntercontinentalExchange, Inc.* | 1,296 | 125,958 | ||||||
NYSE Euronext | 3,621 | 104,611 | ||||||
CME Group, Inc. | 280 | 86,293 | ||||||
SLM Corp.* | 9,564 | 83,398 | ||||||
Franklin Resources, Inc. | 671 | 67,503 | ||||||
Progressive Corp.* | 3,898 | 64,629 | ||||||
Total Financials | 888,740 | |||||||
INDUSTRIALS 7.9% | ||||||||
PACCAR, Inc. | 2,577 | 97,179 | ||||||
Caterpillar, Inc. | 1,795 | 92,137 | ||||||
Rockwell Collins, Inc. | 1,755 | 89,154 | ||||||
Rockwell Automation, Inc. | 1,815 | 77,319 | ||||||
3M Co. | 953 | 70,331 | ||||||
CH Robinson Worldwide, Inc. | 1,130 | 65,258 | ||||||
Equifax, Inc. | 2,067 | 60,232 | ||||||
Robert Half International, Inc. | 2,364 | 59,147 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 1,614 | 56,732 | ||||||
Fastenal Co. | 1,385 | 53,600 | ||||||
Dun & Bradstreet Corp. | 705 | 53,101 | ||||||
Danaher Corp. | 732 | 49,278 | ||||||
Lockheed Martin Corp. | 614 | 47,941 | ||||||
Total Industrials | 871,409 | |||||||
MATERIALS 6.4% | ||||||||
Freeport-McMoRan Copper | ||||||||
& Gold, Inc. | 3,888 | 266,756 | ||||||
Titanium Metals Corp. | 13,019 | 124,852 | ||||||
Nucor Corp. | 2,149 | 101,024 | ||||||
FMC Corp. | 1,590 | 89,438 | ||||||
Ball Corp. | 1,439 | 70,799 | ||||||
Ecolab, Inc. | 1,067 | 49,327 | ||||||
Total Materials | 702,196 | |||||||
CONSUMER STAPLES 4.1% | ||||||||
Avon Products, Inc. | 2,213 | 75,153 | ||||||
PepsiCo, Inc. | 957 | 56,138 | ||||||
Colgate-Palmolive Co. | 731 | 55,761 | ||||||
Hershey Co. | 1,382 | 53,704 | ||||||
Sysco Corp. | 2,153 | 53,502 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Estee Lauder Companies, Inc. — Class A | 1,437 | $ | 53,284 | |||||
Kellogg Co. | 1,077 | 53,021 | ||||||
Campbell Soup Co. | 1,608 | 52,453 | ||||||
Total Consumer Staples | 453,016 | |||||||
UTILITIES 0.4% | ||||||||
Questar Corp. | 1,288 | 48,377 | ||||||
Total Utilities | 48,377 | |||||||
Total Common Stocks | ||||||||
(Cost $7,081,253) | 11,019,043 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 0.6% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 26,624 | 26,624 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 16,107 | 16,107 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 13,978 | 13,978 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 6,656 | 6,656 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 2,188 | 2,188 | ||||||
Total Repurchase Agreements (Cost $65,553) | 65,553 | |||||||
Total Investments 100.1%(a) (Cost $7,146,806) | $ | 11,084,596 | ||||||
Liabilities in Excess of Other Assets – (0.1)% | $ | (7,070 | ) | |||||
Net Assets – 100.0% | $ | 11,077,526 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 93 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P SMALLCAP 600 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
CONSUMER DISCRETIONARY 60.1% | ||||||||
Stein Mart, Inc.* | 1,300,307 | $ | 16,526,902 | |||||
Ruby Tuesday, Inc.* | 1,272,146 | 10,711,469 | ||||||
Lithia Motors, | ||||||||
Inc. — Class A | 686,429 | 10,701,428 | ||||||
Standard Motor | ||||||||
Products, Inc. | 701,063 | 10,656,158 | ||||||
O’Charleys, Inc.* | 1,001,854 | 9,387,372 | ||||||
Brunswick Corp. | 658,445 | 7,888,171 | ||||||
EW Scripps Co. — Class A* | 951,372 | 7,135,290 | ||||||
Sonic Automotive, Inc. | 636,465 | 6,682,882 | ||||||
Oxford Industries, Inc. | 257,045 | 5,063,786 | ||||||
Group 1 Automotive, Inc. | 169,894 | 4,561,654 | ||||||
Big 5 Sporting Goods Corp. | 290,967 | 4,393,602 | ||||||
OfficeMax Inc.* | 342,717 | 4,311,380 | ||||||
MarineMax, Inc.* | 440,947 | 3,443,796 | ||||||
PEP Boys-Manny | ||||||||
Moe & Jack | 344,338 | 3,364,182 | ||||||
Tuesday Morning Corp.* | 808,565 | 3,363,630 | ||||||
Liz Claiborne, Inc. | 653,761 | 3,223,042 | ||||||
La-Z-Boy, Inc. | 347,563 | 3,006,420 | ||||||
Perry Ellis International, Inc.* | 171,240 | 2,746,690 | ||||||
Standard-Pacific Corp.* | 585,265 | 2,159,628 | ||||||
Stage Stores, Inc. | 139,432 | 1,807,039 | ||||||
Christopher & Banks Corp. | 252,217 | 1,707,509 | ||||||
Quiksilver, Inc.* | 615,070 | 1,691,442 | ||||||
Zale Corp.* | 226,978 | 1,622,893 | ||||||
Live Nation, Inc.* | 195,379 | 1,600,154 | ||||||
Kid Brands, Inc.* | 250,369 | 1,552,288 | ||||||
DineEquity, Inc. | 58,763 | 1,454,384 | ||||||
Tween Brands, Inc.* | 154,258 | 1,294,225 | ||||||
Brown Shoe Company, Inc. | 156,487 | 1,255,026 | ||||||
Arctic Cat, Inc. | 155,143 | 1,095,310 | ||||||
Ethan Allen Interiors, Inc. | 62,361 | 1,028,957 | ||||||
Spartan Motors, Inc. | 196,595 | 1,010,498 | ||||||
Superior Industries | ||||||||
International, Inc. | 61,852 | 878,298 | ||||||
Men’s Wearhouse, Inc. | 32,376 | 799,687 | ||||||
Hillenbrand, Inc. | 30,505 | 621,387 | ||||||
National Presto | ||||||||
Industries, Inc. | 5,997 | 518,800 | ||||||
Total Consumer Discretionary | 139,265,379 | |||||||
FINANCIALS 14.3% | ||||||||
National Financial Partners Corp.* | 652,378 | 5,688,736 | ||||||
Colonial Properties Trust | 207,688 | 2,020,804 | ||||||
Pennsylvania Real Estate | ||||||||
Investment Trust | 257,130 | 1,956,759 | ||||||
DiamondRock Hospitality Co.* | 233,096 | 1,888,078 | ||||||
BioMed Realty Trust, Inc. | 88,176 | 1,216,829 | ||||||
Parkway Properties, Inc. | 58,055 | 1,143,684 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Cedar Shopping Centers, Inc. | 168,405 | $ | 1,086,212 | |||||
Stewart Information | ||||||||
Services Corp. | 84,878 | 1,049,941 | ||||||
National Retail Properties, Inc. | 47,972 | 1,029,959 | ||||||
Healthcare Realty Trust, Inc. | 48,500 | 1,024,805 | ||||||
Lexington Realty Trust | 199,225 | 1,016,048 | ||||||
Kite Realty Group Trust | 227,671 | 949,388 | ||||||
Post Properties, Inc. | 48,532 | 873,576 | ||||||
Senior Housing Properties Trust | 44,613 | 852,554 | ||||||
Entertainment Properties Trust | 23,004 | 785,357 | ||||||
Independent Bank Corp. | 392,298 | 745,366 | ||||||
LTC Properties, Inc. | 30,929 | 743,533 | ||||||
Extra Space Storage, Inc. | 67,894 | 716,282 | ||||||
Sovran Self Storage, Inc. | 19,542 | 594,663 | ||||||
Delphi Financial Group, Inc. — Class A | 25,748 | 582,677 | ||||||
Home Properties, Inc. | 12,882 | 555,085 | ||||||
Presidential Life Corp. | 50,752 | 525,791 | ||||||
Kilroy Realty Corp. | 18,479 | 512,607 | ||||||
Sterling Savings Bank* | 254,282 | 508,564 | ||||||
Mid-America Apartment Communities, Inc. | 11,038 | 498,145 | ||||||
Umpqua Holding Corp. | 44,469 | 471,371 | ||||||
Eastgroup Properties, Inc. | 11,481 | 438,804 | ||||||
Frontier Financial Corp.* | 385,831 | 420,556 | ||||||
Whitney Holding Corp. | 43,051 | 410,707 | ||||||
Franklin Street Properties Corp. | 30,869 | 404,384 | ||||||
Brookline Bancorp, Inc. | 40,889 | 397,441 | ||||||
Inland Real Estate Corp. | 42,870 | 375,541 | ||||||
Urstadt Biddle Properties | 23,654 | 345,112 | ||||||
Acadia Realty Trust | 22,616 | 340,823 | ||||||
Susquehanna Bancshares, Inc. | 51,462 | 303,111 | ||||||
First Midwest Bancorp, Inc. | 25,942 | 292,366 | ||||||
South Financial Group, Inc. | 181,977 | 267,506 | ||||||
Total Financials | 33,033,165 | |||||||
INFORMATION TECHNOLOGY 12.2% | ||||||||
Technitrol, Inc. | 637,827 | 5,874,387 | ||||||
SYNNEX Corp.* | 167,832 | 5,115,519 | ||||||
Insight Enterprises, Inc.* | 348,715 | 4,257,810 | ||||||
Keithley Instruments, Inc. | 473,843 | 2,625,090 | ||||||
Brightpoint, Inc.* | 234,310 | 2,050,213 | ||||||
Startek, Inc.* | 213,088 | 1,849,604 | ||||||
Agilysys, Inc. | 246,785 | 1,626,313 | ||||||
Gerber Scientific, Inc.* | 201,201 | 1,203,182 | ||||||
Cypress Semiconductor Corp.* | 112,706 | 1,164,253 | ||||||
Hutchinson Technology, Inc.* | 140,823 | 999,843 | ||||||
Rudolph Technologies, Inc.* | 130,025 | 962,185 | ||||||
CTS Corp. | 50,959 | 473,919 | ||||||
Total Information Technology | 28,202,318 | |||||||
94 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P SMALLCAP 600 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
INDUSTRIALS 7.1% | ||||||||
Spherion Corp.* | 776,719 | $ | 4,823,425 | |||||
Bowne & Company, Inc. | 291,911 | 2,247,715 | ||||||
John Bean Technologies Corp. | 120,909 | 2,196,916 | ||||||
Volt Information Sciences, Inc.* | 151,067 | 1,846,039 | ||||||
CDI Corp. | 75,143 | 1,055,759 | ||||||
Apogee Enterprises, Inc. | 60,714 | 911,924 | ||||||
Briggs & Stratton Corp. | 43,407 | 842,530 | ||||||
Standard Register Co. | 102,950 | 605,346 | ||||||
Baldor Electric Co. | 21,873 | 598,008 | ||||||
Consolidated Graphics, Inc.* | 22,933 | 572,178 | ||||||
Barnes Group, Inc. | 29,032 | 496,157 | ||||||
C&D Technologies, Inc.* | 150,444 | 323,455 | ||||||
Total Industrials | 16,519,452 | |||||||
MATERIALS 3.3% | ||||||||
Neenah Paper, Inc. | 157,798 | 1,857,282 | ||||||
Quaker Chemical Corp. | 67,447 | 1,479,113 | ||||||
PolyOne Corp.* | 216,553 | 1,444,408 | ||||||
Buckeye Technologies, Inc.* | 118,752 | 1,274,209 | ||||||
Myers Industries, Inc. | 80,315 | 864,993 | ||||||
A. Schulman, Inc. | 36,548 | 728,402 | ||||||
Total Materials | 7,648,407 | |||||||
CONSUMER STAPLES 1.6% | ||||||||
Andersons, Inc. | 52,335 | 1,842,192 | ||||||
Great Atlantic & Pacific Tea Company, Inc* | 200,950 | 1,790,465 | ||||||
Total Consumer Staples | 3,632,657 | |||||||
UTILITIES 0.7% | ||||||||
Atmos Energy Corp. | 23,913 | 673,868 | ||||||
UIL Holding Corp. | 14,808 | 390,783 | ||||||
Central Vermont Public Service Corp. | 19,018 | 367,048 | ||||||
CH Energy Group, Inc. | 6,130 | 271,620 | ||||||
Total Utilities | 1,703,319 | |||||||
TELECOMMUNICATION SERVICES 0.2% | ||||||||
Iowa Telecommunications | ||||||||
Services, Inc. | 26,046 | 328,180 | ||||||
Total Telecommunication Services | 328,180 | |||||||
Total Common Stocks | ||||||||
(Cost $157,498,649) | 230,332,877 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 0.8% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 778,716 | $ | 778,716 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 471,123 | 471,123 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 408,826 | 408,826 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 194,679 | 194,679 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 63,988 | 63,988 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,917,332) | 1,917,332 | |||||||
Total Investments 100.3%(a) | ||||||||
(Cost $159,415,981) | $ | 232,250,209 | ||||||
Liabilities in Excess of Other Assets – (0.3)% | $ | (608,297 | ) | |||||
Net Assets – 100.0% | $ | 231,641,912 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 95 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P MIDCAP 400 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
FINANCIALS 25.7% | ||||||||
Protective Life Corp. | 134,779 | $ | 2,886,966 | |||||
SL Green Realty Corp. | 58,860 | 2,581,011 | ||||||
Hospitality Properties Trust | 80,735 | 1,644,572 | ||||||
Macerich Co. | 48,745 | 1,478,436 | ||||||
Unitrin, Inc. | 69,848 | 1,361,338 | ||||||
Mack-Cali Realty Corp. | 41,692 | 1,347,902 | ||||||
Horace Mann Educators Corp. | 94,744 | 1,323,574 | ||||||
Liberty Property Trust | 37,839 | 1,230,903 | ||||||
Webster Financial Corp. | 92,699 | 1,155,957 | ||||||
Duke Realty Corp. | 93,902 | 1,127,763 | ||||||
Old Republic International Corp. | 88,701 | 1,080,378 | ||||||
Apollo Investment Corp. | 108,612 | 1,037,245 | ||||||
Camden Property Trust | 24,960 | 1,005,888 | ||||||
Weingarten Realty Investors | 43,670 | 869,906 | ||||||
Highwoods Properties, Inc. | 27,605 | 868,177 | ||||||
Fidelity National Financial, Inc. — Class A | 56,242 | 848,129 | ||||||
Nationwide Health | ||||||||
Properties, Inc. | 26,002 | 805,802 | ||||||
Alexandria Real Estate | ||||||||
Equities, Inc. | 14,807 | 804,761 | ||||||
Realty Income Corp. | 27,559 | 706,888 | ||||||
BRE Properties, Inc. — Class A | 21,953 | 687,129 | ||||||
Omega Healthcare Investors, Inc. | 40,984 | 656,564 | ||||||
Equity One, Inc. | 41,194 | 645,510 | ||||||
New York Community Bancorp, Inc. | 54,984 | 627,917 | ||||||
Regency Centers Corp. | 16,043 | 594,393 | ||||||
Washington Federal, Inc. | 33,199 | 559,735 | ||||||
First American Corp. | 15,887 | 514,262 | ||||||
UDR, Inc. | 31,580 | 497,069 | ||||||
Cousins Properties, Inc. | 50,277 | 416,294 | ||||||
PacWest Bancorp | 17,987 | 342,652 | ||||||
Associated Banc-Corp. | 23,415 | 267,399 | ||||||
Astoria Financial Corp. | 23,593 | 260,467 | ||||||
Wilmington Trust Corp. | 18,021 | 255,898 | ||||||
Total Financials | 30,490,885 | |||||||
MATERIALS 21.4% | ||||||||
Temple-Inland, Inc. | 508,614 | 8,351,442 | ||||||
Ashland, Inc. | 187,106 | 8,086,721 | ||||||
Louisiana-Pacific Corp.* | 665,734 | 4,440,446 | ||||||
Packaging Corporation of America | 55,692 | 1,136,117 | ||||||
RPM International, Inc. | 57,253 | 1,058,608 | ||||||
Cabot Corp. | 39,817 | 920,171 | ||||||
Cytec Industries, Inc. | 23,884 | 775,513 | ||||||
Worthington Industries, Inc. | 45,529 | 632,853 | ||||||
Total Materials | 25,401,871 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER DISCRETIONARY 18.2% | ||||||||
Williams-Sonoma, Inc. | 184,825 | $ | 3,739,010 | |||||
AnnTaylor Stores Corp.* | 176,478 | 2,804,236 | ||||||
Foot Locker, Inc. | 187,814 | 2,244,377 | ||||||
Boyd Gaming Corp.* | 178,759 | 1,953,836 | ||||||
Barnes & Noble, Inc. | 81,642 | 1,814,085 | ||||||
Brinker International, Inc. | 111,384 | 1,752,070 | ||||||
Brink’s Home Security Holdings, Inc.* | 52,366 | 1,612,349 | ||||||
Harte-Hanks, Inc. | 113,274 | 1,566,579 | ||||||
American Greetings Corp. — Class A | 65,309 | 1,456,391 | ||||||
Blyth, Inc. | 31,597 | 1,223,752 | ||||||
Regis Corp. | 53,568 | 830,304 | ||||||
Bob Evans Farms, Inc. | 21,314 | 619,385 | ||||||
Total Consumer Discretionary | 21,616,374 | |||||||
INDUSTRIALS 13.7% | ||||||||
Oshkosh Corp. | 266,165 | 8,232,483 | ||||||
Kelly Services, Inc. — Class A | 127,074 | 1,563,010 | ||||||
HNI Corp. | 64,518 | 1,522,625 | ||||||
Timken Co. | 48,669 | 1,140,315 | ||||||
Manpower, Inc. | 16,941 | 960,724 | ||||||
Deluxe Corp. | 55,152 | 943,099 | ||||||
Crane Co. | 33,356 | 860,918 | ||||||
Alexander & Baldwin, Inc. | 19,096 | 612,791 | ||||||
Federal Signal Corp. | 52,883 | 380,229 | ||||||
Total Industrials | 16,216,194 | |||||||
INFORMATION TECHNOLOGY 10.1% | ||||||||
Tech Data Corp.* | 67,376 | 2,803,515 | ||||||
RF Micro Devices, Inc.* | 514,592 | 2,794,235 | ||||||
Vishay Intertechnology, Inc.* | 197,565 | 1,560,763 | ||||||
Ingram Micro, Inc. — Class A* | 89,205 | 1,503,104 | ||||||
Intersil Corp. — Class A | 73,690 | 1,128,194 | ||||||
Arrow Electronics, Inc.* | 35,233 | 991,809 | ||||||
Avnet, Inc.* | 28,312 | 735,263 | ||||||
Imation Corp. | 55,658 | 515,950 | ||||||
Total Information Technology | 12,032,833 | |||||||
UTILITIES 4.6% | ||||||||
PNM Resources, Inc. | 80,812 | 943,884 | ||||||
Oneok, Inc. | 25,638 | 938,864 | ||||||
Great Plains Energy, Inc. | 47,659 | 855,479 | ||||||
OGE Energy Corp. | 18,324 | 606,158 | ||||||
NV Energy, Inc. | 49,534 | 574,099 | ||||||
Westar Energy, Inc. | 28,469 | 555,430 | ||||||
AGL Resources, Inc. | 15,370 | 542,100 | ||||||
Black Hills Corp. | 19,372 | 487,593 | ||||||
Total Utilities | 5,503,607 | |||||||
HEALTH CARE 3.2% | ||||||||
WellCare Health Plans, Inc.* | 56,353 | 1,389,102 | ||||||
Health Net, Inc.* | 87,666 | 1,350,056 | ||||||
Kindred Healthcare, Inc.* | 66,847 | 1,084,927 | ||||||
Total Health Care | 3,824,085 | |||||||
96 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P MIDCAP 400 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 2.0% | ||||||||
Smithfield Foods, Inc.* | 111,911 | $ | 1,544,372 | |||||
Universal Corp. | 20,040 | 838,073 | ||||||
Total Consumer Staples | 2,382,445 | |||||||
ENERGY 0.6% | ||||||||
Southern Union Co. | 36,637 | 761,683 | ||||||
Total Energy | 761,683 | |||||||
Total Common Stocks | ||||||||
(Cost $106,112,284) | 118,229,977 | |||||||
WARRANTS 0.0% | ||||||||
CONSUMER DISCRETIONARY 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* | ||||||||
$12.21, 03/02/12 | 176 | 10 | ||||||
Total Consumer Discretionary | 10 | |||||||
Total Warrants | ||||||||
(Cost $—) | 10 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 0.5% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 206,943 | 206,943 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 125,201 | 125,201 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 108,645 | 108,645 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 51,736 | 51,736 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 17,005 | 17,005 | ||||||
Total Repurchase Agreements (Cost $509,530) | 509,530 | |||||||
Total Investments 100.0%(a) (Cost $106,621,814) | $ | 118,739,517 | ||||||
Other Assets in Excess of Liabilities – 0.0% | $ | 54,302 | ||||||
Net Assets – 100.0% | $ | 118,793,819 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 97 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
S&P 500 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.8% | ||||||||
FINANCIALS 37.9% | ||||||||
XL Capital Ltd. | 500,255 | $ | 8,734,452 | |||||
Genworth Financial, Inc. — Class A | 553,433 | 6,613,524 | ||||||
Hartford Financial Services | ||||||||
Group, Inc. | 117,203 | 3,105,879 | ||||||
ProLogis | 216,529 | 2,581,026 | ||||||
American International Group, Inc.* | 54,494 | 2,403,730 | ||||||
Morgan Stanley | 62,204 | 1,920,859 | ||||||
Host Hotels & Resorts, Inc. | 144,126 | 1,696,363 | ||||||
Lincoln National Corp. | 61,572 | 1,595,331 | ||||||
Comerica, Inc. | 38,616 | 1,145,737 | ||||||
Bank of America Corp. | 55,255 | 934,915 | ||||||
Fifth Third Bancorp | 89,623 | 907,881 | ||||||
Legg Mason, Inc. | 28,312 | 878,521 | ||||||
Prudential Financial, Inc. | 17,404 | 868,634 | ||||||
Apartment Investment & Management Co. — Class A | 46,942 | 692,394 | ||||||
Allstate Corp. | 22,120 | 677,314 | ||||||
Citigroup, Inc. | 135,865 | 657,587 | ||||||
Ameriprise Financial, Inc. | 15,881 | 576,957 | ||||||
HCP, Inc. | 19,549 | 561,838 | ||||||
SunTrust Banks, Inc. | 23,615 | 532,518 | ||||||
Principal Financial Group, Inc. | 19,386 | 530,983 | ||||||
Boston Properties, Inc. | 8,013 | 525,252 | ||||||
Vornado Realty Trust | 8,020 | 516,558 | ||||||
Simon Property Group, Inc. | 7,286 | 505,880 | ||||||
Capital One Financial Corp. | 13,344 | 476,781 | ||||||
Health Care REIT, Inc. | 11,217 | 466,852 | ||||||
JPMorgan Chase & Co. | 9,706 | 425,317 | ||||||
Regions Financial Corp. | 65,385 | 406,041 | ||||||
Marshall & Ilsley Corp. | 49,809 | 401,959 | ||||||
Huntington Bancshares, Inc. | 82,376 | 387,991 | ||||||
KIMCO Realty Corp. | 28,022 | 365,407 | ||||||
Equity Residential | 11,356 | 348,629 | ||||||
BB&T Corp. | 12,726 | 346,656 | ||||||
Assurant, Inc. | 10,592 | 339,580 | ||||||
Cincinnati Financial Corp. | 11,821 | 307,228 | ||||||
AvalonBay Communities, Inc. | 4,113 | 299,138 | ||||||
KeyCorp | 45,282 | 294,333 | ||||||
U.S. Bancorp | 11,079 | 242,187 | ||||||
Zions Bancorporation | 10,283 | 184,785 | ||||||
Total Financials | 44,457,017 | |||||||
CONSUMER DISCRETIONARY 24.7% | ||||||||
Office Depot, Inc.* | 578,849 | 3,831,980 | ||||||
Macy’s, Inc. | 142,772 | 2,611,300 | ||||||
Wyndham Worldwide Corp. | 154,441 | 2,520,477 | ||||||
Gannett Company, Inc. | 191,857 | 2,400,131 | ||||||
Goodyear Tire & Rubber Co.* | 133,672 | 2,276,434 | ||||||
Ford Motor Co.* | 301,000 | 2,170,210 | ||||||
CBS Corp. | 175,339 | 2,112,835 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Whirlpool Corp. | 16,044 | $ | 1,122,438 | |||||
Limited Brands, Inc. | 63,312 | 1,075,671 | ||||||
International Game Technology, Inc. | 47,231 | 1,014,522 | ||||||
J.C. Penney Company, Inc. | 27,529 | 929,104 | ||||||
AutoNation, Inc.* | 50,110 | 905,989 | ||||||
Carnival Corp. | 23,633 | 786,506 | ||||||
Meredith Corp. | 26,063 | 780,326 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 20,610 | 680,748 | ||||||
Newell Rubbermaid, Inc. | 43,166 | 677,275 | ||||||
Eastman Kodak Co. | 128,388 | 613,695 | ||||||
Leggett & Platt, Inc. | 31,497 | 611,042 | ||||||
Johnson Controls, Inc. | 20,870 | 533,437 | ||||||
Time Warner, Inc. | 14,656 | 421,800 | ||||||
Darden Restaurants, Inc. | 9,265 | 316,215 | ||||||
Mattel, Inc. | 17,114 | 315,924 | ||||||
Fortune Brands, Inc. | 6,647 | 285,688 | ||||||
Total Consumer Discretionary | 28,993,747 | |||||||
MATERIALS 8.4% | ||||||||
MeadWestvaco Corp. | 79,314 | 1,769,495 | ||||||
International Paper Co. | 77,507 | 1,722,981 | ||||||
AK Steel Holding Corp. | 67,086 | 1,323,607 | ||||||
Alcoa, Inc. | 85,846 | 1,126,299 | ||||||
Dow Chemical Co. | 35,908 | 936,121 | ||||||
Eastman Chemical Co. | 14,077 | 753,683 | ||||||
United States Steel Corp. | 15,454 | 685,694 | ||||||
Air Products & Chemicals, Inc. | 6,667 | 517,226 | ||||||
Weyerhaeuser Co. | 14,077 | 515,922 | ||||||
E.I. du Pont de Nemours and Co. | 16,044 | 515,654 | ||||||
Total Materials | 9,866,682 | |||||||
UTILITIES 6.3% | ||||||||
Constellation Energy Group, Inc. | 35,456 | 1,147,711 | ||||||
NiSource, Inc. | 68,142 | 946,492 | ||||||
Pinnacle West Capital Corp. | 18,767 | 615,933 | ||||||
TECO Energy, Inc. | 36,010 | 507,021 | ||||||
Pepco Holdings, Inc. | 31,030 | 461,727 | ||||||
DTE Energy Co. | 12,591 | 442,448 | ||||||
Integrys Energy Group, Inc. | 11,835 | 424,758 | ||||||
Duke Energy Corp. | 25,873 | 407,241 | ||||||
Ameren Corp. | 15,905 | 402,078 | ||||||
CenterPoint Energy, Inc. | 30,914 | 384,261 | ||||||
Progress Energy, Inc. | 9,704 | 379,038 | ||||||
Consolidated Edison, Inc. | 8,938 | 365,922 | ||||||
American Electric Power | ||||||||
Company, Inc. | 9,675 | 299,828 | ||||||
Xcel Energy, Inc. | 14,851 | 285,733 | ||||||
SCANA Corp. | 7,888 | 275,291 | ||||||
Total Utilities | 7,345,482 | |||||||
98 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
S&P 500 PURE VALUE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 5.2% | ||||||||
SUPERVALU, Inc. | 136,101 | $ | 2,049,681 | |||||
Tyson Foods, Inc. — Class A | 92,995 | 1,174,527 | ||||||
Coca-Cola Enterprises, Inc. | 37,161 | 795,617 | ||||||
Altria Group, Inc. | 34,991 | 623,190 | ||||||
Philip Morris International, Inc. | 12,553 | 611,833 | ||||||
Reynolds American, Inc. | 10,464 | 465,857 | ||||||
ConAgra Foods, Inc. | 16,649 | 360,950 | ||||||
Total Consumer Staples | 6,081,655 | |||||||
HEALTH CARE 4.3% | ||||||||
Tenet Healthcare Corp.* | 520,716 | 3,061,810 | ||||||
AmerisourceBergen Corp. | 49,644 | 1,111,033 | ||||||
McKesson Corp. | 7,740 | 460,917 | ||||||
Pfizer, Inc. | 23,440 | 387,932 | ||||||
Total Health Care | 5,021,692 | |||||||
INDUSTRIALS 3.7% | ||||||||
RR Donnelley & Sons Co. | 58,717 | 1,248,323 | ||||||
Masco Corp. | 59,665 | 770,872 | ||||||
Textron, Inc. | 40,408 | 766,944 | ||||||
General Electric Co. | 29,531 | 484,899 | ||||||
Avery Dennison Corp. | 9,704 | 349,441 | ||||||
Northrop Grumman Corp. | 6,654 | 344,345 | ||||||
Ryder System, Inc. | 8,006 | 312,714 | ||||||
Total Industrials | 4,277,538 | |||||||
INFORMATION TECHNOLOGY 3.5% | ||||||||
Jabil Circuit, Inc. | 143,252 | 1,921,009 | ||||||
Sun Microsystems, Inc.* | 78,586 | 714,347 | ||||||
Analog Devices, Inc. | 20,127 | 555,103 | ||||||
Microchip Technology, Inc. | 17,846 | 472,919 | ||||||
Molex, Inc. | 19,368 | 404,404 | ||||||
Total Information Technology | 4,067,782 | |||||||
ENERGY 3.1% | ||||||||
Tesoro Corp. | 138,685 | 2,077,501 | ||||||
Spectra Energy Corp. | 41,157 | 779,514 | ||||||
Valero Energy Corp. | 39,369 | 763,365 | ||||||
Total Energy | 3,620,380 | |||||||
TELECOMMUNICATION SERVICES 2.7% | ||||||||
CenturyTel, Inc. | 24,664 | 828,710 | ||||||
Qwest Communications International, Inc. | 206,993 | 788,643 | ||||||
Windstream Corp. | 53,450 | 541,449 | ||||||
Frontier Communications Corp. | 54,491 | 410,862 | ||||||
AT&T, Inc. | 10,473 | 282,876 | ||||||
Verizon Communications, Inc. | 9,228 | 279,332 | ||||||
Total Telecommunication Services | 3,131,872 | |||||||
Total Common Stocks | ||||||||
(Cost $101,050,551) | 116,863,847 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 0.9% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 449,587 | $ | 449,587 | ||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 272,000 | 272,000 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 236,033 | 236,033 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 112,397 | 112,397 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 36,943 | 36,943 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,106,960) | 1,106,960 | |||||||
Total Investments 100.7%(a) | ||||||||
(Cost $102,157,511) | $ | 117,970,807 | ||||||
Liabilities in Excess of Other Assets – (0.7)% | $ | (818,001 | ) | |||||
Net Assets – 100.0% | $ | 117,152,806 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
REIT — Real Estate Investment Trust. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 99 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
EUROPE 1.25x STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 72.0% | ||||||||
FINANCIALS 20.6% | ||||||||
HSBC Holdings PLC — SP ADR | 18,738 | $ | 1,074,624 | |||||
Banco Santander Central Hispano SA — SP ADR | 38,157 | 616,235 | ||||||
Banco Bilbao Vizcaya Argentaria SA — SP ADR | 28,357 | 505,889 | ||||||
Credit Suisse Group AG — SP ADR | 8,618 | 479,592 | ||||||
Deutsche Bank AG— SP ADR | 4,995 | 383,466 | ||||||
UBS AG — SP ADR* | 20,290 | 371,510 | ||||||
AXA — SP ADR | 13,473 | 364,445 | ||||||
Allianz SE — SP ADR | 28,417 | 354,644 | ||||||
Barclays PLC — SP ADR* | 14,754 | 348,785 | ||||||
ING Groep NV — SP ADR* | 12,963 | 231,130 | ||||||
Lloyds TSB Group PLC — SP ADR | 15,505 | 103,418 | ||||||
Willis Group Holdings Ltd. | 3,253 | 91,800 | ||||||
Allied Irish Banks PLC — SP ADR* | 6,977 | 65,723 | ||||||
Total Financials | 4,991,261 | |||||||
HEALTH CARE 13.5% | ||||||||
Novartis AG — SP ADR | 18,248 | 919,334 | ||||||
GlaxoSmithKline PLC — SP ADR | 20,460 | 808,375 | ||||||
Sanofi-Aventis — SP ADR | 18,308 | 676,481 | ||||||
AstraZeneca PLC — SP ADR | 9,940 | 446,803 | ||||||
Novo Nordisk A/S — SP ADR | 3,283 | 206,665 | ||||||
Teva Pharmaceutical Industries Ltd. — SP ADR | 2,422 | 122,456 | ||||||
Alcon, Inc. — SP ADR | 671 | 93,047 | ||||||
Total Health Care | 3,273,161 | |||||||
TELECOMMUNICATION SERVICES 11.2% | ||||||||
Telefonica SA — SP ADR | 10,390 | 861,435 | ||||||
Vodafone Group PLC — SP ADR | 30,880 | 694,800 | ||||||
France Telecom SA — SP ADR | 21,100 | 568,012 | ||||||
Deutsche Telekom AG — SP ADR | 24,263 | 331,432 | ||||||
BT Group PLC — SP ADR | 12,202 | 253,924 | ||||||
Total Telecommunication Services | 2,709,603 | |||||||
ENERGY 10.7% | ||||||||
BP PLC — SP ADR | 16,326 | 869,033 | ||||||
Total SA — SP ADR | 12,322 | 730,202 | ||||||
Royal Dutch Shell PLC — SP ADR | 9,950 | 569,040 | ||||||
Eni SpA — SP ADR | 7,387 | 368,242 | ||||||
Compagnie Generale de Geophysique Veriras — SP ADR* | 2,292 | 53,633 | ||||||
Total Energy | 2,590,150 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 4.2% | ||||||||
Unilever NV | 15,885 | $ | 458,441 | |||||
Diageo PLC — SP ADR | 6,206 | 381,607 | ||||||
British American Tobacco PLC — SP ADR | 2,853 | 180,452 | ||||||
Total Consumer Staples | 1,020,500 | |||||||
MATERIALS 4.0% | ||||||||
BHP Billiton Ltd. — SP ADR | 5,005 | 330,380 | ||||||
Rio Tinto PLC — SP ADR | 1,271 | 216,439 | ||||||
Anglo American PLC — SP ADR* | 12,232 | 194,244 | ||||||
ArcelorMittal | 3,904 | 144,994 | ||||||
Syngenta AG — SP ADR | 1,822 | 83,721 | ||||||
Total Materials | 969,778 | |||||||
INFORMATION TECHNOLOGY 3.1% | ||||||||
SAP AG — SP ADR | 6,206 | 303,287 | ||||||
Nokia Oyj — SP ADR | 20,450 | 298,979 | ||||||
Telefonaktiebolaget LM Ericsson — SP ADR | 15,215 | 152,455 | ||||||
Total Information Technology | 754,721 | |||||||
INDUSTRIALS 2.7% | ||||||||
Siemens AG — SP ADR | 4,534 | 421,481 | ||||||
Koninklijke Philips Electronics NV— SP ADR | 5,896 | 143,627 | ||||||
Ryanair Holdings PLC — SP ADR* | 3,613 | 104,921 | ||||||
Total Industrials | 670,029 | |||||||
CONSUMER DISCRETIONARY 1.7% | ||||||||
Daimler AG— SP ADR | 5,896 | 296,628 | ||||||
Carnival PLC — SP ADR | 3,173 | 109,437 | ||||||
Total Consumer Discretionary | 406,065 | |||||||
UTILITIES 0.3% | ||||||||
Veolia Environnement — SP ADR | 2,132 | 82,061 | ||||||
Total Utilities | 82,061 | |||||||
Total Common Stocks | ||||||||
(Cost $15,212,037) | 17,467,329 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 9.8% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 970,342 | 970,342 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 587,057 | 587,057 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 509,429 | 509,429 |
100 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
EUROPE 1.25x STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $242,585 | $ | 242,585 | |||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 79,734 | 79,734 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,389,147) | 2,389,147 | |||||||
Total Investments 81.8%(a) | ||||||||
(Cost $17,601,184) | $ | 19,856,476 | ||||||
Other Assets in Excess of Liabilities – 18.2% | $ | 4,418,477 | ||||||
Net Assets – 100.0% | $ | 24,274,953 | ||||||
Unrealized | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
CURRENCY FUTURES CONTRACTS PURCHASED(b) | ||||||||
December 2009 EURO Currency | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $14,266,200) | 78 | $ | (11,629 | ) | ||||
FUTURES CONTRACTS PURCHASED(b) | ||||||||
December 2009 Dow Jones | ||||||||
STOXX 50 Index Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $12,385,059) | 347 | $ | 26,486 | |||||
December 2009 Dow Jones EURO | ||||||||
STOXX 50 Index Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $8,002,239) | 191 | (6,103 | ) | |||||
(Total Aggregate Market Value of Contracts $20,387,298) | $ | 20,383 | ||||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. | |
ADR — American Depository Receipt. |
Country Diversification
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612227.gif)
The pie chart above reflects percentages of
the market value of Common Stocks.
the market value of Common Stocks.
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 101 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
JAPAN 2x STRATEGY FUND
FACE | MARKET | ||||||||
AMOUNT | VALUE | ||||||||
REPURCHASE AGREEMENTS† 95.0% | |||||||||
HSBC Group | |||||||||
issued 09/30/09 at 0.01% | |||||||||
due 10/01/09 | $2,659,067 | $ | 2,659,067 | ||||||
Mizuho Financial Group, Inc. | |||||||||
issued 09/30/09 at 0.01% | |||||||||
due 10/01/09 | 1,608,736 | 1,608,736 | |||||||
Morgan Stanley | |||||||||
issued 09/30/09 at 0.01% | |||||||||
due 10/01/09 | 1,396,010 | 1,396,010 | |||||||
Deutsche Bank | |||||||||
issued 09/30/09 at 0.01% | |||||||||
due 10/01/09 | 664,767 | 664,767 | |||||||
Credit Suisse Group | |||||||||
issued 09/30/09 at 0.03% | |||||||||
due 10/01/09 | 218,497 | 218,497 | |||||||
Total Repurchase Agreements | |||||||||
(Cost $6,547,077) | 6,547,077 | ||||||||
Total Investments 95.0%(a) | |||||||||
(Cost $6,547,077) | $ | 6,547,077 | |||||||
Other Assets in Excess of Liabilities – 5.0% | $ | 341,922 | |||||||
Net Assets – 100.0% | $ | 6,888,999 | |||||||
UNREALIZED | |||||||||
CONTRACTS | GAIN (LOSS) | ||||||||
CURRENCY FUTURES CONTRACTS PURCHASED(b) | |||||||||
December 2009 Japanese Yen Currency | |||||||||
Futures Contracts | |||||||||
(Aggregate Market Value of Contracts $13,790,700) | 99 | $ | 477,641 | ||||||
FUTURES CONTRACTS PURCHASED(b) | |||||||||
December 2009 Nikkei-225 Stock | |||||||||
Average Index Futures Contracts | |||||||||
(Aggregate Market Value of Contracts $13,846,250) | 275 | $ | (401,794 | ) | |||||
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
102 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
STRENGTHENING DOLLAR 2x STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 83.5% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 11,148,316 | $ | 11,148,316 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 6,744,732 | 6,744,732 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 5,852,866 | 5,852,866 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 2,787,079 | 2,787,079 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 1,697,695 | 1,697,695 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $28,230,688) | 28,230,688 | |||||||
Total Investments 83.5%(a) | ||||||||
(Cost $28,230,688) | $ | 28,230,688 | ||||||
Other Assets in Excess of Liabilities – 16.5% | $ | 5,571,733 | ||||||
Net Assets – 100.0% | $ | 33,802,421 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
CURRENCY FUTURES CONTRACTS PURCHASED(b) | ||||||||
December 2009 U.S. Dollar Index Futures Contracts (Aggregate Market Value of Contracts $54,641,600) | 710 | $ | (601,942 | ) | ||||
UNITS | ||||||||
CURRENCY INDEX SWAP AGREEMENT(b) | ||||||||
Goldman Sachs International November 2009 U.S. Dollar Index Swap, Terminating 11/25/09††† (Notional Market Value $12,708,349) | 165,112 | $ | 31,249 | |||||
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as currency index swap collateral at September 30, 2009. | |
††† | Total Return based on U.S. Dollar Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 103 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
WEAKENING DOLLAR 2x STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY DISCOUNT NOTE 46.2%(b) | ||||||||
Federal Home Loan Bank* | ||||||||
0.00% due 10/01/09 | $ | 50,000,000 | $ | 50,000,000 | ||||
Total Federal Agency Discount Note | ||||||||
(Cost $50,000,000) | 50,000,000 | |||||||
REPURCHASE AGREEMENTS† 48.7% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | 20,446,015 | 20,446,015 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 12,369,839 | 12,369,839 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 10,734,158 | 10,734,158 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 5,111,504 | 5,111,504 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 3,969,602 | 3,969,602 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $52,631,118) | 52,631,118 | |||||||
Total Investments 94.9%(a) | ||||||||
(Cost $102,631,118) | $ | 102,631,118 | ||||||
Other Assets in Excess of Liabilities – 5.1% | $ | 5,497,594 | ||||||
Net Assets – 100.0% | $ | 108,128,712 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
CURRENCY FUTURES CONTRACTS SOLD SHORT(b) | ||||||||
December 2009 U.S. Dollar Index Futures Contracts (Aggregate Market Value of Contracts $200,403,840) | 2,604 | $ | 3,349,400 | |||||
UNREALIZED | ||||||||
UNITS | GAIN | |||||||
CURRENCY INDEX SWAP AGREEMENT | ||||||||
SOLD SHORT(b) | ||||||||
Goldman Sachs International November 2009 U.S. Dollar Index Swap, Terminating 11/25/09††† (Notional Market Value $16,054,706) | 208,589 | $ | 168,167 | |||||
* | The issuer is a publicly traded company that operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as currency index swap collateral at September 30, 2009. | |
††† | Total Return based on U.S. Dollar Index +/- financing at a variable rate. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
104 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
REAL ESTATE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 100.0% | ||||||||
REAL ESTATE INVESTMENT TRUST (REIT) 93.1% | ||||||||
SPECIALIZED REIT 25.2% | ||||||||
Public Storage | 12,143 | $ | 913,639 | |||||
HCP, Inc. | 26,483 | 761,121 | ||||||
Host Hotels & Resorts, Inc. | 64,417 | 758,188 | ||||||
Ventas, Inc. | 17,029 | 655,616 | ||||||
Health Care REIT, Inc. | 13,248 | 551,382 | ||||||
Plum Creek Timber Company, Inc. (REIT) | 17,669 | 541,378 | ||||||
Nationwide Health Properties, Inc. | 14,920 | 462,371 | ||||||
Rayonier, Inc. | 11,106 | 454,346 | ||||||
Hospitality Properties Trust | 21,980 | 447,733 | ||||||
Senior Housing Properties Trust | 20,580 | 393,284 | ||||||
Entertainment Properties Trust | 9,161 | 312,757 | ||||||
LaSalle Hotel Properties | 15,612 | 306,932 | ||||||
Healthcare Realty Trust, Inc. | 13,790 | 291,383 | ||||||
Omega Healthcare Investors, Inc. | 17,226 | 275,961 | ||||||
Potlatch Corp. | 9,409 | 267,686 | ||||||
Extra Space Storage, Inc. | 24,837 | 262,030 | ||||||
National Health Investors, Inc. | 7,378 | 233,514 | ||||||
Sovran Self Storage, Inc. | 7,322 | 222,808 | ||||||
LTC Properties, Inc. | 7,624 | 183,281 | ||||||
Total Specialized REIT | 8,295,410 | |||||||
RETAIL REIT 19.0% | ||||||||
Simon Property Group, Inc. | 17,872 | 1,240,839 | ||||||
KIMCO Realty Corp. | 50,689 | 660,984 | ||||||
Federal Realty Investment Trust | 8,156 | 500,534 | ||||||
Macerich Co. | 15,794 | 479,032 | ||||||
Regency Centers Corp. | 12,660 | 469,053 | ||||||
Weingarten Realty Investors | 21,805 | 434,356 | ||||||
Realty Income Corp. | 16,569 | 424,995 | ||||||
Taubman Centers, Inc. | 11,111 | 400,885 | ||||||
National Retail Properties, Inc. | 16,136 | 346,440 | ||||||
Alexander’s, Inc. | 1,067 | 315,704 | ||||||
Equity One, Inc. | 18,968 | 297,229 | ||||||
Tanger Factory Outlet Centers, Inc. | 7,366 | 275,046 | ||||||
Getty Realty Corp. | 8,163 | 200,320 | ||||||
Saul Centers, Inc. | 5,814 | 186,629 | ||||||
Total Retail REIT | 6,232,046 | |||||||
RESIDENTIAL REIT 15.6% | ||||||||
Equity Residential | 27,822 | 854,136 | ||||||
AvalonBay Communities, Inc. | 9,155 | 665,843 | ||||||
UDR, Inc. | 30,310 | 477,079 | ||||||
Camden Property Trust | 11,703 | 471,631 | ||||||
Apartment Investment & Management Co. — Class A | 28,521 | 420,685 | ||||||
Essex Property Trust, Inc. | 5,136 | 408,723 |
MARKET | ||||||||
SHARES | VALUE | |||||||
BRE Properties, Inc. — Class A | 11,468 | $ | 358,948 | |||||
Home Properties, Inc. | 7,545 | 325,114 | ||||||
American Campus Communities, Inc. | 11,256 | 302,224 | ||||||
Mid-America Apartment | ||||||||
Communities, Inc. | 6,685 | 301,694 | ||||||
Equity Lifestyle Properties, Inc. | 6,713 | 287,249 | ||||||
Post Properties, Inc. | 14,157 | 254,826 | ||||||
Total Residential REIT | 5,128,152 | |||||||
OFFICE REIT 16.1% | ||||||||
Boston Properties, Inc. | 12,697 | 832,288 | ||||||
SL Green Realty Corp. | 14,299 | 627,011 | ||||||
Digital Realty Trust, Inc. | 10,854 | 496,136 | ||||||
Duke Realty Corp. | 39,438 | 473,650 | ||||||
Alexandria Real Estate | ||||||||
Equities, Inc. | 8,072 | 438,713 | ||||||
Mack-Cali Realty Corp. | 13,314 | 430,442 | ||||||
Highwoods Properties, Inc. | 13,494 | 424,386 | ||||||
Corporate Office Properties | ||||||||
Trust SBI | 10,416 | 384,142 | ||||||
Douglas Emmett, Inc. | 27,448 | 337,062 | ||||||
BioMed Realty Trust, Inc. | 23,158 | 319,581 | ||||||
Kilroy Realty Corp. | 10,943 | 303,559 | ||||||
Franklin Street Properties Corp. | 17,506 | 229,329 | ||||||
Total Office REIT | 5,296,299 | |||||||
MORTGAGE REIT 6.5% | ||||||||
Annaly Capital Management, Inc. | 44,445 | 806,232 | ||||||
MFA Mortgage Investments, Inc. | 43,341 | 344,994 | ||||||
Hatteras Financial Corp. | 8,612 | 258,188 | ||||||
Redwood Trust, Inc. | 16,545 | 256,448 | ||||||
Capstead Mortgage Corp. | 16,870 | 234,662 | ||||||
Anworth Mortgage Asset Corp. | 28,107 | 221,483 | ||||||
Total Mortgage REIT | 2,122,007 | |||||||
DIVERSIFIED REIT 6.3% | ||||||||
Vornado Realty Trust | 14,776 | 951,728 | ||||||
Liberty Property Trust | 15,949 | 518,821 | ||||||
Washington Real Estate | ||||||||
Investment Trust | 12,011 | 345,917 | ||||||
PS Business Parks, Inc. | 5,064 | 259,884 | ||||||
Total Diversified REIT | 2,076,350 | |||||||
INDUSTRIAL REIT 4.4% | ||||||||
ProLogis | 57,443 | 684,720 | ||||||
AMB Property Corp. | 21,796 | 500,218 | ||||||
Eastgroup Properties, Inc. | 6,498 | 248,354 | ||||||
Total Industrial REIT | 1,433,292 | |||||||
Total Real Estate Investment | ||||||||
Trust (REIT) | 30,583,556 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPEMENT 6.9% | ||||||||
Brookfield Asset Management, Inc. — Class A | 42,962 | 975,667 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 105 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
REAL ESTATE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CB Richard Ellis Group, Inc. — Class A* | 40,199 | $ | 471,936 | |||||
The St. Joe Co.* | 14,351 | 417,901 | ||||||
Jones Lang LaSalle, Inc. | 8,468 | 401,129 | ||||||
Total Real Estate Management & | ||||||||
Developement | 2,266,633 | |||||||
Total Common Stocks | ||||||||
(Cost $28,105,327) | 32,850,189 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.5% | ||||||||
Credit Suisse Group issued 10/30/09 at 0.03% due 10/01/09 | $ | 170,383 | 170,383 | |||||
Total Repurchase Agreement | ||||||||
(Cost $170,383) | 170,383 | |||||||
Total Investments 100.5%(a) | ||||||||
(Cost $28,275,710) | $ | 33,020,572 | ||||||
Liabilities in Excess of Other Assets — (0.5)% | $ | (180,453 | ) | |||||
Net Assets – 100.0% | $ | 32,840,119 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
REIT—Real Estate Investment Trust. |
106 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
GOVERNMENT LONG BOND 1.2x STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
U.S. TREASURY OBLIGATION 94.2% | ||||||||
U.S. Treasury Bond 4.50% due 08/15/39 | $ | 213,335,000 | $ | 230,068,464 | ||||
Total U.S. Treasury Obligation | ||||||||
(Cost $222,977,595) | 230,068,464 | |||||||
REPURCHASE AGREEMENTS† 4.2% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | 4,204,316 | 4,204,316 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 2,543,611 | 2,543,611 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 2,207,266 | 2,207,266 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 1,051,079 | 1,051,079 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 345,471 | 345,471 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $10,351,743) | 10,351,743 | |||||||
Total Investments 98.4%(a) | ||||||||
(Cost $233,329,338) | $ | 240,420,207 | ||||||
Other Assets in Excess of Liabilities – 1.6% | $ | 3,913,993 | ||||||
Net Assets – 100.0% | $ | 244,334,200 | ||||||
Unrealized | ||||||||
Contracts | Gain | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 U.S. Treasury Bond Futures Contracts (Aggregate Market Value of Contracts $102,493,250) | 844 | $ | 1,713,602 | |||||
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 107 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE GOVERNMENT LONG BOND STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY DISCOUNT NOTES 86.5%(b) | ||||||||
Fannie Mae* | ||||||||
0.24% due 10/29/09 | $ | 50,000,000 | $ | 49,998,450 | ||||
0.31% due 01/11/10 | 25,000,000 | 24,992,925 | ||||||
0.25% due 02/17/10 | 15,000,000 | 14,993,055 | ||||||
Federal Home Loan Bank** | ||||||||
0.00% due 10/01/09 | 100,000,000 | 100,000,000 | ||||||
0.68% due 10/30/09 | 50,000,000 | 49,998,400 | ||||||
0.12% due 11/13/09 | 50,000,000 | 49,997,000 | ||||||
0.83% due 12/15/09 | 49,000,000 | 48,994,904 | ||||||
0.74% due 10/16/09 | 25,000,000 | 24,999,575 | ||||||
0.21% due 10/20/09 | 25,000,000 | 24,999,475 | ||||||
Freddie Mac* | ||||||||
0.46% due 08/23/10 | 50,000,000 | 49,886,800 | ||||||
0.19% due 03/22/10 | 25,000,000 | 24,982,075 | ||||||
0.25% due 12/15/09 | 22,000,000 | 21,997,712 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $485,582,035) | 485,840,371 | |||||||
CONTRACTS | ||||||||
OPTIONS PURCHASED 0.0%(b) | ||||||||
Call Options on: | ||||||||
December 2009 U.S. Treasury Bond Index Futures Contracts Expiring November 2009 with strike price of 147†† | 2,000 | — | ||||||
Total Call Options | — | |||||||
Total Options Purchased | ||||||||
(Cost $35,250) | — | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 11.5% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 26,284,383 | $ | 26,284,383 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 15,902,051 | 15,902,051 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 13,799,301 | 13,799,301 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 6,571,096 | 6,571,096 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 2,159,802 | 2,159,802 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $64,716,633) | 64,716,633 | |||||||
Total Investments 98.0%(a) | ||||||||
(Cost $550,333,918) | $ | 550,557,004 | ||||||
Other Assets in Excess of Liabilities – 2.0% | $ | 11,272,240 | ||||||
Net Assets – 100.0% | $ | 561,829,244 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 U.S. Treasury Bond Futures Contracts (Aggregate Market Value of Contracts $924,139,375) | 7,610 | $ | (18,389,583 | ) | ||||
* | On September 7, 2008 the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm. | |
** | The issuer is a publicly traded company that operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
† | Repurchase Agreements — See Note 7. | |
†† | Security is fair valued. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
108 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
HIGH YIELD STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 137.7% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 8,800,166 | $ | 8,800,166 | ||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 6,265,162 | 6,265,162 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 5,324,100 | 5,324,100 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 4,620,087 | 4,620,087 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 2,200,041 | 2,200,041 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $27,209,556) | 27,209,556 | |||||||
Total Investments 137.7%(a) | ||||||||
(Cost $27,209,556) | $ | 27,209,556 | ||||||
Liabilities in Excess of Other Assets – (37.7)% | $ | (7,455,311 | ) | |||||
Net Assets – 100.0% | $ | 19,754,245 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN | |||||||
FUTURES CONTRACTS PURCHASED(a) | ||||||||
December 2009 U.S. 5 Year Treasury Note Futures Contracts (Aggregate Market Value of Contracts $12,305,938) | 106 | $ | 144,521 | |||||
CREDIT DEFAULT SWAP AGREEMENT PROTECTION SOLD†††(b)
UPFRONT | ||||||||||||||||||||||||||||
PROTECTION | MATURITY | NOTIONAL | MARKET | PREMIUMS | UNREALIZED | |||||||||||||||||||||||
INDEX | COUNTERPARTY | PREMIUM RATE | DATE | PRINCIPAL | VALUE | PAID | APPRECIATION | |||||||||||||||||||||
CDX.NA.HY-12 Index | Goldman Sachs International | 5.00% | 06/20/14 | $ | 21,620,000 | $(1,486,375 | ) | $(3,801,710 | ) | $2,315,335 |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as credit default swap collateral at September 30, 2009. | |
††† | Credit Default Swaps — See Note 3. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 109 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INVERSE HIGH YIELD STRATEGY FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 74.0% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 2,845,984 | $ | 2,845,984 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 1,721,821 | 1,721,821 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09†† | 1,643,876 | 1,643,876 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 1,494,142 | 1,494,142 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 711,496 | 711,496 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,417,319) | 8,417,319 | |||||||
Total Investments 74.0%(a) | ||||||||
(Cost $8,417,319) | $ | 8,417,319 | ||||||
Other Assets in Excess of Liabilities – 26.0% | $ | 2,956,331 | ||||||
Net Assets – 100.0% | $ | 11,373,650 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 U.S. 5 Year Treasury Note Futures Contracts (Aggregate Market Value of Contracts $8,358,750) | 72 | $ | (53,763 | ) | ||||
CREDIT DEFAULT SWAP AGREEMENT PROTECTION PURCHASED(b)
UPFRONT | ||||||||||||||||||||||||||||
PROTECTION | MATURITY | NOTIONAL | MARKET | PREMIUMS | UNREALIZED | |||||||||||||||||||||||
INDEX | COUNTERPARTY | PREMIUM RATE | DATE | PRINCIPAL | VALUE | RECEIVED | DEPRECIATION | |||||||||||||||||||||
CDX.NA.HY-12 Index | Goldman Sachs International | 5.00% | 06/20/14 | $8,930,000 | $613,938 | $789,810 | $(175,872 | ) |
† | Repurchase Agreements — See Note 7. | |
†† | All or a portion of this security is pledged as credit default swap collateral at September 30, 2009. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
110 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
U.S. GOVERNMENT MONEY MARKET FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY DISCOUNT NOTES 64.9%(b) | ||||||||
Fannie Mae* | ||||||||
0.51% due 07/12/10 | $ | 45,000,000 | $ | 44,820,528 | ||||
0.25% due 10/01/09 | 26,000,000 | 26,000,000 | ||||||
0.48% due 06/14/10 | 25,000,000 | 24,914,667 | ||||||
0.42% due 08/09/10 | 25,000,000 | 24,909,000 | ||||||
0.25% due 01/12/10 | 20,000,000 | 19,985,694 | ||||||
0.24% due 02/24/10 | 15,000,000 | 14,985,400 | ||||||
0.34% due 10/21/09 | 2,000,000 | 1,999,641 | ||||||
0.28% due 11/04/09 | 1,700,000 | 1,699,547 | ||||||
0.23% due 10/07/09 | 1,400,000 | 1,399,946 | ||||||
0.27% due 11/18/09 | 1,400,000 | 1,399,492 | ||||||
0.30% due 11/02/09 | 1,300,000 | 1,299,650 | ||||||
0.25% due 11/03/09 | 1,200,000 | 1,199,723 | ||||||
0.29% due 11/16/09 | 1,000,000 | 999,627 | ||||||
0.50% due 12/07/09 | 1,000,000 | 999,063 | ||||||
0.70% due 12/03/09 | 1,000,000 | 998,766 | ||||||
Farmer Mac** | ||||||||
0.60% due 06/11/10 | 26,200,000 | 26,089,523 | ||||||
Federal Farm Credit Bank** | ||||||||
0.27% due 10/15/09 | 25,000,000 | 24,997,375 | ||||||
0.39% due 05/17/10 | 25,000,000 | 24,938,250 | ||||||
0.50% due 06/02/10 | 25,000,000 | 24,915,278 | ||||||
0.48% due 05/03/10 | 20,000,000 | 19,942,933 | ||||||
0.21% due 10/29/09 | 1,500,000 | 1,499,753 | ||||||
0.66% due 11/18/09 | 1,500,000 | 1,498,690 | ||||||
0.22% due 10/16/09 | 1,300,000 | 1,299,880 | ||||||
0.34% due 12/18/09 | 1,000,000 | 999,259 | ||||||
Federal Home Loan Bank** | ||||||||
0.00% due 10/01/09 | 400,000,000 | 400,000,000 | ||||||
0.80% due 12/08/09 | 50,000,000 | 49,924,444 | ||||||
0.42% due 02/12/10 | 50,000,000 | 49,921,833 | ||||||
0.81% due 12/23/09 | 50,000,000 | 49,906,625 | ||||||
0.19% due 12/28/09 | 25,000,000 | 24,988,389 | ||||||
0.62% due 12/30/09 | 25,000,000 | 24,961,250 | ||||||
0.60% due 01/07/10 | 25,000,000 | 24,959,167 | ||||||
1.05% due 03/16/10 | 25,000,000 | 24,878,958 | ||||||
0.49% due 08/06/10 | 15,000,000 | 14,936,912 | ||||||
0.75% due 02/09/10 | 12,000,000 | 11,967,250 | ||||||
Freddie Mac* | ||||||||
0.43% due 05/17/10 | 20,000,000 | 19,945,533 | ||||||
0.73% due 02/08/10 | 10,000,000 | 9,973,639 | ||||||
0.27% due 11/23/09 | 1,800,000 | 1,799,279 | ||||||
0.21% due 10/26/09 | 1,500,000 | 1,499,779 | ||||||
0.28% due 11/09/09 | 1,500,000 | 1,499,541 | ||||||
0.25% due 11/05/09 | 1,000,000 | 999,755 | ||||||
0.28% due 11/02/09 | 1,000,000 | 999,749 | ||||||
Total Federal Agency | ||||||||
Discount Notes | ||||||||
(Cost $1,006,953,788) | 1,006,953,788 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
FEDERAL AGENCY BONDS 1.0%(b) | ||||||||
Federal Home Loan Bank** | ||||||||
1.12% due 06/30/10 | $ | 15,000,000 | $ | 15,074,393 | ||||
Total Federal Agency Bonds | ||||||||
(Cost $15,074,393) | 15,074,393 | |||||||
FEDERAL AGENCY NOTES 3.3%(b) | ||||||||
Fannie Mae* 2.38% due 05/20/10 | 25,000,000 | 25,301,462 | ||||||
Farmer Mac** 0.65% due 07/15/10 | 25,000,000 | 25,000,000 | ||||||
Federal Home Loan Mortgage Corp.** 0.60% due 01/08/10 | 1,000,000 | 1,000,000 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $51,301,462) | 51,301,462 | |||||||
ASSET BACKED SECURITIES 0.0%(b) | ||||||||
Small Business Administration Pools | ||||||||
#501927 | ||||||||
1.52% due 07/25/171 | 140,232 | 141,555 | ||||||
#503152 | ||||||||
0.89% due 11/25/201 | 36,626 | 36,626 | ||||||
#503265 | ||||||||
0.76% due 01/25/211 | 58,653 | 58,506 | ||||||
#503295 | ||||||||
0.76% due 04/25/211 | 34,709 | 34,731 | ||||||
#503303 | ||||||||
0.76% due 04/25/211 | 63,129 | 63,168 | ||||||
Total Asset Backed Securities | ||||||||
(Cost $334,586) | 334,586 | |||||||
REPURCHASE AGREEMENTS† 21.0% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | 125,905,169 | 125,905,169 | ||||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 91,628,861 | 91,628,861 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 66,100,214 | 66,100,214 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 31,476,293 | 31,476,293 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 10,345,697 | 10,345,697 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $325,456,234) | 325,456,234 | |||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 111 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
U.S. GOVERNMENT MONEY MARKET FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
COMMERCIAL PAPER 5.1%(b) | ||||||||
Abbott Laboratories | ||||||||
0.20% due 11/16/09 | $ | 3,000,000 | $ | 2,999,233 | ||||
0.19% due 10/06/09 | 2,000,000 | 1,999,947 | ||||||
BNP Paribas Finance, Inc. | ||||||||
0.19% due 10/14/09 | 5,000,000 | 4,999,657 | ||||||
BP Capital Markets PLC | ||||||||
0.17% due 10/22/09 | 4,750,000 | 4,749,529 | ||||||
Coca-Cola Co. | ||||||||
0.15% due 11/19/09 | 5,000,000 | 4,998,979 | ||||||
FPL Group Capital, Inc. | ||||||||
0.18% due 10/07/09 | 5,000,000 | 4,999,850 | ||||||
General Re Corp. | ||||||||
0.16% due 10/16/09 | 5,000,000 | 4,999,667 | ||||||
GlaxoSmithKline PLC | ||||||||
0.15% due 10/21/09 | 5,000,000 | 4,999,583 | ||||||
Goldman Sachs Group, Inc. | ||||||||
0.14% due 10/15/09 | 5,000,000 | 4,999,728 | ||||||
JPMorgan Chase Funding, Inc. | ||||||||
0.22% due 12/01/09 | 5,000,000 | 4,998,136 | ||||||
Nestle Capital Corp. | ||||||||
0.19% due 10/13/09 | 5,000,000 | 4,999,683 | ||||||
Procter & Gamble | ||||||||
International Funding | ||||||||
0.21% due 10/20/09 | 5,000,000 | 4,999,446 | ||||||
Royal Bank of Canada | ||||||||
0.16% due 11/13/09 | 5,000,000 | 4,999,045 | ||||||
Southern Co. | ||||||||
0.20% due 11/17/09 | 5,000,000 | 4,998,694 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.18% due 11/06/09 | 5,000,000 | 4,999,100 | ||||||
Unilever Capital Corp. | ||||||||
0.13% due 10/23/09 | 5,000,000 | 4,999,603 | ||||||
Wal-Mart Stores, Inc. | ||||||||
0.15% due 10/28/09 | 5,000,000 | 4,999,438 | ||||||
Total Commercial Paper | ||||||||
(Cost $79,739,318) | 79,739,318 | |||||||
MARKET | ||||||||
VALUE | ||||||||
Total Investments 95.3%(a) | ||||||||
(Cost $1,478,859,781) | $ | 1,478,859,781 | ||||||
Other Assets in Excess of Liabilities – 4.7% | $ | 72,680,529 | ||||||
Net Assets – 100.0% | $ | 1,551,540,310 | ||||||
* | On September 7, 2008 the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm. | |
** | The issuer is a publicly traded company that operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government. | |
† | Repurchase Agreements — See Note 7. | |
1 | Variable rate security. Rate indicated is effective at September 30, 2009. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 —See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
112 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
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THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 113 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
Inverse | ||||||||||||
S&P 500 | ||||||||||||
Nova | S&P 500 | Strategy | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investment Securities | $ | 57,565,492 | $ | 137,928,533 | $ | 124,987,550 | ||||||
Repurchase Agreements | 15,899,879 | 15,758,887 | 66,632,224 | |||||||||
Total Investments | 73,465,371 | 153,687,420 | 191,619,774 | |||||||||
Segregated Cash with Broker | 2,754,000 | 292,500 | 1,755,035 | |||||||||
Unrealized Appreciation on Swap Agreements | 583,879 | 119,314 | — | |||||||||
Receivable for Swap Settlement | 298,325 | 3,021 | — | |||||||||
Variation Margin on Futures Contracts | — | — | 60,974 | |||||||||
Receivable for Fund Shares Sold | 25,689 | 10,933,282 | 1,662,800 | |||||||||
Investment Income Receivable | 77,361 | 189,688 | — | |||||||||
Total Assets | 77,204,625 | 165,225,225 | 195,098,583 | |||||||||
Liabilities | ||||||||||||
Unrealized Depreciation on Swap Agreements | — | — | 1,724,622 | |||||||||
Payable for Swap Settlement | — | — | 3,631,009 | |||||||||
Variation Margin on Futures Contracts | 93,287 | 9,695 | — | |||||||||
Payable for Fund Shares Redeemed | 955,883 | 8,451,683 | 7,313,844 | |||||||||
Investment Advisory Fees Payable | 45,506 | 96,695 | 142,517 | |||||||||
Transfer Agent and Administrative Fees Payable | 15,169 | 32,231 | 39,588 | |||||||||
Distribution and Service Fees Payable | 16,482 | 38,564 | 20,797 | |||||||||
Portfolio Accounting Fees Payable | 6,067 | 12,893 | 15,835 | |||||||||
Custody Fees Payable | 2,187 | 4,255 | 5,226 | |||||||||
Other Accrued Fees | 23,511 | 54,360 | 73,499 | |||||||||
Total Liabilities | 1,158,092 | 8,700,376 | 12,966,937 | |||||||||
Net Assets | $ | 76,046,533 | $ | 156,524,849 | $ | 182,131,646 | ||||||
Net Assets Consist Of | ||||||||||||
Paid-In Capital | $ | 236,731,627 | $ | 189,631,708 | $ | 457,423,739 | ||||||
Undistributed Net Investment Income (Loss) | 691,161 | 656,415 | (917,351 | ) | ||||||||
Accumulated Net Realized Loss on Investments | (173,863,792 | ) | (63,554,413 | ) | (272,539,334 | ) | ||||||
Net Unrealized Appreciation (Depreciation) on Investments | 12,487,537 | 29,791,139 | (1,835,408 | ) | ||||||||
Net Assets | $ | 76,046,533 | $ | 156,524,849 | $ | 182,131,646 | ||||||
Investor Class | $ | 46,652,714 | N/A | $ | 144,953,637 | |||||||
Advisor Class | 9,179,095 | N/A | 6,253,886 | |||||||||
A-Class | 7,822,208 | $ | 42,622,620 | 12,706,974 | ||||||||
C-Class | 12,392,516 | 10,762,313 | 18,217,149 | |||||||||
H-Class | N/A | 103,139,916 | N/A | |||||||||
Shares Outstanding | ||||||||||||
Investor Class | 2,673,979 | N/A | 3,696,322 | |||||||||
Advisor Class | 560,486 | N/A | 170,599 | |||||||||
A-Class | 470,567 | 2,027,048 | 343,014 | |||||||||
C-Class | 780,907 | 525,282 | 510,661 | |||||||||
H-Class | N/A | 4,907,625 | N/A | |||||||||
Net Asset Values | ||||||||||||
Investor Class | $17.45 | N/A | $39.22 | |||||||||
Advisor Class | 16.38 | N/A | 36.66 | |||||||||
A-Class | 16.62 | $21.03 | 37.05 | |||||||||
A-Class Maximum Offering Price* | 17.45 | 22.08 | 38.90 | |||||||||
C-Class | 15.87 | 20.49 | 35.67 | |||||||||
H-Class | N/A | 21.02 | N/A | |||||||||
Cost of Investments | $ | 61,550,513 | $ | 124,017,462 | $ | 191,597,786 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
114 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
Inverse | Inverse | Inverse | |||||||||||||||||||||||||||
NASDAQ-100® | Mid-Cap | Mid-Cap | Russell 2000® | Russell 2000® | |||||||||||||||||||||||||
NASDAQ-100® | Strategy | 1.5x Strategy | Strategy | 1.5x Strategy | Russell 2000® | Strategy | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
$541,337,543 | $ | — | $ | 8,611,030 | $ | — | $ | 14,209,822 | $ | 4,893,129 | $ | — | |||||||||||||||||
21,893,445 | 32,625,626 | 4,014,557 | 5,774,264 | 8,055,868 | 9,909,996 | 19,354,690 | |||||||||||||||||||||||
563,230,988 | 32,625,626 | 12,625,587 | 5,774,264 | 22,265,690 | 14,803,125 | 19,354,690 | |||||||||||||||||||||||
638,400 | 246,412 | 564,000 | 66,002 | 632,000 | 220,000 | 420,007 | |||||||||||||||||||||||
137,708 | — | 108,020 | — | 507,967 | 45,647 | — | |||||||||||||||||||||||
508,834 | — | 147,220 | — | 313,465 | — | 35,903 | |||||||||||||||||||||||
— | — | — | 4,070 | — | — | 67,118 | |||||||||||||||||||||||
357,964 | 122,089 | 786,324 | 20,351 | 1,179,670 | 1,799,139 | 90,560 | |||||||||||||||||||||||
107,424 | — | 7,678 | — | 13,808 | 4,973 | — | |||||||||||||||||||||||
564,981,318 | 32,994,127 | 14,238,829 | 5,864,687 | 24,912,600 | 16,872,884 | 19,968,278 | |||||||||||||||||||||||
— | 245,024 | — | 84,990 | — | 526 | 305,598 | |||||||||||||||||||||||
— | 638,353 | — | 239,544 | — | 57,960 | — | |||||||||||||||||||||||
— | — | 34,780 | — | 106,898 | 24,404 | — | |||||||||||||||||||||||
6,402,917 | 1,253,526 | 250,211 | 58,848 | 872,731 | 756,602 | 128,000 | |||||||||||||||||||||||
341,407 | 21,481 | 9,857 | 5,237 | 15,507 | 9,387 | 15,955 | |||||||||||||||||||||||
113,802 | 5,967 | 2,738 | 1,455 | 4,307 | 3,129 | 4,432 | |||||||||||||||||||||||
19,120 | 3,110 | 4,975 | 1,745 | 7,099 | 4,524 | 5,592 | |||||||||||||||||||||||
38,172 | 2,387 | 1,095 | 582 | 1,723 | 1,252 | 1,773 | |||||||||||||||||||||||
15,022 | 788 | 361 | 192 | 569 | 413 | 585 | |||||||||||||||||||||||
230,288 | 13,051 | 4,165 | 2,209 | 5,892 | 4,759 | 6,464 | |||||||||||||||||||||||
7,160,728 | 2,183,687 | 308,182 | 394,802 | 1,014,726 | 862,956 | 468,399 | |||||||||||||||||||||||
$557,820,590 | $ | 30,810,440 | $ | 13,930,647 | $ | 5,469,885 | $ | 23,897,874 | $ | 16,009,928 | $ | 19,499,879 | |||||||||||||||||
$ | 1,083,528,333 | $ | 111,344,039 | $ | 31,466,806 | $ | 16,627,956 | $ | 39,553,120 | $ | 28,803,573 | $ | 56,536,178 | ||||||||||||||||
(1,845,975 | ) | (152,248 | ) | (39,747 | ) | (50,866 | ) | 24,981 | (44,677 | ) | (234,497 | ) | |||||||||||||||||
(762,381,608 | ) | (80,083,574 | ) | (19,847,407 | ) | (11,026,894 | ) | (19,640,726 | ) | (14,273,209 | ) | (36,426,844 | ) | ||||||||||||||||
238,519,840 | (297,777 | ) | 2,350,995 | (80,311 | ) | 3,960,499 | 1,524,241 | (374,958 | ) | ||||||||||||||||||||
$557,820,590 | $ | 30,810,440 | $ | 13,930,647 | $ | 5,469,885 | $ | 23,897,874 | $ | 16,009,928 | $ | 19,499,879 | |||||||||||||||||
$514,482,542 | $ | 26,595,573 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
25,756,788 | 391,764 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
8,666,931 | 897,360 | $ | 1,083,172 | $ | 2,059,094 | $ | 1,353,920 | $ | 2,867,162 | $ | 1,289,126 | ||||||||||||||||||
8,914,329 | 2,925,743 | 3,723,148 | 480,079 | 4,645,908 | 2,016,817 | 1,966,203 | |||||||||||||||||||||||
N/A | N/A | 9,124,327 | 2,930,712 | 17,898,046 | 11,125,949 | 16,244,550 | |||||||||||||||||||||||
45,528,536 | 1,516,707 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
2,414,289 | 23,068 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
801,105 | 52,131 | 49,038 | 63,894 | 63,720 | 139,969 | 40,938 | |||||||||||||||||||||||
862,798 | 183,678 | 180,826 | 15,595 | 233,965 | 101,005 | 65,220 | |||||||||||||||||||||||
N/A | N/A | 413,047 | 90,982 | 843,229 | 543,586 | 515,663 | |||||||||||||||||||||||
$11.30 | $17.54 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
10.67 | 16.98 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
10.82 | 17.21 | $22.09 | $32.23 | $21.25 | $20.48 | $31.49 | |||||||||||||||||||||||
11.36 | 18.07 | 23.19 | 33.84 | 22.31 | 21.50 | 33.06 | |||||||||||||||||||||||
10.33 | 15.93 | 20.59 | 30.78 | 19.86 | 19.97 | 30.15 | |||||||||||||||||||||||
N/A | N/A | 22.09 | 32.21 | 21.23 | 20.47 | 31.50 | |||||||||||||||||||||||
$324,970,189 | $ | 32,625,626 | $ | 10,526,593 | $ | 5,774,264 | $ | 18,812,767 | $ | 13,287,055 | $ | 19,354,690 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 115 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
S&P | S&P | |||||||||||
SmallCap 600 | MidCap 400 | S&P 500 | ||||||||||
Pure Growth | Pure Growth | Pure Growth | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investment Securities | $ | 16,709,667 | $ | 42,800,191 | $ | 11,019,043 | ||||||
Repurchase Agreements | 102,547 | 334,044 | 65,553 | |||||||||
Total Investments | 16,812,214 | 43,134,235 | 11,084,596 | |||||||||
Segregated Cash with Broker | — | — | — | |||||||||
Unrealized Appreciation on Swap Agreements | — | — | — | |||||||||
Receivable for Swap Settlement | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | — | — | |||||||||
Receivable for Securities Sold | — | — | — | |||||||||
Receivable for Fund Shares Sold | 290,489 | 999,905 | 264,261 | |||||||||
Investment Income Receivable | 1,946 | 9,176 | 4,405 | |||||||||
Other Assets | — | — | — | |||||||||
Total Assets | 17,104,649 | 44,143,316 | 11,353,262 | |||||||||
Liabilities | ||||||||||||
Payable for Swap Settlement | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | — | — | |||||||||
Payable for Securities Purchased | 270,427 | — | 216,757 | |||||||||
Payable for Fund Shares Redeemed | 14,861 | 241,377 | 39,262 | |||||||||
Investment Advisory Fees Payable | 9,186 | 28,455 | 7,506 | |||||||||
Transfer Agent and Administrative Fees Payable | 3,062 | 9,485 | 2,502 | |||||||||
Distribution and Service Fees Payable | 3,606 | 11,165 | 3,975 | |||||||||
Portfolio Accounting Fees Payable | 1,225 | 3,794 | 1,001 | |||||||||
Custody Fees Payable | 404 | 1,252 | 330 | |||||||||
Overdraft Due to Custodian Bank | — | — | — | |||||||||
Other Accrued Fees | 5,030 | 12,117 | 4,403 | |||||||||
Total Liabilities | 307,801 | 307,645 | 275,736 | |||||||||
Net Assets | $ | 16,796,848 | $ | 43,835,671 | $ | 11,077,526 | ||||||
Net Assets Consist Of | ||||||||||||
Paid-In Capital | $ | 21,698,718 | $ | 60,087,708 | $ | 19,999,467 | ||||||
Undistributed Net Investment Income (Loss) | (112,733 | ) | (247,145 | ) | (55,063 | ) | ||||||
Accumulated Net Realized Loss on Investments | (9,852,891 | ) | (27,485,848 | ) | (12,804,668 | ) | ||||||
Net Unrealized Appreciation (Depreciation) on Investments | 5,063,754 | 11,480,956 | 3,937,790 | |||||||||
Net Assets | $ | 16,796,848 | $ | 43,835,671 | $ | 11,077,526 | ||||||
A-Class | $ | 2,844,943 | $ | 1,229,140 | $ | 1,114,573 | ||||||
C-Class | 1,227,122 | 2,946,411 | 2,473,462 | |||||||||
H-Class | 12,724,783 | 39,660,120 | 7,489,491 | |||||||||
Shares Outstanding | ||||||||||||
A-Class | 107,247 | 44,025 | 48,882 | |||||||||
C-Class | 48,178 | 110,242 | 113,095 | |||||||||
H-Class | 479,699 | 1,418,743 | 328,531 | |||||||||
Net Asset Values | ||||||||||||
A-Class | $26.53 | $27.92 | $22.80 | |||||||||
A-Class Maximum Offering Price* | 27.85 | 29.31 | 23.94 | |||||||||
C-Class | 25.47 | 26.73 | 21.87 | |||||||||
H-Class | 26.53 | 27.95 | 22.80 | |||||||||
Cost of Investments | $ | 11,748,460 | $ | 31,653,279 | $ | 7,146,806 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
116 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
S&P | S&P | Strengthening | Weakening | ||||||||||||||||||||||||||
SmallCap 600 | MidCap 400 | S&P 500 | Europe 1.25x | Japan 2x | Dollar 2x | Dollar 2x | |||||||||||||||||||||||
Pure Value | Pure Value | Pure Value | Strategy | Strategy | Strategy | Strategy | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
$ | 230,332,877 | $ | 118,229,987 | $ | 116,863,847 | $ | 17,467,329 | $ | — | $ | — | $ | 50,000,000 | ||||||||||||||||
1,917,332 | 509,530 | 1,106,960 | 2,389,147 | 6,547,077 | 28,230,688 | 52,631,118 | |||||||||||||||||||||||
232,250,209 | 118,739,517 | 117,970,807 | 19,856,476 | 6,547,077 | 28,230,688 | 102,631,118 | |||||||||||||||||||||||
— | — | — | 1,230,980 | 2,112,000 | 813,600 | 3,124,800 | |||||||||||||||||||||||
— | — | — | — | — | 31,249 | 168,167 | |||||||||||||||||||||||
— | — | — | — | — | — | 1,739,824 | |||||||||||||||||||||||
— | — | — | — | 65,908 | — | 1,041,600 | |||||||||||||||||||||||
— | 2,882,037 | 587,136 | — | — | — | — | |||||||||||||||||||||||
2,055,464 | 272,385 | 462,835 | 4,887,389 | 24,711 | 5,348,046 | 97,535 | |||||||||||||||||||||||
158,181 | 101,215 | 211,460 | 25,497 | — | — | — | |||||||||||||||||||||||
— | — | — | 1,848,879 | — | — | — | |||||||||||||||||||||||
234,463,854 | 121,995,154 | 119,232,238 | 27,849,221 | 8,749,696 | 34,423,583 | 108,803,044 | |||||||||||||||||||||||
— | — | — | — | — | 233,683 | — | |||||||||||||||||||||||
— | — | — | 92,597 | 63,106 | 271,462 | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||
2,530,479 | 3,048,623 | 1,925,448 | 1,606,826 | 1,785,371 | 64,694 | 398,634 | |||||||||||||||||||||||
126,956 | 70,393 | 71,325 | 17,086 | 4,979 | 22,375 | 125,959 | |||||||||||||||||||||||
42,319 | 23,464 | 23,775 | 4,746 | 1,660 | 6,215 | 34,989 | |||||||||||||||||||||||
44,950 | 24,750 | 24,882 | 6,083 | 2,108 | 9,107 | 42,832 | |||||||||||||||||||||||
16,927 | 9,386 | 9,510 | 1,898 | 664 | 2,486 | 13,995 | |||||||||||||||||||||||
5,586 | 3,097 | 3,138 | 626 | 219 | 820 | 4,618 | |||||||||||||||||||||||
— | — | — | 1,837,472 | — | — | — | |||||||||||||||||||||||
54,725 | 21,622 | 21,354 | 6,934 | 2,590 | 10,320 | 53,305 | |||||||||||||||||||||||
2,821,942 | 3,201,335 | 2,079,432 | 3,574,268 | 1,860,697 | 621,162 | 674,332 | |||||||||||||||||||||||
$ | 231,641,912 | $ | 118,793,819 | $ | 117,152,806 | $ | 24,274,953 | $ | 6,888,999 | $ | 33,802,421 | $ | 108,128,712 | ||||||||||||||||
$ | 180,935,535 | $ | 113,879,124 | $ | 126,438,521 | $ | 38,011,017 | $ | 7,917,367 | $ | 55,750,828 | $ | 116,811,261 | ||||||||||||||||
(281,163 | ) | 300,371 | 814,013 | (137,916 | ) | (49,310 | ) | (259,791 | ) | (1,009,180 | ) | ||||||||||||||||||
(21,846,688 | ) | (7,503,379 | ) | (25,913,024 | ) | (15,872,619 | ) | (1,054,905 | ) | (21,117,923 | ) | (11,190,936 | ) | ||||||||||||||||
72,834,228 | 12,117,703 | 15,813,296 | 2,274,471 | 75,847 | (570,693 | ) | 3,517,567 | ||||||||||||||||||||||
$ | 231,641,912 | $ | 118,793,819 | $ | 117,152,806 | $ | 24,274,953 | $ | 6,888,999 | $ | 33,802,421 | $ | 108,128,712 | ||||||||||||||||
$ | 3,705,307 | $ | 379,146 | $ | 450,430 | $ | 504,642 | $ | 625,674 | $ | 5,854,796 | $ | 29,671,626 | ||||||||||||||||
4,693,106 | 2,362,603 | 1,896,531 | 3,265,523 | 1,197,941 | 8,393,812 | 13,522,046 | |||||||||||||||||||||||
223,243,499 | 116,052,070 | 114,805,845 | 20,504,788 | 5,065,384 | 19,553,813 | 64,935,040 | |||||||||||||||||||||||
142,101 | 14,718 | 6,401 | 35,035 | 41,624 | 386,080 | 1,472,296 | |||||||||||||||||||||||
188,498 | 95,996 | 28,575 | 243,368 | 80,553 | 574,103 | 701,627 | |||||||||||||||||||||||
8,571,653 | 4,507,697 | 1,626,578 | 1,423,619 | 337,126 | 1,294,942 | 3,224,501 | |||||||||||||||||||||||
$26.08 | $25.76 | $70.36 | $14.40 | $15.03 | $15.16 | $20.15 | |||||||||||||||||||||||
27.38 | 27.04 | 73.87 | 15.12 | 15.78 | 15.92 | 21.15 | |||||||||||||||||||||||
24.90 | 24.61 | 66.37 | 13.42 | 14.87 | 14.62 | 19.27 | |||||||||||||||||||||||
26.04 | 25.75 | 70.58 | 14.40 | 15.03 | 15.10 | 20.14 | |||||||||||||||||||||||
$ | 159,415,981 | $ | 106,621,814 | $ | 102,157,511 | $ | 17,601,184 | $ | 6,547,077 | $ | 28,230,688 | $ | 102,631,118 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 117 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (concluded)
Inverse | ||||||||||||
Government | Government | |||||||||||
Real | Long Bond 1.2x | Long Bond | ||||||||||
Estate | Strategy | Strategy | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investment Securities | $ | 32,850,189 | $ | 230,068,464 | $ | 485,840,371 | ||||||
Repurchase Agreements | 170,383 | 10,351,743 | 64,716,633 | |||||||||
Total Investments | 33,020,572 | 240,420,207 | 550,557,004 | |||||||||
Unamortized Upfront Premiums Received | — | — | — | |||||||||
Segregated Cash with Broker | — | 2,700,800 | 24,777,540 | |||||||||
Unrealized Appreciation on Swap Agreements | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | — | 1,458,087 | |||||||||
Receivable for Securities Sold | 193,308 | 6,934,353 | — | |||||||||
Receivable for Fund Shares Sold | 176,073 | 3,869,552 | 3,944,193 | |||||||||
Investment Income Receivable | 137,747 | 1,263,055 | 19 | |||||||||
Other Assets | — | 36,979 | — | |||||||||
Total Assets | 33,527,700 | 255,224,946 | 580,736,843 | |||||||||
Liabilities | ||||||||||||
Unamortized Upfront Premiums Paid | — | — | — | |||||||||
Unrealized Depreciation on Swap Agreements | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | 158,250 | — | |||||||||
Payable for Securities Purchased | 12,971 | — | — | |||||||||
Payable for Fund Shares Redeemed | 631,989 | 10,414,696 | 17,952,764 | |||||||||
Investment Advisory Fees Payable | 20,187 | 91,848 | 429,861 | |||||||||
Transfer Agent and Administrative Fees Payable | 5,937 | 36,740 | 119,406 | |||||||||
Distribution and Service Fees Payable | 6,702 | 17,489 | 150,381 | |||||||||
Portfolio Accounting Fees Payable | 2,375 | 18,369 | 39,292 | |||||||||
Custody Fees Payable | 823 | 6,062 | 15,761 | |||||||||
Overdraft Due to Custodians Bank | — | — | — | |||||||||
Interest Payable | — | 36,979 | — | |||||||||
Dividends Payable | — | 30,917 | — | |||||||||
Other Accrued Fees | 6,597 | 79,396 | 200,134 | |||||||||
Total Liabilities | 687,581 | 10,890,746 | 18,907,599 | |||||||||
Net Assets | $ | 32,840,119 | $ | 244,334,200 | $ | 561,829,244 | ||||||
Net Assets Consist Of | ||||||||||||
Paid-In Capital | $ | 48,541,700 | $ | 262,742,275 | $ | 915,531,204 | ||||||
Undistributed Net Investment Income (Loss) | 771,212 | 176,974 | (3,969,815 | ) | ||||||||
Accumulated Net Realized Gain (Loss) on Investments | (21,217,655 | ) | (27,389,520 | ) | (331,565,648 | ) | ||||||
Net Unrealized Appreciation (Depreciation) on Investments | 4,744,862 | 8,804,471 | (18,166,497 | ) | ||||||||
Net Assets | $ | 32,840,119 | $ | 244,334,200 | $ | 561,829,244 | ||||||
Investor Class | N/A | $ | 211,267,423 | $ | 298,403,691 | |||||||
Investor2 Class | N/A | N/A | N/A | |||||||||
Advisor Class | N/A | 8,897,921 | 67,427,699 | |||||||||
A-Class | $ | 3,911,473 | 7,978,969 | 59,714,402 | ||||||||
C-Class | 1,269,423 | 16,189,887 | 136,283,452 | |||||||||
H-Class | 27,659,223 | N/A | N/A | |||||||||
Shares Outstanding | ||||||||||||
Investor Class | N/A | 17,131,005 | 21,287,913 | |||||||||
Investor2 Class | N/A | N/A | N/A | |||||||||
Advisor Class | N/A | 725,424 | 4,957,693 | |||||||||
A-Class | 185,978 | 646,099 | 4,338,003 | |||||||||
C-Class | 63,036 | 1,313,331 | 10,603,342 | |||||||||
H-Class | 1,316,052 | N/A | N/A | |||||||||
Net Asset Values | ||||||||||||
Investor Class | N/A | $12.33 | $14.02 | |||||||||
Investor2 Class | N/A | N/A | N/A | |||||||||
Advisor Class | N/A | 12.27 | 13.60 | |||||||||
A-Class | $21.03 | 12.35 | 13.77 | |||||||||
A-Class Maximum Offering Price* | 22.08 | 12.97 | 14.46 | |||||||||
C-Class | 20.14 | 12.33 | 12.85 | |||||||||
H-Class | 21.02 | N/A | N/A | |||||||||
Cost of Investments | $ | 28,275,710 | $ | 233,329,338 | $ | 550,333,918 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
118 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
Inverse | U.S. | ||||||||||||
High Yield | High Yield | Government | |||||||||||
Strategy | Strategy | Money Market | |||||||||||
Fund | Fund | Fund | |||||||||||
$ | — | $ | — | $ | 1,153,403,547 | ||||||||
27,209,556 | 8,417,319 | 325,456,234 | |||||||||||
27,209,556 | 8,417,319 | 1,478,859,781 | |||||||||||
— | 789,810 | — | |||||||||||
146,000 | 57,000 | — | |||||||||||
2,315,335 | — | — | |||||||||||
21,470 | — | — | |||||||||||
200,925 | 32,312 | 2,778 | |||||||||||
530,997 | 2,670,395 | 143,138,265 | |||||||||||
37,219 | — | 295,099 | |||||||||||
7,589 | 4,405 | 231,380 | |||||||||||
30,469,091 | 11,971,241 | 1,622,527,303 | |||||||||||
3,801,710 | — | — | |||||||||||
— | 175,872 | — | |||||||||||
— | 8,537 | — | |||||||||||
355,438 | — | — | |||||||||||
6,511,791 | 380,771 | 70,001,722 | |||||||||||
13,394 | 6,670 | 3,175 | |||||||||||
4,465 | 2,223 | 253,988 | |||||||||||
5,676 | 3,334 | 231,075 | |||||||||||
1,786 | 889 | 66,798 | |||||||||||
589 | 294 | 43,467 | |||||||||||
— | — | 15,387 | |||||||||||
12,289 | 14,932 | — | |||||||||||
— | — | 110 | |||||||||||
7,708 | 4,069 | 371,271 | |||||||||||
10,714,846 | 597,591 | 70,986,993 | |||||||||||
$ | 19,754,245 | $ | 11,373,650 | $ | 1,551,540,310 | ||||||||
$ | 33,045,817 | $ | 14,572,441 | $ | 1,551,515,821 | ||||||||
(325,763 | ) | (87,410 | ) | 683 | |||||||||
(15,425,665 | ) | (2,881,746 | ) | 23,806 | |||||||||
2,459,856 | (229,635 | ) | — | ||||||||||
$ | 19,754,245 | $ | 11,373,650 | $ | 1,551,540,310 | ||||||||
N/A | N/A | $ | 927,491,635 | ||||||||||
N/A | N/A | 62,580,083 | |||||||||||
N/A | N/A | 419,689,394 | |||||||||||
$ | 4,713,204 | $ | 1,485,961 | 38,315,865 | |||||||||
2,084,990 | 1,611,689 | 103,463,333 | |||||||||||
12,956,051 | 8,276,000 | N/A | |||||||||||
N/A | N/A | 927,897,755 | |||||||||||
N/A | N/A | 62,577,486 | |||||||||||
N/A | N/A | 419,804,079 | |||||||||||
239,558 | 33,624 | 38,332,860 | |||||||||||
108,301 | 37,037 | 103,514,609 | |||||||||||
659,771 | 186,806 | N/A | |||||||||||
N/A | N/A | $1.00 | |||||||||||
N/A | N/A | 1.00 | |||||||||||
N/A | N/A | 1.00 | |||||||||||
$19.67 | $44.19 | 1.00 | |||||||||||
20.65 | 46.39 | N/A | |||||||||||
19.25 | 43.52 | 1.00 | |||||||||||
19.64 | 44.30 | N/A | |||||||||||
$ | 27,209,556 | $ | 8,417,319 | $ | 1,478,859,781 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 119 |
STATEMENTS OF OPERATIONS (Unaudited)
Inverse | ||||||||||||
S&P 500 | ||||||||||||
Nova | S&P 500 | Strategy | ||||||||||
Fund | Fund | Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 8,503 | $ | 14,323 | $ | 417,968 | ||||||
Dividends, Net of Foreign Tax Withheld | 581,239 | 1,610,484 | — | |||||||||
Settlement and Penalties | — | — | — | |||||||||
Other Income | — | — | 6,590 | |||||||||
Total Income | 589,742 | 1,624,807 | 424,558 | |||||||||
Expenses | ||||||||||||
Investment Advisory Fees | 241,715 | 599,119 | 992,221 | |||||||||
Transfer Agent and Administrative Fees | 80,572 | 199,706 | 275,617 | |||||||||
Distribution & Service Fees: | ||||||||||||
Advisor Class | 24,436 | — | 26,795 | |||||||||
A-Class | 8,761 | 41,528 | 21,172 | |||||||||
C-Class | 57,497 | 44,865 | 94,760 | |||||||||
H-Class | — | 146,963 | — | |||||||||
Portfolio Accounting Fees | 32,228 | 79,882 | 109,292 | |||||||||
Registration Fees | 16,531 | 28,741 | 63,863 | |||||||||
Trustees’ Fees* | 4,046 | 9,334 | 15,861 | |||||||||
Custody Fees | 9,010 | 21,745 | 29,379 | |||||||||
Miscellaneous | 32,625 | 86,637 | 100,012 | |||||||||
Total Expenses | 507,421 | 1,258,520 | 1,728,972 | |||||||||
Net Investment Income (Loss) | 82,321 | 366,287 | (1,304,414 | ) | ||||||||
Realized And Unrealized Gain (Loss) On Investments | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Investment Securities | (3,206,618 | ) | (2,375,062 | ) | (892,745 | ) | ||||||
Equity Index Swaps | 5,306,290 | 3,825,368 | (90,350,188 | ) | ||||||||
Futures Contracts | 9,536,932 | 3,388,474 | (12,858,763 | ) | ||||||||
Total Net Realized Gain (Loss) | 11,636,604 | 4,838,780 | (104,101,696 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investment Securities | 17,241,926 | 40,742,132 | (169,341 | ) | ||||||||
Equity Index Swaps | 528,931 | (254,537 | ) | 20,307,499 | ||||||||
Futures Contracts | (2,279,576 | ) | 224,359 | 285,248 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) | 15,491,281 | 40,711,954 | 20,423,406 | |||||||||
Net Gain (Loss) on Investments | 27,127,885 | 45,550,734 | (83,678,290 | ) | ||||||||
Net Increase (Decrease) In Net Assets From Operations | $ | 27,210,206 | $ | 45,917,021 | $ | (84,982,704 | ) | |||||
Foreign Tax Withheld | $ | — | $ | — | $ | — |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
120 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
Inverse | Inverse | Inverse | |||||||||||||||||||||||||||
NASDAQ-100® | Mid-Cap | Mid-Cap | Russell 2000® | Russell 2000® | |||||||||||||||||||||||||
NASDAQ-100® | Strategy | 1.5x Strategy | Strategy | 1.5x Strategy | Russell 2000® | Strategy | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
$ | 32,388 | $ | 24,567 | $ | 3,716 | $ | 5,176 | $ | 3,013 | $ | 3,437 | $ | 23,340 | ||||||||||||||||
1,498,060 | — | 93,702 | — | 125,894 | 59,112 | — | |||||||||||||||||||||||
— | 79,317 | 7,156 | — | 64,772 | — | — | |||||||||||||||||||||||
— | — | — | — | 265 | 214 | — | |||||||||||||||||||||||
1,530,448 | 103,884 | 104,574 | 5,176 | 193,944 | 62,763 | 23,340 | |||||||||||||||||||||||
1,876,942 | 145,341 | 69,885 | 28,883 | 79,039 | 47,715 | 131,686 | |||||||||||||||||||||||
625,647 | 40,373 | 19,412 | 8,023 | 21,955 | 15,905 | 36,579 | |||||||||||||||||||||||
49,709 | 1,611 | — | — | — | — | — | |||||||||||||||||||||||
7,445 | 2,508 | 1,367 | 1,006 | 1,329 | 3,338 | 3,638 | |||||||||||||||||||||||
38,508 | 14,336 | 17,304 | 2,337 | 24,304 | 9,563 | 10,175 | |||||||||||||||||||||||
— | — | 13,719 | 6,433 | 14,550 | 10,176 | 30,398 | |||||||||||||||||||||||
216,690 | 16,149 | 7,765 | 3,209 | 8,782 | 6,362 | 14,632 | |||||||||||||||||||||||
194,904 | 16,218 | 4,276 | 2,511 | 6,312 | 5,154 | 13,052 | |||||||||||||||||||||||
29,751 | 2,549 | 1,058 | 537 | 1,065 | 886 | 2,328 | |||||||||||||||||||||||
68,493 | 4,324 | 2,300 | 865 | 2,497 | 1,817 | 3,889 | |||||||||||||||||||||||
268,334 | 12,723 | 7,235 | 2,238 | 9,077 | 5,940 | 11,460 | |||||||||||||||||||||||
3,376,423 | 256,132 | 144,321 | 56,042 | 168,910 | 106,856 | 257,837 | |||||||||||||||||||||||
(1,845,975 | ) | (152,248 | ) | (39,747 | ) | (50,866 | ) | 25,034 | (44,093 | ) | (234,497 | ) | |||||||||||||||||
1,283,983 | (227,163 | ) | (1,296,155 | ) | — | (2,502,782 | ) | 1,619,052 | (7,616 | ) | |||||||||||||||||||
6,719,240 | (12,952,657 | ) | 3,638,610 | (2,953,270 | ) | 3,236,684 | 395,427 | (7,106,419 | ) | ||||||||||||||||||||
4,904,599 | (2,522,248 | ) | 441,976 | (774,176 | ) | 1,131,244 | 712,215 | (5,350,049 | ) | ||||||||||||||||||||
12,907,822 | (15,702,068 | ) | 2,784,431 | (3,727,446 | ) | 1,865,146 | 2,726,694 | (12,464,084 | ) | ||||||||||||||||||||
144,709,507 | — | 3,822,688 | — | 6,967,284 | 1,301,305 | — | |||||||||||||||||||||||
(85,725 | ) | 2,650,189 | (228,254 | ) | 238,766 | 386,666 | 52,794 | (500,097 | ) | ||||||||||||||||||||
270,147 | (65,127 | ) | 54,045 | 14,430 | 12,185 | 359,337 | (37,101 | ) | |||||||||||||||||||||
144,893,929 | 2,585,062 | 3,648,479 | 253,196 | 7,366,135 | 1,713,436 | (537,198 | ) | ||||||||||||||||||||||
157,801,751 | (13,117,006 | ) | 6,432,910 | (3,474,250 | ) | 9,231,281 | 4,440,130 | (13,001,282 | ) | ||||||||||||||||||||
$ | 155,955,776 | $ | (13,269,254 | ) | $ | 6,393,163 | $ | (3,525,116 | ) | $ | 9,256,315 | $ | 4,396,037 | $ | (13,235,779 | ) | |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 11 | $ | 7 | $ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 121 |
STATEMENTS OF OPERATIONS (Unaudited) (continued)
S&P | S&P | |||||||||||
SmallCap 600 | MidCap 400 | S&P 500 | ||||||||||
Pure Growth | Pure Growth | Pure Growth | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME | ||||||||||||
Interest | $ | 183 | $ | 229 | $ | 79 | ||||||
Dividends, Net of Foreign Tax Withheld | 42,737 | 122,425 | 67,470 | |||||||||
Settlement and Penalties | — | — | — | |||||||||
Total Income | 42,920 | 122,654 | 67,549 | |||||||||
EXPENSES | ||||||||||||
Investment Advisory Fees | 74,097 | 174,155 | 55,210 | |||||||||
Transfer Agent and Administrative Fees | 24,699 | 58,052 | 18,403 | |||||||||
Distribution & Service Fees: | ||||||||||||
A-Class | 1,686 | 1,246 | 1,836 | |||||||||
C-Class | 5,032 | 13,230 | 12,410 | |||||||||
H-Class | 21,755 | 53,498 | 13,465 | |||||||||
Portfolio Accounting Fees | 9,879 | 23,221 | 7,361 | |||||||||
Registration Fees | 3,609 | 12,686 | 4,098 | |||||||||
Trustees’ Fees* | 1,125 | 2,953 | 1,025 | |||||||||
Custody Fees | 2,815 | 6,592 | 2,189 | |||||||||
Miscellaneous | 10,956 | 24,166 | 6,615 | |||||||||
Total Expenses | 155,653 | 369,799 | 122,612 | |||||||||
Net Investment Income (Loss) | (112,733 | ) | (247,145 | ) | (55,063 | ) | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Investment Securities | (1,319,000 | ) | (431,314 | ) | 2,869,386 | |||||||
Equity/Currency Index Swaps | — | — | — | |||||||||
Futures Contracts | — | — | — | |||||||||
Total Net Realized Gain (Loss) | (1,319,000 | ) | (431,314 | ) | 2,869,386 | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investment Securities | 4,958,573 | 9,145,465 | 2,223,831 | |||||||||
Equity/Currency Index Swaps | — | — | — | |||||||||
Futures Contracts | — | — | — | |||||||||
Foreign Currency | — | — | — | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 4,958,573 | 9,145,465 | 2,223,831 | |||||||||
Net Gain (Loss) on Investments | 3,639,573 | 8,714,151 | 5,093,217 | |||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 3,526,840 | $ | 8,467,006 | $ | 5,038,154 | ||||||
Foreign Tax Withheld | $ | — | $ | — | $ | — |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
122 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
S&P | S&P | Strengthening | Weakening | ||||||||||||||||||||||||||
SmallCap 600 | MidCap 400 | S&P 500 | Europe 1.25x | Japan 2x | Dollar 2x | Dollar 2x | |||||||||||||||||||||||
Pure Value | Pure Value | Pure Value | Strategy | Strategy | Strategy | Strategy | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
$ | 874 | $ | 134 | $ | 1,269 | $ | 2,222 | $ | 3,658 | $ | 23,479 | $ | 88,557 | ||||||||||||||||
686,696 | 415,313 | 570,425 | 138,385 | — | — | — | |||||||||||||||||||||||
— | — | — | 5,144 | — | — | — | |||||||||||||||||||||||
687,570 | 415,447 | 571,694 | 145,751 | 3,658 | 23,479 | 88,557 | |||||||||||||||||||||||
482,663 | 122,143 | 126,035 | 59,191 | 24,918 | 140,589 | 562,218 | |||||||||||||||||||||||
160,888 | 40,715 | 42,012 | 16,442 | 8,306 | 39,048 | 156,171 | |||||||||||||||||||||||
1,656 | 311 | 314 | 539 | 1,084 | 5,729 | 32,956 | |||||||||||||||||||||||
9,530 | 6,613 | 6,770 | 9,043 | 2,537 | 27,510 | 57,762 | |||||||||||||||||||||||
156,849 | 38,750 | 40,005 | 13,642 | 6,588 | 26,441 | 108,775 | |||||||||||||||||||||||
64,355 | 16,286 | 16,804 | 6,577 | 3,322 | 15,620 | 62,468 | |||||||||||||||||||||||
12,980 | 2,000 | 4,987 | 2,988 | 1,113 | 15,518 | 18,546 | |||||||||||||||||||||||
4,888 | 777 | 1,179 | 681 | 377 | 3,276 | 6,401 | |||||||||||||||||||||||
18,843 | 5,107 | 5,365 | 1,857 | 925 | 4,204 | 17,269 | |||||||||||||||||||||||
90,204 | 25,924 | 23,603 | 7,643 | 3,798 | 5,335 | 75,171 | |||||||||||||||||||||||
1,002,856 | 258,626 | 267,074 | 118,603 | 52,968 | 283,270 | 1,097,737 | |||||||||||||||||||||||
(315,286 | ) | 156,821 | 304,620 | 27,148 | (49,310 | ) | (259,791 | ) | (1,009,180 | ) | |||||||||||||||||||
5,930,462 | 126,083 | 441,886 | 943,976 | 48,271 | (672,279 | ) | — | ||||||||||||||||||||||
— | — | — | — | — | (2,444,611 | ) | 7,894,611 | ||||||||||||||||||||||
— | — | — | 2,404,862 | 3,959,695 | (5,500,855 | ) | 18,234,574 | ||||||||||||||||||||||
5,930,462 | 126,083 | 441,886 | 3,348,838 | 4,007,966 | (8,617,745 | ) | 26,129,185 | ||||||||||||||||||||||
72,550,682 | 11,789,425 | 16,177,582 | 2,083,326 | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | (75,680 | ) | (1,007,665 | ) | |||||||||||||||||||||
— | — | — | (90,503 | ) | (877,680 | ) | (588,048 | ) | (823,154 | ) | |||||||||||||||||||
— | — | — | 10,425 | — | — | — | |||||||||||||||||||||||
72,550,682 | 11,789,425 | 16,177,582 | 2,003,248 | (877,680 | ) | (663,728 | ) | (1,830,819 | ) | ||||||||||||||||||||
78,481,144 | 11,915,508 | 16,619,468 | 5,352,086 | 3,130,286 | (9,281,473 | ) | 24,298,366 | ||||||||||||||||||||||
$ | 78,165,858 | $ | 12,072,329 | $ | 16,924,088 | $ | 5,379,234 | $ | 3,080,976 | $ | (9,541,264 | ) | $ | 23,289,186 | |||||||||||||||
$ | — | $ | — | $ | — | $ | 920 | $ | — | $ | — | $ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 123 |
STATEMENTS OF OPERATIONS (Unaudited) (concluded)
Inverse | ||||||||||||||||||||||||||||
Government | Government | |||||||||||||||||||||||||||
Real | Long Bond 1.2x | Long Bond | ||||||||||||||||||||||||||
Estate | Strategy | Strategy | ||||||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Interest | $ | 75 | $ | 3,613,347 | $ | 1,033,401 | ||||||||||||||||||||||
Dividends, Net of Foreign Tax Withheld | 710,865 | — | — | |||||||||||||||||||||||||
Other Income | — | — | 23,639 | |||||||||||||||||||||||||
Total Income | 710,940 | 3,613,347 | 1,057,040 | |||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Investment Advisory Fees | 55,227 | 450,917 | 2,609,813 | |||||||||||||||||||||||||
Transfer Agent and Administrative Fees | 16,243 | 180,369 | 724,948 | |||||||||||||||||||||||||
Distribution & Service Fees: | ||||||||||||||||||||||||||||
Advisor Class | — | 36,900 | 105,732 | |||||||||||||||||||||||||
A-Class | 3,331 | 9,740 | 84,631 | |||||||||||||||||||||||||
C-Class | 4,937 | 43,563 | 730,849 | |||||||||||||||||||||||||
H-Class | 11,678 | — | — | |||||||||||||||||||||||||
Portfolio Accounting Fees | 6,497 | 86,026 | 238,754 | |||||||||||||||||||||||||
Trustees’ Fees* | 633 | 9,408 | 35,168 | |||||||||||||||||||||||||
Custody Fees | 2,220 | 25,417 | 78,833 | |||||||||||||||||||||||||
Miscellaneous | 10,066 | 137,367 | 418,127 | |||||||||||||||||||||||||
Total Expenses | 110,832 | 979,707 | 5,026,855 | |||||||||||||||||||||||||
Less Expenses Waived by Distributor | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | |||||||||||||||||||||||||
A-Class | — | — | — | |||||||||||||||||||||||||
C-Class | — | — | — | |||||||||||||||||||||||||
Less Expenses Waived by Advisor | ||||||||||||||||||||||||||||
Investor Class | — | — | — | |||||||||||||||||||||||||
Investor2 Class | — | — | — | |||||||||||||||||||||||||
Advisor Class | — | — | — | |||||||||||||||||||||||||
A-Class | — | — | — | |||||||||||||||||||||||||
C-Class | — | — | — | |||||||||||||||||||||||||
Total Waived Expenses | — | — | — | |||||||||||||||||||||||||
Net Expenses | 110,832 | 979,707 | 5,026,855 | |||||||||||||||||||||||||
Net Investment Income (Loss) | 600,108 | 2,633,640 | (3,969,815 | ) | ||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||||||||||
Investment Securities | (810,318 | ) | (17,738,664 | ) | (52,875 | ) | ||||||||||||||||||||||
Credit Default Index Swaps | — | — | — | |||||||||||||||||||||||||
Futures Contracts | — | (4,087,258 | ) | 22,025,956 | ||||||||||||||||||||||||
Total Net Realized Gain (Loss) | (810,318 | ) | (21,825,922 | ) | 21,973,081 | |||||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Investment Securities | 4,370,524 | 5,713,012 | (90,402 | ) | ||||||||||||||||||||||||
Credit Default Index Swaps | — | — | — | |||||||||||||||||||||||||
Futures Contracts | — | 685,662 | (197,234 | ) | ||||||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 4,370,524 | 6,398,674 | (287,636 | ) | ||||||||||||||||||||||||
Net Gain (Loss) on Investments | 3,560,206 | (15,427,248 | ) | 21,685,445 | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 4,160,314 | $ | (12,793,608 | ) | $ | 17,715,630 | |||||||||||||||||||||
Foreign Tax Withheld | $ | 860 | $ | — | $ | — |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. | |
** | Since commencement of operations: July 10, 2009 — U.S. Government Money Market Fund Investor2 Class. |
124 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
Inverse | U.S. | ||||||||||||
High Yield | High Yield | Government | |||||||||||
Strategy | Strategy | Money Market | |||||||||||
Fund | Fund | Fund** | |||||||||||
$ | 29,836 | $ | 10,091 | $ | 3,842,056 | ||||||||
— | — | — | |||||||||||
— | — | 14,536 | |||||||||||
29,836 | 10,091 | 3,856,592 | |||||||||||
170,994 | 43,366 | 4,031,373 | |||||||||||
56,998 | 14,455 | 1,622,689 | |||||||||||
— | — | 873,162 | |||||||||||
6,564 | 1,437 | 56,317 | |||||||||||
11,122 | 9,043 | 628,228 | |||||||||||
47,653 | 10,757 | — | |||||||||||
22,617 | 5,782 | 411,548 | |||||||||||
3,754 | 887 | 107,499 | |||||||||||
6,128 | 1,559 | 219,745 | |||||||||||
29,769 | 10,215 | 869,468 | |||||||||||
355,599 | 97,501 | 8,820,029 | |||||||||||
— | — | (873,168 | ) | ||||||||||
— | — | (56,317 | ) | ||||||||||
— | — | (628,236 | ) | ||||||||||
— | — | (2,261,460 | ) | ||||||||||
— | — | (72,249 | ) | ||||||||||
— | — | (755,972 | ) | ||||||||||
— | — | (96,051 | ) | ||||||||||
— | — | (264,784 | ) | ||||||||||
— | — | (5,008,237 | ) | ||||||||||
355,599 | 97,501 | 3,811,792 | |||||||||||
(325,763 | ) | (87,410 | ) | 44,800 | |||||||||
— | — | 30,820 | |||||||||||
6,817,719 | (2,351,242 | ) | — | ||||||||||
(581,526 | ) | (165,614 | ) | — | |||||||||
6,236,193 | (2,516,856 | ) | 30,820 | ||||||||||
— | — | — | |||||||||||
7,472,554 | (781,355 | ) | — | ||||||||||
(354,049 | ) | (16,686 | ) | — | |||||||||
7,118,505 | (798,041 | ) | — | ||||||||||
13,354,698 | (3,314,897 | ) | 30,820 | ||||||||||
$ | 13,028,935 | $ | (3,402,307 | ) | $ | 75,620 | |||||||
$ | — | $ | — | $ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 125 |
STATEMENTS OF CHANGES IN NET ASSETS
Nova Fund | S&P 500 Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
FROM OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 82,321 | $ | 608,841 | $ | 366,287 | $ | 696,008 | ||||||||
Net Realized Gain (Loss) on Investments | 11,636,604 | (47,051,343 | ) | 4,838,780 | (63,579,177 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 15,491,281 | (21,597,813 | ) | 40,711,954 | (12,430,044 | ) | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | 27,210,206 | (68,040,315 | ) | 45,917,021 | (75,313,213 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | (249,257 | ) | — | — | |||||||||||
Advisor Class | — | (60,918 | ) | — | — | |||||||||||
A-Class | — | (31,355 | ) | — | (22,565 | ) | ||||||||||
C-Class | — | (90,473 | ) | — | (21,039 | ) | ||||||||||
H-Class | — | — | — | (365,084 | ) | |||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
H-Class | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | — | (432,003 | ) | — | (408,688 | ) | ||||||||||
SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | 107,512,293 | 253,488,653 | — | — | ||||||||||||
Advisor Class | 19,530,203 | 62,801,039 | — | — | ||||||||||||
A-Class | 7,320,400 | 26,971,416 | 36,854,943 | 73,453,330 | ||||||||||||
C-Class | 3,203,660 | 15,050,326 | 71,509,718 | 167,837,574 | ||||||||||||
H-Class | — | — | 371,754,854 | 895,518,522 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | 229,423 | — | — | ||||||||||||
Advisor Class | — | 54,450 | — | — | ||||||||||||
A-Class | — | 29,248 | — | 20,738 | ||||||||||||
C-Class | — | 86,280 | — | 20,397 | ||||||||||||
H-Class | — | — | — | 216,004 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | (109,325,492 | ) | (259,092,682 | ) | — | — | ||||||||||
Advisor Class | (25,144,824 | ) | (58,326,532 | ) | — | — | ||||||||||
A-Class | (5,866,279 | ) | (30,821,803 | ) | (32,471,861 | ) | (40,339,207 | ) | ||||||||
C-Class | (4,776,494 | ) | (21,013,097 | ) | (70,231,627 | ) | (164,913,203 | ) | ||||||||
H-Class | — | — | (443,271,420 | ) | (768,785,989 | ) | ||||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (7,546,533 | ) | (10,543,279 | ) | (65,855,393 | ) | 163,028,166 | |||||||||
Net Increase (Decrease) in Net Assets | 19,663,673 | (79,015,697 | ) | (19,938,372 | ) | 87,306,265 | ||||||||||
NET ASSETS—BEGINNING OF PERIOD | 56,382,860 | 135,398,457 | 176,463,221 | 89,156,956 | ||||||||||||
NET ASSETS—END OF PERIOD | $ | 76,046,533 | $ | 56,382,860 | $ | 156,524,849 | $ | 176,463,221 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | 691,161 | $ | 608,840 | $ | 656,415 | $ | 290,128 | ||||||||
† | Unaudited |
126 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Inverse | Inverse | Mid-Cap | |||||||||||||||||||||||||||||||
S&P 500 Strategy Fund | NASDAQ-100® Fund | NASDAQ-100® Strategy Fund | 1.5x Strategy Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009† | 2009 | 2009† | 2009 | 2009† | 2009 | 2009† | 2009 | ||||||||||||||||||||||||||
$ | (1,304,414 | ) | $ | 387,063 | $ | (1,845,975 | ) | $ | (3,389,836 | ) | $ | (152,248 | ) | $ | (229,932 | ) | $ | (39,747 | ) | $ | (37,744 | ) | |||||||||||
(104,101,696 | ) | 116,230,481 | 12,907,822 | (37,423,011 | ) | (15,702,068 | ) | 14,501,060 | 2,784,431 | (13,400,051 | ) | ||||||||||||||||||||||
20,423,406 | (20,469,820 | ) | 144,893,929 | (152,231,295 | ) | 2,585,062 | (1,753,074 | ) | 3,648,479 | (1,785,757 | ) | ||||||||||||||||||||||
(84,982,704 | ) | 96,147,724 | 155,955,776 | (193,044,142 | ) | (13,269,254 | ) | 12,518,054 | 6,393,163 | (15,223,552 | ) | ||||||||||||||||||||||
— | (3,155,961 | ) | — | — | — | (500,878 | ) | — | — | ||||||||||||||||||||||||
— | (301,706 | ) | — | — | — | (8,988 | ) | — | — | ||||||||||||||||||||||||
— | (230,772 | ) | — | — | — | (115,722 | ) | — | — | ||||||||||||||||||||||||
— | (300,640 | ) | — | — | — | (70,020 | ) | — | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | (46,952 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (309,080 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (978,240 | ) | |||||||||||||||||||||||||
— | (3,989,079 | ) | — | — | — | (695,608 | ) | — | (1,334,272 | ) | |||||||||||||||||||||||
529,615,351 | 813,336,089 | 410,009,781 | 538,260,472 | 141,749,053 | 181,405,974 | — | — | ||||||||||||||||||||||||||
21,829,895 | 102,858,985 | 68,965,917 | 110,732,240 | 5,470,316 | 3,852,269 | — | — | ||||||||||||||||||||||||||
44,864,923 | 70,739,952 | 8,263,019 | 8,777,731 | 7,018,513 | 17,451,507 | 508,970 | 2,823,579 | ||||||||||||||||||||||||||
34,389,484 | 107,129,470 | 11,794,343 | 115,748,994 | 5,933,407 | 63,340,946 | 7,276,447 | 17,493,225 | ||||||||||||||||||||||||||
— | — | — | — | — | — | 60,252,516 | 160,138,832 | ||||||||||||||||||||||||||
— | 2,733,955 | — | — | — | 460,030 | — | — | ||||||||||||||||||||||||||
— | 291,409 | — | — | — | 8,784 | — | — | ||||||||||||||||||||||||||
— | 223,099 | — | — | — | 101,436 | — | 43,087 | ||||||||||||||||||||||||||
— | 262,657 | — | — | — | 65,461 | — | 282,399 | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | 954,788 | ||||||||||||||||||||||||||
(534,467,370 | ) | (898,586,805 | ) | (431,759,330 | ) | (583,226,577 | ) | (137,723,188 | ) | (219,099,643 | ) | — | — | ||||||||||||||||||||
(26,998,455 | ) | (100,577,437 | ) | (66,780,276 | ) | (103,205,150 | ) | (5,265,124 | ) | (7,064,436 | ) | — | — | ||||||||||||||||||||
(44,031,490 | ) | (67,731,417 | ) | (4,607,858 | ) | (10,394,443 | ) | (7,665,367 | ) | (16,980,273 | ) | (1,083,282 | ) | (2,438,761 | ) | ||||||||||||||||||
(29,187,376 | ) | (127,558,043 | ) | (11,550,128 | ) | (115,614,100 | ) | (4,953,381 | ) | (68,828,480 | ) | (8,066,846 | ) | (18,343,104 | ) | ||||||||||||||||||
— | — | — | — | — | — | (66,447,523 | ) | (151,020,935 | ) | ||||||||||||||||||||||||
(3,985,038 | ) | (96,878,086 | ) | (15,664,532 | ) | (38,920,833 | ) | 4,564,229 | (45,286,425 | ) | (7,559,718 | ) | 9,933,110 | ||||||||||||||||||||
(88,967,742 | ) | (4,719,441 | ) | 140,291,244 | (231,964,975 | ) | (8,705,025 | ) | (33,463,979 | ) | (1,166,555 | ) | (6,624,714 | ) | |||||||||||||||||||
271,099,388 | 275,818,829 | 417,529,346 | 649,494,321 | 39,515,465 | 72,979,444 | 15,097,202 | 21,721,916 | ||||||||||||||||||||||||||
$ | 182,131,646 | $ | 271,099,388 | $ | 557,820,590 | $ | 417,529,346 | $ | 30,810,440 | $ | 39,515,465 | $ | 13,930,647 | $ | 15,097,202 | ||||||||||||||||||
$ | (917,351 | ) | $ | 387,063 | $ | (1,845,975 | ) | $ | — | $ | (152,248 | ) | $ | — | $ | (39,747 | ) | $ | — | ||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 127 |
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Inverse | Russell 2000® | |||||||||||||||
Mid-Cap Strategy Fund | 1.5x Strategy Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009† | 2009 | 2009† | 2009 | |||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | (50,866 | ) | $ | (76,283 | ) | $ | 25,034 | $ | (82,805 | ) | |||||
Net Realized Gain (Loss) on Investments | (3,727,446 | ) | (1,374,290 | ) | 1,865,146 | (11,876,206 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 253,196 | (1,484,860 | ) | 7,366,135 | (3,567,882 | ) | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | (3,525,116 | ) | (2,935,433 | ) | 9,256,315 | (15,526,893 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
A-Class | — | (398 | ) | — | — | |||||||||||
C-Class | — | (468 | ) | — | — | |||||||||||
H-Class | — | (39,133 | ) | — | — | |||||||||||
Total Distributions to Shareholders | — | (39,999 | ) | — | — | |||||||||||
SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
A-Class | 2,344,753 | 1,792,062 | 1,372,310 | 4,834,811 | ||||||||||||
C-Class | 2,324,475 | 6,969,049 | 6,465,812 | 14,021,425 | ||||||||||||
H-Class | 37,753,609 | 110,155,110 | 51,769,807 | 134,645,259 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
A-Class | — | 281 | — | — | ||||||||||||
C-Class | — | 466 | — | — | ||||||||||||
H-Class | — | 35,232 | — | — | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
A-Class | (384,866 | ) | (2,440,252 | ) | (1,173,142 | ) | (7,543,684 | ) | ||||||||
C-Class | (1,998,121 | ) | (8,310,290 | ) | (7,584,968 | ) | (15,002,698 | ) | ||||||||
H-Class | (39,173,613 | ) | (146,110,905 | ) | (53,987,442 | ) | (126,732,551 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | 866,237 | (37,909,251 | ) | (3,137,623 | ) | 4,222,562 | ||||||||||
Net Increase (Decrease) in Net Assets | (2,658,879 | ) | (40,884,682 | ) | 6,118,692 | (11,304,331 | ) | |||||||||
NET ASSETS—BEGINNING OF PERIOD | 8,128,764 | 49,013,447 | 17,779,182 | 29,083,513 | ||||||||||||
NET ASSETS—END OF PERIOD | $ | 5,469,885 | $ | 8,128,764 | $ | 23,897,874 | $ | 17,779,182 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (50,866 | ) | $ | — | $ | 24,981 | $ | (53 | ) | ||||||
† | Unaudited |
128 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Russell 2000® | Inverse | S&P SmallCap 600 | S&P MidCap 400 | ||||||||||||||||||||||||||||||
Fund | Russell 2000® Strategy Fund | Pure Growth Fund | Pure Growth Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009† | 2009 | 2009† | 2009 | 2009† | 2009 | 2009† | 2009 | ||||||||||||||||||||||||||
$ | (44,093 | ) | $ | (24,579 | ) | $ | (234,497 | ) | $ | (226,760 | ) | $ | (112,733 | ) | $ | (68,235 | ) | $ | (247,145 | ) | $ | (331,277 | ) | ||||||||||
2,726,694 | (16,326,841 | ) | (12,464,084 | ) | 7,748,503 | (1,319,000 | ) | (3,807,362 | ) | (431,314 | ) | (19,391,102 | ) | ||||||||||||||||||||
1,713,436 | (236,284 | ) | (537,198 | ) | (1,429,563 | ) | 4,958,573 | (619,767 | ) | 9,145,465 | 119,720 | ||||||||||||||||||||||
4,396,037 | (16,587,704 | ) | (13,235,779 | ) | 6,092,180 | 3,526,840 | (4,495,364 | ) | 8,467,006 | (19,602,659 | ) | ||||||||||||||||||||||
— | — | — | (55,895 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (27,396 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (246,709 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (330,000 | ) | — | — | — | — | |||||||||||||||||||||||||
5,554,656 | 15,590,344 | 8,826,386 | 10,610,542 | 2,298,091 | 1,059,437 | 1,104,702 | 6,807,590 | ||||||||||||||||||||||||||
42,176,765 | 44,652,308 | 7,221,082 | 72,340,206 | 5,654,718 | 37,850,187 | 8,349,887 | 66,567,303 | ||||||||||||||||||||||||||
66,872,474 | 272,828,329 | 78,695,451 | 152,295,355 | 114,160,918 | 84,197,270 | 193,586,553 | 367,668,576 | ||||||||||||||||||||||||||
— | — | — | 50,036 | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | 24,881 | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | 150,522 | — | — | — | — | ||||||||||||||||||||||||||
(5,949,993 | ) | (10,348,886 | ) | (8,580,049 | ) | (15,069,169 | ) | (166,137 | ) | (2,801,186 | ) | (987,226 | ) | (9,008,923 | ) | ||||||||||||||||||
(42,958,455 | ) | (42,583,483 | ) | (6,570,086 | ) | (78,122,808 | ) | (4,996,521 | ) | (39,046,955 | ) | (10,036,969 | ) | (64,611,358 | ) | ||||||||||||||||||
(78,359,750 | ) | (245,186,056 | ) | (81,486,584 | ) | (168,917,835 | ) | (113,962,148 | ) | (76,659,423 | ) | (176,439,123 | ) | (347,476,475 | ) | ||||||||||||||||||
(12,664,303 | ) | 34,952,556 | (1,893,800 | ) | (26,638,270 | ) | 2,988,921 | 4,599,330 | 15,577,824 | 19,946,713 | |||||||||||||||||||||||
(8,268,266 | ) | 18,364,852 | (15,129,579 | ) | (20,876,090 | ) | 6,515,761 | 103,966 | 24,044,830 | 344,054 | |||||||||||||||||||||||
24,278,194 | 5,913,342 | 34,629,458 | 55,505,548 | 10,281,087 | 10,177,121 | 19,790,841 | 19,446,787 | ||||||||||||||||||||||||||
$ | 16,009,928 | $ | 24,278,194 | $ | 19,499,879 | $ | 34,629,458 | $ | 16,796,848 | $ | 10,281,087 | $ | 43,835,671 | $ | 19,790,841 | ||||||||||||||||||
$ | (44,677 | ) | $ | (584 | ) | $ | (234,497 | ) | $ | — | $ | (112,733 | ) | $ | — | $ | (247,145 | ) | $ | — | |||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 129 |
STATEMENTS OF CHANGES IN NET ASSETS (continued)
S&P 500 | S&P SmallCap 600 | |||||||||||||||
Pure Growth Fund | Pure Value Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (55,063 | ) | $ | (114,267 | ) | $ | (315,286 | ) | $ | 162,807 | |||||
Net Realized Gain (Loss) on Investments | 2,869,386 | (6,574,273 | ) | 5,930,462 | (19,400,817 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 2,223,831 | (750,066 | ) | 72,550,682 | 1,316,093 | |||||||||||
Net Increase (Decrease) in Net Assets from Operations | 5,038,154 | (7,438,606 | ) | 78,165,858 | (17,921,917 | ) | ||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
A-Class | — | — | — | (3,661 | ) | |||||||||||
C-Class | — | — | — | (12,729 | ) | |||||||||||
H-Class | — | — | — | (205,610 | ) | |||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
H-Class | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | — | — | — | (222,000 | ) | |||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
A-Class | 875,563 | 9,237,958 | 4,517,581 | 2,394,535 | ||||||||||||
C-Class | 1,796,717 | 24,949,550 | 6,445,528 | 17,737,023 | ||||||||||||
H-Class | 29,275,432 | 102,848,506 | 378,282,473 | 120,768,286 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
A-Class | — | — | — | 3,525 | ||||||||||||
C-Class | — | — | — | 12,241 | ||||||||||||
H-Class | — | — | — | 204,367 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
A-Class | (2,718,718 | ) | (10,940,324 | ) | (1,455,963 | ) | (4,796,628 | ) | ||||||||
C-Class | (2,282,163 | ) | (25,012,644 | ) | (3,562,271 | ) | (27,860,304 | ) | ||||||||
H-Class | (37,876,563 | ) | (98,509,542 | ) | (253,009,910 | ) | (136,608,914 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (10,929,732 | ) | 2,573,504 | 131,217,438 | (28,145,869 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | (5,891,578 | ) | (4,865,102 | ) | 209,383,296 | (46,289,786 | ) | |||||||||
Net Assets—Beginning of Period | 16,969,104 | 21,834,206 | 22,258,616 | 68,548,402 | ||||||||||||
Net Assets—End of Period | $ | 11,077,526 | $ | 16,969,104 | $ | 231,641,912 | $ | 22,258,616 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (55,063 | ) | $ | — | $ | (281,163 | ) | $ | 34,123 | ||||||
† | Unaudited |
130 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
1
S&P MidCap 400 | S&P 500 | Europe 1.25x | Japan 2x | ||||||||||||||||||||||||||||||
Pure Value Fund | Pure Value Fund | Strategy Fund | Strategy Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | ||||||||||||||||||||||
$ | 156,821 | $ | 143,550 | $ | 304,620 | $ | 509,395 | $ | 27,148 | $ | 180,170 | $ | (49,310 | ) | $ | (29,202 | ) | ||||||||||||||||
126,083 | (4,592,115 | ) | 441,886 | (20,227,083 | ) | 3,348,838 | (10,119,191 | ) | 4,007,966 | (4,777,143 | ) | ||||||||||||||||||||||
11,789,425 | (158,177 | ) | 16,177,582 | (2,513,010 | ) | 2,003,248 | (2,481,158 | ) | (877,680 | ) | 721,370 | ||||||||||||||||||||||
12,072,329 | (4,606,742 | ) | 16,924,088 | (22,230,698 | ) | 5,379,234 | (12,420,179 | ) | 3,080,976 | (4,084,975 | ) | ||||||||||||||||||||||
— | — | — | (3,018 | ) | — | — | — | (872 | ) | ||||||||||||||||||||||||
— | — | — | (155,473 | ) | — | — | — | (155 | ) | ||||||||||||||||||||||||
— | — | — | (144,833 | ) | — | — | — | (2,868 | ) | ||||||||||||||||||||||||
— | — | — | (21,899 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (1,128,291 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (1,051,077 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (2,504,591 | ) | — | — | — | (3,895 | ) | ||||||||||||||||||||||||
357,977 | 1,644,673 | 412,928 | 3,134,128 | 163,337 | 234,541 | 2,434,891 | 1,964,705 | ||||||||||||||||||||||||||
3,286,674 | 17,443,146 | 5,480,385 | 22,014,986 | 37,357,494 | 77,059,959 | 21,152,483 | 21,679,561 | ||||||||||||||||||||||||||
146,197,426 | 44,428,178 | 159,511,005 | 235,394,519 | 117,609,044 | 106,856,029 | 25,464,961 | 67,921,912 | ||||||||||||||||||||||||||
— | — | — | 21,833 | — | — | — | 645 | ||||||||||||||||||||||||||
— | — | — | 1,267,647 | — | — | — | 155 | ||||||||||||||||||||||||||
— | — | — | 1,192,323 | — | — | — | 2,725 | ||||||||||||||||||||||||||
(211,868 | ) | (4,208,010 | ) | (324,416 | ) | (6,302,332 | ) | (202,512 | ) | (910,394 | ) | (2,444,605 | ) | (1,608,262 | ) | ||||||||||||||||||
(2,294,027 | ) | (16,703,919 | ) | (5,553,662 | ) | (19,756,536 | ) | (35,843,493 | ) | (79,975,672 | ) | (21,367,968 | ) | (20,728,115 | ) | ||||||||||||||||||
(45,326,699 | ) | (43,676,311 | ) | (65,187,520 | ) | (230,906,803 | ) | (105,997,340 | ) | (114,604,154 | ) | (29,141,055 | ) | (63,553,581 | ) | ||||||||||||||||||
102,009,483 | (1,072,243 | ) | 94,338,720 | 6,059,765 | 13,086,532 | (11,339,691 | ) | (3,901,293 | ) | 5,679,745 | |||||||||||||||||||||||
114,081,812 | (5,678,985 | ) | 111,262,808 | (18,675,524 | ) | 18,465,764 | (23,759,870 | ) | (820,317 | ) | 1,590,875 | ||||||||||||||||||||||
4,712,007 | 10,390,992 | 5,889,998 | 24,565,522 | 5,809,189 | 29,569,059 | 7,709,316 | 6,118,441 | ||||||||||||||||||||||||||
$ | 118,793,819 | $ | 4,712,007 | $ | 117,152,806 | $ | 5,889,998 | $ | 24,274,953 | $ | 5,809,189 | $ | 6,888,999 | $ | 7,709,316 | ||||||||||||||||||
$ | 300,371 | $ | 143,550 | $ | 814,013 | $ | 509,393 | $ | (137,916 | ) | $ | (165,064 | ) | $ | (49,310 | ) | $ | — | |||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 131 |
2
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Strengthening Dollar 2x | Weakening Dollar 2x | |||||||||||||||
Strategy Fund | Strategy Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (259,791 | ) | $ | (12,670 | ) | $ | (1,009,180 | ) | $ | (233,371 | ) | ||||
Net Realized Gain (Loss) on Investments | (8,617,745 | ) | 37,058,921 | 26,129,185 | (24,249,781 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (663,728 | ) | 2,089,730 | (1,830,819 | ) | (7,721,955 | ) | |||||||||
Net Increase (Decrease) in Net Assets from Operations | (9,541,264 | ) | 39,135,981 | 23,289,186 | (32,205,107 | ) | ||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | — | — | (563,952 | ) | |||||||||||
C-Class | — | — | — | (559,337 | ) | |||||||||||
H-Class | — | — | — | (2,397,352 | ) | |||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | (4,678,494 | ) | — | (1,218,098 | ) | ||||||||||
C-Class | — | (2,786,283 | ) | — | (1,208,128 | ) | ||||||||||
H-Class | — | (22,537,927 | ) | — | (5,178,115 | ) | ||||||||||
Total Distributions to Shareholders | — | (30,002,704 | ) | — | (11,124,982 | ) | ||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | 7,032,727 | 51,138,674 | 23,457,217 | 37,116,574 | ||||||||||||
C-Class | 74,799,635 | 154,562,351 | 44,769,954 | 48,921,556 | ||||||||||||
H-Class | 208,083,348 | 565,922,365 | 246,041,071 | 351,254,745 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | 3,965,984 | — | 1,513,588 | ||||||||||||
C-Class | — | 2,633,415 | — | 1,586,937 | ||||||||||||
H-Class | — | 18,471,001 | — | 6,616,772 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | (7,189,034 | ) | (49,015,442 | ) | (16,349,093 | ) | (35,907,820 | ) | ||||||||
C-Class | (70,244,150 | ) | (159,351,996 | ) | (41,889,175 | ) | (57,728,584 | ) | ||||||||
H-Class | (204,327,364 | ) | (600,208,154 | ) | (257,768,046 | ) | (371,086,031 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | 8,155,162 | (11,881,802 | ) | (1,738,072 | ) | (17,712,263 | ) | |||||||||
Net Increase (Decrease) in Net Assets | (1,386,102 | ) | (2,748,525 | ) | 21,551,114 | (61,042,352 | ) | |||||||||
Net Assets—Beginning of Period | 35,188,523 | 37,937,048 | 86,577,598 | 147,619,950 | ||||||||||||
Net Assets—End of Period | $ | 33,802,421 | $ | 35,188,523 | $ | 108,128,712 | $ | 86,577,598 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (259,791 | ) | $ | — | $ | (1,009,180 | ) | $ | — | ||||||
† | Unaudited |
132 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
3
Real Estate | Government Long Bond | Inverse Government | High Yield | ||||||||||||||||||||||||||||||
Fund | 1.2x Strategy Fund | Long Bond Strategy Fund | Strategy Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | ||||||||||||||||||||||
$ | 600,108 | $ | 501,756 | $ | 2,633,640 | $ | 1,908,826 | $ | (3,969,815 | ) | $ | (4,904,292 | ) | $ | (325,763 | ) | $ | (234,050 | ) | ||||||||||||||
(810,318 | ) | (16,037,272 | ) | (21,825,922 | ) | 1,623,941 | 21,973,081 | (96,423,275 | ) | 6,236,193 | (15,705,168 | ) | |||||||||||||||||||||
4,370,524 | (1,439,418 | ) | 6,398,674 | (2,163,992 | ) | (287,636 | ) | 852,082 | 7,118,505 | (4,364,239 | ) | ||||||||||||||||||||||
4,160,314 | (16,974,934 | ) | (12,793,608 | ) | 1,368,775 | 17,715,630 | (100,475,485 | ) | 13,028,935 | (20,303,457 | ) | ||||||||||||||||||||||
— | — | (2,257,896 | ) | (941,561 | ) | — | — | — | — | ||||||||||||||||||||||||
— | — | (188,896 | ) | (417,809 | ) | — | — | — | — | ||||||||||||||||||||||||
— | (144,592 | ) | (106,033 | ) | (416,096 | ) | — | — | — | (934,963 | ) | ||||||||||||||||||||||
— | (40,558 | ) | (87,464 | ) | (133,359 | ) | — | — | — | (116,106 | ) | ||||||||||||||||||||||
— | (149,849 | ) | — | — | — | — | — | (2,198,931 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | (334,999 | ) | (2,640,289 | ) | (1,908,825 | ) | — | — | — | (3,250,000 | ) | ||||||||||||||||||||||
— | — | 1,275,836,837 | 867,157,702 | 510,425,042 | 1,116,248,542 | — | — | ||||||||||||||||||||||||||
— | — | 336,349,134 | 548,593,771 | 739,395,690 | 552,838,969 | — | — | ||||||||||||||||||||||||||
6,225,118 | 25,765,124 | 8,764,233 | 27,372,441 | 47,472,120 | 88,626,150 | 6,383,565 | 179,448,929 | ||||||||||||||||||||||||||
29,020,119 | 30,169,078 | 73,780,555 | 123,996,321 | 67,541,246 | 116,468,620 | 13,912,299 | 19,960,644 | ||||||||||||||||||||||||||
75,079,629 | 173,570,581 | — | — | — | — | 217,171,986 | 1,057,815,536 | ||||||||||||||||||||||||||
— | — | 2,212,661 | 890,596 | — | — | — | — | ||||||||||||||||||||||||||
— | — | 188,622 | 414,301 | — | — | — | — | ||||||||||||||||||||||||||
— | 144,355 | 86,099 | 370,874 | — | — | — | 928,359 | ||||||||||||||||||||||||||
— | 40,289 | 81,762 | 127,270 | — | — | — | 116,106 | ||||||||||||||||||||||||||
— | 142,249 | — | — | — | — | — | 2,123,624 | ||||||||||||||||||||||||||
— | — | (1,097,108,690 | ) | (850,471,909 | ) | (488,362,477 | ) | (1,032,216,838 | ) | — | — | ||||||||||||||||||||||
— | — | (334,422,056 | ) | (566,919,573 | ) | (711,437,659 | ) | (536,326,976 | ) | — | — | ||||||||||||||||||||||
(4,956,642 | ) | (23,438,669 | ) | (10,991,460 | ) | (39,628,364 | ) | (43,380,908 | ) | (58,240,501 | ) | (8,211,768 | ) | (181,095,758 | ) | ||||||||||||||||||
(29,441,305 | ) | (29,844,314 | ) | (62,735,526 | ) | (126,126,597 | ) | (59,834,669 | ) | (89,247,418 | ) | (13,854,984 | ) | (18,856,745 | ) | ||||||||||||||||||
(51,632,949 | ) | (174,149,097 | ) | — | — | — | — | (455,724,163 | ) | (865,660,066 | ) | ||||||||||||||||||||||
24,293,970 | 2,399,596 | 192,042,171 | (14,223,167 | ) | 61,818,385 | 158,150,548 | (240,323,065 | ) | 194,780,629 | ||||||||||||||||||||||||
28,454,284 | (14,910,337 | ) | 176,608,274 | (14,763,217 | ) | 79,534,015 | 57,675,063 | (227,294,130 | ) | 171,227,172 | |||||||||||||||||||||||
4,385,835 | 19,296,175 | 67,725,926 | 82,489,143 | 482,295,229 | 424,620,166 | 247,048,375 | 75,821,203 | ||||||||||||||||||||||||||
$ | 32,840,119 | $ | 4,385,835 | $ | 244,334,200 | $ | 67,725,926 | $ | 561,829,244 | $ | 482,295,229 | $ | 19,754,245 | $ | 247,048,375 | ||||||||||||||||||
$ | 771,212 | $ | 171,104 | $ | 176,974 | $ | 183,623 | $ | (3,969,815 | ) | $ | — | $ | (325,763 | ) | $ | — | ||||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 133 |
4
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
Inverse High Yield | U.S. Government | |||||||||||||||
Strategy Fund | Money Market Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | *† | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (87,410 | ) | $ | (97,553 | ) | $ | 44,800 | $ | 12,579,007 | ||||||
Net Realized Gain (Loss) on Investments | (2,516,856 | ) | 1,205,080 | 30,820 | 69,106 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (798,041 | ) | (16,972 | ) | — | — | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | (3,402,307 | ) | 1,090,555 | 75,620 | 12,648,113 | |||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | — | (29,058 | ) | (10,725,622 | ) | ||||||||||
Investor2 Class | — | — | (775 | ) | — | |||||||||||
Advisor Class | — | — | (9,566 | ) | (1,244,597 | ) | ||||||||||
A-Class | — | — | (1,234 | ) | (283,796 | ) | ||||||||||
C-Class | — | — | (3,444 | ) | (324,992 | ) | ||||||||||
Realized Gain on Investments | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Investor2 Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | (28,565 | ) | — | — | |||||||||||
C-Class | — | (56,725 | ) | — | — | |||||||||||
H-Class | — | (854,552 | ) | — | — | |||||||||||
Total Distributions to Shareholders | — | (939,842 | ) | (44,077 | ) | (12,579,007 | ) | |||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | — | — | 7,347,160,382 | 14,234,678,743 | ||||||||||||
Investor2 Class | — | — | 82,253,119 | — | ||||||||||||
Advisor Class | — | — | 7,997,557,402 | 5,683,851,096 | ||||||||||||
A-Class | 2,918,517 | 12,550,539 | 55,950,776 | 167,289,290 | ||||||||||||
C-Class | 5,181,566 | 2,853,206 | 704,138,145 | 1,495,568,434 | ||||||||||||
H-Class | 107,288,998 | 340,067,292 | — | — | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | — | 28,988 | 10,640,857 | ||||||||||||
Investor2 Class | — | — | 538 | — | ||||||||||||
Advisor Class | — | — | 9,577 | 1,238,606 | ||||||||||||
A-Class | — | 11,158 | 1,186 | 265,875 | ||||||||||||
C-Class | — | 56,655 | 3,361 | 318,248 | ||||||||||||
H-Class | — | 802,717 | — | — | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | — | — | (7,534,007,307 | ) | (14,109,618,445 | ) | ||||||||||
Investor2 Class | — | — | (19,676,171 | ) | — | |||||||||||
Advisor Class | — | — | (7,919,380,216 | ) | (5,502,840,798 | ) | ||||||||||
A-Class | (3,440,509 | ) | (12,048,193 | ) | (66,690,002 | ) | (139,658,664 | ) | ||||||||
C-Class | (4,099,620 | ) | (5,246,915 | ) | (736,009,146 | ) | (1,481,940,632 | ) | ||||||||
H-Class | (110,018,335 | ) | (333,418,149 | ) | — | — | ||||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (2,169,383 | ) | 5,628,310 | (88,659,368 | ) | 359,792,610 | ||||||||||
Net Increase (Decrease) in Net Assets | (5,571,690 | ) | 5,779,023 | (88,627,825 | ) | 359,861,716 | ||||||||||
Net Assets—Beginning of Period | 16,945,340 | 11,166,317 | 1,640,168,135 | 1,280,306,419 | ||||||||||||
Net Assets—End of Period | $ | 11,373,650 | $ | 16,945,340 | $ | 1,551,540,310 | $ | 1,640,168,135 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (87,410 | ) | $ | — | $ | 683 | $ | (40 | ) | ||||||
* | Since commencement of operations: July 10, 2009 — U.S. Government Money Market Fund Investor2 Class. | |
† | Unaudited |
134 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | VALUE, | Total | Investment | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses■ | Expenses■ | (Loss) | (Loss)▲ | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Nova Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 11.40 | $ | .04 | $ | 6.01 | $ | 6.05 | $ | — | $ | — | $ | — | $ | 17.45 | 53.07% | 1.29% | ** | 1.29% | ** | 0.52% | ** | — | 33% | $46,653 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.13 | .19 | (14.83 | ) | (14.64 | ) | (.09 | ) | — | (.09 | ) | 11.40 | (56.06)% | 1.29% | 1.29% | 0.93% | — | 143% | 32,603 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.92 | .40 | (4.51 | ) | (4.11 | ) | (.68 | ) | — | (.68 | ) | 26.13 | (13.71)% | 1.27% | 1.27% | 1.26% | — | 115% | 74,674 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 28.89 | (.15 | ) | 4.19 | 4.04 | (2.01 | ) | — | (2.01 | ) | 30.92 | 13.99% | 1.25% | 1.25% | 1.23% | — | 144% | 113,195 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 25.96 | (.12 | ) | 3.90 | 3.78 | (.85 | ) | — | (.85 | ) | 28.89 | 14.68% | 1.35% | 1.23% | (0.45)% | 0.95% | 192% | 139,786 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.12 | (.11 | ) | 1.95 | 1.84 | — | — | — | 25.96 | 7.63% | 1.21% | 1.21% | (0.44)% | 0.82% | 388% | 175,042 | ||||||||||||||||||||||||||||||||||||||||||||
Nova Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 10.73 | .01 | 5.64 | 5.65 | — | — | — | 16.38 | 52.66% | 1.79% | ** | 1.79% | ** | 0.11% | ** | — | 33% | 9,179 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.72 | .08 | (13.98 | ) | (13.90 | ) | (.09 | ) | — | (.09 | ) | 10.73 | (56.26)% | 1.79% | 1.79% | 0.45% | — | 143% | 10,853 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 29.44 | .23 | (4.27 | ) | (4.04 | ) | (.68 | ) | — | (.68 | ) | 24.72 | (14.16)% | 1.77% | 1.77% | 0.78% | — | 115% | 19,218 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.73 | (.28 | ) | 4.00 | 3.72 | (2.01 | ) | — | (2.01 | ) | 29.44 | 13.41% | 1.75% | 1.75% | 0.73% | — | 144% | 36,441 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 25.08 | (.25 | ) | 3.75 | 3.50 | (.85 | ) | — | (.85 | ) | 27.73 | 14.07% | 1.85% | 1.74% | (0.96)% | 0.44% | 192% | 41,002 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 23.42 | (.23 | ) | 1.89 | 1.66 | — | — | — | 25.08 | 7.09% | 1.71% | 1.71% | (0.94)% | 0.32% | 388% | 52,642 | ||||||||||||||||||||||||||||||||||||||||||||
Nova Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 10.88 | .02 | 5.72 | 5.74 | — | — | — | 16.62 | 52.76% | 1.54% | ** | 1.54% | ** | 0.27% | ** | — | 33% | 7,822 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.99 | .13 | (14.15 | ) | (14.02 | ) | (.09 | ) | — | (.09 | ) | 10.88 | (56.13)% | 1.54% | 1.54% | 0.70% | — | 143% | 3,612 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 29.67 | .29 | (4.29 | ) | (4.00 | ) | (.68 | ) | — | (.68 | ) | 24.99 | (13.92)% | 1.52% | 1.52% | 0.97% | — | 115% | 11,791 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.87 | (.21 | ) | 4.02 | 3.81 | (2.01 | ) | — | (2.01 | ) | 29.67 | 13.67% | 1.50% | 1.50% | 0.98% | — | 144% | 15,586 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 25.15 | (.19 | ) | 3.76 | 3.57 | (.85 | ) | — | (.85 | ) | 27.87 | 14.32% | 1.60% | 1.49% | (0.71)% | 0.69% | 192% | 29,315 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 23.42 | (.17 | ) | 1.90 | 1.73 | — | — | — | 25.15 | 7.39% | 1.45% | 1.45% | (0.68)% | 0.58% | 388% | 18,463 | ||||||||||||||||||||||||||||||||||||||||||||
Nova Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 10.42 | (.03 | ) | 5.48 | 5.45 | — | — | — | 15.87 | 52.30% | 2.29% | ** | 2.29% | ** | (0.46)% | ** | — | 33% | 12,393 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.14 | (.01 | ) | (13.62 | ) | (13.63 | ) | (.09 | ) | — | (.09 | ) | 10.42 | (56.49)% | 2.29% | 2.29% | (0.05)% | — | 143% | 9,314 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 28.91 | .07 | (4.16 | ) | (4.09 | ) | (.68 | ) | — | (.68 | ) | 24.14 | (14.60)% | 2.27% | 2.27% | 0.24% | — | 115% | 29,715 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.39 | (.42 | ) | 3.95 | 3.53 | (2.01 | ) | — | (2.01 | ) | 28.91 | 12.88% | 2.25% | 2.25% | 0.23% | — | 144% | 42,925 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.89 | (.38 | ) | 3.73 | 3.35 | (.85 | ) | — | (.85 | ) | 27.39 | 13.58% | 2.35% | 2.24% | (1.46)% | (0.06)% | 192% | 50,131 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 23.36 | (.35 | ) | 1.88 | 1.53 | — | — | — | 24.89 | 6.55% | 2.21% | 2.21% | (1.44)% | (0.18)% | 388% | 49,464 | ||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.79 | .05 | 5.19 | 5.24 | — | — | — | 21.03 | 33.19% | 1.54% | ** | 1.54% | ** | 0.55% | ** | — | 40% | 42,623 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.92 | .12 | (10.21 | ) | (10.09 | ) | (.04 | ) | — | (.04 | ) | 15.79 | (38.95)% | 1.52% | 1.52% | 0.68% | — | 168% | 29,409 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.32 | .52 | (1.78 | ) | (1.26 | ) | (.14 | ) | — | (.14 | ) | 25.92 | (4.68)% | 1.51% | 1.51% | 1.86% | — | 396% | 2,358 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .30 | 2.53 | 2.83 | (.11 | ) | (.40 | ) | (.51 | ) | 27.32 | 11.34% | 1.55% | ** | 1.55% | ** | 1.35% | ** | — | 119% | 2,063 | |||||||||||||||||||||||||||||||||||||||
S&P 500 Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.44 | (.01 | ) | 5.06 | 5.05 | — | — | — | 20.49 | 32.71% | 2.28% | ** | 2.28% | ** | (0.16)% | ** | — | 40% | 10,762 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.55 | (.02 | ) | (10.05 | ) | (10.07 | ) | (.04 | ) | — | (.04 | ) | 15.44 | (39.43)% | 2.28% | 2.28% | (0.08)% | — | 168% | 7,295 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.15 | .18 | (1.64 | ) | (1.46 | ) | (.14 | ) | — | (.14 | ) | 25.55 | (5.45)% | 2.25% | 2.25% | 0.67% | — | 396% | 7,836 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .19 | 2.47 | 2.66 | (.11 | ) | (.40 | ) | (.51 | ) | 27.15 | 10.65% | 2.25% | ** | 2.25% | ** | 0.84% | ** | — | 119% | 1,971 | |||||||||||||||||||||||||||||||||||||||
S&P 500 Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.78 | .04 | 5.20 | 5.24 | — | — | — | 21.02 | 33.21% | 1.53% | ** | 1.53% | ** | 0.48% | ** | — | 40% | 103,140 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.90 | .13 | (10.21 | ) | (10.08 | ) | (.04 | ) | — | (.04 | ) | 15.78 | (38.94)% | 1.53% | 1.53% | 0.64% | — | 168% | 139,759 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.31 | .39 | (1.66 | ) | (1.27 | ) | (.14 | ) | — | (.14 | ) | 25.90 | (4.72)% | 1.48% | 1.48% | 1.40% | — | 396% | 78,963 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .30 | 2.52 | 2.82 | (.11 | ) | (.40 | ) | (.51 | ) | 27.31 | 11.29% | 1.54% | ** | 1.54% | ** | 1.33% | ** | — | 119% | 6,374 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 135 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | VALUE, | Total | Investment | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses■ | Expenses■ | (Loss) | (Loss)▲ | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Inverse S&P 500 Strategy Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 54.23 | $ | (.24 | ) | $ | (14.77 | ) | $ | (15.01 | ) | $ | — | $ | — | $ | — | $ | 39.22 | (27.68)% | 1.44% | ** | 1.44% | ** | (1.05)% | ** | — | — | $ | 144,954 | ||||||||||||||||||||||||||||||
March 31, 2009 | 40.00 | .12 | 14.94 | 15.06 | (.83 | ) | — | (.83 | ) | 54.23 | 37.66% | 1.43% | 1.43% | 0.25% | — | — | 217,740 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 37.85 | .93 | 2.74 | 3.67 | (1.52 | ) | — | (1.52 | ) | 40.00 | 10.24% | 1.41% | 1.41% | 3.08% | — | — | 223,044 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 40.30 | (.20 | ) | (1.15 | ) | (1.35 | ) | (1.10 | ) | — | (1.10 | ) | 37.85 | (3.26)% | 1.36% | 1.36% | 3.85% | — | — | 293,092 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 43.45 | (.20 | ) | (2.35 | ) | (2.55 | ) | (.60 | ) | — | (.60 | ) | 40.30 | (5.84)% | 1.41% | 1.38% | (0.45)% | 2.29% | — | 329,785 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 45.85 | (.20 | ) | (2.20 | ) | (2.40 | ) | — | — | — | 43.45 | (5.23)% | 1.38% | 1.38% | (0.46)% | 0.25% | — | 326,085 | ||||||||||||||||||||||||||||||||||||||||||
Inverse S&P 500 Strategy Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 50.83 | (.33 | ) | (13.84 | ) | (14.17 | ) | — | — | — | 36.66 | (27.88)% | 1.94% | ** | 1.94% | ** | (1.53)% | ** | — | — | 6,254 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.72 | (.13 | ) | 14.07 | 13.94 | (.83 | ) | — | (.83 | ) | 50.83 | 36.96% | 1.93% | 1.93% | (0.30)% | — | — | 15,305 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 36.00 | .73 | 2.51 | 3.24 | (1.52 | ) | — | (1.52 | ) | 37.72 | 9.56% | 1.92% | 1.92% | 2.64% | — | — | 11,131 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 38.55 | (.35 | ) | (1.10 | (1.45 | ) | (1.10 | ) | — | (1.10 | ) | 36.00 | (3.67)% | 1.87% | 1.87% | 3.34% | — | — | 22,712 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 41.80 | (.40 | ) | (2.25 | ) | (2.65 | ) | (.60 | ) | — | (.60 | ) | 38.55 | (6.32)% | 1.91% | 1.88% | (0.95)% | 1.79% | — | 45,332 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 44.35 | (.40 | ) | (2.15 | ) | (2.55 | ) | — | — | — | 41.80 | (5.75)% | 1.88% | 1.88% | (0.96)% | (0.25)% | — | 40,964 | ||||||||||||||||||||||||||||||||||||||||||
Inverse S&P 500 Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 51.30 | (.28 | ) | (13.97 | ) | (14.25 | ) | — | — | — | 37.05 | (27.78)% | 1.69% | ** | 1.69% | ** | (1.30)% | ** | — | — | 12,707 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.97 | — | § | 14.16 | 14.16 | (.83 | ) | — | (.83 | ) | 51.30 | 37.30% | 1.68% | 1.68% | 0.00% | — | — | 18,381 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 36.10 | .81 | 2.58 | 3.39 | (1.52 | ) | — | (1.52 | ) | 37.97 | 9.95% | 1.66% | 1.66% | 2.83% | — | — | 9,344 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 38.60 | (.25 | ) | (1.15 | ) | (1.40 | ) | (1.10 | ) | — | (1.10 | ) | 36.10 | (3.53)% | 1.61% | 1.61% | 3.60% | — | — | 11,388 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 41.85 | (.30 | ) | (2.35 | ) | (2.65 | ) | (.60 | ) | — | (.60 | ) | 38.60 | (6.31)% | 1.66% | 1.63% | (0.70)% | 2.04% | — | 8,932 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 44.35 | (.30 | ) | (2.20 | ) | (2.50 | ) | — | — | — | 41.85 | (5.64)% | 1.63% | 1.63% | (0.71)% | — | — | 7,318 | ||||||||||||||||||||||||||||||||||||||||||
Inverse S&P 500 Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 49.59 | (.42 | ) | (13.50 | ) | (13.92 | ) | — | — | — | 35.67 | (28.07)% | 2.44% | ** | 2.44% | ** | (2.06)% | ** | — | — | 18,217 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.00 | (.28 | ) | 13.70 | 13.42 | (.83 | ) | — | (.83 | ) | 49.59 | 36.27% | 2.43% | 2.43% | (0.67)% | — | — | 19,674 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.50 | .58 | 2.44 | 3.02 | (1.52 | ) | — | (1.52 | ) | 37.00 | 9.07% | 2.41% | 2.41% | 2.14% | — | — | 32,299 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 38.25 | (.55 | ) | (1.10 | ) | (1.65 | ) | (1.10 | ) | — | (1.10 | ) | 35.50 | (4.22)% | 2.36% | 2.36% | 2.85% | — | — | 42,651 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 41.65 | (.60 | ) | (2.20 | ) | (2.80 | ) | (.60 | ) | — | (.60 | ) | 38.25 | (6.70)% | 2.41% | 2.38% | (1.45)% | 1.29% | — | 39,146 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 44.45 | (.65 | ) | (2.15 | ) | (2.80 | ) | — | — | — | 41.65 | (6.30)% | 2.38% | 2.38% | (1.46)% | (0.75)% | — | 43,763 | ||||||||||||||||||||||||||||||||||||||||||
NASDAQ-100® Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.15 | (.03 | ) | 3.18 | 3.15 | — | — | — | 11.30 | 38.65% | 1.31% | ** | 1.31% | ** | (0.70)% | ** | — | 10% | 514,483 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.81 | (.06 | ) | (3.60 | ) | (3.66 | ) | — | — | — | 8.15 | (30.99)% | 1.30% | 1.30% | (0.59)% | — | 55% | 389,944 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 11.78 | (.06 | ) | .09 | .03 | — | — | — | 11.81 | 0.25% | 1.28% | 1.28% | (0.50)% | — | 57% | 617,923 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 11.34 | (.06 | ) | .50 | .44 | — | — | — | 11.78 | 3.88% | 1.22% | 1.22% | (0.52)% | — | 71% | 635,744 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 9.94 | (.05 | ) | 1.49 | 1.44 | (.04 | ) | — | (.04 | ) | 11.34 | 14.45% | 1.20% | 1.20% | (0.49)% | — | 122% | 893,295 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 9.73 | .04 | .17 | .21 | — | — | — | 9.94 | 2.16% | 1.20% | 1.20% | 0.40% | — | 132% | 801,185 | |||||||||||||||||||||||||||||||||||||||||||||
NASDAQ-100 ® Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.72 | (.06 | ) | 3.01 | 2.95 | — | — | — | 10.67 | 38.21% | 1.81% | ** | 1.81% | ** | (1.20)% | ** | — | 10% | 25,757 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.23 | (.11 | ) | (3.40 | ) | (3.51 | ) | — | — | — | 7.72 | (31.26)% | 1.79% | 1.79% | (1.11)% | — | 55% | 18,078 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 11.26 | (.12 | ) | .09 | (.03 | ) | — | — | — | 11.23 | (0.27)% | 1.78% | 1.78% | (0.99)% | — | 57% | 15,184 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.90 | (.11 | ) | .47 | .36 | — | — | — | 11.26 | 3.30% | 1.73% | 1.73% | (1.07)% | — | 71% | 9,349 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 9.60 | (.10 | ) | 1.44 | 1.34 | (.04 | ) | — | (.04 | ) | 10.90 | 13.92% | 1.70% | 1.70% | (1.00)% | — | 122% | 27,832 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 9.46 | (.02 | ) | .16 | .14 | — | — | — | 9.60 | 1.48% | 1.69% | 1.69% | (0.25)% | — | 132% | 19,887 |
136 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | Combined | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | VALUE, | Total | Investment | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income) | Gains (Losses | Resulting from | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses■ | Expenses■ | (Loss) | (Loss)▲ | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NASDAQ-100® Fund A-Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 7.82 | $ | (.05 | ) | $ | 3.05 | $ | 3.00 | $ | — | $ | — | $ | — | $ | 10.82 | 38.36% | 1.56% | ** | 1.56% | ** | (0.96)% | ** | — | 10% | $ | 8,667 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.35 | (.08 | ) | (3.45 | ) | (3.53 | ) | — | — | — | 7.82 | (31.10)% | 1.55% | 1.55% | (0.82)% | — | 55% | 3,140 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 11.36 | (.09 | ) | .08 | (.01 | ) | — | — | — | 11.35 | (0.09)% | 1.54% | 1.54% | (0.76)% | — | 57% | 6,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.96 | (.08 | ) | .48 | .40 | — | — | — | 11.36 | 3.65% | 1.46% | 1.46% | (0.73)% | — | 71% | 3,686 | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 9.63 | (.08 | ) | 1.45 | 1.37 | (.04 | ) | — | (.04 | ) | 10.96 | 14.18% | 1.46% | 1.46% | (0.78)% | — | 122% | 2,491 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 9.46 | .06 | .11 | .17 | — | — | — | 9.63 | 1.80% | 1.45% | 1.45% | 0.59% | — | 132% | 1,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NASDAQ-100® Fund C-Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.49 | (.08 | ) | 2.92 | 2.84 | — | — | — | 10.33 | 37.92% | 2.31% | ** | 2.31% | ** | (1.69)% | ** | — | 10% | 8,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.95 | (.15 | ) | (3.31 | ) | (3.46 | ) | — | — | — | 7.49 | (31.60)% | 2.30% | 2.30% | (1.59)% | — | 55% | 6,368 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 11.02 | (.18 | ) | .11 | (.07 | ) | — | — | — | 10.95 | (0.64)% | 2.28% | 2.28% | (1.50)% | — | 57% | 10,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.73 | (.16 | ) | .45 | .29 | — | — | — | 11.02 | 2.70% | 2.22% | 2.22% | (1.55)% | — | 71% | 10,032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 9.50 | (.16 | ) | 1.43 | 1.27 | (.04 | ) | — | (.04 | ) | 10.73 | 13.33% | 2.21% | 2.21% | (1.52)% | — | 122% | 18,707 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 9.41 | (.03 | ) | .12 | .09 | — | — | — | 9.50 | �� | 0.96% | 2.19% | 2.19% | (0.33)% | — | 132% | 14,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 25.09 | (.09 | )¨ | (7.46 | ) | (7.55 | ) | — | — | — | 17.54 | (30.09)% | 1.47% | ** | 1.47% | ** | (0.85)% | **¨¨ | — | — | 26,596 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 21.27 | (.06 | ) | 4.25 | 4.19 | (.37 | ) | — | (.37 | ) | 25.09 | 19.48% | 1.46% | 1.46% | (0.26)% | — | — | 33,672 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 21.67 | .59 | (.30 | ) | .29 | (.69 | ) | — | (.69 | ) | 21.27 | 1.92% | 1.47% | 1.47% | 2.98% | — | — | 59,819 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 21.80 | (.11 | ) | .54 | .43 | (.56 | ) | — | (.56 | ) | 21.67 | 2.01% | 1.40% | 1.40% | 3.79% | — | — | 104,617 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.55 | (.11 | ) | (2.31 | ) | (2.42 | ) | (.33 | ) | — | (.33 | ) | 21.80 | (9.85)% | 1.39% | 1.38% | (0.45)% | 2.22% | — | 143,742 | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.69 | (.11 | ) | (1.03 | ) | (1.14 | ) | — | — | — | 24.55 | (4.44)% | 1.38% | 1.38% | (0.46)% | 0.20% | — | 198,288 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund Advisor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 24.37 | (.13 | )¨ | (7.26 | ) | (7.39 | ) | — | — | — | 16.98 | (30.32)% | 1.97% | ** | 1.97% | ** | (1.29)% | **¨¨ | — | — | 392 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 20.77 | (.06 | ) | 4.03 | 3.97 | (.37 | ) | — | (.37 | ) | 24.37 | 18.88% | 1.97% | 1.97% | (0.29)% | — | — | 476 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 21.28 | .51 | (.33 | ) | .18 | (.69 | ) | — | (.69 | ) | 20.77 | 1.43% | 1.98% | 1.98% | 2.56% | — | — | 3,744 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 21.51 | (.22 | ) | .55 | .33 | (.56 | ) | — | (.56 | ) | 21.28 | 1.56% | 1.90% | 1.90% | 3.29% | — | — | 11,436 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.34 | (.22 | ) | (2.28 | ) | (2.50 | ) | (.33 | ) | — | (.33 | ) | 21.51 | (10.27)% | 1.89% | 1.89% | (0.96)% | 1.71% | — | 10,390 | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.60 | (.24 | ) | (1.02 | ) | (1.26 | ) | — | — | — | 24.34 | (4.92)% | 1.88% | 1.88% | (0.96)% | (0.30)% | — | 17,059 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund A-Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 24.67 | (.08 | )¨ | (7.38 | ) | (7.46 | ) | — | — | — | 17.21 | (30.24)% | 1.72% | ** | 1.72% | ** | (0.86)% | **¨¨ | — | — | 897 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 20.97 | (.22 | ) | 4.29 | 4.07 | (.37 | ) | — | (.37 | ) | 24.67 | 19.18% | 1.71% | 1.71% | (0.92)% | — | — | 2,301 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 21.43 | .52 | (.29 | ) | .23 | (.69 | ) | — | (.69 | ) | 20.97 | 1.65% | 1.72% | 1.72% | 2.61% | — | — | 1,784 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 21.61 | (.16 | ) | .54 | .38 | (.56 | ) | — | (.56 | ) | 21.43 | 1.79% | 1.64% | 1.64% | 3.55% | — | — | 4,086 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.39 | (.16 | ) | (2.29 | ) | (2.45 | ) | (.33 | ) | — | (.33 | ) | 21.61 | (10.04)% | 1.63% | 1.63% | (0.70)% | 1.97% | — | 2,108 | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.60 | (.17 | ) | (1.04 | ) | (1.21 | ) | — | — | — | 24.39 | (4.73)% | 1.62% | 1.62% | (0.70)% | (0.04)% | — | 5,697 | |||||||||||||||||||||||||||||||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund C-Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 22.91 | (.17 | )¨ | (6.81 | ) | (6.98 | ) | — | — | — | 15.93 | (30.47)% | 2.47% | ** | 2.47% | ** | (1.83)% | **¨¨ | — | — | 2,926 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 19.63 | (.25 | ) | 3.90 | 3.65 | (.37 | ) | — | (.37 | ) | 22.91 | 18.35% | 2.47% | 2.47% | (1.19)% | — | — | 3,066 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 20.27 | .38 | (.33 | ) | .05 | (.69 | ) | — | (.69 | ) | 19.63 | 0.85% | 2.48% | 2.48% | 2.05% | — | — | 7,633 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 20.63 | (.32 | ) | .52 | .20 | (.56 | ) | — | (.56 | ) | 20.27 | 1.00% | 2.40% | 2.40% | 2.79% | — | — | 17,834 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 23.48 | (.32 | ) | (2.20 | ) | (2.52 | ) | (.33 | ) | — | (.33 | ) | 20.63 | (10.73)% | 2.40% | 2.39% | (1.46)% | 1.21% | — | 13,527 | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.83 | (.35 | ) | (1.00 | ) | (1.35 | ) | — | — | — | 23.48 | (5.44)% | 2.38% | 2.38% | (1.46)% | (0.80)% | — | 15,693 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 137 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expenses | (Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 13.33 | $ | (.03 | ) | $ | 8.79 | $ | 8.76 | $ | — | $ | — | $ | — | $ | 22.09 | 65.72% | 1.69% | ** | 1.69% | ** | (0.38)% | ** | 53% | $ | 1,083 | |||||||||||||||||||||||||||||
March 31, 2009 | 32.39 | —§ | (17.74 | ) | (17.74 | ) | — | (1.32 | ) | (1.32 | ) | 13.33 | (54.70)% | 1.68% | 1.68% | 0.01% | 204% | 1,080 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 41.56 | .23 | (7.46 | ) | (7.23 | ) | (.26 | ) | (1.68 | ) | (1.94 | ) | 32.39 | (18.29)% | 1.67% | 1.67% | 0.57% | 226% | 1,571 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 40.14 | .05 | 2.74 | 2.79 | — | (1.37 | ) | (1.37 | ) | 41.56 | 7.11% | 1.67% | 1.67% | 0.13% | 296% | 2,806 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.86 | .01 | 8.65 | 8.66 | — | (.38 | ) | (.38 | ) | 40.14 | 27.27% | 1.92% | 1.66% | 0.03% | 528% | 4,948 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 28.30 | (.03 | ) | 3.59 | 3.56 | — | — | — | 31.86 | 12.58% | 1.63% | 1.63% | (0.10)% | 669% | 1,050 | |||||||||||||||||||||||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 12.47 | (.09 | ) | 8.21 | 8.12 | — | — | — | 20.59 | 65.12% | 2.44% | ** | 2.44% | ** | (1.11)% | ** | 53% | 3,723 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 30.73 | (.17 | ) | (16.77 | ) | (16.94 | ) | — | (1.32 | ) | (1.32 | ) | 12.47 | (55.06)% | 2.43% | 2.43% | (0.72)% | 204% | 2,954 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 39.82 | (.08 | ) | (7.07 | ) | (7.15 | ) | (.26 | ) | (1.68 | ) | (1.94 | ) | 30.73 | (18.90)% | 2.42% | 2.42% | (0.20)% | 226% | 8,388 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 38.81 | (.23 | ) | 2.61 | 2.38 | — | (1.37 | ) | (1.37 | ) | 39.82 | 6.29% | 2.41% | 2.41% | (0.62)% | 296% | 17,112 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.03 | (.25 | ) | 8.41 | 8.16 | — | (.38 | ) | (.38 | ) | 38.81 | 26.38% | 2.66% | 2.40% | (0.72)% | 528% | 28,836 | |||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 27.76 | (.26 | ) | 3.53 | 3.27 | — | — | — | 31.03 | 11.78% | 2.37% | 2.37% | (0.91)% | 669% | 17,912 | |||||||||||||||||||||||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.33 | (.03 | ) | 8.79 | 8.76 | — | — | — | 22.09 | 65.72% | 1.69% | ** | 1.69% | ** | (0.34)% | ** | 53% | 9,124 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 32.40 | .01 | (17.76 | ) | (17.75 | ) | — | (1.32 | ) | (1.32 | ) | 13.33 | (54.71)% | 1.68% | 1.68% | 0.06% | 204% | 11,063 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 41.58 | .25 | (7.49 | ) | (7.24 | ) | (.26 | ) | (1.68 | ) | (1.94 | ) | 32.40 | (18.31)% | 1.67% | 1.67% | 0.61% | 226% | 11,763 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 40.17 | .06 | 2.72 | 2.78 | — | (1.37 | ) | (1.37 | ) | 41.58 | 7.08% | 1.67% | 1.67% | 0.16% | 296% | 24,918 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.86 | —§ | 8.69 | 8.69 | — | (.38 | ) | (.38 | ) | 40.17 | 27.36% | 1.90% | 1.64% | 0.01% | 528% | 50,883 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 28.30 | (.06 | ) | 3.62 | 3.56 | — | — | — | 31.86 | 12.58% | 1.62% | 1.62% | (0.21)% | 669% | 59,274 | |||||||||||||||||||||||||||||||||||||||||
Inverse Mid-Cap Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 48.21 | (.27 | ) | (15.71 | ) | (15.98 | ) | — | — | — | 32.23 | (33.15)% | 1.70% | ** | 1.70% | ** | (1.55)% | ** | — | 2,059 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.07 | (.22 | ) | 11.40 | 11.18 | (.04 | ) | — | (.04 | ) | 48.21 | 30.14% | 1.68% | 1.68% | (0.55)% | — | 452 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 33.78 | .81 | 3.11 | 3.92 | (.63 | ) | — | (.63 | ) | 37.07 | 11.83% | 1.66% | 1.66% | 2.35% | — | 906 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 37.03 | 1.35 | (1.81 | ) | (.46 | ) | (2.79 | ) | — | (2.79 | ) | 33.78 | (1.35)% | 1.65% | 1.65% | 3.52% | — | 477 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 44.01 | .87 | (7.20 | ) | (6.33 | ) | (.65 | ) | — | (.65 | ) | 37.03 | (14.44)% | 1.66% | 1.66% | 2.12% | — | 161 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 49.01 | (.06 | ) | (4.94 | ) | (5.00 | ) | — | — | — | 44.01 | (10.20)% | 1.63% | 1.63% | (0.13)% | — | 61 | |||||||||||||||||||||||||||||||||||||||
Inverse Mid-Cap Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 46.24 | (.41 | ) | (15.05 | ) | (15.46 | ) | — | — | — | 30.78 | (33.43)% | 2.44% | ** | 2.44% | ** | (2.28)% | ** | — | 480 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 35.82 | (.41 | ) | 10.87 | 10.46 | (.04 | ) | — | (.04 | ) | 46.24 | 29.18% | 2.43% | 2.43% | (1.07)% | — | 327 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 32.89 | .60 | 2.96 | 3.56 | (.63 | ) | — | (.63 | ) | 35.82 | 11.05% | 2.41% | 2.41% | 1.83% | — | 1,478 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 36.43 | 1.05 | (1.80 | ) | (.75 | ) | (2.79 | ) | — | (2.79 | ) | 32.89 | (2.19)% | 2.40% | 2.40% | 2.81% | — | 801 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 43.62 | .15 | (6.69 | ) | (6.54 | ) | (.65 | ) | — | (.65 | ) | 36.43 | (15.05)% | 2.41% | 2.41% | 1.54% | — | 1,147 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 48.98 | (.27 | ) | (5.09 | ) | (5.36 | ) | — | — | — | 43.62 | (10.94)% | 2.36% | 2.36% | (0.58)% | — | 1,011 | |||||||||||||||||||||||||||||||||||||||
Inverse Mid-Cap Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 48.21 | (.30 | ) | (15.70 | ) | (16.00 | ) | — | — | — | 32.21 | (33.19)% | 1.69% | ** | 1.69% | ** | (1.53)% | ** | — | 2,931 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.07 | (.27 | ) | 11.45 | 11.18 | (.04 | ) | — | (.04 | ) | 48.21 | 30.14% | 1.70% | 1.70% | (0.62)% | — | 7,350 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 33.78 | .78 | 3.14 | 3.92 | (.63 | ) | — | (.63 | ) | 37.07 | 11.83% | 1.65% | 1.65% | 2.26% | — | 46,630 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 37.04 | 1.35 | (1.82 | ) | (.47 | ) | (2.79 | ) | — | (2.79 | ) | 33.78 | (1.38)% | 1.66% | 1.66% | 3.51% | — | 15,531 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 44.01 | .83 | (7.15 | ) | (6.32 | ) | (.65 | ) | — | (.65 | ) | 37.04 | (14.42)% | 1.64% | 1.64% | 2.01% | — | 18,475 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 49.01 | (.18 | ) | (5.18 | ) | (5.00 | ) | — | — | — | 44.01 | (10.20)% | 1.60% | 1.60% | 0.39% | — | 30,073 |
138 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Net | Operating | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expenses | Expensesà | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | $ | 12.49 | $ | .07 | t | $ | 8.69 | $ | 8.76 | $ | — | $ | — | $ | — | $ | 21.25 | 70.14% | 1.72% | ** | 1.72% | ** | 1.72% | ** | 0.79% | **tt | 53% | $ | 1,354 | |||||||||||||||||||||||||||||||
March 31, 2009 | 28.62 | (.02 | ) | (16.11 | ) | (16.13 | ) | — | — | — | 12.49 | (56.36)% | 1.70% | 1.70% | 1.70% | (0.07)% | 288% | 591 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 37.24 | .29 | (8.83 | ) | (8.54 | ) | (.08 | ) | — | (.08 | ) | 28.62 | (22.98)% | 1.67% | 1.67% | 1.67% | 0.81% | 227% | 4,372 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 37.33 | .10 | 1.24 | 1.34 | — | (1.43 | ) | (1.43 | ) | 37.24 | 3.60% | 1.66% | 1.66% | 1.66% | 0.28% | 179% | 5,976 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.54 | .04 | 9.75 | 9.79 | — | — | — | 37.33 | 35.55% | 2.06% | 1.65% | 1.65% | 0.13% | 441% | 6,789 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.22 | (.03 | ) | 1.51 | 1.48 | — | (.16 | ) | (.16 | ) | 27.54 | 5.63% | 1.61% | 1.61% | 1.61% | (0.10)% | 501% | 3,340 | ||||||||||||||||||||||||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 11.71 | (.01 | )t | 8.16 | 8.15 | — | — | — | 19.86 | 69.60% | 2.47% | ** | 2.47% | ** | 2.47% | ** | (0.07)% | **tt | 53% | 4,646 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 27.10 | (.18 | ) | (15.21 | ) | (15.39 | ) | — | — | — | 11.71 | (56.79)% | 2.45% | 2.45% | 2.45% | (0.83)% | 288% | 3,381 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.51 | .03 | (8.36 | ) | (8.33 | ) | (.08 | ) | — | (.08 | ) | 27.10 | (23.50)% | 2.42% | 2.42% | 2.42% | 0.09% | 227% | 10,873 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 35.93 | (.16 | ) | 1.17 | 1.01 | — | (1.43 | ) | (1.43 | ) | 35.51 | 2.81% | 2.41% | 2.41% | 2.41% | (0.47)% | 179% | 19,942 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 26.69 | (.21 | ) | 9.45 | 9.24 | — | — | — | 35.93 | 34.62% | 2.81% | 2.40% | 2.40% | (0.70)% | 441% | 31,956 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.63 | (.26 | ) | 1.48 | 1.22 | — | (.16 | ) | (.16 | ) | 26.69 | 4.75% | 2.37% | 2.37% | 2.37% | (1.00)% | 501% | 18,915 | ||||||||||||||||||||||||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 12.47 | .03 | t | 8.73 | 8.76 | — | — | — | 21.23 | 70.25% | 1.72% | ** | 1.72% | ** | 1.72% | ** | 0.39% | **tt | 53% | 17,898 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 28.62 | (.02 | ) | (16.13 | ) | (16.15 | ) | — | — | — | 12.47 | (56.43)% | 1.70% | 1.70% | 1.70% | (0.07)% | 288% | 13,807 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 37.22 | .30 | (8.82 | ) | (8.52 | ) | (.08 | ) | — | (.08 | ) | 28.62 | (22.93)% | 1.67% | 1.67% | 1.67% | 0.83% | 227% | 13,839 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 37.32 | .10 | 1.23 | 1.33 | — | (1.43 | ) | (1.43 | ) | 37.22 | 3.57% | 1.66% | 1.66% | 1.66% | 0.27% | 179% | 42,861 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.51 | .03 | 9.78 | 9.81 | — | — | — | 37.32 | 35.66% | 2.05% | 1.64% | 1.64% | 0.10% | 441% | 170,698 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.22 | (.07 | ) | 1.52 | 1.45 | — | (.16 | ) | (.16 | ) | 27.51 | 5.52% | 1.62% | 1.62% | 1.62% | (0.26)% | 501% | 68,084 | ||||||||||||||||||||||||||||||||||||||||||
Russell 2000® Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 14.31 | (.06 | ) | 6.23 | 6.17 | — | — | — | 20.48 | 43.12% | 1.57% | ** | 1.57% | ** | 1.57% | ** | (0.60)% | ** | 232% | 2,867 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.57 | (.02 | ) | (9.24 | ) | (9.26 | ) | — | — | — | 14.31 | (39.29)% | 1.56% | 1.56% | 1.56% | (0.13)% | 485% | 2,309 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.64 | .34 | (4.21 | ) | (3.87 | ) | (.20 | ) | — | (.20 | ) | 23.57 | (14.08)% | 1.51% | 1.51% | 1.51% | 1.26% | 535% | 909 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .35 | 2.43 | 2.78 | (.14 | ) | — | (.14 | ) | 27.64 | 11.13% | 1.51% | ** | 1.51% | ** | 1.51% | ** | 1.54% | ** | 335% | 275 | |||||||||||||||||||||||||||||||||||||||
Russell 2000® Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 14.00 | (.13 | ) | 6.10 | 5.97 | — | — | — | 19.97 | 42.64% | 2.32% | ** | 2.32% | ** | 2.32% | ** | (1.33)% | ** | 232% | 2,017 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.28 | (.15 | ) | (9.13 | ) | (9.28 | ) | — | — | — | 14.00 | (39.86)% | 2.29% | 2.29% | 2.29% | (0.82)% | 485% | 2,123 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.48 | .23 | (4.23 | ) | (4.00 | ) | (.20 | ) | — | (.20 | ) | 23.28 | (14.63)% | 2.27% | 2.27% | 2.27% | 0.85% | 535% | 678 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .17 | 2.45 | 2.62 | (.14 | ) | — | (.14 | ) | 27.48 | 10.49% | 2.28% | ** | 2.28% | ** | 2.28% | ** | 0.76% | ** | 335% | 739 | |||||||||||||||||||||||||||||||||||||||
Russell 2000® Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 14.31 | (.05 | ) | 6.21 | 6.16 | — | — | — | 20.47 | 43.05% | 1.57% | ** | 1.57% | ** | 1.57% | ** | (0.57)% | ** | 232% | 11,126 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.57 | (.02 | ) | (9.24 | ) | (9.26 | ) | — | — | — | 14.31 | (39.29)% | 1.55% | 1.55% | 1.55% | (0.09)% | 485% | 19,847 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.64 | .51 | (4.38 | ) | (3.87 | ) | (.20 | ) | — | (.20 | ) | 23.57 | (14.08)% | 1.52% | 1.52% | 1.52% | 1.86% | 535% | 4,327 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 25.00 | .34 | 2.44 | 2.78 | (.14 | ) | — | (.14 | ) | 27.64 | 11.13% | 1.52% | ** | 1.52% | ** | 1.52% | ** | 1.55% | ** | 335% | 13,248 | |||||||||||||||||||||||||||||||||||||||
Inverse Russell 2000® Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 48.02 | (.29 | ) | (16.24 | ) | (16.53 | ) | — | — | — | 31.49 | (34.42)% | 1.71% | ** | 1.71% | ** | 1.71% | ** | (1.55)% | ** | — | 1,289 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 39.05 | (.21 | ) | 9.57 | 9.36 | (.39 | ) | — | (.39 | ) | 48.02 | 23.91% | 1.96% | 1.96% | 1.71% | (0.50)% | 214% | 2,299 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.00 | 1.06 | 4.40 | 5.46 | (1.41 | ) | — | (1.41 | ) | 39.05 | 16.11% | 1.89% | 1.89% | 1.89% | 2.96% | — | 6,816 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 36.96 | 1.38 | (1.65 | ) | (.27 | ) | (1.69 | ) | — | (1.69 | ) | 35.00 | (0.67)% | 1.65% | 1.65% | 1.65% | 3.64% | — | 9,905 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 46.09 | .85 | (9.26 | ) | (8.41 | ) | (.72 | ) | — | (.72 | ) | 36.96 | (18.40)% | 1.63% | 1.63% | 1.63% | 1.97% | — | 1,067 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 48.80 | (.02 | ) | (2.69 | ) | (2.71 | ) | — | — | — | 46.09 | (5.55)% | 1.63% | 1.63% | 1.63% | (0.03)% | — | 404 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 139 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Operating | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expensesà | (Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
Inverse Russell 2000® Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | $ | 46.15 | $ | (.41 | ) | $ | (15.59 | ) | $ | (16.00 | ) | $ | — | $ | — | $ | — | $ | 30.15 | (34.67)% | 2.46% | ** | 2.46% | ** | (2.30)% | ** | — | $ | 1,966 | |||||||||||||||||||||||||||
March 31, 2009 | 37.80 | (.40 | ) | 9.14 | 8.74 | (.39 | ) | — | (.39 | ) | 46.15 | 23.06% | 2.76% | 2.45% | (1.03)% | 214% | 2,199 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.18 | .76 | 4.27 | 5.03 | (1.41 | ) | — | (1.41 | ) | 37.80 | 15.22% | 2.67% | 2.67% | 2.17% | — | 6,136 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 36.40 | 1.07 | (1.60 | ) | (.53 | ) | (1.69 | ) | — | (1.69 | ) | 34.18 | (1.40)% | 2.40% | 2.40% | 2.87% | — | 8,455 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 45.71 | .56 | (9.15 | ) | (8.59 | ) | (.72 | ) | — | (.72 | ) | 36.40 | (18.95)% | 2.40% | 2.40% | 1.33% | — | 3,164 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 48.77 | (.49 | ) | (2.57 | ) | (3.06 | ) | — | — | — | 45.71 | (6.27)% | 2.39% | 2.39% | (0.97)% | — | 3,951 | |||||||||||||||||||||||||||||||||||||||
Inverse Russell 2000® Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 48.05 | (.30 | ) | (16.25 | ) | (16.55 | ) | — | — | — | 31.50 | (34.44)% | 1.71% | ** | 1.71% | ** | (1.55)% | ** | — | 16,245 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 39.07 | (.19 | ) | 9.56 | 9.37 | (.39 | ) | — | (.39 | ) | 48.05 | 23.93% | 1.97% | 1.70% | (0.45)% | 214% | 30,131 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.02 | 1.05 | 4.41 | 5.46 | (1.41 | ) | — | (1.41 | ) | 39.07 | 16.10% | 1.89% | 1.89% | 2.93% | — | 42,554 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 36.98 | 1.36 | (1.63 | ) | (.27 | ) | (1.69 | ) | — | (1.69 | ) | 35.02 | (0.67)% | 1.65% | 1.65% | 3.56% | — | �� | 48,718 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 46.09 | .91 | (9.30 | ) | (8.39 | ) | (.72 | ) | — | (.72 | ) | 36.98 | (18.36)% | 1.65% | 1.65% | 2.14% | — | 52,201 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 48.80 | .04 | (2.75 | ) | (2.71 | ) | — | — | — | 46.09 | (5.55)% | 1.63% | 1.63% | 0.09% | — | 46,832 | ||||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Growth Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 16.93 | (.14 | ) | 9.74 | 9.60 | — | — | — | 26.53 | 56.70% | 1.55% | ** | 1.55% | ** | (1.20)% | ** | 594% | 2,845 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 27.43 | (.19 | ) | (10.31 | ) | (10.50 | ) | — | — | — | 16.93 | (33.28)% | 1.54% | 1.54% | (0.73)% | 1,066% | 117 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 32.61 | (.13 | ) | (3.72 | ) | (3.85 | ) | — | (1.33 | ) | (1.33 | ) | 27.43 | (12.27)% | 1.52% | 1.52% | (0.40)% | 834% | 1,938 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 32.25 | (.29 | ) | .65 | .36 | — | — | — | 32.61 | 1.12% | 1.56% | 1.56% | (0.93)% | 623% | 1,408 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.96 | (.18 | ) | 5.27 | 5.09 | — | (.80 | ) | (.80 | ) | 32.25 | 18.41% | 1.47% | 1.47% | (0.61)% | 1,003% | 943 | |||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 24.43 | (.12 | ) | 3.90 | 3.78 | — | (.25 | ) | (.25 | ) | 27.96 | 15.49% | 1.43% | ** | 1.43% | ** | (0.74)% | ** | 983% | 76 | ||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Growth Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 16.32 | (.21 | ) | 9.36 | 9.15 | — | — | — | 25.47 | 56.07% | 2.29% | ** | 2.29% | ** | (1.93)% | ** | 594% | 1,227 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.65 | (.32 | ) | (10.01 | ) | (10.33 | ) | — | — | — | 16.32 | (38.76)% | 2.29% | 2.29% | (1.28)% | 1,066% | 369 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 31.94 | (.51 | ) | (3.45 | ) | (3.96 | ) | — | (1.33 | ) | (1.33 | ) | 26.65 | (12.88)% | 2.29% | 2.29% | (1.57)% | 834% | 1,980 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.82 | (.58 | ) | .70 | .12 | — | — | — | 31.94 | 0.38% | 2.32% | 2.32% | (1.83)% | 623% | 7,570 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.78 | (.47 | ) | 5.31 | 4.84 | — | (.80 | ) | (.80 | ) | 31.82 | 17.63% | 2.27% | 2.27% | (1.57)% | 1,003% | 5,972 | |||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.33 | (.44 | ) | �� | 3.14 | 2.70 | — | (.25 | ) | (.25 | ) | 27.78 | 10.68% | 2.21% | 2.21% | (1.58)% | 983% | 2,710 | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Growth Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 16.94 | (.12 | ) | 9.71 | 9.59 | — | — | — | 26.53 | 56.61% | 1.54% | ** | 1.54% | ** | (1.09)% | ** | 594% | 12,725 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 27.45 | (.13 | ) | (10.38 | ) | (10.51 | ) | — | — | — | 16.94 | (38.29)% | 1.56% | 1.56% | (0.55)% | 1,066% | 9,795 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 32.62 | (.26 | ) | (3.58 | ) | (3.84 | ) | — | (1.33 | ) | (1.33 | ) | 27.45 | (12.23)% | 1.53% | 1.53% | (0.79)% | 834% | 6,259 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 32.27 | (.33 | ) | .68 | .35 | — | — | — | 32.62 | 1.08% | 1.53% | 1.53% | (1.05)% | 623% | 18,171 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.97 | (.22 | ) | 5.32 | 5.10 | — | (.80 | ) | (.80 | ) | 32.27 | 18.44% | 1.50% | 1.50% | (0.73)% | 1,003% | 73,489 | |||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.34 | (.23 | ) | 3.11 | 2.88 | — | (.25 | ) | (.25 | ) | 27.97 | 11.38% | 1.46% | 1.46% | (0.84)% | 983% | 26,145 | |||||||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Growth Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009∆ | 18.19 | (.12 | ) | 9.85 | 9.73 | — | — | — | 27.92 | 53.49% | 1.55% | ** | 1.55% | ** | (1.06)% | ** | 373% | 1,229 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.65 | (.24 | ) | (8.22 | ) | (8.46 | ) | — | — | — | 18.19 | (31.74)% | 1.58% | 1.58% | (0.93)% | 1,281% | 723 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.72 | (.27 | ) | (1.42 | ) | (1.69 | ) | — | (2.38 | ) | (2.38 | ) | 26.65 | (6.26)% | 1.52% | 1.52% | (0.88)% | 736% | 3,863 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.94 | (.08 | ) | .48 | .40 | — | (1.62 | ) | (1.62 | ) | 30.72 | 1.36% | 1.51% | 1.51% | (0.25)% | 537% | 2,777 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 26.85 | (.17 | ) | 5.39 | 5.22 | — | (.13 | ) | (.13 | ) | 31.94 | 19.47% | 1.48% | 1.48% | (0.60)% | 681% | 1,530 | |||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 23.91 | (.09 | ) | 3.04 | 2.95 | — | (.01 | ) | (.01 | ) | 26.85 | 12.33% | 1.46% | ** | 1.46% | ** | (0.58)% | ** | 1,211% | 553 |
140 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Growth Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 17.48 | $ | (.19 | ) | $ | 9.44 | $ | 9.25 | $ | — | $ | — | $ | — | $ | 26.73 | 52.92% | 2.29% | ** | (1.82)% | ** | 373% | $ | 2,946 | |||||||||||||||||||||||||||
March 31, 2009 | 25.79 | (.42 | ) | (7.89 | ) | (8.31 | ) | — | — | — | 17.48 | (32.22)% | 2.32% | (1.72)% | 1,281% | 3,477 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.01 | (.50 | ) | (1.34 | ) | (1.84 | ) | — | (2.38 | ) | (2.38 | ) | 25.79 | (6.92)% | 2.28% | (1.69)% | 736% | 1,426 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.47 | (.42 | ) | .58 | .16 | — | (1.62 | ) | (1.62 | ) | 30.01 | 0.60% | 2.27% | (1.40)% | 537% | 5,316 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 26.66 | (.42 | ) | 5.36 | 4.94 | — | (.13 | ) | (.13 | ) | 31.47 | 18.55% | 2.26% | (1.43)% | 681% | 3,305 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.15 | (.37 | ) | 1.89 | 1.52 | — | (.01 | ) | (.01 | ) | 26.66 | 6.04% | 2.21% | (1.43)% | 1,211% | 2,313 | ||||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Growth Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 18.21 | (.12 | ) | 9.86 | 9.74 | — | — | — | 27.95 | 53.49% | 1.55% | ** | (1.02)% | ** | 373% | 39,660 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.68 | (.22 | ) | (8.25 | ) | (8.47 | ) | — | — | — | 18.21 | (31.75)% | 1.55% | (0.95)% | 1,281% | 15,591 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.75 | (.28 | ) | (1.41 | ) | (1.69 | ) | — | (2.38 | ) | (2.38 | ) | 26.68 | (6.25)% | 1.51% | (0.92)% | 736% | 14,158 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.95 | (.24 | ) | .66 | .42 | — | (1.62 | ) | (1.62 | ) | 30.75 | 1.42% | 1.52% | (0.80)% | 537% | 7,715 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 26.86 | (.19 | ) | 5.41 | 5.22 | — | (.13 | ) | (.13 | ) | 31.95 | 19.46% | 1.50% | (0.63)% | 681% | 48,888 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.17 | (.17 | ) | 1.87 | 1.70 | — | (.01 | ) | (.01 | ) | 26.86 | 6.75% | 1.46% | (0.66)% | 1,211% | 23,733 | ||||||||||||||||||||||||||||||||||||
S&P 500 Pure Growth Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.82 | (.06 | ) | 7.04 | 6.98 | — | — | — | 22.80 | 44.12% | 1.54% | ** | (0.61)% | ** | 173% | 1,115 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.11 | (.11 | ) | (9.18 | ) | (9.29 | ) | — | — | — | 15.82 | (37.00)% | 1.53% | (0.46)% | 573% | 2,346 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.17 | (.15 | ) | (1.52 | ) | (1.67 | ) | — | (.39 | ) | (.39 | ) | 25.11 | (6.28)% | 1.51% | (0.53)% | 450% | 5,443 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 26.11 | (.13 | ) | 1.19 | 1.06 | — | — | — | 27.17 | 4.06% | 1.52% | (0.51)% | 1,029% | 2,675 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.48 | (.07 | ) | 1.72 | 1.65 | — | (.02 | ) | (.02 | ) | 26.11 | 6.76% | 1.48% | (0.29)% | 1,276% | 914 | ||||||||||||||||||||||||||||||||||||
March 31, 2005* | 23.44 | .09 | .95 | 1.04 | — | — | — | 24.48 | 4.45% | 1.45% | ** | 0.62% | ** | 2,018% | 74 | |||||||||||||||||||||||||||||||||||||
S&P 500 Pure Growth Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.23 | (.12 | ) | 6.76 | 6.64 | — | — | — | 21.87 | 43.60% | 2.29% | ** | (1.35)% | ** | 173% | 2,473 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.35 | (.23 | ) | (8.89 | ) | (9.12 | ) | — | — | — | 15.23 | (37.45)% | 2.29% | (1.13)% | 573% | 2,111 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.57 | (.32 | ) | (1.51 | ) | (1.83 | ) | — | (.39 | ) | (.39 | ) | 24.35 | (7.02)% | 2.27% | (1.21)% | 450% | 4,453 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 25.74 | (.37 | ) | 1.20 | .83 | — | — | — | 26.57 | 3.22% | 2.28% | (1.44)% | 1,029% | 3,743 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.30 | (.26 | ) | 1.72 | 1.46 | — | (.02 | ) | (.02 | ) | 25.74 | 6.03% | 2.23% | (1.04)% | 1,276% | 5,249 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.18 | (.01 | ) | .13 | .12 | — | (—)§ | (—)§ | 24.30 | 0.51% | 2.20% | (0.06)% | 2,018% | 19,703 | ||||||||||||||||||||||||||||||||||||||
S&P 500 Pure Growth Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.81 | (.06 | ) | 7.05 | 6.99 | — | — | — | 22.80 | 44.21% | 1.54% | ** | (0.63)% | ** | 173% | 7,489 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.10 | (.09 | ) | (9.20 | ) | (9.29 | ) | — | — | — | 15.81 | (37.01)% | 1.53% | (0.41)% | 573% | 12,512 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.16 | (.17 | ) | (1.50 | ) | (1.67 | ) | — | (.39 | ) | (.39 | ) | 25.10 | (6.28)% | 1.53% | (0.62)% | 450% | 11,937 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 26.11 | (.14 | ) | 1.19 | 1.05 | — | — | — | 27.16 | 4.02% | 1.52% | (0.53)% | 1,029% | 49,087 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 24.49 | (.05 | ) | 1.69 | 1.64 | — | (.02 | ) | (.02 | ) | 26.11 | 6.71% | 1.49% | (0.19)% | 1,276% | 32,258 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.18 | .37 | (.06 | ) | .31 | — | (—)§ | (—)§ | 24.49 | 1.30% | 1.47% | 1.52% | 2,018% | 11,762 | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Value Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 11.08 | (.05 | ) | 15.05 | 15.00 | — | — | — | 26.08 | 135.38% | 1.55% | ** | (0.54)% | ** | 120% | 3,705 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.56 | .50 | (15.61 | ) | (15.11 | ) | (.37 | ) | — | (.37 | ) | 11.08 | (57.21)% | 1.54% | 2.04% | 878% | 78 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.54 | .26 | (8.97 | ) | (8.71 | ) | (.27 | ) | — | (.27 | ) | 26.56 | (24.54)% | 1.53% | 0.82% | 566% | 2,945 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 33.40 | .23 | 1.94 | 2.17 | — | (.03 | ) | (.03 | ) | 35.54 | 6.49% | 1.51% | 0.66% | 728% | 3,929 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 28.22 | (.03 | ) | 5.71 | 5.68 | — | (.50 | ) | (.50 | ) | 33.40 | 20.35% | 1.46% | (0.11)% | 806% | 335 | ||||||||||||||||||||||||||||||||||||
March 31, 2005* | 25.28 | (.06 | ) | 3.13 | 3.07 | — | (.13 | ) | (.13 | ) | 28.22 | 12.14% | 1.43% | ** | (0.37)% | ** | 744% | 714 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 141 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Value Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 10.62 | $ | (.12 | ) | $ | 14.40 | $ | 14.28 | $ | — | $ | — | $ | — | $ | 24.90 | 134.46% | 2.30% | ** | (1.15)% | ** | 120% | $ | 4,693 | |||||||||||||||||||||||||||
March 31, 2009 | 25.71 | .04 | (14.76 | ) | (14.72 | ) | (.37 | ) | — | (.37 | ) | 10.62 | (57.59)% | 2.32% | 0.21% | 878% | 691 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.68 | .28 | (8.98 | ) | (8.70 | ) | (.27 | ) | — | (.27 | ) | 25.71 | (25.12)% | 2.26% | 0.99% | 566% | 14,040 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 32.85 | (.05 | ) | 1.91 | 1.86 | — | (.03 | ) | (.03 | ) | 34.68 | 5.65% | 2.26% | (0.16)% | 728% | 2,268 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 28.01 | (.18 | ) | 5.52 | 5.34 | — | (.50 | ) | (.50 | ) | 32.85 | 19.29% | 2.27% | (0.60)% | 806% | 18,779 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.59 | (.24 | ) | 2.79 | 2.55 | — | (.13 | ) | (.13 | ) | 28.01 | 9.96% | 2.21% | (0.89)% | 744% | 12,119 | ||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 Pure Value Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 11.07 | (.05 | ) | 15.02 | 14.97 | — | — | — | 26.04 | 135.23% | 1.55% | ** | (0.48)% | ** | 120% | 223,243 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.53 | .27 | (15.36 | ) | (15.09 | ) | (.37 | ) | — | (.37 | ) | 11.07 | (57.20)% | 1.55% | 1.40% | 878% | 21,489 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.51 | .33 | (9.04 | ) | (8.71 | ) | (.27 | ) | — | (.27 | ) | 26.53 | (24.56)% | 1.48% | 1.04% | 566% | 51,563 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 33.38 | .15 | 2.01 | 2.16 | — | (.03 | ) | (.03 | ) | 35.51 | 6.46% | 1.52% | 0.46% | 728% | 10,478 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 28.24 | .06 | 5.58 | 5.64 | — | (.50 | ) | (.50 | ) | 33.38 | 20.20% | 1.50% | 0.19% | 806% | 102,448 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.62 | (.01 | ) | 2.76 | 2.75 | — | (.13 | ) | (.13 | ) | 28.24 | 10.73% | 1.47% | (0.04)% | 744% | 75,748 | ||||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Value Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.68 | .10 | 11.98 | 12.08 | — | — | — | 25.76 | 88.30% | 1.55% | ** | 1.02% | ** | 79% | 379 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.72 | .47 | (16.51 | ) | (16.04 | ) | — | — | — | 13.68 | (53.97)% | 1.54% | 1.66% | 977% | 100 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 36.58 | .44 | (6.37 | ) | (5.93 | ) | (.93 | ) | — | (.93 | ) | 29.72 | (16.45)% | 1.53% | 1.25% | 297% | 2,797 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.83 | .34 | 4.57 | 4.91 | — | (.16 | ) | (.16 | ) | 36.58 | 15.45% | 1.53% | 1.00% | 625% | 4,744 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.49 | .06 | 4.47 | 4.53 | (— | )§ | (.19 | ) | (.19 | ) | 31.83 | 16.51% | 1.48% | 0.21% | 558% | 1,480 | ||||||||||||||||||||||||||||||||||||
March 31, 2005* | 24.58 | .11 | 2.91 | 3.02 | (— | )§ | (.11 | ) | (.11 | ) | 27.49 | 12.29% | 1.42% | ** | 0.69% | ** | 731% | 312 | ||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Value Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.12 | .03 | 11.46 | 11.49 | — | — | — | 24.61 | 87.58% | 2.30% | ** | 0.31% | ** | 79% | 2,363 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 28.78 | .39 | (16.05 | ) | (15.66 | ) | — | — | — | 13.12 | (54.41)% | 2.29% | 1.58% | 977% | 627 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.75 | .30 | (6.34 | ) | (6.04 | ) | (.93 | ) | — | (.93 | ) | 28.78 | (17.15)% | 2.28% | 0.88% | 297% | 1,082 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.34 | .11 | 4.46 | 4.57 | — | (.16 | ) | (.16 | ) | 35.75 | 14.61% | 2.28% | 0.33% | 625% | 8,326 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.29 | (.10 | ) | 4.34 | 4.24 | (— | )§ | (.19 | ) | (.19 | ) | 31.34 | 15.57% | 2.25% | (0.35)% | 558% | 7,270 | |||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.11 | (.07 | ) | 2.36 | 2.29 | (— | )§ | (.11 | ) | (.11 | ) | 27.29 | 9.12% | 2.21% | (0.28)% | 731% | 8,831 | |||||||||||||||||||||||||||||||||||
S&P MidCap 400 Pure Value Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.67 | .11 | 11.97 | 12.08 | — | — | — | 25.75 | 88.37% | 1.56% | ** | 0.99% | ** | 79% | 116,052 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.71 | .47 | (16.51 | ) | (16.04 | ) | — | — | — | 13.67 | (53.99)% | 1.54% | 2.01% | 977% | 3,985 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 36.58 | .35 | (6.29 | ) | (5.94 | ) | (.93 | ) | — | (.93 | ) | 29.71 | (16.48)% | 1.54% | 0.96% | 297% | 6,512 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.82 | .46 | 4.46 | 4.92 | — | (.16 | ) | (.16 | ) | 36.58 | 15.49% | 1.52% | 1.39% | 625% | 76,513 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.49 | .07 | 4.45 | 4.52 | (— | )§ | (.19 | ) | (.19 | ) | 31.82 | 16.47% | 1.48% | 0.25% | 558% | 31,340 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.13 | .21 | 2.26 | 2.47 | (— | )§ | (.11 | ) | (.11 | ) | 27.49 | 9.83% | 1.46% | 0.77% | 731% | 115,660 | ||||||||||||||||||||||||||||||||||||
S&P 500 Pure Value Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 35.58 | .31 | 34.47 | 34.78 | — | — | — | 70.36 | 97.75% | 1.55% | ** | 1.60% | ** | 125% | 450 | |||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 100.00 | 1.95 | (57.52 | ) | (55.57 | ) | (1.05 | ) | (7.80 | ) | (8.85 | ) | 35.58 | (57.28)% | 1.53% | 2.16% | 1,448% | 203 | ||||||||||||||||||||||||||||||||||
March 31, 2008††† | 167.30 | 2.45 | (30.50 | ) | (28.05 | ) | (9.95 | ) | (29.30 | ) | (39.25 | ) | 100.00 | (19.98)% | 1.52% | 1.67% | 289% | 4,269 | ||||||||||||||||||||||||||||||||||
March 31, 2007††† | 145.60 | 1.85 | 21.65 | 23.50 | (1.05 | ) | (.75 | ) | (1.80 | ) | 167.30 | 16.21% | 1.50% | 1.17% | 389% | 5,348 | ||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 132.80 | .95 | 13.87 | 14.82 | — | (2.02 | ) | (2.02 | ) | 145.60 | 11.20% | 1.47% | 0.70% | 1,054% | 713 | |||||||||||||||||||||||||||||||||||||
March 31, 2005*††† | 123.40 | .60 | 9.05 | 9.65 | (— | )§ | (.25 | ) | (.25 | ) | 132.80 | 7.82% | 1.43% | ** | 0.77% | ** | 747% | 211 |
142 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued) This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | Payments | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | By | END OF | Investment | Total | Net | Income | Turnover | Period (000's | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | Affiliates | PERIOD | Return†† | Expenses | Expenses | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Pure Value Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 33.66 | $ | .18 | $ | 32.53 | $ | 32.71 | $ | — | $ | — | $ | — | $ | — | $ | 66.37 | 97.18% | 2.31% | ** | 2.31% | ** | 0.99% | ** | 125% | $ | 1,897 | ||||||||||||||||||||||||||||||||
March 31, 2009††† | 96.00 | 1.40 | (54.89 | ) | (53.49 | ) | (1.05 | ) | (7.80 | ) | (8.85 | ) | — | 33.66 | (57.55)% | 2.29% | 2.29% | 2.44% | 1,448% | 1,129 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 163.40 | .70 | (28.85 | ) | (28.15 | ) | (9.95 | ) | (29.30 | ) | (39.25 | ) | — | 96.00 | (20.57)% | 2.29% | 2.29% | 0.48% | 289% | 1,838 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 143.35 | .45 | 21.40 | 21.85 | (1.05 | ) | (.75 | ) | (1.80 | ) | — | 163.40 | 15.31% | 2.27% | 2.27% | 0.29% | 389% | 21,075 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 131.90 | .20 | 13.27 | 13.47 | — | (2.02 | ) | (2.02 | ) | — | 143.35 | 10.25% | 2.26% | 2.26% | 0.14% | 1,054% | 4,344 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 124.25 | .05 | 7.85 | 7.90 | (-- | )§ | (.25 | ) | (.25 | ) | — | 131.90 | 6.35% | 2.20% | 2.20% | 0.03% | 747% | 4,636 | ||||||||||||||||||||||||||||||||||||||||||
S&P 500 Pure Value Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 35.67 | .52 | 34.39 | 34.91 | — | — | — | — | 70.58 | 97.87% | 1.56% | ** | 1.56% | ** | 1.85% | ** | 125% | 114,806 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 100.00 | 1.40 | (56.88 | ) | (55.48 | ) | (1.05 | ) | (7.80 | ) | (8.85 | ) | — | 35.67 | (57.23)% | 1.53% | 1.53% | 2.36% | 1,448% | 4,558 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 167.30 | 1.80 | (29.85 | ) | (28.05 | ) | (9.95 | ) | (29.30 | ) | (39.25 | ) | — | 100.00 | (19.98)% | 1.53% | 1.53% | 1.11% | 289% | 18,459 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 145.60 | 1.75 | 21.75 | 23.50 | (1.05 | ) | (.75 | ) | (1.80 | ) | — | 167.30 | 16.21% | 1.51% | 1.51% | 1.12% | 389% | 184,082 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 132.80 | 1.15 | 13.67 | 14.82 | — | (2.02 | ) | (2.02 | ) | — | 145.60 | 11.20% | 1.49% | 1.49% | 0.82% | 1,054% | 56,005 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 124.35 | .80 | 7.90 | 8.70 | (-- | )§ | (.25 | ) | (.25 | ) | — | 132.80 | 6.99% | 1.47% | 1.47% | 0.63% | 747% | 24,974 | ||||||||||||||||||||||||||||||||||||||||||
Europe 1.25x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.36 | .05 | 5.99 | 6.04 | — | — | — | — | 14.40 | 72.25% | 1.70% | ** | 1.70% | ** | 0.81% | ** | 404% | 505 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 22.25 | .18 | (14.07 | ) | (13.89 | ) | — | — | — | — | 8.36 | (62.44)% | 1.68% | 1.68% | 1.05% | 384% | 316 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 24.13 | .62 | (1.57 | ) | (.95 | ) | (.23 | ) | (.70 | ) | (.93 | ) | — | 22.25 | (4.60)% | 1.69% | 1.69% | 2.42% | 320% | 1,750 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 20.06 | .54 | 3.65 | 4.19 | (.12 | ) | — | (.12 | ) | — | 24.13 | 20.90% | 1.54% | 1.54% | 2.33% | 373% | 10,892 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 17.14 | .18 | 3.06 | 3.24 | — | (.32 | ) | (.32 | ) | — | 20.06 | 19.10% | 1.67% | 1.66% | 1.02% | 454% | 1,378 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.98 | .05 | 2.59 | 2.64 | (.47 | ) | (.01 | ) | (.48 | ) | — | 17.14 | 17.56% | 1.62% | 1.62% | 0.29% | — | 180 | ||||||||||||||||||||||||||||||||||||||||||
Europe 1.25x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.83 | .02 | 5.57 | 5.59 | — | — | — | — | 13.42 | 71.39% | 2.45% | ** | 2.45% | ** | 0.34% | ** | 404% | 3,266 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 21.00 | .07 | (13.24 | ) | (13.17 | ) | — | — | — | — | 7.83 | (62.71)% | 2.43% | 2.43% | 0.42% | 384% | 754 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 22.98 | .31 | (1.36 | ) | (1.05 | ) | (.23 | ) | (.70 | ) | (.93 | ) | — | 21.00 | (5.28)% | 2.40% | 2.40% | 1.27% | 320% | 6,149 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 19.25 | .39 | 3.46 | 3.85 | (.12 | ) | — | (.12 | ) | — | 22.98 | 20.01% | 2.40% | 2.40% | 1.85% | 373% | 9,539 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.57 | .10 | 2.90 | 3.00 | — | (.32 | ) | (.32 | ) | — | 19.25 | 18.30% | 2.42% | 2.41% | 0.59% | 454% | 8,703 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.62 | (.09 | ) | 2.52 | 2.43 | (.47 | ) | (.01 | ) | (.48 | ) | — | 16.57 | 16.55% | 2.37% | 2.37% | (0.57)% | — | 5,717 | |||||||||||||||||||||||||||||||||||||||||
Europe 1.25x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.36 | .03 | 6.01 | 6.04 | — | — | — | — | 14.40 | 72.25% | 1.70% | ** | 1.70% | ** | 0.41% | ** | 404% | 20,505 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 22.26 | .21 | (14.11 | ) | (13.90 | ) | — | — | — | — | 8.36 | (62.43)% | 1.71% | 1.71% | 1.22% | 384% | 4,739 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 24.14 | .57 | (1.52 | ) | (.95 | ) | (.23 | ) | (.70 | ) | (.93 | ) | — | 22.26 | (4.60)% | 1.67% | 1.67% | 2.20% | 320% | 21,670 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 20.06 | .59 | 3.61 | 4.20 | (.12 | ) | — | (.12 | ) | — | 24.14 | 20.95% | 1.66% | 1.66% | 2.63% | 373% | 57,887 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 17.13 | .22 | 3.03 | 3.25 | — | (.32 | ) | (.32 | ) | — | 20.06 | 19.17% | 1.64% | 1.63% | 1.21% | 454% | 46,066 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.98 | .05 | 2.58 | 2.63 | (.47 | ) | (.01 | ) | (.48 | ) | — | 17.13 | 17.49% | 1.61% | 1.61% | 0.28% | — | 62,957 | ||||||||||||||||||||||||||||||||||||||||||
Japan 2x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 9.01 | (.09 | ) | 6.11 | 6.02 | — | — | — | — | 15.03 | 66.81% | 1.53% | ** | 1.53% | ** | (1.41)% | ** | — | 626 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.12 | (.06 | ) | (16.24 | ) | (16.30 | ) | (.01 | ) | — | (.01 | ) | .20 | §§ | 9.01 | (64.10)% | 1.53% | 1.53% | (0.42)% | — | 299 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | — | § | .12 | .12 | — | — | — | — | 25.12 | 0.48% | 1.25% | ** | 1.25% | ** | (0.12)% | ** | — | 636 | |||||||||||||||||||||||||||||||||||||||||
Japan 2x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.94 | (.13 | ) | 6.06 | 5.93 | — | — | — | — | 14.87 | 66.33% | 2.29% | ** | 2.29% | ** | (2.19)% | ** | — | 1,198 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.10 | (.17 | ) | (16.18 | ) | (16.35 | ) | (.01 | ) | — | (.01 | ) | .20 | §§ | 8.94 | (64.35)% | 2.26% | 2.26% | (0.98)% | — | 879 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | (.02 | ) | .12 | .10 | — | — | — | — | 25.10 | 0.40% | 2.21% | ** | 2.21% | ** | (0.74)% | ** | — | 240 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 143 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | Payments | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | By | END OF | Investment | Total | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | Affiliates | PERIOD | Return†† | Expenses | E(Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
Japan 2x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 9.01 | $ | (.09 | ) | $ | 6.11 | $ | 6.02 | $ | — | $ | — | $ | — | $ | — | $ | 15.03 | 66.81% | 1.54% | ** | (1.43)% | ** | — | $ | 5,065 | |||||||||||||||||||||||||||||
March 31, 2009 | 25.12 | (.08 | ) | (16.22 | ) | (16.30 | ) | (.01 | ) | — | (.01 | ) | .20 | §§ | 9.01 | (64.10)% | 1.52% | (0.55)% | — | 6,531 | ||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | — | § | .12 | .12 | — | — | — | — | 25.12 | 0.48% | 1.44% | ** | 0.17% | ** | — | 5,243 | |||||||||||||||||||||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 19.64 | (.13 | ) | (4.35 | ) | (4.48 | ) | — | — | — | — | 15.16 | (22.81)% | 1.68% | ** | (1.53)% | ** | — | 5,855 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 19.85 | .02 | 6.50 | 6.52 | — | (6.73 | ) | (6.73 | ) | — | 19.64 | 30.59% | 1.69% | 0.07% | — | 7,314 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 25.35 | .39 | (5.89 | ) | (5.50 | ) | — | — | — | — | 19.85 | (21.70)% | 1.66% | 1.73% | — | 2,795 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.74 | .91 | (3.30 | ) | (2.39 | ) | — | — | — | — | 25.35 | (8.62)% | 1.66% | 3.53% | — | 108 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .50 | 2.37 | 2.87 | (.13 | ) | — | (.13 | ) | — | 27.74 | 11.47% | 1.68% | ** | 2.17% | ** | — | 91 | ||||||||||||||||||||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 19.01 | (.19 | ) | (4.20 | ) | (4.39 | ) | — | — | — | — | 14.62 | (23.09)% | 2.43% | ** | (2.28)% | ** | — | 8,394 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 19.42 | (.14 | ) | 6.46 | 6.32 | — | (6.73 | ) | (6.73 | ) | — | 19.01 | 30.36% | 2.44% | (0.66)% | — | 5,728 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 24.99 | .42 | (5.99 | ) | (5.57 | ) | — | — | — | — | 19.42 | (22.29)% | 2.40% | 1.84% | — | 6,131 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.56 | .70 | (3.27 | ) | (2.57 | ) | — | — | — | — | 24.99 | (9.33)% | 2.40% | 2.75% | — | 2,630 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .36 | 2.33 | 2.69 | (.13 | ) | — | (.13 | ) | — | 27.56 | 10.75% | 2.41% | ** | 1.51% | ** | — | 769 | ||||||||||||||||||||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 19.56 | (.13 | ) | (4.33 | ) | (4.46 | ) | — | — | — | — | 15.10 | (22.80)% | 1.68% | ** | (1.53)% | ** | — | 19,554 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 19.83 | .02 | 6.44 | 6.46 | — | (6.73 | ) | (6.73 | ) | — | 19.56 | 30.25% | 1.69% | 0.08% | — | 22,147 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 25.33 | .57 | (6.07 | ) | (5.50 | ) | — | — | — | — | 19.83 | (21.71)% | 1.66% | 2.44% | — | 29,011 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.71 | .90 | (3.28 | ) | (2.38 | ) | — | — | — | — | 25.33 | (8.59)% | 1.66% | 3.47% | — | 11,946 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .51 | 2.33 | 2.84 | (.13 | ) | — | (.13 | ) | — | 27.71 | 11.35% | 1.66% | ** | 2.19% | ** | — | 7,270 | ||||||||||||||||||||||||||||||||||||||
Weakening Dollar 2x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 16.38 | (.14 | ) | 3.91 | 3.77 | — | — | — | — | 20.15 | 23.02% | 1.69% | ** | (1.54)% | ** | — | 29,672 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.27 | (.07 | ) | (8.77 | ) | (8.84 | ) | (1.28 | ) | (2.77 | ) | (4.05 | ) | — | 16.38 | (29.87)% | 1.69% | (0.30)% | — | 17,642 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.18 | .70 | 7.17 | 7.87 | (4.78 | ) | (— | )§ | (4.78 | ) | — | 29.27 | 32.49% | 1.67% | 2.51% | — | 22,148 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.70 | .91 | 2.57 | 3.48 | — | — | — | — | 26.18 | 15.33% | 1.65% | 3.63% | — | 21,502 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .51 | (2.67 | ) | (2.16 | ) | (.14 | ) | — | (.14 | ) | — | 22.70 | (8.65)% | 1.70% | ** | 2.66% | ** | — | 2,989 | ||||||||||||||||||||||||||||||||||||
Weakening Dollar 2x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 15.73 | (.20 | ) | 3.74 | 3.54 | — | — | — | — | 19.27 | 22.50% | 2.44% | ** | (2.29)% | ** | — | 13,522 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 28.53 | (.21 | ) | (8.54 | ) | (8.75 | ) | (1.28 | ) | (2.77 | ) | (4.05 | ) | — | 15.73 | (30.37)% | 2.45% | (0.93)% | — | 8,687 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 25.81 | .43 | 7.07 | 7.50 | (4.78 | ) | (— | )§ | (4.78 | ) | — | 28.53 | 31.47% | 2.41% | 1.57% | — | 21,604 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.55 | .71 | 2.55 | 3.26 | — | — | — | — | 25.81 | 14.46% | 2.40% | 2.87% | — | 14,160 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .34 | (2.65 | ) | (2.31 | ) | (.14 | ) | — | (.14 | ) | — | 22.55 | (9.25)% | 2.46% | ** | 1.79% | ** | — | 3,916 | ||||||||||||||||||||||||||||||||||||
Weakening Dollar 2x Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 16.37 | (.14 | ) | 3.91 | 3.77 | — | — | — | — | 20.14 | 23.03% | 1.69% | ** | (1.55)% | ** | — | 64,935 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.25 | (.03 | ) | (8.80 | ) | (8.83 | ) | (1.28 | ) | (2.77 | ) | (4.05 | ) | — | 16.37 | (29.86)% | 1.70% | (0.13)% | — | 60,249 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.18 | .68 | 7.17 | 7.85 | (4.78 | ) | (— | )§ | (4.78 | ) | — | 29.25 | 32.41% | 1.67% | 2.45% | — | 103,867 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.69 | .90 | 2.59 | 3.49 | — | — | — | — | 26.18 | 15.38% | 1.65% | 3.60% | — | 110,480 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .49 | (2.66 | ) | (2.17 | ) | (.14 | ) | — | (.14 | ) | — | 22.69 | (8.69)% | 1.68% | ** | 2.53% | ** | — | 51,710 | ||||||||||||||||||||||||||||||||||||
Real Estate Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 12.83 | .74 | 7.46 | 8.20 | — | — | — | — | 21.03 | 63.91% | 1.64% | ** | 8.72% | ** | 415% | 3,911 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 32.42 | .74 | (19.43 | ) | (18.69 | ) | (.90 | ) | — | (.90 | ) | — | 12.83 | (58.00)% | 1.68% | 2.81% | 780% | 1,554 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 42.16 | .54 | (10.05 | ) | (9.51 | ) | (.23 | ) | — | (.23 | ) | — | 32.42 | (22.59)% | 1.64% | 1.45% | 832% | 2,866 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 36.46 | .46 | 5.53 | 5.99 | (.17 | ) | (.12 | ) | (.29 | ) | — | 42.16 | 16.43% | 1.61% | 1.10% | 762% | 9,061 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 27.84 | .64 | 8.18 | 8.82 | — | (.20 | ) | (.20 | ) | — | 36.46 | 31.75% | 1.57% | 2.02% | 1,304% | 375 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 26.66 | .09 | 1.24 | 1.33 | (.03 | ) | (.12 | ) | (.15 | ) | — | 27.84 | 4.98% | 1.54% | ** | 0.52% | ** | 1,773% | 71 |
144 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and | (Decrease) | Distributions | Distributions | NET ASSET | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Net | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Investment | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Investment | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | Income† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Income | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||
Real Estate Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $12.33 | $.72 | $7.09 | $7.81 | $— | $— | $— | $20.14 | 63.34% | 2.40 | %** | 9.00 | %** | 415 | % | $ | 1,269 | |||||||||||||||||||||||||||||||||||
March 31, 2009 | 31.44 | .66 | (18.87 | ) | (18.21 | ) | (.90 | ) | — | (.90 | ) | 12.33 | (58.28)% | 2.42 | % | 2.62 | % | 780 | % | 1,075 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 41.22 | .29 | (9.84 | ) | (9.55 | ) | (.23 | ) | — | (.23 | ) | 31.44 | (23.21)% | 2.39 | % | 0.78 | % | 832 | % | 2,290 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 35.93 | .19 | 5.39 | 5.58 | (.17 | ) | (.12 | ) | (.29 | ) | 41.22 | 15.53% | 2.36 | % | 0.48 | % | 762 | % | 5,469 | |||||||||||||||||||||||||||||||||
March 31, 2006 | 27.64 | .43 | 8.06 | 8.49 | — | (.20 | ) | (.20 | ) | 35.93 | 30.79% | 2.36 | % | 1.35 | % | 1,304 | % | 3,548 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.63 | .41 | .75 | 1.16 | (.03 | ) | (.12 | ) | (.15 | ) | 27.64 | 4.35% | 2.32 | % | 1.52 | % | 1,773 | % | 1,293 | |||||||||||||||||||||||||||||||||
Real Estate Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 12.82 | .85 | 7.35 | 8.20 | — | — | — | 21.02 | 63.96% | 1.65 | %** | 9.41 | %** | 415 | % | 27,659 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 32.40 | .61 | (19.29 | ) | (18.68 | ) | (.90 | ) | — | (.90 | ) | 12.82 | (58.01)% | 1.64 | % | 2.14 | % | 780 | % | 1,757 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 42.14 | .53 | (10.04 | ) | (9.51 | ) | (.23 | ) | — | (.23 | ) | 32.40 | (22.60)% | 1.64 | % | 1.43 | % | 832 | % | 14,140 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 36.47 | .54 | 5.42 | 5.96 | (.17 | ) | (.12 | ) | (.29 | ) | 42.14 | 16.34% | 1.62 | % | 1.35 | % | 762 | % | 25,784 | |||||||||||||||||||||||||||||||||
March 31, 2006 | 27.85 | .57 | 8.25 | 8.82 | — | (.20 | ) | (.20 | ) | 36.47 | 31.74% | 1.59 | % | 1.78 | % | 1,304 | % | 49,591 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.65 | .58 | .77 | 1.35 | (.03 | ) | (.12 | ) | (.15 | ) | 27.85 | 5.06% | 1.58 | % | 2.08 | % | 1,773 | % | 8,186 | |||||||||||||||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.74 | .18 | (1.41 | ) | (1.23 | ) | (.18 | ) | — | (.18 | ) | 12.33 | (8.91)% | 0.99 | %** | 3.02 | %** | 813 | % | 211,267 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 11.78 | .36 | 1.97 | 2.33 | (.37 | ) | — | (.37 | ) | 13.74 | 20.17% | 0.98 | % | 2.79 | % | 1,794 | % | 43,237 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.59 | .40 | 1.19 | 1.59 | (.40 | ) | — | (.40 | ) | 11.78 | 15.43% | 0.97 | % | 3.75 | % | 1,142 | % | 30,695 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.50 | .41 | .09 | .50 | (.41 | ) | — | (.41 | ) | 10.59 | 4.87% | 0.96 | % | 3.92 | % | 1,357 | % | 40,816 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.04 | .42 | (.54 | ) | (.12 | ) | (.42 | ) | — | (.42 | ) | 10.50 | (1.37)% | 0.94 | % | 3.69 | % | 1,451 | % | 33,223 | ||||||||||||||||||||||||||||||||
March 31, 2005 | 11.03 | .42 | — | .42 | (.41 | ) | — | (.41 | ) | 11.04 | 4.04% | 0.93 | % | 3.95 | % | 737 | % | 25,992 | ||||||||||||||||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.66 | .16 | (1.40 | ) | (1.24 | ) | (.15 | ) | — | (.15. | ) | 12.27 | (8.98)% | 1.49 | %** | 2.56 | %** | 813 | % | 8,898 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 11.72 | .31 | 1.93 | 2.24 | (.30 | ) | — | (.30 | ) | 13.66 | 19.49% | 1.48 | % | 2.49 | % | 1,794 | % | 7,867 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.54 | .34 | 1.19 | 1.53 | (.35 | ) | — | (.35 | ) | 11.72 | 14.82% | 1.47 | % | 3.13 | % | 1,142 | % | 25,181 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.50 | .37 | .03 | .40 | (.36 | ) | — | (.36 | ) | 10.54 | 3.86% | 1.46 | % | 3.44 | % | 1,357 | % | 10,815 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.07 | .37 | (.57 | ) | (.20 | ) | (.37 | ) | — | (.37 | ) | 10.50 | (2.10)% | 1.42 | % | 3.16 | % | 1,451 | % | 21,200 | ||||||||||||||||||||||||||||||||
March 31, 2005 | 11.04 | .36 | .04 | .40 | (.37 | ) | — | (.37 | ) | 11.07 | 3.75% | 1.41 | % | 3.32 | % | 737 | % | 53,283 | ||||||||||||||||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.75 | .16 | (1.40 | ) | (1.24 | ) | (.16 | ) | — | (.16 | ) | 12.35 | (8.94)% | 1.23 | %** | 2.70 | %** | 813 | % | 7,979 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 11.79 | .34 | 1.95 | 2.29 | (.33 | ) | — | (.33 | ) | 13.75 | 19.84% | 1.23 | % | 2.74 | % | 1,794 | % | 11,119 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.60 | .38 | 1.19 | 1.57 | (.38 | ) | — | (.38 | ) | 11.79 | 15.13% | 1.22 | % | 3.44 | % | 1,142 | % | 20,374 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.50 | .38 | .10 | .48 | (.38 | ) | — | (.38 | ) | 10.60 | 4.71% | 1.22 | % | 3.64 | % | 1,357 | % | 11,460 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.07 | .40 | (.58 | ) | (.18 | ) | (.39 | ) | — | (.39 | ) | 10.50 | (1.88)% | 1.17 | % | 3.45 | % | 1,451 | % | 1,503 | ||||||||||||||||||||||||||||||||
March 31, 2005 | 11.05 | .39 | .02 | .41 | (.39 | ) | — | (.39 | ) | 11.07 | 3.86% | 1.15 | % | 3.63 | % | 737 | % | 1,703 | ||||||||||||||||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.72 | .12 | (1.39 | ) | (1.27 | ) | (.12 | ) | — | (.12 | ) | 12.33 | (9.23)% | 1.99 | %** | 2.00 | %** | 813 | % | 16,190 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 11.77 | .25 | 1.94 | 2.19 | (.24 | ) | — | (.24 | ) | 13.72 | 18.90% | 1.97 | % | 2.00 | % | 1,794 | % | 5,502 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.59 | .30 | 1.18 | 1.48 | (.30 | ) | — | (.30 | ) | 11.77 | 14.20% | 1.98 | % | 2.80 | % | 1,142 | % | 6,239 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 10.50 | .31 | .08 | .39 | (.30 | ) | — | (.30 | ) | 10.59 | 3.84% | 1.96 | % | 2.93 | % | 1,357 | % | 15,640 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.07 | .31 | (.57 | ) | (.26 | ) | (.31 | ) | — | (.31 | ) | 10.50 | (2.61)% | 1.93 | % | 2.69 | % | 1,451 | % | 7,293 | ||||||||||||||||||||||||||||||||
March 31, 2005 | 11.05 | .31 | .02 | .33 | (.31 | ) | — | (.31 | ) | 11.07 | 3.10% | 1.92 | % | 2.86 | % | 737 | % | 11,005 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 145 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | (Decrease) | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | in Net Asset | Distributions | Distributions | NET ASSET | Net | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | Value | from Net | from Net | VALUE, | Total | Investment | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Resulting from | Investment | Realized | Total | END OF | Investment | Total | Operating | Income | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses■ | Expenses■◊ | (Loss) | (Loss)▲ | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Inverse Government Long Bond Strategy Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 13.32 | $ | (.08 | ) | $ | .78 | $ | .70 | $ | — | $ | — | $ | — | 14.02 | 5.26 | % | 1.42 | %** | 1.42 | %** | (1.05) | %** | — | — | $ | 298,404 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 16.81 | (.11 | ) | (3.38 | ) | (3.49 | ) | — | — | — | 13.32 | (20.76) | % | 2.80 | % | 1.41 | % | (0.72) | % | — | 584 | % | 269,155 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 19.37 | .49 | (2.39 | ) | (1.90 | ) | (.66 | ) | — | (.66 | ) | 16.81 | (9.98) | % | 3.45 | % | 1.40 | % | 2.56 | % | — | 550 | % | 237,900 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 19.69 | (.09 | ) | .40 | .31 | (.63 | ) | — | (.63 | ) | 19.37 | 1.66 | % | 4.97 | % | 1.36 | % | 3.68 | % | — | 192 | % | 313,117 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 18.94 | (.07 | ) | .82 | .75 | — | — | — | 19.69 | 3.96 | % | 4.66 | % | 1.33 | % | (0.40) | % | .78 | % | 179 | % | 768,588 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.77 | (.08 | ) | (.75 | ) | (.83 | ) | — | — | — | 18.94 | (4.20) | % | 5.11 | % | 1.32 | % | (0.40) | % | 1.53 | % | 101 | % | 1,472,040 | ||||||||||||||||||||||||||||||||||||
Inverse Government Long Bond Strategy Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 12.95 | (.11 | ) | .76 | .65 | — | — | — | 13.60 | 5.02 | % | 1.92 | %** | 1.92 | %** | (1.55) | %** | — | — | 67,428 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 16.41 | (.18 | ) | (3.28 | ) | (3.46 | ) | — | — | — | 12.95 | (21.08) | % | 3.36 | % | 1.91 | % | (1.19) | % | — | 584 | % | 35,153 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 19.01 | .34 | (2.28 | ) | (1.94 | ) | (.66 | ) | — | (.66 | ) | 16.41 | (10.39) | % | 4.10 | % | 1.90 | % | 1.84 | % | — | 550 | % | 24,891 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 19.43 | (.18 | ) | .39 | .21 | (.63 | ) | — | (.63 | ) | 19.01 | 1.17 | % | 5.47 | % | 1.86 | % | 3.18 | % | — | 192 | % | 43,782 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 18.79 | (.16 | ) | .80 | .64 | — | — | — | 19.43 | 3.41 | % | 5.16 | % | 1.83 | % | (0.90) | % | .28 | % | 179 | % | 99,546 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.71 | (.17 | ) | (.75 | ) | (.92 | ) | — | — | — | 18.79 | (4.67) | % | 5.61 | % | 1.82 | % | (0.90) | % | 1.03 | % | 101 | % | 232,541 | ||||||||||||||||||||||||||||||||||||
Inverse Government Long Bond Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.10 | (.09 | ) | .76 | .67 | — | — | — | 13.77 | 5.11 | % | 1.67 | %** | 1.67 | %** | (1.30) | %** | — | — | 59,714 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 16.57 | (.15 | ) | (3.32 | ) | (3.47 | ) | — | — | — | 13.10 | (20.94) | % | 3.00 | % | 1.65 | % | (0.94) | % | — | 584 | % | 54,574 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 19.16 | .44 | (2.37 | ) | (1.93 | ) | (.66 | ) | — | (.66 | ) | 16.57 | (10.25) | % | 3.86 | % | 1.65 | % | 2.37 | % | — | 550 | % | 37,256 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 19.52 | (.14 | ) | .41 | .27 | (.63 | ) | — | (.63 | ) | 19.16 | 1.47 | % | 5.22 | % | 1.61 | % | 3.43 | % | — | 192 | % | 69,606 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 18.84 | (.12 | ) | .80 | .68 | — | — | — | 19.52 | 3.61 | % | 4.91 | % | 1.58 | % | (0.65) | % | .53 | % | 179 | % | 124,679 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.71 | (.13 | ) | (.74 | ) | (.87 | ) | — | — | — | 18.84 | (4.41) | % | 5.35 | % | 1.56 | % | (0.64) | % | 1.29 | % | 101 | % | 177,178 | ||||||||||||||||||||||||||||||||||||
Inverse Government Long Bond Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 12.28 | (.14 | ) | .71 | .57 | — | — | — | 12.85 | 4.64 | % | 2.42 | %** | 2.42 | %** | (2.05) | %** | — | — | 136,283 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 15.65 | (.25 | ) | (3.12 | ) | (3.37 | ) | — | — | — | 12.28 | (21.53 | )% | 3.81 | % | 2.41 | % | (1.70) | % | — | 584 | % | 123,413 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 18.26 | .29 | (2.24 | ) | (1.95 | ) | (.66 | ) | — | (.66 | ) | 15.65 | (10.87) | % | 4.44 | % | 2.40 | % | 1.62 | % | — | 550 | % | 124,572 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 18.78 | (.27 | ) | .38 | .11 | (.63 | ) | — | (.63 | ) | 18.26 | 0.67 | % | 5.97 | % | 2.36 | % | 2.68 | % | — | 192 | % | 213,175 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 18.25 | (.25 | ) | .78 | .53 | — | — | — | 18.78 | 2.90 | % | 5.66 | % | 2.33 | % | (1.40) | % | (.22) | % | 179 | % | 533,862 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.24 | (.27 | ) | (.72 | ) | (.99 | ) | — | — | — | 18.25 | (5.15) | % | 6.11 | % | 2.32 | % | (1.40) | % | .53 | % | 101 | % | 893,249 | ||||||||||||||||||||||||||||||||||||
High Yield Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 16.64 | .82 | 2.21 | 3.03 | — | — | — | 19.67 | 18.21 | % | 1.53 | %** | 1.53 | %** | 8.97 | %** | — | — | 4,713 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.31 | (.16 | ) | (3.51 | ) | (3.67 | ) | (4.00 | ) | — | (4.00 | ) | 16.64 | (16.15) | % | 1.57 | % | 1.57 | % | (0.71) | % | — | — | 5,748 | ||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .69 | (1.31 | ) | (.62 | ) | (.07 | ) | — | (.07 | ) | 24.31 | (2.49) | % | 1.50 | %** | 1.50 | %** | 2.79 | %** | — | — | 10,530 | |||||||||||||||||||||||||||||||||||||
High Yield Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 16.33 | .69 | 2.23 | 2.92 | — | — | — | 19.25 | 17.88 | % | 2.28 | %** | 2.28 | %** | 8.12 | %** | — | — | 2,085 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.12 | (.25 | ) | (3.54 | ) | (3.79 | ) | (4.00 | ) | — | (4.00 | ) | 16.33 | (16.83) | % | 2.32 | % | 2.32 | % | (1.21) | % | — | — | 1,773 | ||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .46 | (1.27 | ) | (.81 | ) | (.07 | ) | — | (.07 | ) | 24.12 | (3.25) | % | 2.22 | %** | 2.22 | %** | 1.90 | %** | — | — | 1,001 | |||||||||||||||||||||||||||||||||||||
High Yield Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 16.61 | .86 | 2.17 | 3.03 | — | — | — | 19.64 | 18.24 | % | 1.52 | %** | 1.52 | %** | 9.32 | %** | — | — | 12,956 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.28 | (.04 | ) | (3.63 | ) | (3.67 | ) | (4.00 | ) | — | (4.00 | ) | 16.61 | (16.16) | % | 1.56 | % | 1.56 | % | (0.20) | % | — | — | 239,528 | ||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .62 | (1.27 | ) | (.65 | ) | (.07 | ) | — | (.07 | ) | 24.28 | (2.61) | % | 1.49 | %** | 1.49 | %** | 2.55 | %** | — | — | 64,290 | |||||||||||||||||||||||||||||||||||||
Inverse High Yield Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 55.13 | (2.37 | ) | (8.57 | ) | (10.94 | ) | — | — | — | 44.19 | (19.84) | % | 1.57 | %** | 1.57 | %** | (9.68) | %** | — | — | 1,486 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 51.26 | (.10 | ) | 5.29 | 5.19 | — | (1.32 | ) | (1.32 | ) | 55.13 | 10.17 | % | 1.52 | % | 1.52 | % | (0.19) | % | — | — | 2,278 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 50.00 | .54 | .72 | 1.26 | — | — | — | 51.26 | 2.52 | % | 1.52 | %** | 1.52 | %** | 1.09 | %** | — | — | 1,673 |
146 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Net | Operating | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expenses | Expensesà | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Inverse High Yield Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 54.49 | $ | (2.29 | ) | $ | (8.68 | ) | $ | (10.97 | ) | $ | — | $ | — | $ | — | $ | 43.52 | (20.13)% | 2.32% | ** | 2.32% | ** | 2.32% | ** | (10.33)% | ** | — | $ | 1,612 | |||||||||||||||||||||||||||||
March 31, 2009 | 51.06 | (.52 | ) | 5.27 | 4.75 | — | (1.32 | ) | (1.32 | ) | 54.49 | 9.34% | 2.28% | 2.28% | 2.28% | (1.00)% | — | 869 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 50.00 | (.62 | ) | 1.68 | 1.06 | — | — | — | 51.06 | 2.12% | 2.26% | ** | 2.26% | ** | 2.26% | ** | (1.25)% | ** | — | 2,958 | ||||||||||||||||||||||||||||||||||||||||
Inverse High Yield Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 55.26 | (2.38 | ) | (8.58 | ) | (10.96 | ) | — | — | — | 44.30 | (19.83)% | 1.57% | ** | 1.57% | ** | 1.57% | ** | (9.52)% | ** | — | 8,276 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 51.38 | (.29 | ) | 5.49 | 5.20 | — | (1.32 | ) | (1.32 | ) | 55.26 | 10.17% | 1.53% | 1.53% | 1.53% | (0.55)% | — | 13,799 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 50.00 | 1.44 | (.06 | ) | 1.38 | — | — | — | 51.38 | 2.76% | 1.52% | ** | 1.52% | ** | 1.52% | ** | 2.84% | ** | — | 6,536 | ||||||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.00% | 0.90% | ** | 0.48% | ** | 0.48% | ** | 0.01% | ** | — | 927,492 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 1.00 | .01 | — | .01 | (.01) | — | (.01) | 1.00 | 1.06% | 0.95% | 0.90% | 0.90% | 1.02% | — | 1,114,286 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 1.00 | .04 | — | .04 | (.04) | — | (.04) | 1.00 | 3.76% | 0.93% | 0.93% | 0.93% | 3.71% | — | 978,584 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 1.00 | .04 | — | .04 | (.04) | — | (.04) | 1.00 | 4.26% | 0.92% | 0.92% | 0.92% | 4.20% | — | 982,347 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 2.79% | 0.88% | 0.88% | 0.88% | 2.74% | — | 975,088 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 1.00 | .01 | — | .01 | (.01) | — | (.01) | 1.00 | 0.82% | 0.87% | 0.87% | 0.87% | 0.81% | — | 1,196,009 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund Investor2 Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009*D | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.00% | 0.87% | ** | 0.36% | ** | 0.36% | ** | 0.02% | ** | — | 62,580 | |||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.00% | 1.40% | ** | 0.47% | ** | 0.47% | ** | 0.01% | ** | — | 419,689 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 1.00 | .01 | — | .01 | (.01) | — | (.01) | 1.00 | 0.65% | 1.45% | 1.26% | 1.26% | 0.55% | — | 341,425 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 3.24% | 1.43% | 1.43% | 1.43% | 3.25% | — | 159,111 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 1.00 | .04 | — | .04 | (.04) | — | (.04) | 1.00 | 3.75% | 1.42% | 1.42% | 1.42% | 3.70% | — | 204,068 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 1.00 | .02 | — | .02 | (.02) | — | (.02) | 1.00 | 2.28% | 1.39% | 1.39% | 1.39% | 2.21% | — | 151,828 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.43% | 1.38% | 1.25% | 1.38% | 0.39% | — | 245,890 | |||||||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.00% | 1.16% | ** | 0.48% | ** | 0.48% | ** | 0.01% | ** | — | 38,316 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 1.00 | .01 | — | .01 | (.01) | — | (.01) | 1.00 | 0.85% | 1.20% | 1.09% | 1.09% | 0.74% | — | 49,072 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 3.51% | 1.18% | 1.18% | 1.18% | 3.45% | — | 21,174 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 1.00 | .04 | — | .04 | (.04) | — | (.04) | 1.00 | 4.01% | 1.17% | 1.17% | 1.17% | 3.97% | — | 18,779 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 2.51% | 1.15% | 1.15% | 1.15% | 2.66% | — | 14,324 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 1.00 | .01 | — | .01 | (.01) | — | (.01) | 1.00 | 0.59% | 1.10% | 1.10% | 1.10% | 0.93% | — | 7,335 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.00% | 1.91% | ** | 0.49% | ** | 0.49% | ** | 0.01% | ** | — | 103,463 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 1.00 | — | — | — | (—) | § | — | (—) | § | 1.00 | 0.26% | 1.95% | 1.70% | 1.70% | 0.24% | — | 135,384 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 2.74% | 1.93% | 1.93% | 1.93% | 2.69% | — | 121,436 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 1.00 | .03 | — | .03 | (.03) | — | (.03) | 1.00 | 3.24% | 1.92% | 1.92% | 1.92% | 3.20% | — | 120,415 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 1.00 | .02 | — | .02 | (.02) | — | (.02) | 1.00 | 1.76% | 1.89% | 1.89% | 1.89% | 1.72% | — | 131,045 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 1.00 | — | § | — | — | § | (—) | § | — | (—) | § | 1.00 | 0.19% | 1.87% | 1.51% | 1.87% | 0.19% | — | 155,668 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 147 |
FINANCIAL HIGHLIGHTS (concluded)
* | Since the commencement of operations: | |
September 1, 2004 — S&P SmallCap 600 Pure Growth Fund A-Class, S&P MidCap 400 Pure Growth Fund A-Class, S&P 500 Pure Growth Fund A-Class, S&P SmallCap 600 Pure Value Fund A-Class, S&P MidCap 400 Pure Value Fund A-Class, S&P 500 Pure Value Fund A-Class, and Real Estate Fund A-Class; | ||
May 25, 2005 — Strengthening Dollar 2x Strategy Fund A-Class, C-Class and H-Class and Weakening Dollar 2x Strategy Fund A-Class, C-Class, and H-Class; | ||
May 31, 2006 — S&P 500 Fund A-Class, C-Class and H-Class and Russell 2000® Fund A-Class, C-Class and H-Class; | ||
April 16, 2007 — High Yield Strategy Fund A-Class, C-Class and H-Class and Inverse High Yield Strategy Fund A-Class, C-Class and H-Class; | ||
February 22, 2008 — Japan 2x Strategy Fund A-Class, C-Class and H-Class; | ||
July 10, 2009 — U.S Government Money Market Fund Investor2 Class. | ||
** | Annualized | |
† | Calculated using the average daily shares outstanding for the year. | |
†† | Total investment return does not reflect the impact of any applicable sales charges and has not been annualized. | |
††† | Reverse Share Splits: | |
Inverse S&P 500 Strategy Fund — Per share amounts for the years ended March 31, 2005 through March 31, 2007 have been restated to reflect a 1:5 reverse share split effective April 23, 2007; S&P 500 Pure Value Fund — Per share amounts for the years ended March 31, 2005 through March 31, 2009 have been restated to reflect a 1:5 reverse share split effective April 20, 2009 — See Note 15. | ||
◊ | Operating Expenses exclude interest and dividend expense from securities sold short. | |
♦ | Net investment income per share includes a settlement payment from Bear Stearns on May 19, 2009. | |
Inverse NASDAQ-100® Strategy Fund — $0.05, $0.01, $0.07, and $0.22 for Investor Class, Advisor Class, A-Class, and C-Class, respectively. Russell 2000® 1.5x Strategy Fund — $0.09, $0.07, and $0.06 for A-Class, C-Class, and H-Class, respectively. | ||
♦♦ | Net investment income to average assets includes a settlement payment from Bear Stearns on May 19, 2009. | |
Inverse NASDAQ-100® Strategy Fund — 0.47%, 0.53%, 0.70%, and 0.50% for Investor Class, Advisor Class, A-Class, and C-Class, respectively. Russell 2000® 1.5x Strategy Fund — 1.02%, 0.91%, and 0.64% for A-Class, C-Class, and H-Class, respectively. | ||
§ | Less than $.01 per share. | |
§§ | Excluding the reimbursement, the Fund’s total return would have been -64.90%, -65.15% and - -64.90% for the A-Class, C-Class and H-Class, respectively. | |
Δ | Unaudited | |
Prior to April 1, 2007, the Nova Fund, Inverse S&P 500 Strategy Fund, Inverse NASDAQ-100® Strategy Fund, and Inverse Government Long Bond Strategy Fund operated under a Master-Feeder Structure. |
▲ | Ratios represent combined net investment income of the former Master Portfolio and the Fund. Ratios shown under the caption “Combined Net Investment Income (Loss)” for the year ended March 31, 2006 and preceding periods did not reflect the net investment income of the former Master Portfolio. This has no effect on the Fund’s net asset value, per share value or total increase (decrease) in net assets from operations during any period. | ||
■ | Expense ratios to average net assets include expenses of the corresponding former Master Portfolio for the year ended March 31, 2007 and preceding periods. |
148 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization and Significant Accounting Policies Organization
The Rydex Series Funds (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non-diversified, open-ended investment company. The Trust offers six separate classes of shares, Investor Class shares, Investor2 Class shares, Advisor Class shares, A-Class shares, C-Class shares, and H-Class shares. C-Class shares have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Sales of shares of each Class are made without a sales charge at the NAV, with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge, except for the U.S. Government Money Market Fund. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% CDSC if shares are redeemed within 18 months of purchase.
At September 30, 2009, the Trust consisted of fifty-five separate Funds. This report covers Benchmark Funds and the Money Market Fund (the “Funds”), while the other Funds are contained in separate reports.
Rydex Investments provides advisory, transfer agent and administrative services, and accounting services to the Trust. Rydex Distributors, Inc. (the “Distributor”) acts as principal underwriter for the Trust. Both Rydex Investments and the Distributor are affiliated entities.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. The Trust calculates a NAV twice each business day, first in the morning and again in the afternoon for the Russell 2000® Fund and the S&P 500 Fund. All other Funds in the Trust will price at the afternoon NAV. The morning NAV is calculated at 10:45 a.m. and the afternoon NAV is calculated at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 2009 afternoon NAV.
Equity securities listed on an exchange (NYSE or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE on the
valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.
Listed options held by the Trust are valued at the last bid price or the Official Settlement Price listed by the exchange. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-Counter options held by the Trust are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.
The value of futures contracts purchased and sold by the Trust is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the last quoted sales price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act.
Debt securities in a non 2a-7 money market fund with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, securities are valued at the reported bid price, at the close of business. Debt securities, with a maturity of 60 days or less are valued at amortized cost, which approximates market value.
Open investment companies (“Mutual Funds”) are valued at their NAV as of the close of business. Exchange Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.
The value of domestic equity index and credit default swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.
The value of foreign equity and currency index swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 149 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
price at which orders are being filled at the close of the NYSE. In the event that no order is filled at 4:00 p.m., the security dealer provides a fair value quote at which the swap agreement is valued. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.
Investments for which market quotations are not readily available are fair valued as determined in good faith by Rydex Investments under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to:(i) general information as to how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and (iii) other information and considerations, including current values in related markets.
B. Securities transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
C. Net investment income is computed and dividends are declared daily in the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions of net investment income, in the remaining Funds and distributions of net realized capital gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles.
D. When a Fund engages in a short sale of an equity or fixed income security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities
as collateral for short sales. The Fund is exposed to market risk based on the amount, if any, that the market value of the security exceeds the market value of the securities in the segregated account. Fees, if any, paid to brokers to borrow securities in connection with short sales are considered part of the cost of short sale transactions. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the treasury obligation to the lender and records this as an expense. Short dividends or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Funds may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.
E. Upon the purchase of an option by a Fund, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, that Fund will realize a loss in the amount of the cost of the option. When a Fund enters into a closing sale transaction, that Fund will realize a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. When a Fund exercises a put option, that Fund will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security purchased by that Fund upon exercise will be increased by the premium originally paid. When a Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund’s accounting records as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires, or if a Fund enters into a closing purchase transaction, that Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold).
F. The Trust may enter into stock and bond index futures contracts and options on such futures contracts. Futures contracts are contracts for delayed delivery of securities at a specified future delivery date and at a specific price. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between
150 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
the value of the contract at the time it was opened and the value at the time it was closed.
G. The Trust may enter into domestic equity index and domestic currency index swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified equity security, basket of equity securities, equity index or domestic currency index, in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different equity security, basket of equity securities, equity index or domestic currency index. Swap agreements are used to obtain exposure to an equity or market without owning or taking physical custody of securities. The swap agreements are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of an agreement or termination of the agreement are recognized as realized gains or losses.
The Trust may enter into credit default swap agreements where one party, the protection buyer, makes an upfront or periodic payment to a counterparty, the protection seller, in exchange for the right to receive a contingent payment. The maximum amount of the payment may equal the notional amount, at par, of the underlying index or security as a result of a related credit event. Upfront payments received or made by a Fund, are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. The credit default contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.
H. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized
exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.
I. The Trust may enter into forward currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the corresponding unrealized gain or loss on the contracts, as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. At September 30, 2009 none of the Funds held forward currency contracts.
J. Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity. The Funds may also purchase American Depository Receipts, U.S. Government securities, Commercial Paper and enter into repurchase agreements.
K. The Funds may leave cash overnight in their cash account with the custodian, U.S. Bank. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate. Segregated cash with the broker is held as collateral for investments in derivative instruments such as futures contracts and index swap agreements.
L. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the Classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution fees relating to A-Class shares and H-Class shares and service and distribution fees related to Advisor Class shares and C-Class shares, are charged directly to specific Classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.
M. Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Financial Instruments
As part of its investment strategy, the Trust may utilize short sales and a variety of derivative instruments including, options, futures, options on futures and swap agreements. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statements of Assets and Liabilities.
A short sale is a transaction in which a Fund sells an equity or fixed income security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, that Fund will realize gain on the transaction.Conversely, if the security increases in price during the period, that Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that a Fund may forego the opportunity for profit if the market price of the underlying security increases and the option is exercised. The risk in writing a covered put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.
There are several risks in connection with the use of futures contracts. Risks may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
There are several risks associated with the use of swap agreements that are different from those associated with ordinary portfolio securities transactions, due to the fact they could be considered illiquid. Although the Trust will not enter into any swap agreement unless Rydex Investments believes that the other party to the transaction is creditworthy, the Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of the agreement counterparty.
There are several risks associated with credit default swaps. Credit default swaps involve the exchange of a
fixed-rate premium for protection against the loss in value of an underlying debt instrument in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a “guarantor,” receiving a periodic payment that is a fixed percentage applied to a notional principal amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the swap. A Fund may enter into credit default swaps in which that Fund or its counterparty acts as guarantor. By acting as the guarantor of a swap, that Fund assumes the market and credit risk of the underlying instrument, including liquidity and loss of value.
In conjunction with the use of short sales, options, futures, options on futures and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.
The risks inherent in the use of short sales, options, futures contracts, options on futures contracts and swap agreements, include i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
3. Disclosures about Credit Derivatives
Effective March 31, 2009, the Funds adopted the Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FAS 133 and FIN 45 topics of the Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) (topics 815 and 460) (the “Position”), which were effective for reporting periods ending after November 15, 2008. The ASCs require enhanced disclosures about credit derivatives and guarantees.
In accordance with its principal investment strategy, the High Yield Strategy Fund enters into credit default swaps as a seller of protection primarily to gain exposure similar to the high yield bond market. Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to
152 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
the other. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. If a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities compromising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities compromising the referenced index. The Notional Principal reflects the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs. As the seller of protection, the Fund receives periodic premium payments from the counterparty and may also receive or pay an upfront premium that serves as an adjustment to the stated periodic premium. In the event a credit event occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per credit event.
The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The table on page 109 included in the Schedule of Investments summarizes the information with regard to sold protection on credit default swap contracts as of September 30, 2009.
4. Derivative Investment Holdings Categorized by Risk Exposure
The Funds adopted FASB ASC 815, Derivatives and Hedging (ASC 815) (formerly known as FAS 161), effective March 31, 2009. ASC 815 is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. None of the derivatives currently held by the Funds are being used as hedging instruments.
The following is a summary of the location of derivative investments on the Fund’s Statements of Assets and Liabilities as of September 30, 2009:
Location on the Statements of Assets and Liabilities | ||||
Derivative | ||||
Investment Type | Asset Derivatives | Liability Derivatives | ||
Equity/Credit contracts | Variation Margin on Futures Contracts Swap appreciation | Variation Margin on Futures Contracts Swap depreciation | ||
Currency contracts | Variation Margin on Futures Contracts | Variation Margin on Futures Contracts | ||
Other contracts | Unrealized Appreciation on Currency Swap Agreements | Unrealized Depreciation on Currency Swap Agreements |
The following table sets forth the fair value of the Funds’ derivative contracts by primary risk exposure as of September 30, 2009:
Asset Derivative Investments Value | ||||||||||||||||||||
Futures | Futures | Swaps | Swaps | Total Value at | ||||||||||||||||
Equity | Currency | Equity/Credit | Currency | September 30, | ||||||||||||||||
Fund | Contracts* | Contracts* | Contracts | Contracts | 2009 | |||||||||||||||
Nova Fund | $ | — | $ | — | $ | 583,879 | $ | — | $ | 583,879 | ||||||||||
S&P 500 Fund | 1,867 | — | 119,314 | 121,181 | ||||||||||||||||
Inverse S&P 500 Strategy Fund | — | — | — | — | — | |||||||||||||||
NASDAQ-100® Fund | 121,333 | — | 137,708 | — | 259,041 | |||||||||||||||
Inverse NASDAQ-100® Strategy Fund | — | — | — | — | — | |||||||||||||||
Mid-Cap 1.5x Strategy Fund | 143,981 | — | 108,020 | — | 252,001 | |||||||||||||||
Inverse Mid-Cap Strategy Fund | 4,679 | — | — | — | 4,679 | |||||||||||||||
Russell 2000® 1.5x Strategy Fund | — | — | 507,967 | — | 507,967 | |||||||||||||||
Russell 2000® Fund | — | — | 45,647 | — | 45,647 | |||||||||||||||
Inverse Russell 2000® Strategy Fund | — | — | — | — | — | |||||||||||||||
Europe 1.25x Strategy Fund | 26,486 | — | — | — | 26,486 | |||||||||||||||
Japan 2x Strategy Fund | — | 477,641 | — | — | 477,641 | |||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | �� | — | 31,249 | 31,249 | ||||||||||||||
Weakening Dollar 2x Strategy Fund | — | 3,349,400 | — | 168,167 | 3,517,567 | |||||||||||||||
Government Long Bond 1.2x Strategy Fund | 1,713,602 | — | — | — | 1,713,602 | |||||||||||||||
Inverse Government Long Bond Strategy Fund | — | — | — | — | — | |||||||||||||||
High Yield Strategy Fund | 144,521 | — | 2,315,335 | — | 2,459,856 | |||||||||||||||
Inverse High Yield Fund | — | — | — | — | — | |||||||||||||||
Total | $ | 2,156,469 | $ | 3,827,041 | $ | 3,817,870 | $ | 199,416 | $ | 10,000,796 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Liability Derivative Investments Value | |||||||||||||||||||||
Futures | Futures | Swaps | Swaps | Total Value at | |||||||||||||||||
Equity | Currency | Equity | Currency | September 30, | |||||||||||||||||
Fund | Contracts* | Contracts* | Contracts | Contracts | 2009 | ||||||||||||||||
Nova Fund | $ | 11,200 | $ | — | $ | — | $ | — | $ | 11,200 | |||||||||||
S&P 500 Fund | — | — | — | — | — | ||||||||||||||||
Inverse S&P 500 Strategy Fund | 132,774 | — | 1,724,622 | — | 1,857,396 | ||||||||||||||||
NASDAQ-100® Fund | — | — | — | — | — | ||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | 52,753 | — | 245,024 | — | 297,777 | ||||||||||||||||
Mid-Cap 1.5x Strategy Fund | — | — | — | — | — | ||||||||||||||||
Inverse Mid-Cap Strategy Fund | — | — | 84,990 | — | 84,990 | ||||||||||||||||
Russell 2000® 1.5x Strategy Fund | 391 | — | — | — | 391 | ||||||||||||||||
Russell 2000® Fund | 36,950 | — | 526 | — | 37,476 | ||||||||||||||||
Inverse Russell 2000® Strategy Fund | 69,360 | — | 305,598 | — | 374,958 | ||||||||||||||||
Europe 1.25x Strategy Fund | 6,103 | 11,629 | — | — | 17,732 | ||||||||||||||||
Japan 2x Strategy Fund | 401,794 | — | — | — | 401,794 | ||||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | 601,942 | — | — | 601,942 | ||||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | — | — | — | ||||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | — | ||||||||||||||||
Inverse Government Long Bond Strategy Fund | 18,389,583 | — | — | — | 18,389,583 | ||||||||||||||||
High Yield Strategy Fund | — | — | — | — | — | ||||||||||||||||
Inverse High Yield Fund | 53,763 | — | 175,872 | — | 229,635 | ||||||||||||||||
Total | $ | 19,154,671 | $ | 613,571 | $ | 2,536,632 | $ | — | $ | 22,304,874 |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
The following is a summary of the location of derivative investments on the Fund’s Statements of Operations as of September 30, 2009:
Derivative Investment | Location of Gain (Loss) on Derivatives | |
Equity contracts | Net realized gain (loss) on futures contracts and swap transactions Change in net unrealized appreciation (depreciation) on futures contracts and swaps | |
Currency contracts | Net realized gain (loss) on futures contracts Change in net unrealized appreciation (depreciation) on futures contracts | |
Other contracts | Net realized gain (loss) on currency index swaps Change in net unrealized appreciation (depreciation) on currency index swaps |
The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure as of September 30, 2009:
Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||
Futures | Futures | Swaps | Swaps | Total Value at | ||||||||||||||||
Equity | Currency | Equity | Currency | September 30, | ||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | 2009 | |||||||||||||||
Nova Fund | $ | 9,536,932 | $ | — | $ | 5,306,290 | $ | — | $ | 14,843,222 | ||||||||||
S&P 500 Fund | 3,388,474 | — | 3,825,368 | — | 7,213,842 | |||||||||||||||
Inverse S&P 500 Strategy Fund | (12,858,763 | ) | — | (90,350,188 | ) | — | (103,208,951 | ) | ||||||||||||
NASDAQ-100® Fund | 4,904,599 | — | 6,719,240 | — | 11,623,839 | |||||||||||||||
Inverse NASDAQ-100® Strategy Fund | (2,522,248 | ) | — | (12,952,657 | ) | — | (15,474,905 | ) | ||||||||||||
Mid-Cap 1.5x Strategy Fund | 441,976 | — | 3,638,610 | — | 4,080,586 | |||||||||||||||
Inverse Mid-Cap Strategy Fund | (774,176 | ) | — | (2,953,270 | ) | — | (3,727,446 | ) | ||||||||||||
Russell 2000® 1.5x Strategy Fund | 1,131,244 | — | 3,236,684 | — | 4,367,928 | |||||||||||||||
Russell 2000® Fund | 712,215 | — | 395,427 | — | 1,107,642 | |||||||||||||||
Inverse Russell 2000® Strategy Fund | (5,350,049 | ) | — | (7,106,419 | ) | — | (12,456,468 | ) | ||||||||||||
Europe 1.25x Strategy Fund | 2,404,862 | — | — | — | 2,404,862 | |||||||||||||||
Japan 2x Strategy Fund | 3,959,695 | — | — | — | 3,959,695 | |||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | (5,500,855 | ) | — | (2,444,611 | ) | (7,945,466 | ) | ||||||||||||
Weakening Dollar 2x Strategy Fund | — | 18,234,574 | — | 7,894,611 | 26,129,185 | |||||||||||||||
Government Long Bond 1.2x Strategy Fund | (4,087,258 | ) | — | — | — | (4,087,258 | ) | |||||||||||||
Inverse Government Long Bond Strategy Fund | 22,025,956 | — | — | — | 22,025,956 | |||||||||||||||
High Yield Strategy Fund | (581,526 | ) | — | 6,817,719 | — | 6,236,193 | ||||||||||||||
Inverse High Yield Fund | (165,614 | ) | — | (2,351,242 | ) | — | (2,516,856 | ) | ||||||||||||
Total | $ | 22,166,319 | $ | 12,733,719 | $ | (85,774,438 | ) | $ | 5,450,000 | $ | (45,424,400 | ) | ||||||||
154 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||
Futures | Futures | Swaps | Swaps | Total Value at | ||||||||||||||||
Equity | Currency | Equity | Currency | September 30, | ||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | 2009 | |||||||||||||||
Nova Fund | $ | (2,279,576 | ) | $ | — | $ | 528,931 | $ | — | $ | (1,750,645 | ) | ||||||||
S&P 500 Fund | 224,359 | — | (254,537 | ) | — | (30,178 | ) | |||||||||||||
Inverse S&P 500 Strategy Fund | 285,248 | — | 20,307,499 | — | 20,592,747 | |||||||||||||||
NASDAQ-100® Fund | 270,147 | — | (85,725 | ) | — | 184,422 | ||||||||||||||
Inverse NASDAQ-100® Strategy Fund | (65,127 | ) | — | 2,650,189 | — | 2,585,062 | ||||||||||||||
Mid-Cap 1.5x Strategy Fund | 54,045 | — | (228,254 | ) | — | (174,209 | ) | |||||||||||||
Inverse Mid-Cap Strategy Fund | 14,430 | — | 238,766 | — | 253,196 | |||||||||||||||
Russell 2000® 1.5x Strategy Fund | 12,185 | — | 386,666 | — | 398,851 | |||||||||||||||
Russell 2000® Fund | 359,337 | — | 52,794 | — | 412,131 | |||||||||||||||
Inverse Russell 2000® Strategy Fund | (37,101 | ) | — | (500,097 | ) | — | (537,198 | ) | ||||||||||||
Europe 1.25x Strategy Fund | (90,503 | ) | — | — | — | (90,503 | ) | |||||||||||||
Japan 2x Strategy Fund | (877,680 | ) | — | — | — | (877,680 | ) | |||||||||||||
Strengthening Dollar 2x Strategy Fund | — | (588,048 | ) | — | (75,680 | ) | (663,728 | ) | ||||||||||||
Weakening Dollar 2x Strategy Fund | — | (823,154 | ) | — | (1,007,665 | ) | (1,830,819 | ) | ||||||||||||
Government Long Bond 1.2x Strategy Fund | 685,662 | — | — | — | 685,662 | |||||||||||||||
Inverse Government Long Bond Strategy Fund | (197,234 | ) | — | — | — | (197,234 | ) | |||||||||||||
High Yield Strategy Fund | (354,049 | ) | — | 7,472,554 | — | 7,118,505 | ||||||||||||||
Inverse High Yield Fund | (16,686 | ) | — | (781,355 | ) | — | (798,041 | ) | ||||||||||||
Total | $ | (2,012,543 | ) | $ | (1,411,202 | ) | $ | 29,787,431 | $ | (1,083,345 | ) | $ | 25,280,341 |
5. Fees and Other Transactions with Affiliates
Under the terms of an investment advisory contract, the Trust pays Rydex Investments investment advisory fees calculated at an annualized rate of 0.50% of the average daily net assets of the Government Long Bond 1.2x Strategy Fund and U.S. Government Money Market Fund; 0.75% of the average daily net assets of the Nova Fund, S&P 500 Fund, NASDAQ-100® Fund, Russell 2000® Fund, S&P SmallCap 600 Pure Growth Fund, S&P MidCap 400 Pure Growth Fund, S&P 500 Pure Growth Fund, S&P SmallCap 600 Pure Value Fund, S&P MidCap 400 Pure Value Fund, S&P 500 Pure Value Fund, Japan 2x Strategy Fund, High Yield Strategy Fund, and Inverse High Yield Strategy Fund; 0.85% of the average daily net assets of the Real Estate Fund; and 0.90% of the average daily net assets of the remaining Funds covered in this report.
Rydex Investments provides transfer agent and administrative services to the Trust for fees calculated at an annualized rate of 0.20% of the average daily net assets of the Government Long Bond 1.2x Strategy Fund and U.S. Government Money Market Fund; and 0.25% of the average daily net assets for the remaining Funds covered in this report.
Rydex Investments also provides accounting services to the Trust for fees calculated at an annualized rate of 0.10% on the first $250 million of the average daily net assets, 0.075% on the next $250 million of the average daily net assets, 0.05% on the next $250 million of the average daily net assets, and 0.03% on the average daily net assets over $750 million of each Fund.
Rydex Investments engages external service providers to perform other necessary services to the Trust, such as accounting and auditing services, legal services, printing and mailing, etc., on a pass-through basis. Such expenses vary from Fund to Fund and are allocated to the Funds based on relative net assets. Organizational and setup costs for new Funds are paid by the Trust.
The Trust has adopted a Distribution and Shareholder Services Plan applicable to Advisor Class shares and a Distribution Plan applicable to A-Class shares and H-Class shares for which the Distributor and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Trust will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor, in turn, will pay the Service Provider out of its fees. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services. With regard to Advisor Class shares only, if a Service Provider provides shareholders services, the Distributor will receive shareholder servicing fees from the Trust at an annual rate not to exceed 0.25% of average daily net assets. The Distributor, in turn, will compensate Service Providers for providing such services, while retaining a portion of such payments to compensate itself for shareholder services it performs.
The Trust has adopted a separate Distribution and Shareholder Services Plan applicable to its C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates the shareholder’s financial advisor for providing on-going services to the shareholder. The annual 0.75% distribution fee reimburses the Distributor for paying the shareholder’s financial advisor an
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 155 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
ongoing sales commission. The Distributor advances the first year’s service and distribution fees to the Financial Advisor. The Distributor retains the service and distribution fees on accounts with no authorized dealer of record.
Rydex Investments and its affiliates have voluntarily agreed to waive their fees, including but not limited to 12b-1 and shareholder service fees and investment advisory fees, in an attempt to maintain a positive net yield for the U.S. Government Money Market Fund. Rydex Investments or its affiliates may terminate this voluntary waiver at any time upon notice to the Fund. When 12b-1 and shareholder services fees are waived, dealer compensation will be reduced to the extent of such waiver.
During the period ended September 30, 2009, the Distributor retained sales charges of $2,951,197 relating to sales of A-Class shares of the Trust.
Certain officers and trustees of the Trust are also officers of Rydex Investments and the Distributor.
6. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (fiscal years 2006 — 2009), and has concluded that no provision for income tax was required in the Funds’ financial statements.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for derivatives, foreign currency transactions, losses deferred due to wash sales, losses deferred due to post-October losses, and excise tax regulations.
Permanent book and tax basis differences, if any, will result in reclassifications. This may include net operating losses not utilized during the current period, capital loss carryforward expired, and the utilization of earnings and profits distributed to the shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. Any undistributed ordinary income or long-term capital gain remaining at fiscal year end is distributed in the following year.
At September 30, 2009, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Nova Fund | $ | 52,698,912 | $ | 7,838,004 | $ | (2,971,423 | ) | $ | 4,866,581 | |||||||
S&P 500 Fund | 134,774,451 | 4,107,804 | (953,721 | ) | 3,154,083 | |||||||||||
Inverse S&P 500 Strategy Fund | 124,965,563 | 21,987 | — | 21,987 | ||||||||||||
NASDAQ-100® Fund | 323,572,531 | 233,721,162 | (15,956,150 | ) | 217,765,012 | |||||||||||
Inverse NASDAQ-100® Strategy Fund | — | — | — | — | ||||||||||||
Mid-Cap 1.5x Strategy Fund | 7,706,705 | 1,082,847 | (178,523 | ) | 904,324 | |||||||||||
Inverse Mid-Cap Strategy Fund | — | — | — | — | ||||||||||||
Russell 2000® 1.5x Strategy Fund | 13,103,359 | 1,774,370 | (667,895 | ) | 1,106,475 | |||||||||||
Russell 2000® Fund | 4,192,358 | 737,478 | (36,705 | ) | 700,773 | |||||||||||
Inverse Russell 2000® Strategy Fund | — | — | — | — | ||||||||||||
S&P SmallCap 600 Pure Growth Fund | 13,706,487 | 3,106,342 | (103,162 | ) | 3,003,180 | |||||||||||
S&P MidCap 400 Pure Growth Fund | 37,354,437 | 5,547,571 | (101,818 | ) | 5,445,753 | |||||||||||
S&P 500 Pure Growth Fund | 8,959,027 | 2,066,421 | (6,405 | ) | 2,060,016 | |||||||||||
S&P SmallCap 600 Pure Value Fund | 167,210,311 | 65,479,206 | (2,356,641 | ) | 63,122,565 | |||||||||||
S&P MidCap 400 Pure Value Fund | 107,817,042 | 11,724,239 | (1,311,295 | ) | 10,412,944 | |||||||||||
S&P 500 Pure Value Fund | 102,325,163 | 15,063,302 | (524,619 | ) | 14,538,683 | |||||||||||
Europe 1.25x Strategy Fund | 16,066,215 | 1,500,344 | (99,230 | ) | 1,401,114 | |||||||||||
Japan 2x Strategy Fund | — | — | — | — | ||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | — | — | ||||||||||||
Weakening Dollar 2x Strategy Fund | 50,000,000 | — | — | — |
156 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss) | ||||||||||||
Real Estate Fund | $ | 32,593,151 | $ | 620,107 | $ | (363,069 | ) | $ | 257,038 | |||||||
Government Long Bond 1.2x Strategy Fund | 224,212,567 | 5,857,243 | (1,346 | ) | 5,855,897 | |||||||||||
Inverse Government Long Bond Strategy Fund | 485,582,035 | 258,336 | — | 258,336 | ||||||||||||
High Yield Strategy Fund | — | — | — | — | ||||||||||||
Inverse High Yield Strategy Fund | 789,810 | 25,524 | (201,396 | ) | (175,872 | ) | ||||||||||
U.S. Government Money Market Fund | 1,153,403,547 | 877 | (877 | ) | — |
7. Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
The repurchase agreements executed by the joint account and outstanding at September 30, 2009, were as follows:
Counterparty | Terms of Agreement | Face Value | Market Value | Repurchase Price | ||||||||||||
HSBC Group | 0.01% due 10/01/09 | $ | 400,000,000 | $ | 400,000,000 | $ | 400,000,111 | |||||||||
Mizuho Financial Group, Inc. | 0.01% due 10/01/09 | 257,456,234 | 257,456,234 | 257,456,305 | ||||||||||||
Morgan Stanley | 0.01% due 10/01/09 | 210,000,000 | 210,000,000 | 210,000,058 | ||||||||||||
Credit Suisse Group | 0.03% due 10/01/09 | 129,801,277 | 129,801,277 | 129,801,385 | ||||||||||||
Deutsche Bank | 0.01% due 10/01/09 | 100,000,000 | 100,000,000 | 100,000,028 | ||||||||||||
$ | 1,097,257,511 | $ | 1,097,257,887 | |||||||||||||
At September 30, 2009, the collateral for the repurchase agreements in the joint account was as follows:
Security Type | Maturity Dates | Range of Rates | Par Value | Market Value | ||||||||||||
U.S. Treasury Bonds | 02/15/36 — 05/15/38 | 4.50% | $ | 375,917,500 | $ | 408,000,000 | ||||||||||
U.S. Treasury Bills | 12/10/09 — 04/01/10 | — | 395,117,800 | 395,009,437 | ||||||||||||
U.S. TIP Note | 04/15/10 | 0.88% | 187,716,300 | 214,200,008 | ||||||||||||
U.S. Treasury Note | 05/15/17 | 4.50% | 91,385,000 | 102,000,014 | ||||||||||||
$ | 1,119,209,459 | |||||||||||||||
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment advisor, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
8. Fair Value Measurement
The Funds adopted FASB ASC 820, Fair Value Measurements and Disclosure (ASC 820) (formerly known as FASB 157) effective April 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 157 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following table summarizes the inputs used to value the Funds’ net assets at September 30, 2009:
Level 1 | Level 2 | |||||||||||||||||||
Level 1 | Other | Level 2 | Other | |||||||||||||||||
Investments | Financial | Investments | Financial | |||||||||||||||||
Fund | In Securities | Instruments* | In Securities | Instruments* | Total | |||||||||||||||
Assets | ||||||||||||||||||||
Nova Fund | $ | 73,465,371 | $ | — | $ | — | $ | 583,879 | $ | 74,049,250 | ||||||||||
S&P 500 Fund | 153,687,420 | 1,867 | — | 119,314 | 153,808,601 | |||||||||||||||
Inverse S&P 500 Strategy Fund | 66,632,224 | — | 124,987,550 | — | 191,619,774 | |||||||||||||||
NASDAQ-100® Fund | 563,230,988 | 121,333 | — | 137,708 | 563,490,029 | |||||||||||||||
Inverse NASDAQ-100® Strategy Fund | 32,625,626 | — | — | — | 32,625,626 | |||||||||||||||
Mid-Cap 1.5x Strategy Fund | 12,625,587 | 143,981 | — | 108,020 | 12,877,588 | |||||||||||||||
Inverse Mid-Cap Strategy Fund | 5,774,264 | 4,679 | — | — | 5,778,943 | |||||||||||||||
Russell 2000® 1.5x Strategy Fund | 22,265,690 | — | — | 507,967 | 22,773,657 | |||||||||||||||
Russell 2000® Fund | 14,803,125 | — | — | 45,647 | 14,848,772 | |||||||||||||||
Inverse Russell 2000® Strategy Fund | 19,354,690 | — | — | — | 19,354,690 | |||||||||||||||
S&P SmallCap 600 Pure Growth Fund | 16,812,214 | — | — | — | 16,812,214 | |||||||||||||||
S&P MidCap 400 Pure Growth Fund | 43,134,235 | — | — | — | 43,134,235 | |||||||||||||||
S&P LargeCap 500 Pure Growth Fund | 11,084,596 | — | — | — | 11,084,596 | |||||||||||||||
S&P SmallCap 600 Pure Value Fund | 232,250,209 | — | — | — | 232,250,209 | |||||||||||||||
S&P MidCap 400 Pure Value Fund | 118,739,517 | — | — | — | 118,739,517 | |||||||||||||||
S&P 500 Pure Value Fund | 117,970,807 | — | — | — | 117,970,807 | |||||||||||||||
Europe 1.25x Strategy Fund | 19,856,476 | — | — | 8,754 | 19,865,230 | |||||||||||||||
Japan 2x Strategy Fund | 6,547,077 | — | — | 75,847 | 6,622,924 | |||||||||||||||
Strengthening Dollar 2x Strategy Fund | 28,230,688 | — | — | 31,249 | 28,261,937 | |||||||||||||||
Weakening Dollar 2x Strategy Fund | 52,631,118 | — | 50,000,000 | 3,517,567 | 106,148,685 | |||||||||||||||
Real Estate Fund | 33,020,572 | — | — | — | 33,020,572 | |||||||||||||||
Government Long Bond 1.2x Strategy Fund | 240,420,207 | 1,713,602 | — | — | 242,133,819 | |||||||||||||||
Inverse Government Long Bond Strategy Fund | 64,716,633 | — | 485,840,371 | — | 550,557,004 | |||||||||||||||
High Yield Strategy Fund | 27,209,556 | 144,521 | — | 2,315,335 | 29,669,412 | |||||||||||||||
Inverse High Yield Strategy Fund | 8,417,319 | — | — | — | 8,417,319 | |||||||||||||||
U.S. Government Money Market Fund | 325,456,234 | — | 1,153,403,547 | — | 1,478,859,781 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Nova Fund | — | 11,200 | — | — | 11,200 | |||||||||||||||
S&P 500 Fund | — | — | — | — | — | |||||||||||||||
Inverse S&P 500 Strategy Fund | — | 132,774 | — | 1,724,622 | 1,857,396 | |||||||||||||||
NASDAQ-100® Fund | — | — | — | — | — | |||||||||||||||
Inverse NASDAQ-100® Strategy Fund | — | 52,753 | — | 245,024 | 297,777 | |||||||||||||||
Mid-Cap 1.5x Strategy Fund | — | — | — | — | — | |||||||||||||||
Inverse Mid-Cap Strategy Fund | — | — | — | 84,990 | 84,990 | |||||||||||||||
Russell 2000® 1.5x Strategy Fund | — | 391 | — | — | 391 | |||||||||||||||
Russell 2000® Fund | — | 36,950 | — | 526 | 37,476 | |||||||||||||||
Inverse Russell 2000® Strategy Fund | — | 69,360 | — | 305,598 | 374,958 | |||||||||||||||
S&P SmallCap 600 Pure Growth Fund | — | — | — | — | — | |||||||||||||||
S&P MidCap 400 Pure Growth Fund | — | — | — | — | — | |||||||||||||||
S&P LargeCap 500 Pure Growth Fund | — | — | — | — | — | |||||||||||||||
S&P SmallCap 600 Pure Value Fund | — | — | — | — | — | |||||||||||||||
S&P MidCap 400 Pure Value Fund | — | — | — | — | — | |||||||||||||||
S&P 500 Pure Value Fund | — | — | — | — | — | |||||||||||||||
Europe 1.25x Strategy Fund | — | — | — | — | — | |||||||||||||||
Japan 2x Strategy Fund | — | — | — | — | — | |||||||||||||||
Strengthening Dollar 2x Strategy Fund | — | — | — | 601,942 | 601,942 | |||||||||||||||
Weakening Dollar 2x Strategy Fund | — | — | — | — | — | |||||||||||||||
Real Estate Fund | — | — | — | — | — | |||||||||||||||
Government Long Bond 1.2x Strategy Fund | — | — | — | — | — | |||||||||||||||
Inverse Government Long Bond Strategy Fund | — | 18,389,583 | — | — | 18,389,583 | |||||||||||||||
High Yield Strategy Fund | — | — | — | — | — | |||||||||||||||
Inverse High Yield Strategy Fund | — | 53,763 | — | 175,872 | 229,635 | |||||||||||||||
U.S. Government Money Market Fund | — | — | — | — | — |
* | Other financial instruments may include forward foreign currency contracts, futures and/or swaps, which are reported as unrealized gain/loss at period end. |
158 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
In April 2009, the “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” ASC 820 provided additional guidance when the volume and level of activity for the asset or liability measured at fair value have significantly decreased. Additionally, ASC 820 expanded disclosure requirements by reporting entities surrounding the major categories of assets and liabilities carried at fair value. ASC 820 was effective for interim and annual periods ending after June 15, 2009. Management has evaluated the impact of adopting ASC 820 on the Funds and has determined that there is no impact to the financial statement disclosures.
9. Securities Transactions
For the period ended September 30, 2009, the cost of purchases and proceeds from sales of investment securities, excluding short-term and temporary cash investments, were:
Inverse | Inverse | Inverse | |||||||||||||||||||||||||||
Nova | S&P 500 | S&P 500 | NASDAQ-100® | NASDAQ-100® | Mid-Cap 1.5x | Mid-Cap | |||||||||||||||||||||||
Fund | Fund | Strategy Fund | Fund | Strategy Fund | Strategy Fund | Strategy Fund | |||||||||||||||||||||||
Purchases | $ | 16,913,316 | $ | 55,718,587 | $ | — | $ | 54,657,973 | $ | — | $ | 5,118,708 | $ | — | |||||||||||||||
Sales | $ | 16,601,963 | $ | 65,048,945 | $ | — | $ | 45,013,467 | $ | — | $ | 5,643,544 | $ | — | |||||||||||||||
Inverse | S&P | S&P | |||||||||||||||||||||||||||
Russell | Russell 2000® | SmallCap | MidCap | S&P 500 | S&P SmallCap | ||||||||||||||||||||||||
2000® 1.5x | Russell 2000® | Strategy | 600 Pure | 400 Pure | Pure Growth | 600 Pure Value | |||||||||||||||||||||||
Strategy Fund | Fund | Fund | Growth Fund | Growth Fund | Fund | Fund | |||||||||||||||||||||||
Purchases | $ | 6,557,002 | $ | 17,278,722 | $ | — | $ | 102,147,643 | $ | 175,470,671 | $ | 25,250,731 | $ | 329,008,935 | |||||||||||||||
Sales | $ | 8,037,922 | $ | 24,470,278 | $ | — | $ | 99,308,508 | $ | 161,055,819 | $ | 36,196,898 | $ | 157,896,342 | |||||||||||||||
S&P MidCap | S&P 500 | Strengthening | Weakening | Real | |||||||||||||||||||||||||
400 Pure | Pure Value | Europe 1.25x | Japan 2x | Dollar 2x | Dollar 2x | Estate | |||||||||||||||||||||||
Value Fund | Fund | Strategy Fund | Strategy Fund | Strategy Fund | Strategy Fund | Fund | |||||||||||||||||||||||
Purchases | $ | 130,945,434 | $ | 141,957,814 | $ | 42,414,575 | $ | — | $ | — | $ | — | $ | 78,249,532 | |||||||||||||||
Sales | $ | 29,340,060 | $ | 47,645,880 | $ | 30,035,113 | $ | — | $ | — | $ | — | $ | 53,702,105 | |||||||||||||||
Government | Inverse | U.S. | |||||||||||||||||||||||||||
Long Bond | Government | Inverse | Government | ||||||||||||||||||||||||||
1.2x Strategy | Long Bond | High Yield | High Yield | Money Market | |||||||||||||||||||||||||
Fund | Strategy Fund | Strategy Fund | Strategy Fund | Fund | |||||||||||||||||||||||||
Purchases | $ | 1,511,503,685 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Sales | $ | 1,334,432,077 | $ | — | $ | — | $ | — | $ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 159 |
NOTES TO FINANCIAL STATEMENTS (continued)
10. Share Transactions
The Trust is authorized to issue an unlimited number of shares (no par value). Transactions in shares for the periods presented were:
Shares Purchased through Dividend | ||||||||||||||||||||||||||||||||
Shares Purchased | Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
Nova Fund | ||||||||||||||||||||||||||||||||
Investor Class | 7,317,441 | 13,957,780 | — | 18,122 | (7,503,427) | (13,974,154) | (185,986) | 1,748 | ||||||||||||||||||||||||
Advisor Class | 1,353,706 | 3,832,611 | — | 4,564 | (1,804,815) | (3,602,867) | (451,109) | 234,308 | ||||||||||||||||||||||||
A-Class | 540,873 | 1,868,770 | — | 2,421 | (402,430) | (2,010,989) | 138,443 | (139,798) | ||||||||||||||||||||||||
C-Class | 246,310 | 849,660 | — | 7,432 | (359,039) | (1,194,431) | (112,729) | (337,339) | ||||||||||||||||||||||||
S&P 500 Fund | ||||||||||||||||||||||||||||||||
A-Class | 1,931,716 | 4,008,263 | — | 1,157 | (1,767,394) | (2,237,667) | 164,322 | 1,771,753 | ||||||||||||||||||||||||
C-Class | 3,863,243 | 8,742,411 | — | 1,162 | (3,810,444) | (8,577,798) | 52,799 | 165,775 | ||||||||||||||||||||||||
H-Class | 20,233,941 | 45,822,717 | — | 12,067 | (24,185,054) | (40,024,348) | (3,951,113) | 5,810,436 | ||||||||||||||||||||||||
Inverse S&P 500 Strategy Fund | ||||||||||||||||||||||||||||||||
Investor Class | 11,623,978 | 16,676,609 | — | 50,442 | (11,942,685) | (18,288,286) | (318,707) | (1,561,235) | ||||||||||||||||||||||||
Advisor Class | 504,052 | 2,190,590 | — | 5,728 | (634,563) | (2,190,297) | (130,511) | 6,021 | ||||||||||||||||||||||||
A-Class | 1,036,640 | 1,532,101 | — | 4,348 | (1,051,960) | (1,424,211) | (15,320) | 112,238 | ||||||||||||||||||||||||
C-Class | 835,270 | 2,342,583 | — | 5,283 | (721,374) | (2,823,949) | 113,896 | (476,083) | ||||||||||||||||||||||||
NASDAQ-100® Fund | ||||||||||||||||||||||||||||||||
Investor Class | 42,266,589 | 53,894,562 | — | — | (44,559,891) | (58,410,551) | (2,293,302) | (4,515,989) | ||||||||||||||||||||||||
Advisor Class | 7,359,749 | 11,376,095 | — | — | (7,288,137) | (10,385,688) | 71,612 | 990,407 | ||||||||||||||||||||||||
A-Class | 906,657 | 838,778 | — | — | (507,189) | (969,858) | 399,468 | (131,080) | ||||||||||||||||||||||||
C-Class | 1,313,644 | 12,513,645 | — | — | (1,301,363) | (12,607,723) | 12,281 | (94,078) | ||||||||||||||||||||||||
Inverse NASDAQ-100® Strategy Fund | ||||||||||||||||||||||||||||||||
Investor Class | 7,185,751 | 7,845,903 | — | 15,809 | (7,011,189) | (9,331,826) | 174,562 | (1,470,114) | ||||||||||||||||||||||||
Advisor Class | 269,876 | 162,288 | — | 310 | (266,342) | (323,326) | 3,534 | (160,728) | ||||||||||||||||||||||||
A-Class | 352,026 | 677,075 | — | 3,543 | (393,185) | (672,388) | (41,159) | 8,230 | ||||||||||||||||||||||||
C-Class | 322,586 | 2,838,716 | — | 2,457 | (272,755) | (3,096,091) | 49,831 | (254,918) | ||||||||||||||||||||||||
Mid-Cap 1.5x Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 27,292 | 153,730 | — | 3,284 | (59,282) | (124,485) | (31,990) | 32,529 | ||||||||||||||||||||||||
C-Class | 463,054 | 696,274 | — | 22,959 | (519,044) | (755,372) | (55,990) | (36,139) | ||||||||||||||||||||||||
H-Class | 3,483,907 | 6,762,134 | — | 72,774 | (3,900,642) | (6,368,183) | (416,735) | 466,725 | ||||||||||||||||||||||||
Inverse Mid-Cap Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 63,902 | 40,828 | — | 5 | (9,381) | (55,899) | 54,521 | (15,066) | ||||||||||||||||||||||||
C-Class | 63,651 | 177,660 | — | 9 | (55,135) | (211,841) | 8,516 | (34,172) | ||||||||||||||||||||||||
H-Class | 995,028 | 2,422,094 | — | 657 | (1,056,506) | (3,528,331) | (61,478) | (1,105,580) | ||||||||||||||||||||||||
Russell 2000® 1.5x Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 83,119 | 205,364 | — | — | (66,751) | (310,754) | 16,368 | (105,390) | ||||||||||||||||||||||||
C-Class | 384,540 | 657,620 | — | — | (439,159) | (770,248) | (54,619) | (112,628) | ||||||||||||||||||||||||
H-Class | 3,022,450 | 6,191,385 | — | — | (3,286,236) | (5,567,927) | (263,786) | 623,458 | ||||||||||||||||||||||||
Russell 2000® Fund | ||||||||||||||||||||||||||||||||
A-Class | 320,500 | 761,966 | — | — | (341,829) | (639,227) | (21,329) | 122,739 | ||||||||||||||||||||||||
C-Class | 2,429,339 | 2,860,982 | — | — | (2,479,955) | (2,738,477) | (50,616) | 122,505 | ||||||||||||||||||||||||
H-Class | 3,833,730 | 12,915,647 | — | — | (4,677,203) | (11,712,129) | (843,473) | 1,203,518 |
160 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
Shares Purchased through Dividend | ||||||||||||||||||||||||||||||||||
Shares Purchased | Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||||
2009† | 2009 | 2009† | 2009 | 2009† | 2009 | 2009† | 2009 | |||||||||||||||||||||||||||
Inverse Russell 2000® Strategy Fund | ||||||||||||||||||||||||||||||||||
A-Class | 239,716 | 223,071 | — | 983 | (246,663) | (350,718) | (6,947) | (126,664) | ||||||||||||||||||||||||||
C-Class | 189,688 | 1,639,047 | — | 507 | (172,113) | (1,754,220) | 17,575 | (114,666) | ||||||||||||||||||||||||||
H-Class | 2,072,077 | 3,519,602 | — | 2,954 | (2,183,533) | (3,984,669) | (111,456) | (462,113) | ||||||||||||||||||||||||||
S&P SmallCap 600 Pure Growth Fund | ||||||||||||||||||||||||||||||||||
A-Class | 107,117 | 39,374 | — | — | (6,774) | (103,117) | 100,343 | (63,743) | ||||||||||||||||||||||||||
C-Class | 263,114 | 1,448,507 | — | — | (237,576) | (1,500,177) | 25,538 | (51,670) | ||||||||||||||||||||||||||
H-Class | 5,199,035 | 3,355,554 | — | — | (5,297,497) | (3,005,373) | (98,462) | 350,181 | ||||||||||||||||||||||||||
S&P MidCap 400 Pure Growth Fund | ||||||||||||||||||||||||||||||||||
A-Class | 45,096 | 258,261 | — | — | (40,797) | (363,473) | 4,299 | (105,212) | ||||||||||||||||||||||||||
C-Class | 373,958 | 2,559,586 | — | — | (462,627) | (2,415,961) | (88,669) | 143,625 | ||||||||||||||||||||||||||
H-Class | 8,441,934 | 16,292,819 | — | — | (7,879,272) | (15,967,446) | 562,662 | 325,373 | ||||||||||||||||||||||||||
S&P 500 Pure Growth Fund | ||||||||||||||||||||||||||||||||||
A-Class | 41,877 | 387,434 | — | — | (141,329) | (455,867) | (99,452) | (68,433) | ||||||||||||||||||||||||||
C-Class | 96,423 | 1,436,891 | — | — | (121,930) | (1,481,168) | (25,507) | (44,277) | ||||||||||||||||||||||||||
H-Class | 1,532,305 | 5,062,418 | — | — | (1,994,975) | (4,746,723) | (462,670) | 315,695 | ||||||||||||||||||||||||||
S&P SmallCap 600 Pure Value Fund | ||||||||||||||||||||||||||||||||||
A-Class | 198,650 | 96,193 | — | 248 | (63,613) | (200,264) | 135,037 | (103,823) | ||||||||||||||||||||||||||
C-Class | 324,609 | 822,870 | — | 895 | (201,142) | (1,304,886) | 123,467 | (481,121) | ||||||||||||||||||||||||||
H-Class | 20,967,975 | 6,569,449 | — | 14,402 | (14,336,948) | (6,586,735) | 6,631,027 | (2,884) | ||||||||||||||||||||||||||
S&P MidCap 400 Pure Value Fund | ||||||||||||||||||||||||||||||||||
A-Class | 16,717 | 65,966 | — | — | (9,327) | (152,759) | 7,390 | (86,793) | ||||||||||||||||||||||||||
C-Class | 166,115 | 631,011 | — | — | (117,881) | (620,858) | 48,234 | 10,153 | ||||||||||||||||||||||||||
H-Class | 6,377,111 | 1,928,186 | — | — | (2,160,861) | (1,855,884) | 4,216,250 | 72,302 | ||||||||||||||||||||||||||
S&P 500 Pure Value Fund | ||||||||||||||||||||||||||||||||||
A-Class | 7,120 | 38,296 | †† | — | 493 | †† | (29,245) | (75,764) | †† | (22,125) | (36,975) | †† | ||||||||||||||||||||||
C-Class | 115,978 | 288,157 | †† | — | 30,218 | †† | (255,085) | (303,983) | †† | (139,107) | 14,392 | †† | ||||||||||||||||||||||
H-Class | 3,028,499 | 3,472,707 | †† | — | 26,885 | †† | (2,040,958) | (3,556,340) | †† | 987,541 | (56,748) | †† | ||||||||||||||||||||||
Europe 1.25x Strategy Fund | ||||||||||||||||||||||||||||||||||
A-Class | 13,572 | 14,514 | — | — | (16,306) | (55,391) | (2,734) | (40,877) | ||||||||||||||||||||||||||
C-Class | 3,411,326 | 5,001,051 | — | — | (3,264,287) | (5,197,539) | 147,039 | (196,488) | ||||||||||||||||||||||||||
H-Class | 9,110,583 | 6,359,283 | — | — | (8,253,549) | (6,766,252) | 857,034 | (406,969) | ||||||||||||||||||||||||||
Japan 2x Strategy Fund | ||||||||||||||||||||||||||||||||||
A-Class | 199,938 | 159,701 | — | 65 | (191,541) | (151,846) | 8,397 | 7,920 | ||||||||||||||||||||||||||
C-Class | 1,581,041 | 1,352,650 | — | 16 | (1,598,860) | (1,263,839) | (17,819) | 88,827 | ||||||||||||||||||||||||||
H-Class | 1,968,059 | 4,691,011 | — | 274 | (2,355,923) | (4,174,985) | (387,864) | 516,300 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 161 |
NOTES TO FINANCIAL STATEMENTS (continued)
Shares Purchased through Dividend | ||||||||||||||||||||||||||||||||
Shares Purchased | Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
Strengthening Dollar 2x Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 434,314 | 2,250,634 | — | 188,587 | (420,586) | (2,207,727) | 13,728 | 231,494 | ||||||||||||||||||||||||
C-Class | 4,520,753 | 7,389,634 | — | 129,853 | (4,247,978) | (7,533,854) | 272,775 | (14,367) | ||||||||||||||||||||||||
H-Class | 11,923,210 | 26,299,904 | — | 879,991 | (11,760,702) | (27,510,577) | 162,508 | (330,682) | ||||||||||||||||||||||||
Weakening Dollar 2x Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 1,263,189 | 1,926,838 | — | 94,540 | (867,820) | (1,701,240) | 395,369 | 320,138 | ||||||||||||||||||||||||
C-Class | 2,469,194 | 2,363,700 | — | 102,981 | (2,319,862) | (2,671,722) | 149,332 | (205,041) | ||||||||||||||||||||||||
H-Class | 13,570,708 | 16,932,375 | — | 413,548 | (14,026,849) | (17,216,007) | (456,141) | 129,916 | ||||||||||||||||||||||||
Real Estate Fund | ||||||||||||||||||||||||||||||||
A-Class | 345,906 | 872,029 | — | 9,833 | (281,066) | (849,110) | 64,840 | 32,752 | ||||||||||||||||||||||||
C-Class | 1,764,935 | 1,290,931 | — | 2,851 | (1,789,099) | (1,279,430) | (24,164) | 14,352 | ||||||||||||||||||||||||
H-Class | 4,196,752 | 6,263,460 | — | 9,690 | (3,017,711) | (6,572,613) | 1,179,041 | (299,463) | ||||||||||||||||||||||||
Government Long Bond 1.2x Strategy Fund | ||||||||||||||||||||||||||||||||
Investor Class | 109,487,216 | 70,222,148 | 186,035 | 71,093 | (95,690,141) | (69,751,014) | 13,983,110 | 542,227 | ||||||||||||||||||||||||
Advisor Class | 29,339,879 | 46,248,046 | 16,193 | 34,434 | (29,206,761) | (47,854,383) | 149,311 | (1,571,903) | ||||||||||||||||||||||||
A-Class | 747,197 | 2,180,623 | 7,207 | 30,651 | (916,941) | (3,130,595) | (162,537) | (919,321) | ||||||||||||||||||||||||
C-Class | 6,289,422 | 10,362,493 | 6,884 | 10,619 | (5,384,034) | (10,502,327) | 912,272 | (129,215) | ||||||||||||||||||||||||
Inverse Government Long Bond Strategy Fund | ||||||||||||||||||||||||||||||||
Investor Class | 34,269,559 | 71,208,967 | — | — | (33,185,364) | (65,153,661) | 1,084,195 | 6,055,306 | ||||||||||||||||||||||||
Advisor Class | 51,305,529 | 35,032,129 | — | — | (49,061,891) | (33,834,671) | 2,243,638 | 1,197,458 | ||||||||||||||||||||||||
A-Class | 3,184,832 | 5,676,955 | — | — | (3,013,275) | (3,758,321) | 171,557 | 1,918,634 | ||||||||||||||||||||||||
C-Class | 4,931,692 | 8,284,450 | — | — | (4,380,128) | (6,191,247) | 551,564 | 2,093,203 | ||||||||||||||||||||||||
High Yield Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 353,625 | 7,450,347 | — | 52,184 | (459,548) | (7,590,171) | (105,923) | (87,640) | ||||||||||||||||||||||||
C-Class | 767,012 | 1,068,221 | — | 6,627 | (767,268) | (1,007,804) | (256) | 67,044 | ||||||||||||||||||||||||
H-Class | 12,100,126 | 53,732,294 | — | 119,641 | (25,865,188) | (42,074,924) | (13,765,062) | 11,777,011 | ||||||||||||||||||||||||
Inverse High Yield Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 60,268 | 237,851 | — | 206 | (67,957) | (229,380) | (7,689) | 8,677 | ||||||||||||||||||||||||
C-Class | 108,570 | 55,188 | — | 1,054 | (87,473) | (98,224) | 21,097 | (41,982) | ||||||||||||||||||||||||
H-Class | 2,132,662 | 6,462,859 | — | 14,759 | (2,195,570) | (6,355,101) | (62,908) | 122,517 | ||||||||||||||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||||||||||||||||
Investor Class | 7,347,160,380 | 14,234,678,742 | 28,988 | 10,640,857 | (7,534,007,307) | (14,109,618,443) | (186,817,939) | 135,701,156 | ||||||||||||||||||||||||
Investor2 Class* | 82,253,119 | — | 538 | — | (19,676,171) | — | 62,577,486 | — | ||||||||||||||||||||||||
Advisor Class | 7,997,557,402 | 5,683,851,096 | 9,577 | 1,238,606 | (7,919,380,216) | (5,502,840,798) | 78,186,763 | 182,248,904 | ||||||||||||||||||||||||
A-Class | 55,950,777 | 167,289,290 | 1,186 | 265,875 | (66,690,003) | (139,658,664) | (10,738,040) | 27,896,501 | ||||||||||||||||||||||||
C-Class | 704,138,146 | 1,495,568,434 | 3,361 | 318,248 | (736,009,146) | (1,481,940,632) | (31,867,639) | 13,946,050 |
* | Since the commencement of operations: July 10, 2009. | |
† | Unaudited | |
†† | Share amounts have been restated to reflect a 1:5 reverse share split effective April 20, 2009. |
162 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
11. Participation in the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds
U.S. Government Money Market Fund (the “Fund”) filed a Guarantee Agreement with the United States Department of the Treasury (the “Treasury”) to participate in the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”). Under the Program, the Treasury guaranteed the share price of shares of the Fund held by shareholders as of September 19, 2008 at $1.00 per share if the Fund’s net asset value per share fell below $0.995 (a “Guarantee Event”) and the Fund liquidates.
Participation in the initial three months of the Program required a payment to the Treasury in the amount of .01% of the value of all shares outstanding as of September 19, 2008. Continued participation in the Program through April 30, 2009 required an additional payment to the Treasury in the amount of .015% of the value of all shares outstanding as of September 19, 2008, which were both paid by the Fund. The Secretary of the Treasury extended the Program to September 18, 2009’s close of business, but the Fund chose not to participate past the April 30, 2009 extension.
12. Line of Credit
The Trust has secured an uncommitted, $75,000,000 line of credit with U.S. Bank, N.A. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly. The maximum loan amount outstanding should not exceed 33 1/3% of the market value of the assets of securities belonging to a Fund on any given day. This line of credit expires on June 15, 2010. At September 30, 2009, the Funds did not have any outstanding borrowings under this agreement.
13. New Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification™ (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC become effective for financial statements issued for interim and annual periods ending after September 15, 2009. The ASC did not have a material effect on the Funds’ financial statements.
14. Name Changes
Effective May 1, 2009, the Small-Cap Value Fund, Mid-Cap Value Fund, Large-Cap Value Fund, Small-Cap Growth Fund, Mid-Cap Growth Fund, and Large-Cap Growth Fund changed their Fund names to S&P SmallCap 600 Pure Value Fund, S&P MidCap 400 Pure Value Fund, S&P 500 Pure Value Fund, S&P SmallCap 600 Pure Growth Fund, S&P MidCap 400 Pure Growth Fund, and S&P 500 Pure Growth Fund, respectively. The name change did not have any impact on the Funds’ investment objectives, tickers and CUSIPS.
15. Reverse Share Splits
Effective April 20, 2009, the S&P 500 Pure Value Fund underwent a 1-for-5 reverse share split. The effect of this transaction was to divide the number of outstanding shares of the Fund by five, resulting in a corresponding increase in the net asset value per share. The share transactions presented in Note 10 for March 31, 2009, and the per share data in the financial highlights for March 31, 2009 and any prior periods have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
16. Subsequent Events
Management has evaluated events or transactions that may have occurred since September 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through November 23, 2009, the date the financial statements were available to be issued and there were no events or transactions to be reported.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 163 |
OTHER INFORMATION (Unaudited)
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended September 30 is available without charge, upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
Rydex Investments Board Review and Approval of the Investment Advisory Agreement
The Investment Company Act of 1940 (the “1940 Act”) requires that the initial approval of, as well as the continuation of, a fund’s investment advisory agreement be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. In addition, the Securities and Exchange Commission (the “SEC”) takes the position that, as part of their fiduciary duties with respect to fund fees, fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.
Consistent with these responsibilities, the Rydex Series Funds Board of Trustees (the “Board”) generally calls and holds one meeting each year that is dedicated to considering whether to renew the investment advisory agreement between Rydex Series Funds (the “Trust”) and PADCO Advisors, Inc., which does business under the name Rydex Investments (“Rydex Investments”), (the “Current Agreement”) with respect to existing funds in the Trust, including the funds discussed in this Semi-Annual Report (each a “Fund” and collectively, the “Funds”), and to reviewing certain other agreements pursuant to which Rydex Investments provides investment advisory services to certain other registered investment companies. In preparation for the meeting, the Board requests and reviews a wide variety of materials provided by Rydex Investments, including information about Rydex Investments’ affiliates, personnel and operations. The Board also receives data provided by third parties, especially with regard to fund sub-advisory agreements. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and performance. The Board also receives a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory and sub-advisory agreements. In addition, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of fund management, and participate in question and answer sessions with representatives of Rydex Investments.
At an in-person meeting held on August 25, 2009, called for the purpose of among other things, voting on the renewal of the investment advisory and sub-advisory agreements applicable to the Funds, the Board, including all the Independent Trustees (the “Annual Renewal Meeting”), considered and approved the selection of Rydex Investments as the Funds’ investment advisor and the continuance of the Current Agreement and sub-advisory agreement for an additional one-year period, based on its review of qualitative and quantitative information provided by Rydex Investments.
Board Considerations in Approving the Continuation of the Current Agreement
In preparation for the Annual Renewal Meeting, the Board requested and received written materials from Rydex Investments about: (a) the quality of Rydex Investments’ investment management and other services; (b) Rydex Investments’ investment management personnel; (c) Rydex Investments’ operations and financial condition; (d) Rydex Investments’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that Rydex Investments charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of Rydex Investments’ profitability from its Fund-related operations; (h) Rydex Investments’ compliance systems; (i) Rydex Investments’ policies on and compliance procedures for personal securities transactions; (j) Rydex Investments’
164 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
OTHER INFORMATION (Unaudited) (continued)
reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Certain of these considerations are discussed in more detail below. In its deliberations at the Annual Renewal Meeting, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations and its evaluation of the information referenced above and described in more detail below, the Board, including all of the Independent Trustees, unanimously: (a) concluded that terms of the Current Agreement are fair and reasonable; (b) concluded that Rydex Investments’ fees were reasonable in light of the services that Rydex Investments provides to the Funds; and (c) agreed to renew the Current Agreement for an additional one-year term.
In approving the continuation of the Current Agreement at the Annual Renewal Meeting, the Board, including the Independent Trustees advised by independent counsel, considered the factors discussed below.
Nature, Extent And Quality Of Services Provided By Rydex Investments
At the Annual Renewal Meeting, the Board reviewed the scope of services to be provided by Rydex Investments under the Current Agreement and noted that there would be no significant differences between the scope of services required to be provided by Rydex Investments for the past year and the scope of services required to be provided by Rydex Investments for the upcoming year. In reviewing the scope of services provided to the Funds by Rydex Investments, the Board reviewed and discussed Rydex Investments’ investment experience, noting that Rydex Investments and its affiliates have committed significant resources over time to the support of the Funds. The Board also considered Rydex Investments’ compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that Rydex Investments provides information regarding the portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. In addition to the above considerations, the Board reviewed and considered Rydex Investments’ investment processes and strategies, and matters related to Rydex Investments’ portfolio transaction policies and procedures. With respect to those Funds that invest in unaffiliated ETFs in reliance on exemptive orders pursuant to Section 12(d)(1), the Board considered and determined that the advisory fees charged under the Current Agreements are based on services provided that will be in addition to, rather than duplicative of, the services provides under the investment advisory agreement of any ETF in which the Funds are invested. In particular, the Board recognized that Rydex Investments must manage a Fund’s investment in an unaffiliated ETF in the same manner as other investments in the Fund’s portfolio in order to ensure that the Fund achieves its investment objective. Thus, a Fund’s investment in an unaffiliated ETF does not alleviate Rydex Investments’ duties and responsibilities as investment adviser to the Fund. The Board also noted the substantial volume of portfolio trades and shareholder transaction activity, in general, processed by Rydex Investments due to the unlimited exchange policy of the majority of the Funds. The Board further noted that the Funds have consistently met their investment objectives since their respective inception dates. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by Rydex Investments to the Funds under the Current Agreement were appropriate and continued to support the Board’s original selection of Rydex Investments as investment adviser to the Funds
Fund Expenses And Performance Of The Funds And Rydex Investments
At the Annual Renewal Meeting, the Board reviewed statistical information prepared by Rydex Investments regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act determined by Rydex Investments to comprise each Fund’s applicable peer group. Because few funds seek to provide unlimited exchange privileges similar to those of the majority of the Funds, some of the Funds’ applicable peer group is generally limited to the funds of two unaffiliated mutual fund families. In addition, the Board reviewed statistical information prepared by Rydex Investments relating to the performance of each Fund, as well as each Fund’s ability to successfully track its benchmark over time, and a comparison of each Fund’s performance to funds with similar investment objectives for the same periods and to appropriate indices/benchmarks, in light of total return, yield and market trends. The Board further noted that despite the unique nature of the Funds, the peer fund information presented to the Board was meaningful because the peer funds’ investment objectives and strategies were closely aligned with those of the Funds. The Board noted that most of the Funds either outperformed their peer funds or performed in line with them over relevant periods. The Board also noted that the investment advisory fees for the Funds were equivalent to those of their peers and that the overall expenses for the Funds were only slightly higher than the total expenses of the peer funds, due in part to differing share classes and distribution fees. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of the Funds, as managed by Rydex Investments, as compared to the investment advisory fees and expense levels and performance of the peer funds, were satisfactory for the purposes of approving the continuance of the Current Agreement.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 165 |
OTHER INFORMATION (Unaudited) (concluded)
Costs Of Services Provided To The Funds And Profits Realized By Rydex Investments And Its Affiliates
At the Annual Renewal Meeting, the Board reviewed information about the profitability of the Funds to Rydex Investments based on the advisory fees payable under the Current Agreement for the last calendar year. Rydex Investments also presented the Board with material discussing its methodology for determining the level of advisory fees assessable to the Funds. The Board analyzed the Funds’ expenses, including the investment advisory fees paid to Rydex Investments. The Board also reviewed information regarding direct revenue received by Rydex Investments and ancillary revenue received by Rydex Investments and/or its affiliates in connection with the services provided to the Funds by Rydex Investments (as discussed below) and/or its affiliates. The Board also discussed Rydex Investments’ profit margin as reflected in Rydex Investments’ profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by Rydex Investments and its affiliates under the Current Agreement and from other relationships between the Funds and Rydex Investments and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
Economies Of Scale
In connection with its review of the Funds’ profitability analysis at the Annual Renewal Meeting, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Current Agreement did not provide for any breakpoints in the investment advisory fees as a result of increases in the asset levels of the Funds. The Board also noted that though Rydex Investments’ assets under management were significant, the amount is spread among more than 100 Funds. Further limiting the realization of economies of scale, is the ability of shareholders of many of the Funds to engage in unlimited trading. The Board also reviewed and considered Rydex Investments’ historic profitability as investment adviser to the Funds and determined that reductions in advisory fees or additions of breakpoints were not warranted at this juncture. Based on this review, the Board, recognizing its responsibility to consider this issue at least annually, determined that the economies of scale, if any, were de minimis.
Other Benefits To Rydex Investments And/Or Its Affiliates
At the Annual Renewal Meeting, in addition to evaluating the services provided by Rydex Investments, the Board also considered the nature, extent, quality and cost of the administrative, distribution, and shareholder services performed by Rydex Investments’ affiliates under separate agreements. The Board noted that Rydex Investments reports its use of soft dollars to the Board on a quarterly basis, as well as any portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or Rydex Investments pursuant to Rule 17e-1 under the 1940 Act. Based on its review, the Board concluded that the nature and quality of the services provided by Rydex Investments’ affiliates to each Trust will benefit the Funds’ shareholders, and that any ancillary benefits would not be disadvantageous to the Funds’ shareholders, particularly in light of the Board’s view that the Funds’ shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment strategies and services.
166 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
A Board of Trustees oversees all Rydex Investments, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 1-800-820-0888.
All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.
INDEPENDENT TRUSTEES
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Over seen | ||
John O. Demaret | Rydex Series Funds – 1997 | 151 | ||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||
Board (1940) | Rydex Dynamic Funds – 1999 | |||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired
Corey A. Colehour | Rydex Series Funds – 1993 | 151 | ||
Trustee (1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired (2006 to present); Owner and President of Schield Management Company, registered investment adviser (2005 to 2006); Senior Vice President of Marketing and Co-Owner of Schield Management Company, registered investment adviser (1985 to 2005)
J. Kenneth Dalton | Rydex Series Funds – 1995 | 151 | ||
Trustee (1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Mortgage Banking Consultant and Investor, The Dalton Group
Werner E. Keller | Rydex Series Funds – 2005 | 151 | ||
Trustee (1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Retired (2001 to present); Chairman, Centurion Capital Management (1991 to 2001)
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 151 | ||
Trustee (1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: President, Global Trends Investments
Patrick T. McCarville | Rydex Series Funds – 1997 | 151 | ||
Trustee (1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Founder and Chief Executive Officer, Par Industries, Inc.
Roger Somers | Rydex Series Funds – 1993 | 151 | ||
Trustee (1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Owner, Arrow Limousine
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 167 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
TRUSTEE
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Over seen | ||
Carl G. Verboncoeur* | Rydex Series Funds – 2004 | 151 | ||
Trustee (1952) | Rydex Variable Trust – 2004 | |||
Rydex Dynamic Funds – 2004 | ||||
Rydex ETF Trust – 2004 |
Principal Occupations During Past Five Years: President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to 2009); Chief Executive Officer of Rydex Investments and Rydex Distributors, Inc. (2003 to 2009); Treasurer of Rydex Investments and Rydex Distributors, Inc. (2002 to 2009); Director of Rydex Investments and Rydex Distributors, Inc. (2008 to 2009); Treasurer of Rydex Specialized Products, LLC (2005 to 2009); Chief Executive Officer of Rydex Specialized Products, LLC (2005 to 2009); Manager, President, and Chief Executive Officer of Rydex Holdings, LLC (2008 to 2009)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Chief Executive Officer and Director of Rydex Investments (2009 to present); President, Chief Executive Officer and Director of Rydex Distributors, Inc. (2009 to present); President and Chief Executive Officer of Rydex Holdings, LLC (2009 to present); Senior Vice President of Security Benefit Corp. (2007 to present); Director of First Security Benefit Life and Annuity Insurance Company of New York (2007 to present); Director of Security Distributors, Inc. (2007 to present); President of Security Investors, LLC (2007 to present); Manager and President of Security Global Investors, LLC (2007 to present); Managing Member of R.M. Goldman Partners, LLC (2006 to 2007); President and Chief Executive Officer of FortsmannLeff Associates (2003 to 2005) | |
Michael P. Byrum* Vice President (1970) | Vice President of Rydex Series Funds (1997 to present); Vice President of Rydex Variable Trust (1998 to present); Vice President of Rydex Dynamic Funds (1999 to present); President of Rydex Investments (2004 to present); Chief Investment Officer of Rydex Investments (2006 to present); Secretary of Rydex Investments (2002 to present); Director of Rydex Investments (2008 to present); Chief Investment Officer of Rydex Holdings, LLC (2008 to present); Vice President of Rydex Distributors, Inc. (2009 to present); Manager of Rydex Specialized Products, LLC (2005 to present); Secretary of Rydex Specialized Products, LLC (2005 to 2008); Trustee of Rydex Series Funds, Rydex Variable Trust and Rydex Dynamic Funds (2005 to 2009); Vice President of Rydex ETF Trust (2002 to present); President and Trustee of Rydex Capital Partners SPhinX Fund (2003 to 2007) | |
Nick Bonos* Vice President and Treasurer (1963) | Vice President and Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to present); Senior Vice President of Rydex Investments (2006 to present); Chief Executive Officer of Rydex Specialized Products, LLC (2009 to present); Chief Financial Officer of Rydex Specialized Products, LLC (2005 to 2009); Vice President and Treasurer of Rydex Capital Partners SPhinX Fund (2003 to 2006) |
168 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
EXECUTIVE OFFICERS (concluded)
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Chief Compliance Officer of Rydex Series Funds, Rydex Variable Trust, and Rydex Dynamic Funds (2004 to present); Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds (2000 to present); Secretary of Rydex ETF Trust (2002 to present); Chief Compliance Officer of Rydex Investments (2005 to present) Vice President of Compliance of Rydex Investments (2006 to present); Director of Rydex Distributors, Inc. (2009 to present); Secretary of Rydex Capital Partners SPhinX Fund (2003 to 2006) | |
Keith Fletcher* Vice President (1958) | Vice President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Vice President of Rydex Investments (2009 to present); Vice President of Rydex Specialized Products, LLC (2009 to present); Vice President and Director of Rydex Distributors, Inc. (2009 to present); Vice President of Security Global Investors, LLC (2009 to present) | |
Amy Lee* Vice President and Assistant Secretary (1960) | Vice President and Assistant Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Secretary of Rydex Distributors, Inc. (2008 to present); Chief Compliance Officer of Rydex Distributors, Inc. (2008 to 2009); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Corp. (2005 to present); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Life Insurance Co. (2004 to present); Assistant General Counsel of First Security Benefit Life and Annuity Company of New York (2004 to present); Chief Compliance Officer and Secretary of Security Distributors, Inc. (2004 to present); Secretary of Security Global Investors, Inc. (2007 to present) | |
Joseph Arruda* Assistant Treasurer (1966) | Assistant Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Senior Vice President of Rydex Investments (2008 to present); Vice President of Rydex Investments (2004 to 2008); Manager and Chief Financial Officer of Rydex Specialized Products, LLC (2009 to present); Director of Accounting of Rydex Investments (2003 to 2004) | |
Paula Billos* Controller (1974) | Controller of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Director of Fund Administration of Rydex Investments (2001 to present) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Rydex Investments. |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 169 |
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9601 Blackwell Road, Suite 500
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
RBENF-SEMI-0909x0310
Rockville, MD 20850
www.rydex-sgi.com
800.820.0888
RBENF-SEMI-0909x0310
RYDEX BANKING FUND
RYDEX BASIC MATERIALS FUND
RYDEX BIOTECHNOLOGY FUND
RYDEX CONSUMER PRODUCTS FUND
RYDEX ELECTRONICS FUND
RYDEX ENERGY FUND
SEPTEMBER 30, 2009
RYDEX SERIES FUNDS SECTOR FUNDS SEMI-ANNUAL REPORT
RYDEX ENERGY SERVICES FUND
RYDEX FINANCIAL SERVICES FUND
RYDEX HEALTH CARE FUND
RYDEX INTERNET FUND
RYDEX LEISURE FUND
RYDEX PRECIOUS METALS FUND
RYDEX RETAILING FUND
RYDEX TECHNOLOGY FUND
RYDEX TELECOMMUNICATIONS FUND
RYDEX TRANSPORTATION FUND
RYDEX UTILITIES FUND
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TABLE OF CONTENTS
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 1 |
LETTER TO OUR SHAREHOLDERS
DEAR SHAREHOLDERS:
Nearly a year after the height of the financial crisis, the equity and credit markets are returning to more normal functioning. Fed chairman Ben Bernanke’s September 15 comment that “the recession is very likely over” seems to confirm the encouraging signs of the past six months. Overall, economic data suggest that the economy is emerging from the financial crisis and severe recession. Deflationary forces stemming from the financial crisis and economic slowdown are aggressively being countered by massive global efforts to ease monetary policy and create fiscal stimulus programs. But as unexpectedly lower demand for durable goods and a decrease over prior month’s existing home sales indicates, the road to recovery may still be a rough ride.
Continuing Fallout from 2008
Six months ago, the stock market began to climb back up from its lowest level in 12 years (reached March 9, 2009). For many, the spring surge gave hope for an end to the bear market that ravaged investors’ portfolios, but the deepest recession since the Great Depression would still leave its mark on the second and third quarters. As investors looked forward to putting 2008 far behind them, General Motors (“GM”) filed for bankruptcy on June 1 despite the interjection of more than $19.4 billion in federal help—and for the first time since 1925, GM was no longer part of the Dow Jones Industrial Average Index (“DJIA”) Second quarter GDP declined by a 1.0% annual rate, though recovering somewhat from the 6.4% contraction of the first quarter. According to Bloomberg, this quarterly drop in GDP was the fourth in a row, the longest contraction since quarterly records began in 1947. By the end of September, the U.S. unemployment rate climbed to 9.8%—the highest since June 1983. In the same breath as he suggested the recession’s end, Bernanke also cautioned that “it’s still going to feel like a very weak economy for some time.”
Cautious Optimism for Q4 and Beyond
The second and third quarters saw unprecedented growth in the stock market, kicked off in May by a report from payroll processor ADP that fewer jobs were lost in April than economists predicted. In May, the Treasury Department also released the results of the now infamous “bank stress tests,” allowing 10 major banks to pay back $68 billion in TARP money forced upon them earlier in the year. Existing home sales rose in July by 7.2%, while single-family housing starts rose 1.7% in July, the fifth straight month of increase. This larger than expected increase was followed by an unexpected drop in existing home sales in August. While there are signs of stabilization in the housing markets, recent economic reports suggest the recovery may be tepid at best. The index of U.S. leading indicators rose in August (0.6%) for the fifth straight month, though not by as much as in July (0.9%) or as expected (0.7%). Over the past six months, stock market fluctuations—as measured by the SPX Volatility Index, a measure of expected future volatility levels—have returned to more historically “normal” levels. Despite the impressive rally from its low point of 676.53 on March 9, 2009, the equity market—as measured by the S&P 500® Index—has declined 6.91% for the year period ending September 30, 2009.
Are we on the road to recovery? Clearly there are signs that point to an improving, or more specifically, a less negative economic environment. On the other hand, soft economic data in September showed us that excessive optimism is premature—the economy still has a long way to go. It is likely that we’ll continue to see volatility in the market as the economic situation moves from crisis to stabilization. While we are not out of the woods yet, improving market conditions should lead to better investment opportunities going forward.
2 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
LETTER TO OUR SHAREHOLDERS (concluded)
Moving Forward
From my perspective, every bear market—from the Great Depression to the tech bubble of the early 1990s—teaches investors the same valuable lesson: The need to diversify. Earlier this year, we integrated with Security Global Investors to become Rydex|SGI. This integration allows us to expand our current lineup of quantitatively managed, alternative and target beta funds to include actively managed global, growth, value and specialty fixed-income strategies. Simply put: We diversified our product offerings in order to position the company for future growth and to provide our clients with a wider array of investment strategies than ever before.
While this integration marks the firm’s evolution to a leading multi-discipline asset management firm, more importantly, we believe investors will be well served by the broader array of investment choices now available from Rydex|SGI.
We appreciate the trust that you have placed in our firm’s quality and integrity by investing with us. It is our goal to continue to offer you a wide variety of investment offerings to help you meet your financial goals.
Sincerely,
![-s- Michael Byrum](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612420.gif)
Michael Byrum
President & Chief Investment Officer
President & Chief Investment Officer
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 3 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2009 and ending September 30, 2009.
The following tables illustrate a Fund’s costs in two ways:
Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”
Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Certain retirement plans such as IRA, SEP, Roth IRA and 403(b) accounts are charged an annual $15 maintenance fee. Upon liquidating a retirement account, a $15 account-closing fee will be taken from the proceeds of the redemption.
The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.
Note that the expenses shown in the table are meant to highlight and help compare ongoing costs only and do not reflect any transactional costs which may be incurred by a Fund.
More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.
4 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 1. Based on actual Fund return | ||||||||||||||||
Banking Fund | ||||||||||||||||
Investor Class | 1.38% | $ | 1,000.00 | $ | 1,416.60 | $ | 8.36 | |||||||||
Advisor Class | 1.88% | 1,000.00 | 1,413.00 | 11.37 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,414.70 | 9.93 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,401.30 | 14.39 | ||||||||||||
Basic Materials Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,436.40 | 8.43 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,432.80 | 11.47 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,434.70 | 10.01 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,429.50 | 14.50 | ||||||||||||
Biotechnology Fund | ||||||||||||||||
Investor Class | 1.40% | 1,000.00 | 1,296.90 | 8.06 | ||||||||||||
Advisor Class | 1.90% | 1,000.00 | 1,292.80 | 10.92 | ||||||||||||
A-Class | 1.66% | 1,000.00 | 1,294.80 | 9.55 | ||||||||||||
C-Class | 2.41% | 1,000.00 | 1,290.00 | 13.84 | ||||||||||||
Consumer Products Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,264.50 | 7.89 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,261.10 | 10.66 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,262.50 | 9.24 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,258.20 | 13.47 | ||||||||||||
Electronics Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,458.50 | 8.51 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,454.40 | 11.57 | ||||||||||||
A-Class | 1.65% | 1,000.00 | 1,456.40 | 10.16 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,451.10 | 14.69 | ||||||||||||
Energy Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,403.30 | 8.31 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,399.80 | 11.31 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,401.80 | 9.81 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,396.40 | 14.30 | ||||||||||||
Energy Services Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,618.30 | 9.06 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,613.90 | 12.32 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,615.80 | 10.69 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,609.70 | 15.64 | ||||||||||||
Financial Services Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,564.60 | 8.94 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,560.50 | 12.07 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,563.10 | 10.47 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,556.90 | 15.32 | ||||||||||||
Health Care Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,228.60 | 7.77 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,225.90 | 10.55 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,228.30 | 9.16 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,223.30 | 13.32 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 5 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Internet Fund | ||||||||||||||||
Investor Class | 1.37% | $ | 1,000.00 | $ | 1,415.40 | $ | 8.30 | |||||||||
Advisor Class | 1.88% | 1,000.00 | 1,412.30 | 11.37 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,413.30 | 9.92 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,408.80 | 14.37 | ||||||||||||
Leisure Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,502.60 | 8.66 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,499.70 | 11.78 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,501.70 | 10.29 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,495.80 | 14.89 | ||||||||||||
Precious Metals Fund | ||||||||||||||||
Investor Class | 1.28% | 1,000.00 | 1,317.10 | 7.44 | ||||||||||||
Advisor Class | 1.79% | 1,000.00 | 1,313.80 | 10.38 | ||||||||||||
A-Class | 1.53% | 1,000.00 | 1,315.50 | 8.88 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,310.30 | 13.26 | ||||||||||||
Retailing Fund | ||||||||||||||||
Investor Class | 1.37% | 1,000.00 | 1,273.90 | 7.81 | ||||||||||||
Advisor Class | 1.87% | 1,000.00 | 1,272.00 | 10.65 | ||||||||||||
A-Class | 1.61% | 1,000.00 | 1,271.10 | 9.17 | ||||||||||||
C-Class | 2.37% | 1,000.00 | 1,266.40 | 13.47 | ||||||||||||
Technology Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,402.60 | 8.37 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,400.30 | 11.37 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,401.60 | 9.87 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,397.80 | 14.37 | ||||||||||||
Telecommunications Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,296.40 | 8.00 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,294.40 | 10.81 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,295.00 | 9.38 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,290.10 | 13.72 | ||||||||||||
Transportation Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,390.80 | 8.27 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,388.10 | 11.31 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,389.70 | 9.76 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,380.60 | 14.20 | ||||||||||||
Utilities Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,208.70 | 7.70 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,205.00 | 10.39 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,206.60 | 9.07 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,202.00 | 13.19 |
6 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||
Banking Fund | ||||||||||||||||
Investor Class | 1.38% | $ | 1,000.00 | $ | 1,018.15 | $ | 6.98 | |||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Basic Materials Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Biotechnology Fund | ||||||||||||||||
Investor Class | 1.40% | 1,000.00 | 1,018.05 | 7.08 | ||||||||||||
Advisor Class | 1.90% | 1,000.00 | 1,015.54 | 9.60 | ||||||||||||
A-Class | 1.66% | 1,000.00 | 1,016.75 | 8.39 | ||||||||||||
C-Class | 2.41% | 1,000.00 | 1,012.99 | 12.16 | ||||||||||||
Consumer Products Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Electronics Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.65% | 1,000.00 | 1,016.80 | 8.34 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Energy Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Energy Services Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Financial Services Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Health Care Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,015.59 | 9.55 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 7 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (concluded)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Internet Fund | ||||||||||||||||
Investor Class | 1.37% | $ | 1,000.00 | $ | 1,018.20 | $ | 6.93 | |||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Leisure Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Precious Metals Fund | ||||||||||||||||
Investor Class | 1.28% | 1,000.00 | 1,018.65 | 6.48 | ||||||||||||
Advisor Class | 1.79% | 1,000.00 | 1,016.09 | 9.05 | ||||||||||||
A-Class | 1.53% | 1,000.00 | 1,017.40 | 7.74 | ||||||||||||
C-Class | 2.29% | 1,000.00 | 1,013.59 | 11.56 | ||||||||||||
Retailing Fund | ||||||||||||||||
Investor Class | 1.37% | 1,000.00 | 1,018.20 | 6.93 | ||||||||||||
Advisor Class | 1.87% | 1,000.00 | 1,015.69 | 9.45 | ||||||||||||
A-Class | 1.61% | 1,000.00 | 1,017.00 | 8.14 | ||||||||||||
C-Class | 2.37% | 1,000.00 | 1,013.19 | 11.96 | ||||||||||||
Technology Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,015.59 | 9.55 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Telecommunications Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 | ||||||||||||
Transportation Fund | ||||||||||||||||
Investor Class | 1.38% | 1,000.00 | 1,018.15 | 6.98 | ||||||||||||
Advisor Class | 1.89% | 1,000.00 | 1,015.59 | 9.55 | ||||||||||||
A-Class | 1.63% | 1,000.00 | 1,016.90 | 8.24 | ||||||||||||
C-Class | 2.38% | 1,000.00 | 1,013.14 | 12.01 | ||||||||||||
Utilities Fund | ||||||||||||||||
Investor Class | 1.39% | 1,000.00 | 1,018.10 | 7.03 | ||||||||||||
Advisor Class | 1.88% | 1,000.00 | 1,015.64 | 9.50 | ||||||||||||
A-Class | 1.64% | 1,000.00 | 1,016.85 | 8.29 | ||||||||||||
C-Class | 2.39% | 1,000.00 | 1,013.09 | 12.06 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by number of days in current fiscal year. | |
† | Annualized |
8 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited)
BANKING FUND
OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the banking sector, including commercial banks (and their holding companies) and savings and loan institutions (“Banking Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612401.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 1, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | March 30, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Barclays PLC — SP ADR | 4.6 | % | ||
Bank of America Corp. | 4.6 | % | ||
HSBC Holdings PLC — SP ADR | 4.5 | % | ||
JPMorgan Chase & Co. | 4.5 | % | ||
Credit Suisse Group AG — SP ADR | 4.5 | % | ||
Wells Fargo & Co. | 4.4 | % | ||
U.S. Bancorp | 4.4 | % | ||
UBS AG — SP ADR | 4.3 | % | ||
PNC Financial Services Group, Inc. | 4.1 | % | ||
BB&T Corp. | 3.8 | % | ||
Top Ten Total | 43.7 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
BASIC MATERIALS FUND
OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in the mining, manufacture, or sale of basic materials, such as lumber, steel, iron, aluminum, concrete, chemicals and other basic building and manufacturing materials (“Basic Materials Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612402.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 14, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | May 3, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
BHP Billiton Ltd. — SP ADR | 4.3 | % | ||
Vale SA — SP ADR | 3.7 | % | ||
Rio Tinto PLC — SP ADR | 3.3 | % | ||
ArcelorMittal — SP ADR | 3.0 | % | ||
Monsanto Co. | 2.6 | % | ||
Dow Chemical Co. | 2.6 | % | ||
Barrick Gold Corp. | 2.3 | % | ||
Freeport-McMoRan Copper & Gold, Inc. | 2.3 | % | ||
Southern Copper Corp. | 2.3 | % | ||
E.I. du Pont de Nemours and Co. | 2.2 | % | ||
Top Ten Total | 28.6 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 9 |
FUND PROFILES (Unaudited) (continued)
BIOTECHNOLOGY FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the biotechnology industry, including companies involved in research and development, genetic or other biological engineering, and in the design, manufacture, or sale of related biotechnology products or services (“Biotechnology Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612403.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 1, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | March 30, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Amgen, Inc. | 10.0 | % | ||
Gilead Sciences, Inc. | 8.1 | % | ||
Celgene Corp. | 7.0 | % | ||
Genzyme Corp. | 5.1 | % | ||
Biogen Idec, Inc. | 5.0 | % | ||
Vertex Pharmaceuticals, Inc. | 3.4 | % | ||
Cephalon, Inc. | 2.7 | % | ||
Alexion Pharmaceuticals, Inc. | 2.6 | % | ||
Human Genome Sciences, Inc. | 2.5 | % | ||
Dendreon Corp. | 2.5 | % | ||
Top Ten Total | 48.9 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
CONSUMER PRODUCTS FUND
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in manufacturing finished goods and services both domestically and internationally (“Consumer Products Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612404.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | July 6, 1998 | |||
Advisor Class | August 17, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | July 24, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Procter & Gamble Co. | 7.1 | % | ||
Coca-Cola Co. | 6.1 | % | ||
Philip Morris International, Inc. | 5.5 | % | ||
PepsiCo, Inc. | 5.2 | % | ||
Unilever NV — SP ADR | 3.9 | % | ||
Diageo PLC — SP ADR | 3.4 | % | ||
Colgate-Palmolive Co. | 3.4 | % | ||
Altria Group, Inc. | 3.3 | % | ||
Kraft Foods, Inc. | 3.2 | % | ||
Kimberly-Clark Corp. | 2.7 | % | ||
Top Ten Total | 43.8 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
10 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
ELECTRONICS FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the electronics sector, including semiconductor manufacturers and distributors, and makers and vendors of other electronic components and devices (“Electronics Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612405.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 2, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | March 26, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Intel Corp. | 9.7 | % | ||
Taiwan Semiconductor Manufacturing | ||||
Company Ltd. — SP ADR | 7.1 | % | ||
Texas Instruments, Inc. | 5.0 | % | ||
Applied Materials, Inc. | 3.9 | % | ||
ASML Holding NV | 3.6 | % | ||
Broadcom Corp. — Class A | 3.5 | % | ||
Marvell Technology Group Ltd. | 3.2 | % | ||
NVIDIA Corp. | 2.9 | % | ||
Micron Technology, Inc. | 2.8 | % | ||
Analog Devices, Inc. | 2.7 | % | ||
Top Ten Total | 44.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
ENERGY FUND
OBJECTIVE: Seeks capital appreciation by investing in companies involved in the energy field, including the exploration, production, and development of oil, gas, coal and alternative sources of energy (“Energy Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612406.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 21, 1998 | |||
Advisor Class | May 5, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | April 19, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Exxon Mobil Corp. | 6.2 | % | ||
BP PLC — SP ADR | 4.5 | % | ||
Chevron Corp. | 4.2 | % | ||
Total SA — SP ADR | 4.2 | % | ||
Petroleo Brasileiro SA | 3.9 | % | ||
Royal Dutch Shell PLC — SP ADR | 3.6 | % | ||
Schlumberger Ltd. | 2.9 | % | ||
Occidental Petroleum Corp. | 2.9 | % | ||
ConocoPhillips | 2.9 | % | ||
Anadarko Petroleum Corp. | 2.2 | % | ||
Top Ten Total | 37.5 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 11 |
FUND PROFILES (Unaudited) (continued)
ENERGY SERVICES FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the energy services field, including those that provide services and equipment in the areas of oil, coal, and gas exploration and production (“Energy Services Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612407.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 2, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | March 30, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Schlumberger Ltd. | 10.0 | % | ||
Transocean Ltd. | 6.5 | % | ||
Halliburton Co. | 6.3 | % | ||
Tenaris SA — SP ADR | 6.0 | % | ||
National-Oilwell Varco, Inc. | 5.5 | % | ||
Weatherford International Ltd. | 4.6 | % | ||
Diamond Offshore Drilling, Inc. | 4.4 | % | ||
Baker Hughes, Inc. | 4.4 | % | ||
Noble Corp. | 4.0 | % | ||
Cameron International Corp. | 3.9 | % | ||
Top Ten Total | 55.6 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
FINANCIAL SERVICES FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the financial services sector (“Financial Services Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612408.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 2, 1998 | |||
Advisor Class | April 6, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | April 19, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Bank of America Corp. | 3.5 | % | ||
JPMorgan Chase & Co. | 3.4 | % | ||
HSBC Holdings PLC — SP ADR | 3.1 | % | ||
Wells Fargo & Co. | 2.8 | % | ||
Goldman Sachs Group, Inc. | 2.4 | % | ||
Barclays PLC — SP ADR | 2.2 | % | ||
Credit Suisse Group AG — SP ADR | 2.1 | % | ||
UBS AG — SP ADR | 2.0 | % | ||
U.S. Bancorp | 1.7 | % | ||
American Express Co. | 1.6 | % | ||
Top Ten Total | 24.8 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
12 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
HEALTH CARE FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the health care industry (“Health Care Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612409.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 17, 1998 | |||
Advisor Class | May 11, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | March 30, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Johnson & Johnson | 4.0 | % | ||
Novartis AG — SP ADR | 3.8 | % | ||
Pfizer, Inc. | 3.3 | % | ||
Sanofi-Aventis — SP ADR | 3.2 | % | ||
GlaxoSmithKline PLC — SP ADR | 3.1 | % | ||
Abbott Laboratories | 2.8 | % | ||
Merck & Company, Inc. | 2.6 | % | ||
Wyeth | 2.5 | % | ||
AstraZeneca PLC — SP ADR | 2.4 | % | ||
Amgen, Inc. | 2.4 | % | ||
Top Ten Total | 30.1 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
INTERNET FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that provide products or services designed for or related to the Internet (“Internet Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612410.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 6, 2000 | |||
Advisor Class | April 6, 2000 | |||
A-Class | September 1, 2004 | |||
C-Class | April 19, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Cisco Systems, Inc. | 10.7 | % | ||
Google, Inc. — Class A | 10.2 | % | ||
Qualcomm, Inc. | 7.3 | % | ||
Amazon.com, Inc. | 5.7 | % | ||
Time Warner, Inc. | 5.2 | % | ||
Research In Motion Ltd. | 5.1 | % | ||
Yahoo!, Inc. | 4.4 | % | ||
eBay, Inc. | 4.3 | % | ||
Juniper Networks, Inc. | 3.3 | % | ||
Broadcom Corp. — Class A | 3.3 | % | ||
Top Ten Total | 59.5 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 13 |
FUND PROFILES (Unaudited) (continued)
LEISURE FUND
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in leisure and entertainment businesses (“Leisure Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612411.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | June 3, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | May 3, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
McDonald’s Corp. | 6.3 | % | ||
Walt Disney Co. | 5.9 | % | ||
Time Warner, Inc. | 4.8 | % | ||
News Corp. | 4.2 | % | ||
Carnival Corp. | 4.0 | % | ||
Starbucks Corp. | 3.7 | % | ||
Las Vegas Sands Corp. | 3.5 | % | ||
Viacom, Inc. — Class B | 3.5 | % | ||
Activision Blizzard, Inc. | 3.2 | % | ||
Yum! Brands, Inc. | 3.2 | % | ||
Top Ten Total | 42.3 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
PRECIOUS METALS FUND
OBJECTIVE: Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector, including exploration, mining, production and development, and other precious metals-related services (“Precious Metals Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612412.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | December 1, 1993 | |||
Advisor Class | August 1, 2003 | |||
A-Class | September 1, 2004 | |||
C-Class | April 27, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Freeport-McMoRan Copper & Gold, Inc. | 15.0 | % | ||
Barrick Gold Corp. | 7.7 | % | ||
Goldcorp, Inc. | 7.5 | % | ||
Newmont Mining Corp. | 7.2 | % | ||
Agnico-Eagle Mines Ltd. | 6.2 | % | ||
Yamana Gold, Inc. | 4.3 | % | ||
Kinross Gold Corp. | 4.1 | % | ||
Randgold Resources Ltd. — SP ADR | 4.1 | % | ||
AngloGold Ashanti Ltd. — SP ADR | 3.9 | % | ||
Silver Wheaton Corp. | 3.9 | % | ||
Top Ten Total | 63.9 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
14 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
RETAILING FUND
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in merchandising finished goods and services, including department stores, mail order operations and other companies involved in selling products to consumers (“Retailing Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612413.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 21, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | May 9, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Wal-Mart Stores, Inc. | 8.2 | % | ||
CVS Caremark Corp. | 4.4 | % | ||
Home Depot, Inc. | 4.1 | % | ||
Walgreen Co. | 4.0 | % | ||
Amazon.com, Inc. | 3.8 | % | ||
Target Corp. | 3.8 | % | ||
Lowe’s Companies, Inc. | 3.3 | % | ||
Costco Wholesale Corp. | 3.1 | % | ||
Kohl’s Corp. | 2.7 | % | ||
The Gap, Inc. | 2.6 | % | ||
Top Ten Total | 40.0 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
TECHNOLOGY FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that are involved in the technology sector, including computer software and service companies, semiconductor manufacturers, networking and telecommunications equipment manufacturers, PC hardware and peripherals companies (“Technology Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612414.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 14, 1998 | |||
Advisor Class | April 29, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | April 18, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Microsoft Corp. | 3.6 | % | ||
Apple, Inc. | 3.3 | % | ||
International Business Machines Corp. | 2.9 | % | ||
Cisco Systems, Inc. | 2.8 | % | ||
Google, Inc. — Class A | 2.7 | % | ||
Hewlett-Packard Co. | 2.6 | % | ||
Intel Corp. | 2.4 | % | ||
Oracle Corp. | 2.3 | % | ||
Qualcomm, Inc. | 1.9 | % | ||
SAP AG — SP ADR | 1.9 | % | ||
Top Ten Total | 26.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 15 |
FUND PROFILES (Unaudited) (continued)
TELECOMMUNICATIONS FUND
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in the development, manufacture or sale of communications services or communications equipment (“Telecommunications Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612415.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 1, 1998 | |||
Advisor Class | April 1, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | April 18, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
AT&T, Inc. | 9.2 | % | ||
Cisco Systems, Inc. | 8.6 | % | ||
Vodafone Group PLC — SP ADR | 8.3 | % | ||
Verizon Communications, Inc. | 6.5 | % | ||
Qualcomm, Inc. | 5.9 | % | ||
Nokia Oyj — SP ADR | 5.5 | % | ||
Deutsche Telekom AG — SP ADR | 4.6 | % | ||
America Movil SAB de CV — SP ADR | 4.1 | % | ||
Telefonaktiebolaget LM Ericsson — SP ADR | 3.8 | % | ||
Research In Motion Ltd. | 3.7 | % | ||
Top Ten Total | 60.2 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
TRANSPORTATION FUND
OBJECTIVE: Seeks capital appreciation by investing in companies engaged in providing transportation services or companies engaged in the design, manufacture, distribution, or sale of transportation equipment (“Transportation Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612416.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 2, 1998 | |||
Advisor Class | June 9, 1998 | |||
A-Class | September 1, 2004 | |||
C-Class | May 14, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
United Parcel Service, Inc. — Class B | 7.7 | % | ||
FedEx Corp. | 6.7 | % | ||
Union Pacific Corp. | 6.6 | % | ||
Burlington Northern Santa Fe Corp. | 6.5 | % | ||
Canadian National Railway Co. | 6.3 | % | ||
CSX Corp. | 5.4 | % | ||
Norfolk Southern Corp. | 5.1 | % | ||
Delta Air Lines, Inc. | 4.5 | % | ||
CH Robinson Worldwide, Inc. | 4.4 | % | ||
Southwest Airlines Co. | 4.4 | % | ||
Top Ten Total | 57.6 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
16 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (concluded)
UTILITIES FUND
OBJECTIVE: Seeks capital appreciation by investing in companies that operate public utilities (“Utilities Companies”).
Industry Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612417.gif)
“Industry Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
Investor Class | April 3, 2000 | |||
Advisor Class | April 3, 2000 | |||
A-Class | September 1, 2004 | |||
C-Class | April 27, 2001 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Exelon Corp. | 3.7 | % | ||
Southern Co. | 3.3 | % | ||
Duke Energy Corp. | 3.1 | % | ||
FPL Group, Inc. | 3.1 | % | ||
Dominion Resources, Inc. | 3.1 | % | ||
Entergy Corp. | 2.7 | % | ||
PG&E Corp. | 2.6 | % | ||
FirstEnergy Corp. | 2.6 | % | ||
Public Service Enterprise Group, Inc. | 2.6 | % | ||
American Electric Power Company, Inc. | 2.6 | % | ||
Top Ten Total | 29.4 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 17 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
BANKING FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 100.3% | ||||||||
Barclays PLC — SP ADR* | 26,288 | $ | 621,448 | |||||
Bank of America Corp. | 36,718 | 621,269 | ||||||
HSBC Holdings PLC — SP ADR | 10,666 | 611,695 | ||||||
JPMorgan Chase & Co. | 13,922 | 610,062 | ||||||
Credit Suisse Group AG — SP ADR | 10,941 | 608,867 | ||||||
Wells Fargo & Co. | 21,322 | 600,854 | ||||||
U.S. Bancorp | 27,296 | 596,691 | ||||||
UBS AG — SP ADR* | 31,918 | 584,419 | ||||||
PNC Financial Services Group, Inc. | 11,526 | 560,048 | ||||||
BB&T Corp. | 18,768 | 511,240 | ||||||
SunTrust Banks, Inc. | 18,170 | 409,733 | ||||||
Fifth Third Bancorp | 30,330 | 307,243 | ||||||
M&T Bank Corp. | 4,829 | 300,943 | ||||||
Hudson City Bancorp, Inc. | 20,167 | 265,196 | ||||||
Comerica, Inc. | 8,689 | 257,803 | ||||||
People’s United Financial, Inc. | 16,138 | 251,107 | ||||||
New York Community Bancorp, Inc. | 18,866 | 215,450 | ||||||
BOK Financial Corp. | 4,578 | 212,053 | ||||||
Cullen/Frost Bankers, Inc. | 3,780 | 195,199 | ||||||
First Horizon National Corp.* | 14,328 | 189,558 | ||||||
Commerce Bancshares, Inc. | 5,063 | 188,546 | ||||||
Zions Bancorporation | 10,366 | 186,277 | ||||||
BancorpSouth, Inc. | 6,838 | 166,916 | ||||||
Bank of Hawaii Corp. | 3,952 | 164,166 | ||||||
SVB Financial Group* | 3,714 | 160,705 | ||||||
City National Corp. | 4,011 | 156,148 | ||||||
Capitol Federal Financial | 4,740 | 156,041 | ||||||
First Niagara Financial Group, Inc. | 12,114 | 149,366 | ||||||
Valley National Bancorp | 11,900 | 146,251 | ||||||
KeyCorp | 22,383 | 145,490 | ||||||
Washington Federal, Inc. | 8,578 | 144,625 | ||||||
Prosperity Bancshares, Inc. | 4,103 | 142,743 | ||||||
International Bancshares Corp. | 8,642 | 140,951 | ||||||
Associated Banc-Corp. | 12,332 | 140,831 | ||||||
FirstMerit Corp. | 7,366 | 140,175 | ||||||
TFS Financial Corp. | 11,769 | 140,051 | ||||||
UMB Financial Corp. | 3,423 | 138,426 | ||||||
First Citizens BancShares, Inc. — Class A | 868 | 138,099 | ||||||
Westamerica Bancorporation | 2,651 | 137,852 | ||||||
TCF Financial Corp. | 9,966 | 129,957 | ||||||
PrivateBancorp, Inc. | 5,087 | 124,428 | ||||||
Astoria Financial Corp. | 11,261 | 124,321 | ||||||
Investors Bancorp, Inc.* | 11,641 | 123,511 | ||||||
Hancock Holding Co. | 3,272 | 122,929 | ||||||
Wilmington Trust Corp. | 8,553 | 121,453 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Trustmark Corp. | 5,944 | $ | 113,233 | |||||
NewAlliance Bancshares, Inc. | 10,217 | 109,322 | ||||||
Signature Bank* | 3,752 | 108,808 | ||||||
First Financial Bankshares, Inc. | 2,163 | 106,982 | ||||||
Glacier Bancorp, Inc. | 7,160 | 106,970 | ||||||
IBERIABANK Corp. | 2,314 | 105,426 | ||||||
United Bankshares, Inc. | 5,334 | 104,493 | ||||||
Old National Bancorp | 8,857 | 99,198 | ||||||
Park National Corp. | 1,682 | 98,128 | ||||||
NBT Bancorp, Inc. | 4,280 | 96,471 | ||||||
Whitney Holding Corp. | 9,368 | 89,371 | ||||||
Ocwen Financial Corp.* | 7,665 | 86,768 | ||||||
Provident Financial Services, Inc. | 8,105 | 83,400 | ||||||
Brookline Bancorp, Inc. | 7,927 | 77,050 | ||||||
Altisource Portfolio Solutions SA* | 2,558 | 36,938 | ||||||
Total Common Stocks (Cost $9,043,321) | 13,583,694 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.1% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 17,696 | 17,696 | |||||
Total Repurchase Agreement (Cost $17,696) | 17,696 | |||||||
Total Investments 100.4%(a) (Cost $9,061,017) | $ | 13,601,390 | ||||||
Liabilities in Excess of Other Assets – (0.4)% | $ | (54,011 | ) | |||||
Net Assets – 100.0% | $ | 13,547,379 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
18 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
BASIC MATERIALS FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
BHP Billiton Ltd. — SP ADR | 49,581 | $ | 3,272,842 | |||||
Vale SA — SP ADR | 122,219 | 2,826,926 | ||||||
Rio Tinto PLC — SP ADR | 14,774 | 2,515,864 | ||||||
ArcelorMittal — SP ADR | 61,103 | 2,269,365 | ||||||
Monsanto Co. | 24,927 | 1,929,350 | ||||||
Dow Chemical Co. | 73,840 | 1,925,009 | ||||||
Barrick Gold Corp. | 46,246 | 1,752,723 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 25,049 | 1,718,612 | ||||||
Southern Copper Corp. | 55,798 | 1,712,441 | ||||||
E.I. du Pont de Nemours and Co. | 52,727 | 1,694,646 | ||||||
Goldcorp, Inc. | 40,929 | 1,652,304 | ||||||
Praxair, Inc. | 19,315 | 1,577,842 | ||||||
Potash Corporation of Saskatchewan | 16,778 | 1,515,725 | ||||||
Newmont Mining Corp. | 31,472 | 1,385,397 | ||||||
The Mosaic Co. | 28,107 | 1,351,104 | ||||||
Syngenta AG — SP ADR | 29,275 | 1,345,186 | ||||||
Air Products & Chemicals, Inc. | 16,340 | 1,267,657 | ||||||
Kinross Gold Corp. | 54,385 | 1,180,155 | ||||||
Alcoa, Inc. | 89,502 | 1,174,266 | ||||||
Nucor Corp. | 24,773 | 1,164,579 | ||||||
Cemex SAB de CV — SP ADR* | 89,527 | 1,156,689 | ||||||
AngloGold Ashanti Ltd. — SP ADR | 28,024 | 1,142,258 | ||||||
Cia de Minas Buenaventura SA — SP ADR | 30,985 | 1,090,982 | ||||||
Ecolab, Inc. | 23,208 | 1,072,906 | ||||||
International Paper Co. | 47,767 | 1,061,860 | ||||||
Agnico-Eagle Mines Ltd. | 15,386 | 1,043,940 | ||||||
Gold Fields Ltd. — SP ADR | 71,740 | 988,577 | ||||||
PPG Industries, Inc. | 16,834 | 979,907 | ||||||
Agrium, Inc.* | 18,293 | 910,809 | ||||||
Weyerhaeuser Co. | 24,089 | 882,862 | ||||||
Yamana Gold, Inc. | 80,641 | 863,665 | ||||||
Vulcan Materials Co. | 15,645 | 845,925 | ||||||
Owens-Illinois, Inc.* | 22,138 | 816,892 | ||||||
United States Steel Corp. | 17,833 | 791,250 | ||||||
Sigma-Aldrich Corp. | 14,647 | 790,645 | ||||||
IAMGOLD Corp. | 54,549 | 771,323 | ||||||
Lubrizol Corp. | 10,482 | 749,044 | ||||||
Randgold Resources Ltd. — SP ADR | 9,967 | 696,494 | ||||||
Silver Wheaton Corp.* | 54,695 | 688,610 | ||||||
Harmony Gold Mining Company Ltd. — SP ADR | 62,291 | 681,464 |
MARKET | ||||||||
SHARES | VALUE | |||||||
FMC Corp. | 11,964 | $ | 672,975 | |||||
Cliffs Natural Resources, Inc. | 20,775 | 672,279 | ||||||
Sociedad Quimica y Minera de Chile SA — SP ADR | 17,056 | 667,401 | ||||||
Eldorado Gold Corp.* | 58,290 | 664,506 | ||||||
Eastman Chemical Co. | 12,327 | 659,988 | ||||||
Airgas, Inc. | 13,420 | 649,125 | ||||||
CF Industries Holdings, Inc. | 7,520 | 648,450 | ||||||
Ashland, Inc. | 14,997 | 648,170 | ||||||
Ball Corp. | 13,145 | 646,734 | ||||||
MeadWestvaco Corp. | 28,877 | 644,246 | ||||||
Crown Holdings, Inc.* | 23,657 | 643,470 | ||||||
Martin Marietta Materials, Inc. | 6,976 | 642,280 | ||||||
Terra Industries, Inc. | 17,891 | 620,281 | ||||||
Walter Industries, Inc. | 10,230 | 614,414 | ||||||
Albemarle Corp. | 17,400 | 602,040 | ||||||
Celanese Corp. | 23,252 | 581,300 | ||||||
Pactiv Corp.* | 22,153 | 577,086 | ||||||
Allegheny Technologies, Inc. | 15,598 | 545,774 | ||||||
International Flavors & Fragrances, Inc. | 14,296 | 542,247 | ||||||
Reliance Steel & Aluminum Co. | 12,699 | 540,469 | ||||||
Nalco Holding Co. | 26,268 | 538,231 | ||||||
Valspar Corp. | 19,204 | 528,302 | ||||||
Scotts Miracle-Gro Co. — Class A | 12,195 | 523,775 | ||||||
RPM International, Inc. | 27,677 | 511,748 | ||||||
Steel Dynamics, Inc. | 33,063 | 507,186 | ||||||
Sealed Air Corp. | 25,750 | 505,473 | ||||||
Sonoco Products Co. | 18,119 | 498,997 | ||||||
AptarGroup, Inc. | 12,795 | 478,021 | ||||||
Bemis Co. | 17,955 | 465,214 | ||||||
Compass Minerals International, Inc. | 7,459 | 459,624 | ||||||
Packaging Corporation of America | 22,196 | 452,798 | ||||||
Pan American Silver Corp.* | 19,484 | 444,235 | ||||||
Silgan Holdings, Inc. | 8,130 | 428,695 | ||||||
AK Steel Holding Corp. | 21,663 | 427,411 | ||||||
Royal Gold, Inc. | 9,273 | 422,849 | ||||||
Temple-Inland, Inc. | 25,700 | 421,994 | ||||||
Commercial Metals Co. | 23,532 | 421,223 | ||||||
Rock-Tenn Co. — Class A | 8,874 | 418,054 | ||||||
Titanium Metals Corp. | 42,770 | 410,164 | ||||||
Intrepid Potash, Inc.* | 16,257 | 383,503 | ||||||
Total Common Stocks (Cost $51,155,959) | 74,988,827 | |||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 19 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
BASIC MATERIALS FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENT† 0.5% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 419,869 | $ | 419,869 | ||||
Total Repurchase Agreement (Cost $419,869) | 419,869 | |||||||
Total Investments 100.0%(a) (Cost $51,575,828) | $ | 75,408,696 | ||||||
Liabilities in Excess of Other Assets 0.0% | $ | (16,102 | ) | |||||
Net Assets – 100.0% | $ | 75,392,594 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
20 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
BIOTECHNOLOGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
Amgen, Inc.* | 321,642 | $ | 19,372,498 | |||||
Gilead Sciences, Inc.* | 335,380 | 15,622,000 | ||||||
Celgene Corp.* | 241,207 | 13,483,471 | ||||||
Genzyme Corp.* | 172,673 | 9,795,739 | ||||||
Biogen Idec, Inc.* | 191,456 | 9,672,357 | ||||||
Vertex Pharmaceuticals, Inc.* | 175,513 | 6,651,943 | ||||||
Cephalon, Inc.* | 90,459 | 5,268,332 | ||||||
Alexion Pharmaceuticals, Inc.* | 112,470 | 5,009,414 | ||||||
Human Genome Sciences, Inc.* | 254,159 | 4,783,272 | ||||||
Dendreon Corp.* | 170,815 | 4,781,112 | ||||||
United Therapeutics Corp.* | 86,076 | 4,216,863 | ||||||
Myriad Genetics, Inc.* | 148,011 | 4,055,501 | ||||||
OSI Pharmaceuticals, Inc.* | 106,596 | 3,762,839 | ||||||
BioMarin Pharmaceuticals, Inc.* | 205,448 | 3,714,500 | ||||||
Amylin Pharmaceuticals, Inc.* | 254,418 | 3,482,983 | ||||||
Seattle Genetics, Inc.* | 236,821 | 3,322,599 | ||||||
Onyx Pharmaceuticals, Inc.* | 109,625 | 3,285,461 | ||||||
Regeneron Pharmaceuticals, Inc.* | 161,907 | 3,124,805 | ||||||
MannKind Corp.* | 291,667 | 2,872,920 | ||||||
Cubist Pharmaceuticals, Inc.* | 137,655 | 2,780,631 | ||||||
Isis Pharmaceuticals, Inc.* | 188,772 | 2,750,408 | ||||||
Incyte Corp.* | 381,109 | 2,572,486 | ||||||
Medivation, Inc.* | 92,953 | 2,522,745 | ||||||
Alnylam Pharmaceuticals, Inc.* | 110,648 | 2,509,497 | ||||||
Cepheid, Inc.* | 187,622 | 2,480,363 | ||||||
Savient Pharmaceuticals, Inc.* | 156,681 | 2,381,551 | ||||||
PDL BioPharma, Inc. | 300,572 | 2,368,507 | ||||||
Pharmasset, Inc.* | 109,702 | 2,319,100 | ||||||
Acorda Therapeutics, Inc.* | 98,588 | 2,295,129 | ||||||
Genomic Health, Inc.* | 102,932 | 2,250,094 | ||||||
Theravance, Inc.* | 153,025 | 2,240,286 | ||||||
InterMune, Inc.* | 135,222 | 2,154,087 | ||||||
Martek Biosciences Corp.* | 94,391 | 2,132,293 | ||||||
Alkermes, Inc.* | 228,836 | 2,103,003 | ||||||
Halozyme Therapeutics, Inc.* | 287,222 | 2,042,148 | ||||||
GTx, Inc.* | 157,613 | 2,017,446 | ||||||
Emergent Biosolutions, Inc.* | 113,631 | 2,006,724 | ||||||
Allos Therapeutics, Inc.* | 263,041 | 1,907,047 | ||||||
Geron Corp.* | 262,177 | 1,719,881 | ||||||
Orexigen Therapeutics, Inc.* | 169,371 | 1,668,304 | ||||||
Arena Pharmaceuticals, Inc.* | 360,141 | 1,609,830 | ||||||
BioCryst Pharmaceuticals, Inc.* | 191,726 | 1,579,822 | ||||||
ImmunoGen, Inc.* | 194,258 | 1,575,432 | ||||||
Celera Corp.* | 246,767 | 1,537,358 | ||||||
Momenta Pharmaceuticals, Inc.* | 144,525 | 1,533,410 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Enzon Pharmaceuticals, Inc.* | 179,101 | $ | 1,477,583 | |||||
OncoGenex Pharmaceutical, Inc.* | 40,063 | 1,442,268 | ||||||
Spectrum Pharmaceuticals, Inc.* | 205,530 | 1,383,217 | ||||||
Vanda Pharmaceuticals, Inc.* | 111,679 | 1,299,944 | ||||||
SIGA Technologies, Inc.* | 164,191 | 1,295,467 | ||||||
Poniard Pharmaceuticals, Inc.* | 170,806 | 1,277,629 | ||||||
Maxygen, Inc.* | 184,485 | 1,234,205 | ||||||
Rigel Pharmaceuticals, Inc.* | 122,962 | 1,008,288 | ||||||
Osiris Therapeutics, Inc.* | 127,271 | 847,625 | ||||||
Total Common Stocks (Cost $143,494,204) | 192,602,417 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.7% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 1,358,322 | 1,358,322 | |||||
Total Repurchase Agreement (Cost $1,358,322) | 1,358,322 | |||||||
Total Investments 100.2%(a) (Cost $144,852,526) | $ | 193,960,739 | ||||||
Liabilities in Excess of Other Assets – (0.2)% | $ | (382,909 | ) | |||||
Net Assets – 100.0% | $ | 193,577,830 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 21 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
CONSUMER PRODUCTS FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.6% | ||||||||
Procter & Gamble Co. | 34,851 | $ | 2,018,570 | |||||
Coca-Cola Co. | 32,406 | 1,740,202 | ||||||
Philip Morris International, Inc. | 32,143 | 1,566,650 | ||||||
PepsiCo, Inc. | 25,349 | 1,486,972 | ||||||
Unilever NV — SP ADR | 39,080 | 1,127,849 | ||||||
Diageo PLC — SP ADR | 15,699 | 965,332 | ||||||
Colgate-Palmolive Co. | 12,546 | 957,009 | ||||||
Altria Group, Inc. | 52,643 | 937,572 | ||||||
Kraft Foods, Inc. | 35,150 | 923,390 | ||||||
Kimberly-Clark Corp. | 13,227 | 780,128 | ||||||
General Mills, Inc. | 11,320 | 728,782 | ||||||
Kellogg Co. | 13,644 | 671,694 | ||||||
Archer-Daniels-Midland Co. | 22,641 | 661,570 | ||||||
Avon Products, Inc. | 18,660 | 633,694 | ||||||
Sysco Corp. | 24,343 | 604,924 | ||||||
Reynolds American, Inc. | 12,861 | 572,572 | ||||||
Lorillard, Inc. | 7,508 | 557,844 | ||||||
H.J. Heinz Co. | 13,980 | 555,705 | ||||||
Kroger Co. | 26,475 | 546,444 | ||||||
Coca-Cola Enterprises, Inc. | 25,488 | 545,698 | ||||||
Campbell Soup Co. | 16,481 | 537,610 | ||||||
ConAgra Foods, Inc. | 23,321 | 505,599 | ||||||
Dr Pepper Snapple Group, Inc.* | 15,810 | 454,537 | ||||||
Pepsi Bottling Group, Inc. | 12,221 | 445,333 | ||||||
Molson Coors Brewing Co. — Class B | 9,142 | 445,033 | ||||||
Safeway, Inc. | 22,318 | 440,111 | ||||||
Clorox Co. | 7,413 | 436,033 | ||||||
Sara Lee Corp. | 39,139 | 436,008 | ||||||
Bunge Ltd. | 6,551 | 410,158 | ||||||
J.M. Smucker Co. | 7,449 | 394,871 | ||||||
Hershey Co. | 10,026 | 389,610 | ||||||
Whole Foods Market, Inc.* | 12,030 | 366,795 | ||||||
Energizer Holdings, Inc.* | 5,209 | 345,565 | ||||||
Brown-Forman Corp. — Class B | 7,145 | 344,532 | ||||||
Hormel Foods Corp. | 9,395 | 333,710 | ||||||
Estee Lauder Companies, Inc. — Class A | 8,978 | 332,904 | ||||||
Mead Johnson Nutrition Co. — Class A | 7,230 | 326,145 | ||||||
Tyson Foods, Inc. — Class A | 24,919 | 314,727 | ||||||
McCormick & Company, Inc. | 9,150 | 310,551 | ||||||
Hansen Natural Corp.* | 8,425 | 309,535 | ||||||
Church & Dwight Company, Inc. | 5,371 | 304,751 | ||||||
PepsiAmericas, Inc. | 10,425 | 297,738 | ||||||
SUPERVALU, Inc. | 19,718 | 296,953 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Constellation Brands, Inc. — Class A* | 18,850 | $ | 285,578 | |||||
Ralcorp Holdings, Inc.* | 4,612 | 269,664 | ||||||
Green Mountain Coffee Roasters, Inc.* | 3,600 | 265,824 | ||||||
Dean Foods Co.* | 14,215 | 252,885 | ||||||
Total Common Stocks (Cost $21,405,901) | 28,435,361 | |||||||
WARRANTS 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* $12.21, 03/02/12 | 125 | 8 | ||||||
Total Warrants (Cost $—) | 8 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.2% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 43,006 | 43,006 | |||||
Total Repurchase Agreement (Cost $43,006) | 43,006 | |||||||
Total Investments 99.7%(a) (Cost $21,448,907) | $ | 28,478,375 | ||||||
Other Assets in Excess of Liabilities – 0.3% | $ | 77,108 | ||||||
Net Assets – 100.0% | $ | 28,555,483 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
22 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ELECTRONICS FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
Intel Corp. | 423,918 | $ | 8,296,075 | |||||
Taiwan Semiconductor Manufacturing Company Ltd. — SP ADR | 558,097 | 6,116,743 | ||||||
Texas Instruments, Inc. | 181,081 | 4,289,809 | ||||||
Applied Materials, Inc. | 251,833 | 3,374,562 | ||||||
ASML Holding NV | 104,489 | 3,089,740 | ||||||
Broadcom Corp. — Class A* | 96,599 | 2,964,623 | ||||||
Marvell Technology Group Ltd.* | 167,409 | 2,710,352 | ||||||
NVIDIA Corp.* | 164,927 | 2,478,853 | ||||||
Micron Technology, Inc.* | 295,733 | 2,425,011 | ||||||
Analog Devices, Inc. | 82,821 | 2,284,203 | ||||||
Xilinx, Inc. | 91,656 | 2,146,584 | ||||||
KLA-Tencor Corp. | 58,658 | 2,103,476 | ||||||
Altera Corp. | 101,841 | 2,088,759 | ||||||
Linear Technology Corp. | 73,439 | 2,029,120 | ||||||
Maxim Integrated Products, Inc. | 102,180 | 1,853,545 | ||||||
Advanced Micro Devices, Inc.* | 311,994 | 1,765,886 | ||||||
Microchip Technology, Inc. | 65,370 | 1,732,305 | ||||||
Lam Research Corp.* | 50,131 | 1,712,475 | ||||||
Cree, Inc.* | 43,202 | 1,587,674 | ||||||
ON Semiconductor Corp.* | 183,042 | 1,510,097 | ||||||
LSI Logic Corp.* | 269,609 | 1,480,153 | ||||||
National Semiconductor Corp. | 99,393 | 1,418,338 | ||||||
MEMC Electronic Materials, Inc.* | 83,806 | 1,393,694 | ||||||
Varian Semiconductor Equipment Associates, Inc.* | 39,092 | 1,283,781 | ||||||
Skyworks Solutions, Inc.* | 93,981 | 1,244,308 | ||||||
Silicon Laboratories, Inc.* | 26,301 | 1,219,314 | ||||||
PMC — Sierra, Inc.* | 127,004 | 1,214,158 | ||||||
Novellus Systems, Inc.* | 55,357 | 1,161,390 | ||||||
Intersil Corp. — Class A | 72,598 | 1,111,475 | ||||||
RF Micro Devices, Inc.* | 200,440 | 1,088,389 | ||||||
Atmel Corp.* | 259,597 | 1,087,711 | ||||||
Teradyne, Inc.* | 116,611 | 1,078,652 | ||||||
Atheros Communications, Inc.* | 40,599 | 1,077,091 | ||||||
Rambus, Inc.* | 61,437 | 1,069,004 | ||||||
International Rectifier Corp.* | 51,925 | 1,012,018 | ||||||
Amkor Technology, Inc.* | 139,840 | 962,099 | ||||||
Cymer, Inc.* | 24,390 | 947,795 | ||||||
Fairchild Semiconductor | ||||||||
International, Inc.* | 92,329 | 944,526 | ||||||
Cypress Semiconductor Corp.* | 91,345 | 943,594 | ||||||
Triquint Semiconductor, Inc.* | 120,780 | 932,422 | ||||||
Tessera Technologies, Inc.* | 32,676 | 911,334 | ||||||
Microsemi Corp.* | 56,995 | 899,951 | ||||||
Formfactor, Inc.* | 37,125 | 888,030 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Integrated Device Technology, Inc.* | 125,180 | $ | 846,217 | |||||
Hittite Microwave Corp.* | 22,025 | 810,080 | ||||||
Semtech Corp.* | 46,007 | 782,579 | ||||||
FEI Co.* | 30,842 | 760,255 | ||||||
Total Common Stocks | ||||||||
(Cost $72,776,473) | 85,128,250 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.3% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 247,927 | 247,927 | |||||
Total Repurchase Agreement | ||||||||
(Cost $247,927) | 247,927 | |||||||
Total Investments 99.8%(a) | ||||||||
(Cost $73,024,400) | $ | 85,376,177 | ||||||
Other Assets in Excess of Liabilities – 0.2% | $ | 179,997 | ||||||
Net Assets – 100.0% | $ | 85,556,174 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 23 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ENERGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
Exxon Mobil Corp. | 57,935 | $ | 3,974,920 | |||||
BP PLC — SP ADR | 54,511 | 2,901,621 | ||||||
Chevron Corp. | 38,071 | 2,681,341 | ||||||
Total SA — SP ADR | 44,830 | 2,656,626 | ||||||
Petroleo Brasileiro SA | 53,848 | 2,471,623 | ||||||
Royal Dutch Shell PLC — SP ADR | 40,459 | 2,313,850 | ||||||
Schlumberger Ltd. | 31,619 | 1,884,492 | ||||||
Occidental Petroleum Corp. | 23,570 | 1,847,888 | ||||||
ConocoPhillips | 40,346 | 1,822,025 | ||||||
Anadarko Petroleum Corp. | 22,399 | 1,405,089 | ||||||
Canadian Natural Resources Ltd. | 20,875 | 1,402,591 | ||||||
Apache Corp. | 14,353 | 1,318,036 | ||||||
Devon Energy Corp. | 19,355 | 1,303,172 | ||||||
Transocean Ltd.* | 14,221 | 1,216,322 | ||||||
Halliburton Co. | 43,642 | 1,183,571 | ||||||
Tenaris SA — SP ADR | 31,504 | 1,122,173 | ||||||
Chesapeake Energy Corp. | 38,191 | 1,084,624 | ||||||
XTO Energy, Inc. | 26,164 | 1,081,097 | ||||||
EOG Resources, Inc. | 12,797 | 1,068,678 | ||||||
Marathon Oil Corp. | 33,050 | 1,054,295 | ||||||
National-Oilwell Varco, Inc.* | 23,709 | 1,022,569 | ||||||
Talisman Energy, Inc. | 56,034 | 971,630 | ||||||
Hess Corp. | 17,283 | 923,949 | ||||||
Weatherford International Ltd.* | 41,790 | 866,307 | ||||||
Southwestern Energy Co.* | 19,973 | 852,448 | ||||||
Diamond Offshore Drilling, Inc. | 8,694 | 830,451 | ||||||
Baker Hughes, Inc. | 19,343 | 825,172 | ||||||
Spectra Energy Corp. | 41,850 | 792,639 | ||||||
Nexen, Inc. | 34,946 | 788,731 | ||||||
Noble Energy, Inc. | 11,731 | 773,777 | ||||||
Noble Corp. | 19,661 | 746,332 | ||||||
Williams Companies, Inc. | 41,415 | 740,086 | ||||||
Cameco Corp. | 26,409 | 734,170 | ||||||
Cameron International Corp.* | 19,292 | 729,623 | ||||||
Murphy Oil Corp. | 12,586 | 724,576 | ||||||
Valero Energy Corp. | 37,140 | 720,145 | ||||||
Peabody Energy Corp. | 19,052 | 709,115 | ||||||
Consol Energy, Inc. | 15,613 | 704,302 | ||||||
Continental Resources, Inc.* | 16,721 | 654,962 | ||||||
Range Resources Corp. | 12,939 | 638,669 | ||||||
Ultra Petroleum Corp.* | 13,024 | 637,655 | ||||||
FMC Technologies, Inc.* | 11,995 | 626,619 | ||||||
BJ Services Co. | 31,128 | 604,817 | ||||||
El Paso Corp. | 57,726 | 595,732 | ||||||
Nabors Industries Ltd.* | 27,845 | 581,961 | ||||||
Smith International, Inc. | 20,253 | 581,261 | ||||||
PetroHawk Energy Corp.* | 23,617 | 571,768 | ||||||
Newfield Exploration Co.* | 13,296 | 565,878 |
MARKET | ||||||||
SHARES | VALUE | |||||||
ENSCO International, Inc. | 13,107 | $ | 557,572 | |||||
Pride International, Inc.* | 17,904 | 544,998 | ||||||
Pioneer Natural Resources Co. | 14,370 | 521,487 | ||||||
EXCO Resources, Inc.* | 27,795 | 519,489 | ||||||
Helmerich & Payne, Inc. | 12,364 | 488,749 | ||||||
CNX Gas Corp.* | 15,803 | 485,152 | ||||||
Cimarex Energy Co. | 11,038 | 478,166 | ||||||
Arch Coal, Inc. | 20,080 | 444,370 | ||||||
Sunoco, Inc. | 15,363 | 437,077 | ||||||
Cabot Oil & Gas Corp. | 11,940 | 426,855 | ||||||
Oceaneering International, Inc.* | 7,368 | 418,134 | ||||||
Denbury Resources, Inc.* | 27,592 | 417,467 | ||||||
Concho Resources, Inc.* | 11,460 | 416,227 | ||||||
Plains Exploration & Production Co.* | 14,400 | 398,304 | ||||||
Southern Union Co. | 17,600 | 365,904 | ||||||
Tidewater, Inc. | 7,203 | 339,189 | ||||||
Total Common Stocks | ||||||||
(Cost $37,010,959) | 63,568,518 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.5% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 338,132 | 338,132 | |||||
Total Repurchase Agreement | ||||||||
(Cost $338,132) | 338,132 | |||||||
Total Investments 105.9%(a) | ||||||||
(Cost $37,349,091) | $ | 63,906,650 | ||||||
Other Assets in Excess of Liabilities – 0.0% | $ | 8,626 | ||||||
Net Assets – 100.0% | $ | 63,915,276 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
24 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ENERGY SERVICES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 100.1% | ||||||||
Schlumberger Ltd. | 127,278 | $ | 7,585,769 | |||||
Transocean Ltd.* | 57,263 | 4,897,704 | ||||||
Halliburton Co. | 175,932 | 4,771,276 | ||||||
Tenaris SA — SP ADR | 126,765 | 4,515,369 | ||||||
National-Oilwell Varco, Inc.* | 95,473 | 4,117,750 | ||||||
Weatherford International Ltd.* | 168,575 | 3,494,560 | ||||||
Diamond Offshore Drilling, Inc. | 35,045 | 3,347,498 | ||||||
Baker Hughes, Inc. | 77,802 | 3,319,033 | ||||||
Noble Corp. | 79,374 | 3,013,037 | ||||||
Cameron International Corp.* | 77,582 | 2,934,151 | ||||||
FMC Technologies, Inc.* | 48,549 | 2,536,200 | ||||||
BJ Services Co. | 125,360 | 2,435,745 | ||||||
Smith International, Inc. | 81,817 | 2,348,148 | ||||||
Nabors Industries Ltd.* | 112,281 | 2,346,673 | ||||||
ENSCO International, Inc. | 52,869 | 2,249,047 | ||||||
Pride International, Inc.* | 72,155 | 2,196,398 | ||||||
Helmerich & Payne, Inc. | 49,950 | 1,974,524 | ||||||
Oceaneering International, Inc.* | 29,781 | 1,690,072 | ||||||
Rowan Companies, Inc. | 66,509 | 1,534,363 | ||||||
Atwood Oceanics, Inc.* | 42,563 | 1,501,197 | ||||||
Dresser-Rand Group, Inc.* | 48,071 | 1,493,566 | ||||||
Unit Corp.* | 34,200 | 1,410,750 | ||||||
Tidewater, Inc. | 29,143 | 1,372,344 | ||||||
Patterson-UTI Energy, Inc. | 90,317 | 1,363,787 | ||||||
Dril-Quip, Inc.* | 27,105 | 1,345,492 | ||||||
Oil States International, Inc.* | 37,936 | 1,332,692 | ||||||
Superior Energy Services, Inc.* | 57,879 | 1,303,435 | ||||||
Exterran Holdings, Inc.* | 53,517 | 1,270,494 | ||||||
SEACOR Holdings, Inc.* | 13,834 | 1,129,269 | ||||||
Bristow Group, Inc.* | 26,735 | 793,762 | ||||||
Total Common Stocks | ||||||||
(Cost $37,934,863) | 75,624,105 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.6% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 446,791 | 446,791 | |||||
Total Repurchase Agreement | ||||||||
(Cost $446,791) | 446,791 | |||||||
Total Investments 100.7%(a) | ||||||||
(Cost $38,381,654) | $ | 76,070,896 | ||||||
Liabilities in Excess of Other Assets – (0.7)% | $ | (556,348 | ) | |||||
Net Assets – 100.0% | $ | 75,514,548 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 25 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
FINANCIAL SERVICES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 100.6% | ||||||||
Bank of America Corp. | 67,044 | $ | 1,134,385 | |||||
JPMorgan Chase & Co. | 24,543 | 1,075,474 | ||||||
HSBC Holdings PLC — SP ADR | 17,051 | 977,875 | ||||||
Wells Fargo & Co. | 32,359 | 911,877 | ||||||
Goldman Sachs Group, Inc. | 4,228 | 779,432 | ||||||
Barclays PLC — SP ADR* | 29,446 | 696,103 | ||||||
Credit Suisse Group AG — SP ADR | 11,797 | 656,503 | ||||||
UBS AG — SP ADR* | 34,878 | 638,616 | ||||||
U.S. Bancorp | 24,277 | 530,695 | ||||||
American Express Co. | 15,152 | 513,653 | ||||||
Morgan Stanley | 16,461 | 508,316 | ||||||
MetLife, Inc. | 12,242 | 466,053 | ||||||
Travelers Companies, Inc. | 9,066 | 446,319 | ||||||
Bank of New York Mellon Corp. | 15,160 | 439,488 | ||||||
Franklin Resources, Inc. | 4,221 | 424,633 | ||||||
Prudential Financial, Inc. | 8,069 | 402,724 | ||||||
State Street Corp. | 7,519 | 395,499 | ||||||
PNC Financial Services Group, Inc. | 8,133 | 395,182 | ||||||
AFLAC, Inc. | 9,008 | 385,002 | ||||||
Simon Property Group, Inc. | 5,545 | 384,968 | ||||||
Charles Schwab Corp. | 19,585 | 375,053 | ||||||
BB&T Corp. | 13,245 | 360,794 | ||||||
CME Group, Inc. | 1,161 | 357,809 | ||||||
Chubb Corp. | 7,015 | 353,626 | ||||||
ACE Ltd.* | 6,585 | 352,034 | ||||||
Capital One Financial Corp. | 9,800 | 350,154 | ||||||
Allstate Corp. | 11,205 | 343,097 | ||||||
Hartford Financial Services Group, Inc. | 12,412 | 328,918 | ||||||
Loews Corp. | 9,429 | 322,943 | ||||||
Marsh & McLennan Companies, Inc. | 12,439 | 307,616 | ||||||
Brookfield Asset Management, Inc. — Class A | 13,322 | 302,543 | ||||||
Ameriprise Financial, Inc. | 8,136 | 295,581 | ||||||
Vornado Realty Trust | 4,583 | 295,205 | ||||||
SunTrust Banks, Inc. | 12,831 | 289,339 | ||||||
Public Storage | 3,765 | 283,279 | ||||||
Northern Trust Corp. | 4,839 | 281,436 | ||||||
Blackrock, Inc. | 1,262 | 273,627 | ||||||
TD Ameritrade Holding Corp.* | 13,680 | 268,402 | ||||||
Progressive Corp.* | 16,073 | 266,490 | ||||||
Discover Financial Services | 16,369 | 265,669 | ||||||
Equity Residential | 8,631 | 264,972 | ||||||
T. Rowe Price Group, Inc. | 5,796 | 264,877 | ||||||
Aon Corp. | 6,483 | 263,793 | ||||||
Lincoln National Corp. | 10,002 | 259,152 | ||||||
Boston Properties, Inc. | 3,936 | 258,005 | ||||||
Invesco Ltd. | 11,250 | 256,050 | ||||||
Principal Financial Group, Inc. | 9,297 | 254,645 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Annaly Capital Management, Inc. | 13,785 | $ | 250,060 | |||||
CNA Financial Corp.* | 10,075 | 243,211 | ||||||
Genworth Financial, Inc. — Class A | 19,760 | 236,132 | ||||||
HCP, Inc. | 8,212 | 236,013 | ||||||
Host Hotels & Resorts, Inc. | 19,974 | 235,094 | ||||||
Unum Group | 10,484 | 224,777 | ||||||
Fifth Third Bancorp | 21,410 | 216,883 | ||||||
XL Capital Ltd. | 12,310 | 214,933 | ||||||
NYSE Euronext | 7,412 | 214,133 | ||||||
ProLogis | 17,816 | 212,367 | ||||||
M&T Bank Corp. | 3,406 | 212,262 | ||||||
AvalonBay Communities, Inc. | 2,836 | 206,262 | ||||||
IntercontinentalExchange, Inc.* | 2,115 | 205,557 | ||||||
KIMCO Realty Corp. | 15,722 | 205,015 | ||||||
Ventas, Inc. | 5,285 | 203,473 | ||||||
Leucadia National Corp.* | 8,074 | 199,589 | ||||||
Odyssey Re Holdings Corp. | 3,073 | 199,161 | ||||||
PartnerRe Ltd. | 2,445 | 188,118 | ||||||
Everest Re Group Ltd. | 2,137 | 187,415 | ||||||
Hudson City Bancorp, Inc. | 14,240 | 187,256 | ||||||
Jefferies Group, Inc.* | 6,765 | 184,211 | ||||||
Brookfield Properties Corp. | 16,308 | 183,628 | ||||||
Comerica, Inc. | 6,135 | 182,025 | ||||||
People’s United Financial, Inc. | 11,389 | 177,213 | ||||||
Legg Mason, Inc. | 5,682 | 176,312 | ||||||
Health Care REIT, Inc. | 4,110 | 171,058 | ||||||
Willis Group Holdings Ltd. — SP ADR | 5,984 | 168,869 | ||||||
Lazard Ltd. — Class A | 4,085 | 168,751 | ||||||
Plum Creek Timber Company, Inc. (REIT) | 5,485 | 168,060 | ||||||
Assurant, Inc. | 5,207 | 166,936 | ||||||
Fidelity National Financial, Inc. — Class A | 10,965 | 165,352 | ||||||
Cincinnati Financial Corp. | 6,296 | 163,633 | ||||||
W.R. Berkley Corp. | 6,389 | 161,514 | ||||||
Liberty Property Trust | 4,946 | 160,893 | ||||||
Axis Capital Holdings Ltd. | 5,313 | 160,346 | ||||||
Arch Capital Group Ltd.* | 2,366 | 159,800 | ||||||
Nasdaq Stock Market, Inc.* | 7,561 | 159,159 | ||||||
AMB Property Corp. | 6,753 | 154,981 | ||||||
Federal Realty Investment Trust | 2,525 | 154,959 | ||||||
KeyCorp | 23,702 | 154,063 | ||||||
Digital Realty Trust, Inc. | 3,362 | 153,677 | ||||||
SEI Investments Co. | 7,738 | 152,284 | ||||||
New York Community Bancorp, Inc. | 13,320 | 152,114 | ||||||
Reinsurance Group of America, Inc. | 3,378 | 150,659 | ||||||
Torchmark Corp. | 3,444 | 149,573 | ||||||
BOK Financial Corp. | 3,227 | 149,475 | ||||||
TFS Financial Corp. | 12,456 | 148,226 | ||||||
First American Corp. | 4,573 | 148,028 | ||||||
RenaissanceRe Holdings Ltd. | 2,690 | 147,304 |
26 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
FINANCIAL SERVICES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Transatlantic Holdings, Inc. | 2,925 | $ | 146,747 | |||||
CB Richard Ellis Group, Inc. — Class A* | 12,470 | 146,398 | ||||||
Regency Centers Corp. | 3,926 | 145,458 | ||||||
Markel Corp.* | 440 | 145,121 | ||||||
Nationwide Health Properties, Inc. | 4,625 | 143,329 | ||||||
Raymond James Financial, Inc. | 6,103 | 142,078 | ||||||
Eaton Vance Corp. | 5,061 | 141,657 | ||||||
Rayonier, Inc. | 3,447 | 141,017 | ||||||
Moody’s Corp. | 6,840 | 139,946 | ||||||
HCC Insurance Holdings, Inc. | 5,095 | 139,348 | ||||||
Cullen/Frost Bankers, Inc. | 2,668 | 137,776 | ||||||
MSCI, Inc. — Class A* | 4,600 | 136,252 | ||||||
American Financial Group, Inc. | 5,322 | 135,711 | ||||||
First Horizon National Corp.* | 10,105 | 133,694 | ||||||
Commerce Bancshares, Inc. | 3,578 | 133,245 | ||||||
Realty Income Corp. | 5,138 | 131,790 | ||||||
The St. Joe Co.* | 4,453 | 129,671 | ||||||
Federated Investors, Inc. — Class B | 4,827 | 127,288 | ||||||
Affiliated Managers Group, Inc.* | 1,950 | 126,770 | ||||||
Greenhill & Company, Inc. | 1,409 | 126,218 | ||||||
Brown & Brown, Inc. | 6,454 | 123,659 | ||||||
Capitol Federal Financial | 3,349 | 110,249 | ||||||
Total Common Stocks | ||||||||
(Cost $22,373,266) | 32,212,142 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.3% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 80,222 | 80,222 | |||||
Total Repurchase Agreement | ||||||||
(Cost $80,222) | 80,222 | |||||||
Total Investments 100.9%(a) | ||||||||
(Cost $22,453,488) | $ | 32,292,364 | ||||||
Liabilities in Excess of Other Assets — (0.9)% | $ | (285,337 | ) | |||||
Net Assets – 100.0% | $ | 32,007,027 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. | ||
REIT — Real Estate Investment Trust. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 27 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
HEALTH CARE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.3% | ||||||||
Johnson & Johnson, | 29,446 | $ | 1,792,967 | |||||
Novartis AG — SP ADR | 33,605 | 1,693,020 | ||||||
Pfizer, Inc. | 90,660 | 1,500,423 | ||||||
Sanofi-Aventis — SP ADR | 39,209 | 1,448,773 | ||||||
GlaxoSmithKline PLC — SP ADR | 35,711 | 1,410,942 | ||||||
Abbott Laboratories | 25,261 | 1,249,662 | ||||||
Merck & Company, Inc. | 37,456 | 1,184,733 | ||||||
Wyeth | 23,195 | 1,126,813 | ||||||
AstraZeneca PLC — SP ADR | 24,268 | 1,090,847 | ||||||
Amgen, Inc.* | 17,966 | 1,082,092 | ||||||
Schering-Plough Corp. | 34,452 | 973,269 | ||||||
Bristol-Myers Squibb Co. | 43,036 | 969,171 | ||||||
Alcon, Inc. — SP ADR | 6,751 | 936,161 | ||||||
Teva Pharmaceutical Industries Ltd. — SP ADR | 18,307 | 925,602 | ||||||
Medtronic, Inc. | 24,364 | 896,595 | ||||||
Gilead Sciences, Inc.* | 18,745 | 873,142 | ||||||
Eli Lilly & Co. | 25,172 | 831,431 | ||||||
Baxter International, Inc. | 14,472 | 825,049 | ||||||
Medco Health Solutions, Inc.* | 13,834 | 765,159 | ||||||
Celgene Corp.* | 13,478 | 753,420 | ||||||
UnitedHealth Group, Inc. | 29,829 | 746,918 | ||||||
Express Scripts, Inc.* | 8,860 | 687,359 | ||||||
WellPoint, Inc.* | 13,427 | 635,903 | ||||||
McKesson Corp. | 10,593 | 630,813 | ||||||
Stryker Corp. | 13,667 | 620,892 | ||||||
Allergan, Inc. | 10,643 | 604,097 | ||||||
Thermo Fisher Scientific, Inc.* | 13,662 | 596,620 | ||||||
Becton, Dickinson & Co. | 8,088 | 564,138 | ||||||
Genzyme Corp.* | 9,772 | 554,366 | ||||||
Boston Scientific Corp.* | 52,136 | 552,120 | ||||||
Biogen Idec, Inc.* | 10,691 | 540,109 | ||||||
Intuitive Surgical, Inc.* | 2,056 | 539,186 | ||||||
Zimmer Holdings, Inc.* | 9,910 | 529,689 | ||||||
Aetna, Inc. | 18,072 | 502,944 | ||||||
St. Jude Medical, Inc.* | 12,847 | 501,161 | ||||||
Shire PLC — SP ADR | 9,274 | 484,937 | ||||||
Forest Laboratories, Inc.* | 14,859 | 437,449 | ||||||
Life Technologies Corp.* | 8,951 | 416,669 | ||||||
Quest Diagnostics, Inc. | 7,939 | 414,336 | ||||||
Hospira, Inc.* | 9,077 | 404,834 | ||||||
CIGNA Corp. | 14,254 | 400,395 | ||||||
C.R. Bard, Inc. | 5,092 | 400,282 | ||||||
Humana, Inc.* | 10,545 | 393,328 | ||||||
Cardinal Health, Inc. | 14,630 | 392,084 | ||||||
Warner Chilcott PLC* | 18,027 | 389,744 | ||||||
AmerisourceBergen Corp. | 17,306 | 387,308 | ||||||
Vertex Pharmaceuticals, Inc.* | 9,925 | 376,157 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Cerner Corp.* | 4,990 | $ | 373,252 | |||||
Illumina, Inc.* | 8,551 | 363,417 | ||||||
Laboratory Corporation of America Holdings* | 5,476 | 359,773 | ||||||
DaVita, Inc.* | 6,329 | 358,475 | ||||||
Varian Medical Systems, Inc.* | 8,495 | 357,894 | ||||||
DENTSPLY International, Inc. | 9,840 | 339,874 | ||||||
Mylan, Inc.* | 20,976 | 335,826 | ||||||
Waters Corp.* | 5,932 | 331,362 | ||||||
Beckman Coulter, Inc. | 4,784 | 329,809 | ||||||
Henry Schein, Inc.* | 5,904 | 324,189 | ||||||
Hologic, Inc.* | 18,696 | 305,493 | ||||||
Cephalon, Inc.* | 5,138 | 299,237 | ||||||
Watson Pharmaceuticals, Inc.* | 7,799 | 285,755 | ||||||
Alexion Pharmaceuticals, Inc.* | 6,275 | 279,489 | ||||||
Edwards Lifesciences Corp.* | 3,980 | 278,242 | ||||||
Patterson Companies, Inc.* | 10,170 | 277,133 | ||||||
Millipore Corp.* | 3,935 | 276,749 | ||||||
Dendreon Corp.* | 9,660 | 270,383 | ||||||
Covance, Inc.* | 4,980 | 269,667 | ||||||
ResMed, Inc.* | 5,964 | 269,573 | ||||||
Perrigo Co. | 7,880 | 267,841 | ||||||
Inverness Medical Innovations, Inc.* | 6,680 | 258,716 | ||||||
Mettler-Toledo International, Inc.* | 2,770 | 250,934 | ||||||
IDEXX Laboratories, Inc.* | 4,970 | 248,500 | ||||||
Community Health Systems, Inc.* | 7,770 | 248,096 | ||||||
Coventry Health Care, Inc.* | 12,020 | 239,919 | ||||||
Myriad Genetics, Inc.* | 8,371 | 229,365 | ||||||
Pharmaceutical Product | ||||||||
Development, Inc. | 10,280 | 225,543 | ||||||
Omnicare, Inc. | 9,498 | 213,895 | ||||||
Total Common Stocks | ||||||||
(Cost $33,963,099) | 44,501,510 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.6% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 269,976 | 269,976 | |||||
Total Repurchase Agreement (Cost $269,976) | 269,976 | |||||||
Total Investments 99.9%(a) (Cost $34,233,075) | $ | 44,771,486 | ||||||
Other Assets in Excess of Liabilities – 0.1% | $ | 50,315 | ||||||
Net Assets – 100.0% | $ | 44,821,801 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
28 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INTERNET FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.2% | ||||||||
Cisco Systems, Inc.* | 103,261 | $ | 2,430,764 | |||||
Google, Inc. — Class A* | 4,686 | 2,323,553 | ||||||
Qualcomm, Inc. | 37,097 | 1,668,623 | ||||||
Amazon.com, Inc.* | 13,802 | 1,288,555 | ||||||
Time Warner, Inc. | 41,285 | 1,188,182 | ||||||
Research In Motion Ltd.* | 17,205 | 1,162,198 | ||||||
Yahoo!, Inc.* | 56,640 | 1,008,758 | ||||||
eBay, Inc.* | 41,351 | 976,297 | ||||||
Juniper Networks, Inc.* | 28,206 | 762,126 | ||||||
Broadcom Corp. — Class A* | 24,481 | 751,322 | ||||||
Symantec Corp.* | 43,784 | 721,122 | ||||||
Baidu, Inc. — SP ADR* | 1,727 | 675,343 | ||||||
Priceline.com, Inc.* | 3,697 | 613,037 | ||||||
Intuit, Inc.* | 21,130 | 602,205 | ||||||
Expedia, Inc.* | 24,403 | 584,452 | ||||||
BMC Software, Inc.* | 14,670 | 550,565 | ||||||
McAfee, Inc.* | 11,895 | 520,882 | ||||||
Check Point Software Technologies Ltd.* | 18,269 | 517,926 | ||||||
Sun Microsystems, Inc.* | 56,605 | 514,539 | ||||||
Red Hat, Inc.* | 18,144 | 501,500 | ||||||
VeriSign, Inc.* | 19,481 | 461,505 | ||||||
Equinix, Inc.* | 4,404 | 405,168 | ||||||
F5 Networks, Inc.* | 9,104 | 360,792 | ||||||
Akamai Technologies, Inc.* | 18,188 | 357,940 | ||||||
IAC/InterActiveCorp* | 17,682 | 357,000 | ||||||
Palm, Inc.* | 18,970 | 330,647 | ||||||
Sohu.com, Inc.* | 4,797 | 329,938 | ||||||
Netflix, Inc.* | 7,090 | 327,345 | ||||||
VistaPrint NV* | 6,325 | 320,994 | ||||||
Total Common Stocks (Cost $15,442,857) | 22,613,278 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.6% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 125,183 | 125,183 | |||||
Total Repurchase Agreement (Cost $125,183) | 125,183 | |||||||
Total Investments 99.8%(a) (Cost $15,568,040) | $ | 22,738,461 | ||||||
Other Assets in Excess of Liabilities – 0.2% | $ | 54,398 | ||||||
Net Assets – 100.0% | $ | 22,792,859 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 29 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
LEISURE FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 95.7% | ||||||||
McDonald’s Corp. | 7,456 | $ | 425,514 | |||||
Walt Disney Co. | 14,650 | 402,289 | ||||||
Time Warner, Inc. | 11,309 | 325,473 | ||||||
News Corp. | 23,469 | 281,393 | ||||||
Carnival Corp. | 8,142 | 270,966 | ||||||
Starbucks Corp.* | 12,032 | 248,461 | ||||||
Las Vegas Sands Corp.* | 14,007 | 235,878 | ||||||
Viacom, Inc. — Class B* | 8,412 | 235,872 | ||||||
Activision Blizzard, Inc.* | 17,751 | 219,935 | ||||||
Yum! Brands, Inc. | 6,343 | 214,140 | ||||||
Wynn Resorts Ltd.* | 3,014 | 213,662 | ||||||
Marriott International, Inc. — Class A | 7,157 | 197,462 | ||||||
Starwood Hotels & Resorts | ||||||||
Worldwide, Inc. | 5,023 | 165,910 | ||||||
MGM MIRAGE* | 13,745 | 165,490 | ||||||
Royal Caribbean Cruises Ltd.* | 6,507 | 156,689 | ||||||
Mattel, Inc. | 7,623 | 140,721 | ||||||
Tim Hortons, Inc. | 4,489 | 127,039 | ||||||
Electronic Arts, Inc.* | 6,654 | 126,759 | ||||||
Marvel Entertainment, Inc.* | 2,411 | 119,634 | ||||||
Darden Restaurants, Inc. | 3,441 | 117,441 | ||||||
International Game Technology, Inc. | 5,272 | 113,243 | ||||||
Hasbro, Inc. | 3,941 | 109,363 | ||||||
Wyndham Worldwide Corp. | 6,550 | 106,896 | ||||||
DreamWorks Animation SKG, Inc. — Class A* | 2,786 | 99,098 | ||||||
Liberty Media Corp. — Capital* | 4,391 | 91,860 | ||||||
WMS Industries, Inc.* | 2,025 | 90,234 | ||||||
Bally Technologies, Inc.* | 2,138 | 82,035 | ||||||
Choice Hotels International, Inc. | 2,578 | 80,073 | ||||||
Penn National Gaming, Inc.* | 2,698 | 74,627 | ||||||
Panera Bread Co.* | 1,270 | 69,850 | ||||||
Burger King Holdings, Inc. | 3,944 | 69,375 | ||||||
Chipotle Mexican Grill, Inc. — | ||||||||
Class A* | 696 | 67,547 | ||||||
Polaris Industries, Inc. | 1,639 | 66,838 | ||||||
Scientific Games Corp. — | ||||||||
Class A* | 4,187 | 66,280 | ||||||
Brinker International, Inc. | 4,143 | 65,169 | ||||||
Vail Resorts, Inc.* | 1,923 | 64,497 | ||||||
Life Time Fitness, Inc.* | 2,291 | 64,262 | ||||||
Regal Entertainment Group — Class A | 5,192 | 63,965 | ||||||
Pool Corp. | 2,803 | 62,283 | ||||||
Cheesecake Factory, Inc.* | 3,160 | 58,523 | ||||||
Boyd Gaming Corp.* | 5,267 | 57,568 | ||||||
Jack in the Box, Inc.* | 2,661 | 54,524 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Bob Evans Farms, Inc. | 1,752 | $ | 50,913 | |||||
Cracker Barrel Old Country Store, Inc. | 1,464 | 50,362 | ||||||
International Speedway Corp. — Class A | 1,815 | 50,039 | ||||||
P.F. Chang’s China Bistro, Inc.* | 1,428 | 48,509 | ||||||
Ameristar Casinos, Inc. | 2,928 | 46,204 | ||||||
Texas Roadhouse, Inc.* | 4,131 | 43,871 | ||||||
Papa John’s International, Inc.* | 1,745 | 42,875 | ||||||
Speedway Motorsports, Inc. | 2,896 | 41,673 | ||||||
CEC Entertainment, Inc.* | 1,419 | 36,695 | ||||||
Total Common Stocks (Cost $5,571,651) | 6,479,979 | |||||||
WARRANTS 0.0% | ||||||||
Krispy Kreme Doughnuts, Inc.* $12.21, 03/02/12 | 350 | 21 | ||||||
Total Warrants (Cost $—) | 21 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.2% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 15,266 | 15,266 | |||||
Total Repurchase Agreement (Cost $15,266) | 15,266 | |||||||
Total Investments 95.9%(a) (Cost $5,586,917) | $ | 6,495,266 | ||||||
Other Assets in Excess of Liabilities – 4.1% | $ | 277,891 | ||||||
Net Assets – 100.0% | $ | 6,773,157 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. |
30 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
PRECIOUS METALS FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.5% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 509,142 | $ | 34,932,233 | |||||
Barrick Gold Corp. | 472,718 | 17,916,012 | ||||||
Goldcorp, Inc. | 434,045 | 17,522,397 | ||||||
Newmont Mining Corp. | 381,811 | 16,807,320 | ||||||
Agnico-Eagle Mines Ltd. | 211,893 | 14,376,940 | ||||||
Yamana Gold, Inc. | 940,267 | 10,070,260 | ||||||
Kinross Gold Corp. | 444,240 | 9,640,008 | ||||||
Randgold Resources Ltd. — SP ADR | 136,073 | 9,508,781 | ||||||
AngloGold Ashanti Ltd. — SP ADR | 222,817 | 9,082,021 | ||||||
Silver Wheaton Corp.* | 716,952 | 9,026,426 | ||||||
Gold Fields Ltd. — SP ADR | 635,449 | 8,756,487 | ||||||
Coeur d’Alene Mines Corp.* | 362,940 | 7,440,270 | ||||||
Cia de Minas Buenaventura | ||||||||
SA — SP ADR | 207,208 | 7,295,794 | ||||||
IAMGOLD Corp. | 470,363 | 6,650,933 | ||||||
Hecla Mining Co.* | 1,385,769 | 6,083,526 | ||||||
Harmony Gold Mining Company Ltd. — SP ADR | 546,432 | 5,977,966 | ||||||
Royal Gold, Inc. | 128,593 | 5,863,841 | ||||||
Eldorado Gold Corp.* | 500,277 | 5,703,158 | ||||||
Pan American Silver Corp.* | 229,095 | 5,223,366 | ||||||
Silver Standard Resources, Inc.* | 216,958 | 4,634,223 | ||||||
Golden Star Resources Ltd.* | 941,296 | 3,172,167 | ||||||
Novagold Resources, Inc.* | 619,150 | 3,170,048 | ||||||
Stillwater Mining Co.* | 381,577 | 2,564,197 | ||||||
Minefinders Corp.* | 237,596 | 2,314,185 | ||||||
Gammon Gold, Inc.* | 237,603 | 2,022,001 | ||||||
Lihir Gold Ltd. — SP ADR* | 80,405 | 2,014,145 | ||||||
Allied Nevada Gold Corp.* | 194,562 | 1,904,762 | ||||||
US Gold Corp.* | 466,002 | 1,346,746 | ||||||
Paramount Gold and Silver Corp.* | 473,208 | 648,295 | ||||||
Great Basin Gold Ltd.* | 395,892 | 605,715 | ||||||
Total Common Stocks (Cost $119,765,123) | 232,274,223 | |||||||
Total Investments 99.5%(a) (Cost $119,765,123) | $ | 232,274,223 | ||||||
Other Assets in Excess of Liabilities – 0.5% | $ | 1,265,153 | ||||||
Net Assets – 100.0% | $ | 233,539,376 |
* | Non-Income Producing Security. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 31 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
RETAILING FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.7% | ||||||||
Wal-Mart Stores, Inc. | 10,375 | $ | 509,308 | |||||
CVS Caremark Corp. | 7,720 | 275,913 | ||||||
Home Depot, Inc. | 9,623 | 256,357 | ||||||
Walgreen Co. | 6,669 | 249,887 | ||||||
Amazon.com, Inc.* | 2,563 | 239,282 | ||||||
Target Corp. | 5,039 | 235,220 | ||||||
Lowe’s Companies, Inc. | 9,798 | 205,170 | ||||||
Costco Wholesale Corp. | 3,475 | 196,198 | ||||||
Kohl’s Corp.* | 2,921 | 166,643 | ||||||
The Gap, Inc. | 7,584 | 162,298 | ||||||
Staples, Inc. | 6,775 | 157,315 | ||||||
TJX Companies, Inc. | 3,955 | 146,928 | ||||||
Best Buy Company, Inc. | 3,909 | 146,666 | ||||||
Macy’s, Inc. | 6,683 | 122,232 | ||||||
Bed Bath & Beyond, Inc.* | 3,233 | 121,367 | ||||||
Priceline.com, Inc.* | 689 | 114,250 | ||||||
J.C. Penney Company, Inc. | 3,258 | 109,957 | ||||||
Expedia, Inc.* | 4,529 | 108,470 | ||||||
Nordstrom, Inc. | 3,528 | 107,745 | ||||||
Sears Holdings Corp.* | 1,577 | 102,994 | ||||||
Limited Brands, Inc. | 6,055 | 102,874 | ||||||
Sherwin-Williams Co. | 1,658 | 99,745 | ||||||
AutoZone, Inc.* | 681 | 99,576 | ||||||
Urban Outfitters, Inc.* | 3,225 | 97,298 | ||||||
Ross Stores, Inc. | 1,981 | 94,632 | ||||||
Genuine Parts Co. | 2,476 | 94,237 | ||||||
Tiffany & Co. | 2,409 | 92,819 | ||||||
CarMax, Inc.* | 4,423 | 92,441 | ||||||
GameStop Corp.* | 3,157 | 83,566 | ||||||
Dollar Tree, Inc.* | 1,637 | 79,689 | ||||||
Guess?, Inc. | 2,143 | 79,377 | ||||||
O’Reilly Automotive, Inc.* | 2,111 | 76,292 | ||||||
American Eagle Outfitters, Inc. | 4,372 | 73,712 | ||||||
Abercrombie & Fitch Co. — Class A | 2,134 | 70,166 | ||||||
Williams-Sonoma, Inc. | 3,350 | 67,770 | ||||||
Aeropostale, Inc.* | 1,541 | 66,987 | ||||||
Advance Auto Parts, Inc. | 1,682 | 66,069 | ||||||
Family Dollar Stores, Inc. | 2,471 | 65,234 | ||||||
AutoNation, Inc.* | 3,579 | 64,708 | ||||||
Chico’s FAS, Inc.* | 4,915 | 63,895 | ||||||
J. Crew Group, Inc.* | 1,741 | 62,363 | ||||||
Netflix, Inc.* | 1,321 | 60,991 | ||||||
Signet Jewelers Ltd.* | 2,314 | 60,928 | ||||||
LKQ Corp.* | 3,247 | 60,199 | ||||||
Petsmart, Inc. | 2,736 | 59,508 | ||||||
RadioShack Corp. | 3,429 | 56,819 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Big Lots, Inc.* | 2,252 | $ | 56,345 | |||||
Dick’s Sporting Goods, Inc.* | 2,477 | 55,485 | ||||||
BJ’s Wholesale Club, Inc.* | 1,486 | 53,823 | ||||||
Foot Locker, Inc. | 4,400 | 52,580 | ||||||
Penske Auto Group, Inc. | 2,588 | 49,638 | ||||||
Tractor Supply Co.* | 1,011 | 48,953 | ||||||
Buckle, Inc. | 1,389 | 47,420 | ||||||
Barnes & Noble, Inc. | 1,867 | 41,485 | ||||||
Rent-A-Center, Inc.* | 2,151 | 40,611 | ||||||
Aaron’s, Inc. | 1,391 | 36,722 | ||||||
Total Common Stocks (Cost $4,425,777) | 6,209,157 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.7% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 44,641 | 44,641 | |||||
Total Repurchase Agreement (Cost $44,641) | 44,641 | |||||||
Total Investments 100.4%(a) (Cost $4,470,418) | $ | 6,253,798 | ||||||
Liabilities in Excess of Other Assets – (0.4)% | $ | (22,791 | ) | |||||
Net Assets – 100.0% | $ | 6,231,007 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. |
32 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
TECHNOLOGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 97.8% | ||||||||
Microsoft Corp. | 73,275 | $ | 1,897,090 | |||||
Apple, Inc.* | 9,315 | 1,726,722 | ||||||
International Business Machines Corp. | 12,983 | 1,552,897 | ||||||
Cisco Systems, Inc.* | 63,534 | 1,495,590 | ||||||
Google, Inc. — Class A* | 2,870 | 1,423,089 | ||||||
Hewlett-Packard Co. | 29,523 | 1,393,781 | ||||||
Intel Corp. | 66,092 | 1,293,420 | ||||||
Oracle Corp. | 58,655 | 1,222,370 | ||||||
Qualcomm, Inc. | 22,841 | 1,027,388 | ||||||
SAP AG — SP ADR | 20,510 | 1,002,324 | ||||||
Canon, Inc. — SP ADR | 24,174 | 966,718 | ||||||
Nokia Oyj — SP ADR | 65,574 | 958,692 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. — SP ADR | 87,032 | 953,871 | ||||||
EMC Corp.* | 45,894 | 782,034 | ||||||
eBay, Inc.* | 31,757 | 749,783 | ||||||
Dell, Inc.* | 47,219 | 720,562 | ||||||
Research In Motion Ltd.* | 10,632 | 718,192 | ||||||
Infosys Technologies Ltd. — SP ADR | 14,484 | 702,329 | ||||||
Texas Instruments, Inc. | 28,197 | 667,987 | ||||||
Telefonaktiebolaget LM Ericsson — SP ADR | 66,504 | 666,370 | ||||||
Visa, Inc. | 9,554 | 660,277 | ||||||
Motorola, Inc. | 73,160 | 628,444 | ||||||
Yahoo!, Inc.* | 34,844 | 620,572 | ||||||
Accenture PLC — Class A* | 16,236 | 605,116 | ||||||
MasterCard, Inc. | 2,842 | 574,510 | ||||||
Automatic Data Processing, Inc. | 14,399 | 565,881 | ||||||
Corning, Inc. | 36,869 | 564,464 | ||||||
Applied Materials, Inc. | 39,237 | 525,776 | ||||||
Adobe Systems, Inc.* | 15,766 | 520,909 | ||||||
Activision Blizzard, Inc.* | 39,898 | 494,336 | ||||||
ASML Holding NV | 16,255 | 480,660 | ||||||
Juniper Networks, Inc.* | 17,343 | 468,608 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 12,062 | 466,317 | ||||||
Broadcom Corp. — Class A* | 15,083 | 462,897 | ||||||
CA, Inc. | 20,658 | 454,269 | ||||||
Western Union Co. | 23,810 | 450,485 | ||||||
Symantec Corp.* | 26,943 | 443,751 | ||||||
Agilent Technologies, Inc.* | 15,354 | 427,302 | ||||||
Marvell Technology Group Ltd.* | 26,152 | 423,401 | ||||||
Baidu, Inc. — SP ADR* | 1,082 | 423,116 | ||||||
Paychex, Inc. | 14,492 | 420,993 | ||||||
NetApp, Inc.* | 15,275 | 407,537 | ||||||
Western Digital Corp.* | 10,727 | 391,857 | ||||||
Seagate Technology | 25,630 | 389,832 | ||||||
NVIDIA Corp.* | 25,685 | 386,046 | ||||||
Micron Technology, Inc.* | 46,140 | 378,348 | ||||||
Salesforce.com, Inc.* | 6,567 | 373,859 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Intuit, Inc.* | 13,030 | $ | 371,355 | |||||
Computer Sciences Corp.* | 7,023 | 370,182 | ||||||
Analog Devices, Inc. | 12,957 | 357,354 | ||||||
BMC Software, Inc.* | 9,055 | 339,834 | ||||||
Citrix Systems, Inc.* | 8,629 | 338,516 | ||||||
Fiserv, Inc.* | 6,942 | 334,604 | ||||||
Xilinx, Inc. | 14,245 | 333,618 | ||||||
Amphenol Corp. | 8,795 | 331,396 | ||||||
Xerox Corp. | 42,745 | 330,846 | ||||||
KLA-Tencor Corp. | 9,182 | 329,267 | ||||||
Altera Corp. | 15,863 | 325,350 | ||||||
McAfee, Inc.* | 7,337 | 321,287 | ||||||
Check Point Software Technologies Ltd.* | 11,259 | 319,193 | ||||||
Linear Technology Corp. | 11,466 | 316,806 | ||||||
Sun Microsystems, Inc.* | 34,820 | 316,514 | ||||||
Autodesk, Inc.* | 13,245 | 315,231 | ||||||
AU Optronics Corp. — SP ADR | 32,249 | 312,170 | ||||||
Red Hat, Inc.* | 11,189 | 309,264 | ||||||
Amdocs Ltd.* | 11,343 | 304,900 | ||||||
Harris Corp. | 8,015 | 301,364 | ||||||
Affiliated Computer Services, Inc. — Class A* | 5,475 | 296,581 | ||||||
Fidelity National Information Services, Inc. | 11,604 | 296,018 | ||||||
SanDisk Corp.* | 13,426 | 291,344 | ||||||
Maxim Integrated Products, Inc. | 15,910 | 288,607 | ||||||
Electronic Arts, Inc.* | 14,961 | 285,007 | ||||||
VeriSign, Inc.* | 11,968 | 283,522 | ||||||
Teradata Corp.* | 10,134 | 278,888 | ||||||
Metavante Technologies, Inc.* | 8,050 | 277,564 | ||||||
Flir Systems, Inc.* | 9,810 | 274,386 | ||||||
Microchip Technology, Inc. | 10,156 | 269,134 | ||||||
VMware, Inc.* | 6,660 | 267,532 | ||||||
Lam Research Corp.* | 7,830 | 267,473 | ||||||
Alliance Data Systems Corp.* | 4,309 | 263,194 | ||||||
Lender Processing Services, Inc. | 6,830 | 260,701 | ||||||
Rovi Corp.* | 7,670 | 257,712 | ||||||
Nuance Communications, Inc.* | 17,100 | 255,816 | ||||||
Global Payments, Inc. | 5,419 | 253,067 | ||||||
Hewitt Associates, Inc.* | 6,900 | 251,367 | ||||||
Avnet, Inc.* | 9,631 | 250,117 | ||||||
Cree, Inc.* | 6,778 | 249,091 | ||||||
Equinix, Inc.* | 2,705 | 248,860 | ||||||
Arrow Electronics, Inc.* | 8,726 | 245,637 | ||||||
ANSYS, Inc.* | 6,420 | 240,557 | ||||||
Sybase, Inc.* | 6,134 | 238,613 | ||||||
Total System Services, Inc. | 14,754 | 237,687 | ||||||
ON Semiconductor Corp.* | 28,570 | 235,702 | ||||||
FactSet Research Systems, Inc. | 3,548 | 235,020 | ||||||
Synopsys, Inc.* | 10,425 | 233,729 | ||||||
SAIC, Inc.* | 13,010 | 228,195 | ||||||
Tellabs, Inc.* | 32,920 | 227,806 | ||||||
Broadridge Financial Solutions, Inc. | 11,220 | 225,522 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 33 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
TECHNOLOGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
F5 Networks, Inc.* | 5,590 | $ | 221,532 | |||||
National Semiconductor Corp. | 15,502 | 221,214 | ||||||
Akamai Technologies, Inc.* | 11,211 | 220,632 | ||||||
IAC/InterActiveCorp* | 10,911 | 220,293 | ||||||
Trimble Navigation Ltd.* | 9,192 | 219,781 | ||||||
MEMC Electronic Materials, Inc.* | 13,107 | 217,969 | ||||||
Brocade Communications Systems, Inc.* | 26,280 | 206,561 | ||||||
Itron, Inc.* | 3,220 | 206,531 | ||||||
CommScope, Inc.* | 6,770 | 202,626 | ||||||
Sohu.com, Inc.* | 2,940 | 202,213 | ||||||
Ingram Micro, Inc. — Class A* | 11,405 | 192,174 | ||||||
Total Common Stocks (Cost $39,199,134) | 51,855,798 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.7% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 323,157 | 323,157 | |||||
Total Repurchase Agreement (Cost $323,157) | 323,157 | |||||||
Total Investments 98.4%(a) (Cost $39,522,291) | $ | 52,178,955 | ||||||
Other Assets in Excess of Liabilities – 1.6% | $ | 838,309 | ||||||
Net Assets – 100.0% | $ | 53,017,264 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
34 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
TELECOMMUNICATIONS FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.0% | ||||||||
AT&T, Inc. | 82,088 | $ | 2,217,197 | |||||
Cisco Systems, Inc.* | 87,205 | 2,052,806 | ||||||
Vodafone Group PLC — SP ADR | 88,822 | 1,998,495 | ||||||
Verizon Communications, Inc. | 51,589 | 1,561,599 | ||||||
Qualcomm, Inc. | 31,326 | 1,409,044 | ||||||
Nokia Oyj — SP ADR | 90,015 | 1,316,019 | ||||||
Deutsche Telekom AG — SP ADR | 81,289 | 1,110,408 | ||||||
America Movil SAB de CV — SP ADR | 22,513 | 986,745 | ||||||
Telefonaktiebolaget LM Ericsson — SP ADR | 91,370 | 915,527 | ||||||
Research In Motion Ltd.* | 13,082 | 883,689 | ||||||
Motorola, Inc. | 100,414 | 862,556 | ||||||
American Tower Corp. — Class A* | 18,485 | 672,854 | ||||||
Juniper Networks, Inc.* | 23,816 | 643,508 | ||||||
CenturyTel, Inc. | 16,715 | 561,624 | ||||||
Crown Castle International Corp.* | 17,603 | 552,030 | ||||||
Sprint Nextel Corp.* | 128,130 | 506,114 | ||||||
NII Holdings, Inc. — Class B* | 14,729 | 441,575 | ||||||
Tele Norte Leste Participacoes SA — ADR | 22,105 | 415,353 | ||||||
Qwest Communications International, Inc. | 108,700 | 414,147 | ||||||
Harris Corp. | 11,006 | 413,826 | ||||||
Windstream Corp. | 38,379 | 388,779 | ||||||
Tellabs, Inc.* | 45,210 | 312,853 | ||||||
F5 Networks, Inc.* | 7,695 | 304,953 | ||||||
SBA Communications Corp.* | 11,171 | 301,952 | ||||||
Brocade Communications Systems, Inc.* | 36,021 | 283,125 | ||||||
Palm, Inc.* | 16,019 | 279,211 | ||||||
CommScope, Inc.* | 9,225 | 276,104 | ||||||
Frontier Communications Corp. | 35,430 | 267,142 | ||||||
Polycom, Inc.* | 9,831 | 262,979 | ||||||
MetroPCS Communications, Inc.* | 27,758 | 259,815 | ||||||
U.S. Cellular Corp.* | 6,234 | 243,562 | ||||||
Level 3 Communications, Inc.* | 167,891 | 233,369 | ||||||
Starent Networks Corp.* | 8,735 | 222,044 | ||||||
Leap Wireless International, Inc. — Class B* | 8,971 | 175,383 | ||||||
Total Common Stocks (Cost $20,195,745) | 23,746,387 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENT† 0.2% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 44,630 | $ | 44,630 | ||||
Total Repurchase Agreement (Cost $44,630) | 44,630 | |||||||
Total Investments 99.2%(a) (Cost $20,240,375) | $ | 23,791,017 | ||||||
Other Assets in Excess of Liabilities – 0.8% | $ | 183,164 | ||||||
Net Assets – 100.0% | $ | 23,974,181 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. | |
ADR — American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 35 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
TRANSPORTATION FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.6% | ||||||||
United Parcel Service, Inc. — Class B | 15,873 | $ | 896,348 | |||||
FedEx Corp. | 10,472 | 787,704 | ||||||
Union Pacific Corp. | 13,124 | 765,785 | ||||||
Burlington Northern Santa Fe Corp. | 9,487 | 757,347 | ||||||
Canadian National Railway Co. | 14,945 | 732,156 | ||||||
CSX Corp. | 15,114 | 632,672 | ||||||
Norfolk Southern Corp. | 13,898 | 599,143 | ||||||
Delta Air Lines, Inc.* | 59,273 | 531,086 | ||||||
CH Robinson Worldwide, Inc. | 8,979 | 518,537 | ||||||
Southwest Airlines Co. | 53,230 | 511,008 | ||||||
Expeditors International of | ||||||||
Washington, Inc. | 13,507 | 474,771 | ||||||
J.B. Hunt Transport Services, Inc. | 11,963 | 384,371 | ||||||
Continental Airlines, Inc. — Class B* | 21,315 | 350,419 | ||||||
Kansas City Southern* | 13,109 | 347,258 | ||||||
Ryder System, Inc. | 8,502 | 332,088 | ||||||
Kirby Corp.* | 7,664 | 282,189 | ||||||
Landstar System, Inc. | 7,288 | 277,381 | ||||||
Con-way, Inc. | 6,790 | 260,193 | ||||||
Alexander & Baldwin, Inc. | 7,621 | 244,558 | ||||||
Copa Holdings SA | 5,145 | 228,901 | ||||||
Knight Transportation, Inc. | 13,594 | 228,107 | ||||||
Werner Enterprises, Inc. | 11,667 | 217,356 | ||||||
Heartland Express, Inc. | 15,047 | 216,677 | ||||||
Genesee & Wyoming, Inc. — Class A* | 6,916 | 209,693 | ||||||
Old Dominion Freight Line, Inc.* | 6,459 | 196,547 | ||||||
Hertz Global Holdings, Inc.* | 17,700 | 191,691 | ||||||
UTI Worldwide, Inc. | 11,805 | 170,936 | ||||||
Allegiant Travel Co.* | 4,119 | 156,893 | ||||||
DryShips, Inc. | 19,527 | 129,464 | ||||||
Total Common Stocks (Cost $9,361,762) | 11,631,279 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENT† 17.0% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 1,980,242 | $ | 1,980,242 | ||||
Total Repurchase Agreement (Cost $1,980,242) | 1,980,242 | |||||||
Total Investments 116.6%(a) (Cost $11,342,003) | $ | 13,611,521 | ||||||
Liabilities in Excess of Other Assets – (16.6)% | $ | (1,936,579 | ) | |||||
Net Assets – 100.0% | $ | 11,674,942 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. |
36 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
UTILITIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 99.4% | ||||||||
Exelon Corp. | 22,113 | $ | 1,097,248 | |||||
Southern Co. | 30,834 | 976,513 | ||||||
Duke Energy Corp. | 58,034 | 913,455 | ||||||
FPL Group, Inc. | 16,533 | 913,118 | ||||||
Dominion Resources, Inc. | 26,334 | 908,523 | ||||||
Entergy Corp. | 9,968 | 796,044 | ||||||
PG&E Corp. | 19,390 | 785,101 | ||||||
FirstEnergy Corp. | 16,963 | 775,548 | ||||||
Public Service Enterprise Group, Inc. | 24,600 | 773,424 | ||||||
American Electric Power Company, Inc. | 24,793 | 768,335 | ||||||
Sempra Energy | 13,835 | 689,121 | ||||||
Consolidated Edison, Inc. | 16,790 | 687,383 | ||||||
AES Corp.* | 45,733 | 677,763 | ||||||
Edison International | 20,095 | 674,790 | ||||||
Progress Energy, Inc. | 16,898 | 660,036 | ||||||
PPL Corp. | 21,099 | 640,144 | ||||||
NRG Energy, Inc.* | 21,238 | 598,699 | ||||||
Xcel Energy, Inc. | 30,552 | 587,820 | ||||||
Questar Corp. | 14,389 | 540,451 | ||||||
Constellation Energy Group, Inc. | 16,619 | 537,957 | ||||||
EQT Corp. | 11,887 | 506,386 | ||||||
DTE Energy Co. | 13,900 | 488,446 | ||||||
Wisconsin Energy Corp. | 10,457 | 472,343 | ||||||
Ameren Corp. | 18,355 | 464,014 | ||||||
Calpine Corp.* | 37,453 | 431,459 | ||||||
Allegheny Energy, Inc. | 16,260 | 431,215 | ||||||
CenterPoint Energy, Inc. | 34,353 | 427,008 | ||||||
Oneok, Inc. | 11,464 | 419,812 | ||||||
Northeast Utilities | 17,505 | 415,569 | ||||||
SCANA Corp. | 11,785 | 411,296 | ||||||
National Fuel Gas Co. | 8,868 | 406,243 | ||||||
NiSource, Inc. | 29,024 | 403,143 | ||||||
MDU Resources Group, Inc. | 19,113 | 398,506 | ||||||
American Water Works Company, Inc. | 18,911 | 377,085 | ||||||
OGE Energy Corp. | 11,318 | 374,399 | ||||||
Pepco Holdings, Inc. | 24,979 | 371,687 | ||||||
Pinnacle West Capital Corp. | 11,309 | 371,161 | ||||||
NSTAR | 11,593 | 368,889 | ||||||
TECO Energy, Inc. | 25,777 | 362,940 | ||||||
Energen Corp. | 8,414 | 362,643 | ||||||
CMS Energy Corp. | 26,842 | 359,683 | ||||||
DPL, Inc. | 13,767 | 359,319 | ||||||
Alliant Energy Corp. | 12,888 | 358,931 | ||||||
Integrys Energy Group, Inc. | 9,690 | 347,774 | ||||||
AGL Resources, Inc. | 9,611 | 338,980 |
MARKET | ||||||||
SHARES | VALUE | |||||||
NV Energy, Inc. | 28,596 | $ | 331,428 | |||||
Atmos Energy Corp. | 11,687 | 329,340 | ||||||
Great Plains Energy, Inc. | 18,178 | 326,295 | ||||||
UGI Corp. | 12,769 | 319,991 | ||||||
Aqua America, Inc. | 17,437 | 307,589 | ||||||
Mirant Corp.* | 18,283 | 300,390 | ||||||
ITC Holdings Corp. | 6,583 | 299,197 | ||||||
Westar Energy, Inc. | 14,749 | 287,753 | ||||||
Ormat Technologies, Inc. | 6,719 | 274,270 | ||||||
Vectren Corp. | 11,416 | 263,025 | ||||||
Piedmont Natural Gas Co. | 10,968 | 262,574 | ||||||
Nicor, Inc. | 7,122 | 260,594 | ||||||
Hawaiian Electric Industries, Inc. | 14,357 | 260,149 | ||||||
WGL Holdings, Inc. | 7,830 | 259,486 | ||||||
Portland General Electric Co. | 12,123 | 239,066 | ||||||
New Jersey Resources Corp. | 6,560 | 238,194 | ||||||
Total Common Stocks (Cost $22,786,501) | 29,589,745 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT† 0.4% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 110,594 | 110,594 | |||||
Total Repurchase Agreement (Cost $110,594) | 110,594 | |||||||
Total Investments 99.8%(a) (Cost $22,897,095) | $ | 29,700,339 | ||||||
Other Assets in Excess of Liabilities – 0.2% | $ | 49,984 | ||||||
Net Assets – 100.0% | $ | 29,750,323 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 4. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 5. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 37 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
Basic | Bio- | Consumer | ||||||||||||||
Banking | Materials | technology | Products | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Assets | ||||||||||||||||
Investment Securities | $ | 13,583,694 | $ | 74,988,827 | $ | 192,602,417 | $ | 28,435,369 | ||||||||
Repurchase Agreements | 17,696 | 419,869 | 1,358,322 | 43,006 | ||||||||||||
Total Investments | 13,601,390 | 75,408,696 | 193,960,739 | 28,478,375 | ||||||||||||
Receivable for Securities Sold | 1,413,943 | — | — | — | ||||||||||||
Receivable for Fund Shares Sold | 333,976 | 3,701,053 | 1,367,344 | 73,737 | ||||||||||||
Investment Income Receivable | 13,801 | 59,466 | 147,687 | 148,729 | ||||||||||||
Total Assets | 15,363,110 | 79,169,215 | 195,475,770 | 28,700,841 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for Securities Purchased | — | 1,885,807 | 1,053,256 | — | ||||||||||||
Payable for Fund Shares Redeemed | 1,792,633 | 1,788,138 | 581,452 | 89,055 | ||||||||||||
Investment Advisory Fees Payable | 9,626 | 47,393 | 134,383 | 22,662 | ||||||||||||
Transfer Agent and Administrative Fees Payable | 2,831 | 13,939 | 39,524 | 6,665 | ||||||||||||
Distribution and Service Fees Payable | 4,299 | 10,705 | 7,410 | 4,297 | ||||||||||||
Portfolio Accounting Fees Payable | 1,132 | 5,576 | 15,810 | 2,666 | ||||||||||||
Custody Fees Payable | 380 | 1,841 | 5,322 | 881 | ||||||||||||
Overdraft Due to Custodian Bank | — | — | — | — | ||||||||||||
Other Accrued Fees | 4,830 | 23,222 | 60,783 | 19,132 | ||||||||||||
Total Liabilities | 1,815,731 | 3,776,621 | 1,897,940 | 145,358 | ||||||||||||
Net Assets | $ | 13,547,379 | $ | 75,392,594 | $ | 193,577,830 | $ | 28,555,483 | ||||||||
Net Assets Consist Of | ||||||||||||||||
Paid-In Capital | $ | 58,563,838 | $ | 93,500,359 | $ | 328,792,478 | $ | 32,940,712 | ||||||||
Undistributed Net Investment Income (Loss) | 473,744 | 411,731 | (763,985 | ) | 794,109 | |||||||||||
Accumulated Net Realized Loss on Investments | (50,030,576 | ) | (42,352,364 | ) | (183,558,876 | ) | (12,208,806 | ) | ||||||||
Net Unrealized Appreciation on Investments | 4,540,373 | 23,832,868 | 49,108,213 | 7,029,468 | ||||||||||||
Net Assets | $ | 13,547,379 | $ | 75,392,594 | $ | 193,577,830 | $ | 28,555,483 | ||||||||
Investor Class | $ | 8,147,728 | $ | 53,013,032 | $ | 178,105,146 | $ | 19,975,510 | ||||||||
Advisor Class | 1,138,844 | 8,549,729 | 7,519,389 | 4,029,155 | ||||||||||||
A-Class | 1,082,665 | 6,074,986 | 3,239,479 | 1,750,288 | ||||||||||||
C-Class | 3,178,142 | 7,754,847 | 4,713,816 | 2,800,530 | ||||||||||||
Shares Outstanding | ||||||||||||||||
Investor Class | 176,334 | 1,345,485 | 7,090,854 | 598,591 | ||||||||||||
Advisor Class | 26,548 | 228,958 | 318,337 | 127,342 | ||||||||||||
A-Class | 24,949 | 160,332 | 135,608 | 54,639 | ||||||||||||
C-Class | 75,846 | 214,960 | 204,570 | 91,377 | ||||||||||||
Net Asset Values | ||||||||||||||||
Investor Class | $46.21 | $39.40 | $25.12 | $33.37 | ||||||||||||
Advisor Class | 42.90 | 37.34 | 23.62 | 31.64 | ||||||||||||
A-Class | 43.39 | 37.89 | 23.89 | 32.03 | ||||||||||||
A-Class Maximum Offering Price* | 45.55 | 39.78 | 25.08 | 33.63 | ||||||||||||
C-Class | 41.90 | 36.08 | 23.04 | 30.65 | ||||||||||||
Cost of Investments | $ | 9,061,017 | $ | 51,575,828 | $ | 144,852,526 | $ | 21,448,907 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
38 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
Energy | Financial | Health | Precious | ||||||||||||||||||||||||||||||
Electronics | Energy | Services | Services | Care | Internet | Leisure | Metals | ||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||
$ | 85,128,250 | $ | 63,568,518 | $ | 75,624,105 | $ | 32,212,142 | $ | 44,501,510 | $ | 22,613,278 | $ | 6,480,000 | $ | 232,274,223 | ||||||||||||||||||
247,927 | 338,132 | 446,791 | 80,222 | 269,976 | 125,183 | 15,266 | — | ||||||||||||||||||||||||||
85,376,177 | 63,906,650 | 76,070,896 | 32,292,364 | 44,771,486 | 22,738,461 | 6,495,266 | 232,274,223 | ||||||||||||||||||||||||||
— | — | — | 2,258,095 | — | — | — | 4,004,349 | ||||||||||||||||||||||||||
2,174,298 | 3,634,792 | 5,311,278 | 8,797 | 334,469 | 3,882,616 | 3,814,544 | 1,537,832 | ||||||||||||||||||||||||||
8,863 | 46,654 | 41,148 | 59,695 | 62,487 | — | 1,058 | 71,565 | ||||||||||||||||||||||||||
87,559,338 | 67,588,096 | 81,423,322 | 34,618,951 | 45,168,442 | 26,621,077 | 10,310,868 | 237,887,969 | ||||||||||||||||||||||||||
1,758,442 | 3,521,802 | 3,221,802 | — | — | 3,762,065 | 3,037,066 | — | ||||||||||||||||||||||||||
126,590 | 58,358 | 2,577,567 | 2,560,720 | 272,379 | 37,150 | 496,395 | 3,961,657 | ||||||||||||||||||||||||||
61,027 | 40,631 | 48,175 | 25,855 | 35,466 | 11,997 | 1,958 | 133,089 | ||||||||||||||||||||||||||
17,949 | 11,950 | 14,169 | 7,604 | 10,431 | 3,528 | 576 | 44,363 | ||||||||||||||||||||||||||
3,712 | 14,426 | 15,751 | 3,639 | 6,569 | 2,151 | 476 | 29,974 | ||||||||||||||||||||||||||
7,179 | 4,780 | 5,668 | 3,042 | 4,172 | 1,411 | 230 | 17,700 | ||||||||||||||||||||||||||
2,378 | 1,577 | 1,870 | 1,004 | 1,388 | 470 | 77 | 5,856 | ||||||||||||||||||||||||||
— | — | — | — | — | — | 30 | 92,252 | ||||||||||||||||||||||||||
25,887 | 19,296 | 23,772 | 10,060 | 16,236 | 9,446 | 903 | 63,702 | ||||||||||||||||||||||||||
2,003,164 | 3,672,820 | 5,908,774 | 2,611,924 | 346,641 | 3,828,218 | 3,537,711 | 4,348,593 | ||||||||||||||||||||||||||
$ | 85,556,174 | $ | 63,915,276 | $ | 75,514,548 | $ | 32,007,027 | $ | 44,821,801 | $ | 22,792,859 | $ | 6,773,157 | $ | 233,539,376 | ||||||||||||||||||
$ | 198,349,917 | $ | 69,704,999 | $ | 130,043,582 | $ | 74,297,646 | $ | 77,668,090 | $ | 32,588,649 | $ | 20,058,463 | $ | 217,900,439 | ||||||||||||||||||
99,116 | 184,992 | (78,681 | ) | 318,992 | 127,749 | (374,224 | ) | (12,828 | ) | (1,128,468 | ) | ||||||||||||||||||||||
(125,244,636 | ) | (32,532,274 | ) | (92,139,595 | ) | (52,448,487 | ) | (43,512,449 | ) | (16,591,987 | ) | (14,180,827 | ) | (95,741,695 | ) | ||||||||||||||||||
12,351,777 | 26,557,559 | 37,689,242 | 9,838,876 | 10,538,411 | 7,170,421 | 908,349 | 112,509,100 | ||||||||||||||||||||||||||
$ | 85,556,174 | $ | 63,915,276 | $ | 75,514,548 | $ | 32,007,027 | $ | 44,821,801 | $ | 22,792,859 | $ | 6,773,157 | $ | 233,539,376 | ||||||||||||||||||
$ | 76,214,677 | $ | 40,743,260 | $ | 46,108,502 | $ | 24,411,416 | $ | 37,181,291 | $ | 17,602,406 | $ | 5,843,911 | $ | 182,860,473 | ||||||||||||||||||
1,757,813 | 6,732,183 | 8,909,506 | 3,322,353 | 2,191,267 | 3,241,873 | 686,507 | 16,355,820 | ||||||||||||||||||||||||||
4,358,076 | 3,455,369 | 7,124,602 | 2,171,974 | 799,524 | 794,655 | 49,160 | 9,432,685 | ||||||||||||||||||||||||||
3,225,608 | 12,984,464 | 13,371,938 | 2,101,284 | 4,649,719 | 1,153,925 | 193,579 | 24,890,398 | ||||||||||||||||||||||||||
1,595,059 | 2,072,322 | 1,136,436 | 351,647 | 2,702,319 | 467,852 | 252,564 | 2,994,787 | ||||||||||||||||||||||||||
38,977 | 362,209 | 231,672 | 50,357 | 169,004 | 90,669 | 31,511 | 275,899 | ||||||||||||||||||||||||||
95,568 | 183,438 | 182,726 | 32,468 | 60,911 | 21,944 | 2,231 | 157,112 | ||||||||||||||||||||||||||
73,362 | 724,215 | 358,244 | 32,911 | 368,919 | 33,353 | 9,077 | 442,545 | ||||||||||||||||||||||||||
$47.78 | $19.66 | $40.57 | $69.42 | $13.76 | $37.62 | $23.14 | $61.06 | ||||||||||||||||||||||||||
45.10 | 18.59 | 38.46 | 65.98 | 12.97 | 35.76 | 21.79 | 59.28 | ||||||||||||||||||||||||||
45.60 | 18.84 | 38.99 | 66.90 | 13.13 | 36.21 | 22.03 | 60.04 | ||||||||||||||||||||||||||
47.87 | 19.78 | 40.93 | 70.24 | 13.78 | 38.02 | 23.13 | 63.03 | ||||||||||||||||||||||||||
43.97 | 17.93 | 37.33 | 63.85 | 12.60 | 34.60 | 21.33 | 56.24 | ||||||||||||||||||||||||||
$ | 73,024,400 | $ | 37,349,091 | $ | 38,381,654 | $ | 22,453,488 | $ | 34,233,075 | $ | 15,568,040 | $ | 5,586,917 | $ | 119,765,123 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 39 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (concluded)
Telecom- | ||||||||||||||||
Retailing | Technology | munications | Transportation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Assets | ||||||||||||||||
Investment Securities | $ | 6,209,157 | $ | 51,855,798 | $ | 23,746,387 | $ | 11,631,279 | ||||||||
Repurchase Agreements | 44,641 | 323,157 | 44,630 | 1,980,242 | ||||||||||||
Total Investments | 6,253,798 | 52,178,955 | 23,791,017 | 13,611,521 | ||||||||||||
Receivable for Securities Sold | — | — | — | 3,558,607 | ||||||||||||
Receivable for Fund Shares Sold | 5,010 | 4,699,685 | 4,628,695 | 952,883 | ||||||||||||
Investment Income Receivable | 2,226 | 12,572 | 34,585 | 11,979 | ||||||||||||
Total Assets | 6,261,034 | 56,891,212 | 28,454,297 | 18,134,990 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for Securities Purchased | — | 2,534,843 | 4,421,976 | 1,890,543 | ||||||||||||
Payable for Fund Shares Redeemed | 14,655 | 1,264,682 | 31,739 | 4,551,312 | ||||||||||||
Investment Advisory Fees Payable | 3,920 | 35,150 | 11,226 | 8,893 | ||||||||||||
Transfer Agent and Administrative Fees Payable | 1,153 | 10,338 | 3,302 | 2,616 | ||||||||||||
Distribution and Service Fees Payable | 1,896 | 7,847 | 4,797 | 1,765 | ||||||||||||
Portfolio Accounting Fees Payable | 461 | 4,135 | 1,321 | 1,046 | ||||||||||||
Custody Fees Payable | 154 | 1,389 | 436 | 386 | ||||||||||||
Other Liabilities | 7,788 | 15,564 | 5,319 | 3,487 | ||||||||||||
Total Liabilities | 30,027 | 3,873,948 | 4,480,116 | 6,460,048 | ||||||||||||
Net Assets | $ | 6,231,007 | $ | 53,017,264 | $ | 23,974,181 | $ | 11,674,942 | ||||||||
Net Assets Consist Of | ||||||||||||||||
Paid-In Capital | $ | 23,507,416 | $ | 124,142,182 | $ | 61,442,830 | $ | 37,604,010 | ||||||||
Undistributed Net Investment Income (Loss) | 55,330 | (87,325 | ) | 344,957 | 47,880 | |||||||||||
Accumulated Net Realized Loss on Investments | (19,115,119 | ) | (83,694,257 | ) | (41,364,248 | ) | (28,246,466 | ) | ||||||||
Net Unrealized Appreciation on Investments | 1,783,380 | 12,656,664 | 3,550,642 | 2,269,518 | ||||||||||||
Net Assets | $ | 6,231,007 | $ | 53,017,264 | $ | 23,974,181 | $ | 11,674,942 | ||||||||
Investor Class | $ | 3,751,367 | $ | 33,723,921 | $ | 13,679,704 | $ | 8,316,643 | ||||||||
Advisor Class | 1,070,556 | 11,804,862 | 7,984,278 | 2,002,015 | ||||||||||||
A-Class | 111,806 | 4,436,317 | 448,843 | 779,893 | ||||||||||||
C-Class | 1,297,278 | 3,052,164 | 1,861,356 | 576,391 | ||||||||||||
Shares Outstanding | ||||||||||||||||
Investor Class | 343,294 | 3,122,646 | 1,025,710 | 415,962 | ||||||||||||
Advisor Class | 102,677 | 1,151,169 | 632,767 | 107,638 | ||||||||||||
A-Class | 10,597 | 429,367 | 35,253 | 41,407 | ||||||||||||
C-Class | 129,301 | 305,975 | 152,213 | 31,165 | ||||||||||||
Net Asset Values | ||||||||||||||||
Investor Class | $10.93 | $10.80 | $13.34 | $19.99 | ||||||||||||
Advisor Class | 10.43 | 10.25 | 12.62 | 18.60 | ||||||||||||
A-Class | 10.55 | 10.33 | 12.73 | 18.83 | ||||||||||||
A-Class Maximum Offering Price* | 11.08 | 10.85 | 13.36 | 19.77 | ||||||||||||
C-Class | 10.03 | 9.98 | 12.23 | 18.50 | ||||||||||||
Cost of Investments | $ | 4,470,418 | $ | 39,522,291 | $ | 20,240,375 | $ | 11,342,003 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
40 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
Utilities | |||||
Fund | |||||
$ | 29,589,745 | ||||
110,594 | |||||
29,700,339 | |||||
— | |||||
1,730,688 | |||||
78,449 | |||||
31,509,476 | |||||
1,349,902 | |||||
361,405 | |||||
21,990 | |||||
6,468 | |||||
5,138 | |||||
2,587 | |||||
858 | |||||
10,805 | |||||
1,759,153 | |||||
$ | 29,750,323 | ||||
$ | 37,059,346 | ||||
861,904 | |||||
(14,974,171 | ) | ||||
6,803,244 | |||||
$ | 29,750,323 | ||||
$ | 22,381,765 | ||||
1,029,581 | |||||
1,546,294 | |||||
4,792,683 | |||||
900,754 | |||||
43,676 | |||||
64,719 | |||||
213,109 | |||||
$24.85 | |||||
23.57 | |||||
23.89 | |||||
25.08 | |||||
22.49 | |||||
$ | 22,897,095 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 41 |
STATEMENTS OF OPERATIONS (Unaudited)
Basic | Bio- | Consumer | ||||||||||||||
Banking | Materials | technology | Products | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Investment Income | ||||||||||||||||
Interest | $ | 474 | $ | 470 | $ | 388 | $ | 214 | ||||||||
Dividends, Net of Foreign Tax Withheld | 205,045 | 922,819 | 147,686 | 655,561 | ||||||||||||
Settlement and Penalties | — | — | — | — | ||||||||||||
Total Income | 205,519 | 923,289 | 148,074 | 655,775 | ||||||||||||
Expenses | ||||||||||||||||
Investment Advisory Fees | 78,314 | 395,811 | 527,110 | 200,645 | ||||||||||||
Transfer Agent and Administrative Fees | 23,033 | 116,415 | 155,032 | 59,013 | ||||||||||||
Distribution & Service Fees: | ||||||||||||||||
Advisor Class | 4,968 | 17,699 | 17,139 | 20,823 | ||||||||||||
A-Class | 1,177 | 5,628 | 3,941 | 2,198 | ||||||||||||
C-Class | 19,841 | 31,517 | 21,195 | 13,944 | ||||||||||||
Portfolio Accounting Fees | 9,213 | 46,565 | 62,012 | 23,605 | ||||||||||||
Trustees’ Fees* | 1,159 | 5,513 | 6,795 | 3,005 | ||||||||||||
Custody Fees | 2,661 | 13,085 | 23,914 | 6,628 | ||||||||||||
Miscellaneous | 12,744 | 64,465 | 94,921 | 34,531 | ||||||||||||
Total Expenses | 153,110 | 696,698 | 912,059 | 364,392 | ||||||||||||
Net Investment Income (Loss) | 52,409 | 226,591 | (763,985 | ) | 291,383 | |||||||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investment Securities | 5,974,246 | 1,909,623 | 8,726,022 | 5,661,717 | ||||||||||||
Total Net Realized Gain (Loss) | 5,974,246 | 1,909,623 | 8,726,022 | 5,661,717 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investment Securities | 2,373,245 | 16,547,844 | 27,715,946 | 6,937,618 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 2,373,245 | 16,547,844 | 27,715,946 | 6,937,618 | ||||||||||||
Net Gain on Investments | 8,347,491 | 18,457,467 | 36,441,968 | 12,599,335 | ||||||||||||
Net Increase in Net Assets from Operations | $ | 8,399,900 | $ | 18,684,058 | $ | 35,677,983 | $ | 12,890,718 | ||||||||
Foreign Tax Withheld | $ | 1,257 | $ | 2,243 | $ | — | $ | — |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
42 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
Energy | Financial | Health | Precious | ||||||||||||||||||||||||||||||
Electronics | Energy | Services | Services | Care | Internet | Leisure | Metals | ||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||
$ | 5,984 | $ | 184 | $ | 503 | $ | 743 | $ | 140 | $ | 328 | $ | 44 | $ | 983 | ||||||||||||||||||
596,721 | 686,533 | 642,474 | 303,929 | 302,442 | 78,336 | 20,111 | 436,068 | ||||||||||||||||||||||||||
— | — | — | — | — | 3,209 | — | 566,142 | ||||||||||||||||||||||||||
602,705 | 686,717 | 642,977 | 304,672 | 302,582 | 81,873 | 20,155 | 1,003,193 | ||||||||||||||||||||||||||
298,822 | 254,457 | 392,523 | 111,053 | 153,709 | 271,816 | 18,050 | 788,023 | ||||||||||||||||||||||||||
87,889 | 74,840 | 115,447 | 32,663 | 45,208 | 79,946 | 5,309 | 262,675 | ||||||||||||||||||||||||||
4,570 | 17,590 | 21,002 | 8,097 | 10,136 | 8,031 | 2,418 | 28,170 | ||||||||||||||||||||||||||
2,001 | 5,620 | 8,695 | 3,142 | 886 | 797 | 46 | 11,813 | ||||||||||||||||||||||||||
10,001 | 64,606 | 54,960 | 9,721 | 25,706 | 7,725 | 1,227 | 103,137 | ||||||||||||||||||||||||||
35,155 | 29,936 | 46,179 | 13,065 | 18,083 | 31,978 | 2,124 | 103,936 | ||||||||||||||||||||||||||
3,108 | 4,294 | 6,097 | 1,222 | 2,275 | 3,742 | 254 | 13,092 | ||||||||||||||||||||||||||
10,095 | 8,363 | 12,947 | 3,768 | 5,558 | 8,784 | 631 | 29,585 | ||||||||||||||||||||||||||
51,948 | 42,019 | 63,808 | 19,457 | 26,967 | 43,278 | 2,924 | 149,159 | ||||||||||||||||||||||||||
503,589 | 501,725 | 721,658 | 202,188 | 288,528 | 456,097 | 32,983 | 1,489,590 | ||||||||||||||||||||||||||
99,116 | 184,992 | (78,681 | ) | 102,484 | 14,054 | (374,224 | ) | (12,828 | ) | (486,397 | ) | ||||||||||||||||||||||
14,243,358 | 2,973,286 | 3,642,991 | 1,401,360 | 993,588 | 17,847,276 | 624,568 | (3,556,156 | ) | |||||||||||||||||||||||||
14,243,358 | 2,973,286 | 3,642,991 | 1,401,360 | 993,588 | 17,847,276 | 624,568 | (3,556,156 | ) | |||||||||||||||||||||||||
4,002,364 | 16,226,588 | 25,845,312 | 8,460,868 | 6,947,791 | 1,713,314 | 709,884 | 30,533,219 | ||||||||||||||||||||||||||
4,002,364 | 16,226,588 | 25,845,312 | 8,460,868 | 6,947,791 | 1,713,314 | 709,884 | 30,533,219 | ||||||||||||||||||||||||||
18,245,722 | 19,199,874 | 29,488,303 | 9,862,228 | 7,941,379 | 19,560,590 | 1,334,452 | 26,977,063 | ||||||||||||||||||||||||||
$ | 18,344,838 | $ | 19,384,866 | $ | 29,409,622 | $ | 9,964,712 | $ | 7,955,433 | $ | 19,186,366 | $ | 1,321,624 | $ | 26,490,666 | ||||||||||||||||||
$ | — | $ | 11,250 | $ | — | $ | 1,458 | $ | 5,133 | $ | — | $ | 73 | $ | 13,781 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 43 |
STATEMENTS OF OPERATIONS (Unaudited) (concluded)
Telecom- | ||||||||||||||||
Retailing | Technology | munications | Transportation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Investment Income | ||||||||||||||||
Interest | $ | 251 | $ | 814 | $ | 75 | $ | 65 | ||||||||
Dividends, Net of Foreign Tax Withheld | 414,733 | 187,415 | 364,479 | 54,080 | ||||||||||||
Total Income | 414,984 | 188,229 | 364,554 | 54,145 | ||||||||||||
Expenses | ||||||||||||||||
Investment Advisory Fees | 215,455 | 148,588 | 71,053 | 38,376 | ||||||||||||
Transfer Agent and Administrative Fees | 63,369 | 43,702 | 20,898 | 11,287 | ||||||||||||
Distribution & Service Fees: | ||||||||||||||||
Advisor Class | 2,947 | 17,108 | 22,227 | 2,145 | ||||||||||||
A-Class | 351 | 3,460 | 1,204 | 873 | ||||||||||||
C-Class | 8,121 | 11,900 | 10,152 | 5,303 | ||||||||||||
Portfolio Accounting Fees | 25,347 | 17,481 | 8,359 | 4,515 | ||||||||||||
Trustees’ Fees* | 2,529 | 1,650 | 997 | 759 | ||||||||||||
Custody Fees | 7,091 | 5,092 | 2,516 | 1,357 | ||||||||||||
Miscellaneous | 34,444 | 26,573 | 11,956 | 6,228 | ||||||||||||
Total Expenses | 359,654 | 275,554 | 149,362 | 70,843 | ||||||||||||
Net Investment Income (Loss) | 55,330 | (87,325 | ) | 215,192 | (16,698 | ) | ||||||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net Realized Gain on: | ||||||||||||||||
Investment Securities | 13,265,886 | 254,321 | 2,064,114 | 3,459,628 | ||||||||||||
Total Net Realized Gain | 13,265,886 | 254,321 | 2,064,114 | 3,459,628 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Investment Securities | (3,394,585 | ) | 9,844,815 | 1,742,111 | 913,660 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) | (3,394,585 | ) | 9,844,815 | 1,742,111 | 913,660 | |||||||||||
Net Gain on Investments | 9,871,301 | 10,099,136 | 3,806,225 | 4,373,288 | ||||||||||||
Net Increase in Net Assets from Operations | $ | 9,926,631 | $ | 10,011,811 | $ | 4,021,417 | $ | 4,356,590 | ||||||||
Foreign Tax Withheld | $ | — | $ | — | $ | — | $ | 1,024 |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
44 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
Utilities | |||||
Fund | |||||
$ | 139 | ||||
655,373 | |||||
655,512 | |||||
123,703 | |||||
36,383 | |||||
6,560 | |||||
2,473 | |||||
24,446 | |||||
14,553 | |||||
2,012 | |||||
4,177 | |||||
21,014 | |||||
235,321 | |||||
420,191 | |||||
56,097 | |||||
56,097 | |||||
4,645,198 | |||||
4,645,198 | |||||
4,701,295 | |||||
$ | 5,121,486 | ||||
$ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 45 |
STATEMENTS OF CHANGES IN NET ASSETS
Basic | ||||||||||||||||
Banking Fund | Materials Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | 52,409 | $ | 421,335 | $ | 226,591 | $ | 345,047 | ||||||||
Net Realized Gain (Loss) on Investments | 5,974,246 | (26,159,474 | ) | 1,909,623 | (16,420,900 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 2,373,245 | 1,338,459 | 16,547,844 | (26,250,174 | ) | |||||||||||
Net Increase (Decrease) in Net Assets from Operations | 8,399,900 | (24,399,680 | ) | 18,684,058 | (42,326,027 | ) | ||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | (148,171 | ) | — | (277,328 | ) | ||||||||||
Advisor Class | — | (57,155 | ) | — | (59,314 | ) | ||||||||||
A-Class | — | (25,862 | ) | — | (36,308 | ) | ||||||||||
C-Class | — | (63,779 | ) | — | (55,049 | ) | ||||||||||
Realized Gain on Investments | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | — | (294,967 | ) | — | (427,999 | ) | ||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | 36,991,728 | 201,373,674 | 176,154,349 | 342,442,938 | ||||||||||||
Advisor Class | 5,168,731 | 28,363,535 | 16,741,824 | 34,693,939 | ||||||||||||
A-Class | 369,158 | 5,274,418 | 5,480,589 | 5,687,412 | ||||||||||||
C-Class | 35,054,776 | 40,763,875 | 24,312,709 | 28,032,765 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | 145,272 | — | 254,681 | ||||||||||||
Advisor Class | — | 52,784 | — | 55,668 | ||||||||||||
A-Class | — | 25,370 | — | 30,854 | ||||||||||||
C-Class | — | 52,669 | — | 52,656 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | (58,234,767 | ) | (165,764,753 | ) | (235,245,421 | ) | (333,391,539 | ) | ||||||||
Advisor Class | (7,510,549 | ) | (24,655,414 | ) | (14,850,426 | ) | (37,488,239 | ) | ||||||||
A-Class | (436,814 | ) | (3,894,678 | ) | (4,744,295 | ) | (5,812,216 | ) | ||||||||
C-Class | (35,533,658 | ) | (40,201,153 | ) | (22,622,865 | ) | (32,800,991 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (24,131,395 | ) | 41,535,599 | (54,773,536 | ) | 1,757,928 | ||||||||||
Net Increase (Decrease) in Net Assets | (15,731,494 | ) | 16,840,952 | (36,089,478 | ) | (40,996,098 | ) | |||||||||
Net Assets—Beginning of Period | 29,278,874 | 12,437,922 | 111,482,072 | 152,478,170 | ||||||||||||
Net Assets—End of Period | $ | 13,547,379 | $ | 29,278,874 | $ | 75,392,594 | $ | 111,482,072 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | 473,744 | $ | 421,335 | $ | 411,731 | $ | 185,140 | ||||||||
† | Unaudited |
46 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Biotechnology | Consumer | Electronics | Energy | ||||||||||||||||||||||||||||||
Fund | Products Fund | Fund | Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | ||||||||||||||||||||||
$ | (763,985 | ) | $ | (924,614 | ) | $ | 291,383 | $ | 502,724 | $ | 99,116 | $ | (13,087 | ) | $ | 184,992 | $ | 75,416 | |||||||||||||||
8,726,022 | (18,284,138 | ) | 5,661,717 | (7,112,432 | ) | 14,243,358 | (2,160,296 | ) | 2,973,286 | (19,198,800 | ) | ||||||||||||||||||||||
27,715,946 | (5,920,054 | ) | 6,937,618 | (4,794,392 | ) | 4,002,364 | 5,066,627 | 16,226,588 | (37,976,333 | ) | |||||||||||||||||||||||
35,677,983 | (25,128,806 | ) | 12,890,718 | (11,404,100 | ) | 18,344,838 | 2,893,244 | 19,384,866 | (57,099,717 | ) | |||||||||||||||||||||||
— | — | — | (200,308 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (148,528 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (20,551 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (22,422 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (1,879,311 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (263,944 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (201,226 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (431,051 | ) | |||||||||||||||||||||||||
— | — | — | (391,809 | ) | — | — | — | (2,775,532 | ) | ||||||||||||||||||||||||
216,184,898 | 420,821,080 | 114,035,250 | 117,693,069 | 163,412,487 | 169,715,360 | 51,915,143 | 380,750,293 | ||||||||||||||||||||||||||
15,587,469 | 34,956,140 | 5,814,469 | 69,017,628 | 5,170,712 | 11,139,820 | 14,826,623 | 43,726,642 | ||||||||||||||||||||||||||
1,765,431 | 8,349,437 | 644,416 | 8,751,437 | 4,247,428 | 420,410 | 2,440,236 | 8,465,528 | ||||||||||||||||||||||||||
25,445,140 | 38,055,856 | 4,858,113 | 10,613,889 | 38,053,866 | 21,323,067 | 33,934,642 | 60,972,633 | ||||||||||||||||||||||||||
— | — | — | 182,963 | — | — | — | 1,830,010 | ||||||||||||||||||||||||||
— | — | — | 146,106 | — | — | — | 251,455 | ||||||||||||||||||||||||||
— | — | — | 17,381 | — | — | — | 183,699 | ||||||||||||||||||||||||||
— | — | — | 22,024 | — | — | — | 402,170 | ||||||||||||||||||||||||||
(136,064,250 | ) | (381,124,189 | ) | (118,464,573 | ) | (105,199,522 | ) | (210,759,739 | ) | (76,589,516 | ) | (76,936,729 | ) | (351,012,511 | ) | ||||||||||||||||||
(16,540,574 | ) | (31,137,191 | ) | (15,009,085 | ) | (60,881,415 | ) | (7,139,196 | ) | (8,034,332 | ) | (14,645,246 | ) | (50,396,227 | ) | ||||||||||||||||||
(3,606,225 | ) | (5,112,351 | ) | (2,228,616 | ) | (6,052,878 | ) | (268,413 | ) | (387,661 | ) | (5,275,029 | ) | (6,336,791 | ) | ||||||||||||||||||
(25,750,268 | ) | (36,709,464 | ) | (5,766,637 | ) | (10,425,311 | ) | (35,862,832 | ) | (21,571,612 | ) | (34,744,667 | ) | (64,350,538 | ) | ||||||||||||||||||
77,021,621 | 48,099,318 | (16,116,663 | ) | 23,885,371 | (43,145,687 | ) | 96,015,536 | (28,485,027 | ) | 24,486,363 | |||||||||||||||||||||||
112,699,604 | 22,970,512 | (3,225,945 | ) | 12,089,462 | (24,800,849 | ) | 98,908,780 | (9,100,161 | ) | (35,388,886 | ) | ||||||||||||||||||||||
80,878,226 | 57,907,714 | 31,781,428 | 19,691,966 | 110,357,023 | 11,448,243 | 73,015,437 | 108,404,323 | ||||||||||||||||||||||||||
$ | 193,577,830 | $ | 80,878,226 | $ | 28,555,483 | $ | 31,781,428 | $ | 85,556,174 | $ | 110,357,023 | $ | 63,915,276 | $ | 73,015,437 | ||||||||||||||||||
$ | (763,985 | ) | $ | — | $ | 794,109 | $ | 502,726 | $ | 99,116 | $ | — | $ | 184,992 | $ | — | |||||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 47 |
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Energy Services | Financial Services | |||||||||||||||
Fund | Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (78,681 | ) | $ | (870,738 | ) | $ | 102,484 | $ | 216,496 | ||||||
Net Realized Gain (Loss) on Investments | 3,642,991 | (43,618,143 | ) | 1,401,360 | (9,599,767 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 25,845,312 | (59,974,108 | ) | 8,460,868 | 204,716 | |||||||||||
Net Increase (Decrease) in Net Assets from Operations | 29,409,622 | (104,462,989 | ) | 9,964,712 | (9,178,555 | ) | ||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | — | — | (99,414 | ) | |||||||||||
Advisor Class | — | — | — | (33,545 | ) | |||||||||||
A-Class | — | — | — | (29,695 | ) | |||||||||||
C-Class | — | — | — | (95,089 | ) | |||||||||||
Total Distributions to Shareholders | — | — | — | (257,743 | ) | |||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | 180,819,519 | 417,495,768 | 49,738,032 | 116,103,054 | ||||||||||||
Advisor Class | 55,428,016 | 40,512,673 | 8,557,878 | 14,250,029 | ||||||||||||
A-Class | 7,478,266 | 17,863,130 | 1,575,062 | 4,807,002 | ||||||||||||
C-Class | 46,459,014 | 51,617,723 | 5,586,892 | 16,355,808 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | — | — | 93,646 | ||||||||||||
Advisor Class | — | — | — | 21,274 | ||||||||||||
A-Class | — | — | — | 22,572 | ||||||||||||
C-Class | — | — | — | 90,731 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | (214,893,658 | ) | (369,014,668 | ) | (45,517,841 | ) | (103,937,350 | ) | ||||||||
Advisor Class | (55,813,222 | ) | (39,154,274 | ) | (9,259,132 | ) | (11,854,063 | ) | ||||||||
A-Class | (7,733,373 | ) | (14,169,959 | ) | (2,960,325 | ) | (2,229,197 | ) | ||||||||
C-Class | (46,519,654 | ) | (59,192,621 | ) | (5,735,608 | ) | (15,040,447 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (34,775,092 | ) | 45,957,772 | 1,984,958 | 18,683,059 | |||||||||||
Net Increase (Decrease) in Net Assets | (5,365,470 | ) | (58,505,217 | ) | 11,949,670 | 9,246,761 | ||||||||||
Net Assets—Beginning of Period | 80,880,018 | 139,385,235 | 20,057,357 | 10,810,596 | ||||||||||||
Net Assets—End of Period | $ | 75,514,548 | $ | 80,880,018 | $ | 32,007,027 | $ | 20,057,357 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (78,681 | ) | $ | — | $ | 318,992 | $ | 216,508 | |||||||
† | Unaudited |
48 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Health Care | Internet | Leisure | Precious | ||||||||||||||||||||||||||||||
Fund | Fund | Fund | Metals Fund | ||||||||||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | Period | Year | ||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | ||||||||||||||||||||||
$ | 14,054 | $ | 113,036 | $ | (374,224 | ) | $ | (114,729 | ) | $ | (12,828 | ) | $ | (2,000 | ) | $ | (486,397 | ) | $ | (1,038,752 | ) | ||||||||||||
993,588 | (15,425,192 | ) | 17,847,276 | (1,736,908 | ) | 624,568 | (1,358,193 | ) | (3,556,156 | ) | (52,516,950 | ) | |||||||||||||||||||||
6,947,791 | (3,853,303 | ) | 1,713,314 | 3,364,798 | 709,884 | (1,407,220 | ) | 30,533,219 | (26,426,270 | ) | |||||||||||||||||||||||
7,955,433 | (19,165,459 | ) | 19,186,366 | 1,513,161 | 1,321,624 | (2,767,413 | ) | 26,490,666 | (79,981,972 | ) | |||||||||||||||||||||||
— | — | — | (30,224 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (8,773 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (2,504 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (10,248 | ) | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (51,749 | ) | — | — | — | — | |||||||||||||||||||||||||
118,596,628 | 343,556,004 | 120,712,729 | 104,551,898 | 16,378,112 | 48,876,726 | 521,802,518 | 813,581,527 | ||||||||||||||||||||||||||
10,881,679 | 36,471,781 | 9,762,085 | 26,255,825 | 4,243,385 | 12,812,974 | 53,151,289 | 60,721,188 | ||||||||||||||||||||||||||
298,411 | 4,561,492 | 870,631 | 538,418 | 33,328 | 65,603 | 10,693,337 | 14,653,869 | ||||||||||||||||||||||||||
33,633,514 | 32,122,718 | 13,690,878 | 21,295,261 | 6,319,708 | 995,089 | 76,891,822 | 147,203,563 | ||||||||||||||||||||||||||
— | — | — | 29,953 | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | 8,525 | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | 2,360 | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | 10,078 | — | — | — | — | ||||||||||||||||||||||||||
(101,405,184 | ) | (337,450,051 | ) | (182,434,619 | ) | (49,575,100 | ) | (15,653,197 | ) | (46,727,896 | ) | (515,648,913 | ) | (736,182,288 | ) | ||||||||||||||||||
(15,858,525 | ) | (40,975,677 | ) | (11,157,830 | ) | (23,375,933 | ) | (4,214,749 | ) | (12,840,340 | ) | (51,577,604 | ) | (57,807,400 | ) | ||||||||||||||||||
(638,800 | ) | (3,583,230 | ) | (336,783 | ) | (479,394 | ) | (21,852 | ) | (189,048 | ) | (12,050,186 | ) | (14,576,162 | ) | ||||||||||||||||||
(35,011,878 | ) | (30,734,615 | ) | (13,541,859 | ) | (22,134,122 | ) | (6,286,178 | ) | (1,103,351 | ) | (77,964,267 | ) | (144,713,715 | ) | ||||||||||||||||||
10,495,845 | 3,968,422 | (62,434,768 | ) | 57,127,769 | 798,557 | 1,889,757 | 5,297,996 | 82,880,582 | |||||||||||||||||||||||||
18,451,278 | (15,197,037 | ) | (43,248,402 | ) | 58,589,182 | 2,120,181 | (877,658 | ) | 31,788,662 | 2,898,610 | |||||||||||||||||||||||
26,370,523 | 41,567,560 | 66,041,261 | 7,452,080 | 4,652,976 | 5,530,632 | 201,750,714 | 198,852,104 | ||||||||||||||||||||||||||
$ | 44,821,801 | $ | 26,370,523 | $ | 22,792,859 | $ | 66,041,261 | $ | 6,773,157 | $ | 4,652,976 | $ | 233,539,376 | $ | 201,750,714 | ||||||||||||||||||
$ | 127,749 | $ | 113,695 | $ | (374,224 | ) | $ | — | $ | (12,828 | ) | $ | — | $ | (1,128,468 | ) | $ | (642,071 | ) | ||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 49 |
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
Retailing | Technology | |||||||||||||||
Fund | Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | 55,330 | $ | (19,230 | ) | $ | (87,325 | ) | $ | (78,500 | ) | |||||
Net Realized Gain (Loss) on Investments | 13,265,886 | (3,547,201 | ) | 254,321 | (6,972,063 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (3,394,585 | ) | 3,594,137 | 9,844,815 | (712,028 | ) | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | 9,926,631 | 27,706 | 10,011,811 | (7,762,591 | ) | |||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | — | — | — | — | ||||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
Investor Class | 170,203,758 | 133,435,704 | 64,669,616 | 94,105,444 | ||||||||||||
Advisor Class | 7,224,009 | 12,913,378 | 16,488,803 | 19,905,522 | ||||||||||||
A-Class | 474,488 | 264,721 | 5,400,292 | 3,078,851 | ||||||||||||
C-Class | 21,183,202 | 1,083,138 | 9,272,411 | 14,315,499 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||
Advisor Class | — | — | — | — | ||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
Investor Class | (260,525,260 | ) | (52,524,164 | ) | (49,167,775 | ) | (88,889,045 | ) | ||||||||
Advisor Class | (7,291,017 | ) | (12,400,650 | ) | (8,577,134 | ) | (17,438,828 | ) | ||||||||
A-Class | (443,503 | ) | (293,882 | ) | (3,389,952 | ) | (1,531,871 | ) | ||||||||
C-Class | (21,373,661 | ) | (997,460 | ) | (8,210,443 | ) | (14,250,650 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (90,547,984 | ) | 81,480,785 | 26,485,818 | 9,294,922 | |||||||||||
Net Increase (Decrease) in Net Assets | (80,621,353 | ) | 81,508,491 | 36,497,629 | 1,532,331 | |||||||||||
Net Assets—Beginning of Period | 86,852,360 | 5,343,869 | 16,519,635 | 14,987,304 | ||||||||||||
Net Assets—End of Period | $ | 6,231,007 | $ | 86,852,360 | $ | 53,017,264 | $ | 16,519,635 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | 55,330 | $ | — | $ | (87,325 | ) | $ | — | |||||||
† | Unaudited |
50 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Telecommunications | Transportation | Utilities | |||||||||||||||||||||||
Fund | Fund | Fund | |||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||
$ | 215,192 | $ | 161,710 | $ | (16,698 | ) | $ | 60,899 | $ | 420,191 | $ | 807,290 | |||||||||||||
2,064,114 | (2,020,809 | ) | 3,459,628 | (18,134,194 | ) | 56,097 | (10,730,687 | ) | |||||||||||||||||
1,742,111 | (2,291,419 | ) | 913,660 | (612,051 | ) | 4,645,198 | (3,160,355 | ) | |||||||||||||||||
4,021,417 | (4,150,518 | ) | 4,356,590 | (18,685,346 | ) | 5,121,486 | (13,083,752 | ) | |||||||||||||||||
— | (58,771 | ) | — | (255 | ) | — | (283,952 | ) | |||||||||||||||||
— | (18,021 | ) | — | (57 | ) | — | (43,346 | ) | |||||||||||||||||
— | (2,341 | ) | — | (15 | ) | — | (10,848 | ) | |||||||||||||||||
— | (50,867 | ) | — | (23 | ) | — | (31,854 | ) | |||||||||||||||||
— | (130,000 | ) | — | (350 | ) | — | (370,000 | ) | |||||||||||||||||
36,810,205 | 44,911,804 | 39,029,403 | 211,862,955 | 81,737,012 | 219,127,277 | ||||||||||||||||||||
12,543,979 | 25,866,449 | 5,729,592 | 27,114,203 | 4,900,503 | 43,682,915 | ||||||||||||||||||||
1,001,685 | 2,728,675 | 144,393 | 2,413,383 | 2,686,413 | 2,821,098 | ||||||||||||||||||||
26,000,775 | 19,542,939 | 30,201,910 | 37,588,750 | 50,574,044 | 61,956,389 | ||||||||||||||||||||
— | 55,938 | — | 253 | — | 281,920 | ||||||||||||||||||||
— | 16,726 | — | 54 | — | 41,935 | ||||||||||||||||||||
— | 2,341 | — | 14 | — | 9,651 | ||||||||||||||||||||
— | 49,684 | — | 22 | — | 28,686 | ||||||||||||||||||||
(28,746,066 | ) | (49,811,764 | ) | (55,043,255 | ) | (194,323,845 | ) | (72,886,129 | ) | (212,980,701 | ) | ||||||||||||||
(16,663,920 | ) | (15,657,661 | ) | (5,156,855 | ) | (27,431,534 | ) | (10,294,913 | ) | (37,241,904 | ) | ||||||||||||||
(2,131,435 | ) | (1,597,656 | ) | (147,727 | ) | (1,520,304 | ) | (2,967,441 | ) | (3,377,621 | ) | ||||||||||||||
(25,891,216 | ) | (20,064,316 | ) | (32,315,252 | ) | (35,787,174 | ) | (51,022,784 | ) | (65,162,335 | ) | ||||||||||||||
2,924,007 | 6,043,159 | (17,557,791 | ) | 19,916,777 | 2,726,705 | 9,187,310 | |||||||||||||||||||
6,945,424 | 1,762,641 | (13,201,201 | ) | 1,231,081 | 7,848,191 | (4,266,442 | ) | ||||||||||||||||||
17,028,757 | 15,266,116 | 24,876,143 | 23,645,062 | 21,902,132 | 26,168,574 | ||||||||||||||||||||
$ | 23,974,181 | $ | 17,028,757 | $ | 11,674,942 | $ | 24,876,143 | $ | 29,750,323 | $ | 21,902,132 | ||||||||||||||
$ | 344,957 | $ | 129,765 | $ | 47,880 | $ | 64,578 | $ | 861,904 | $ | 441,713 | ||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 51 |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Banking Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | $ | 32.62 | $ | .06 | $ | 13.53 | $ | 13.59 | $ | — | $ | — | $ | — | $ | 46.21 | 41.66% | 1.38% | ** | 0.94% | ** | 322% | $ | 8,148 | ||||||||||||||||||||||||||||
March 31, 2009††† | 75.60 | 1.30 | (42.98 | ) | (41.68 | ) | (1.30 | ) | — | (1.30 | ) | 32.62 | (55.66)% | 1.37% | 2.42% | 1,055% | 23,804 | |||||||||||||||||||||||||||||||||||
March 31, 2008††† | 110.30 | 2.50 | (36.20 | ) | (33.70 | ) | (1.00 | ) | — | (1.00 | ) | 75.60 | (30.69)% | 1.37% | 2.59% | 1,417% | 7,035 | |||||||||||||||||||||||||||||||||||
March 31, 2007††† | 108.60 | 2.00 | .50 | 2.50 | (.80 | ) | — | (.80 | ) | 110.30 | 2.24% | 1.32% | 1.79% | 954% | 9,229 | |||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 101.70 | 1.60 | 6.90 | 8.50 | (1.60 | ) | — | (1.60 | ) | 108.60 | 8.41% | 1.34% | 1.48% | 1,834% | 8,713 | |||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 102.50 | 1.30 | .50 | 1.80 | (2.60 | ) | — | (2.60 | ) | 101.70 | 1.61% | 1.34% | 1.26% | 1,692% | 4,899 | |||||||||||||||||||||||||||||||||||||
Banking Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 30.36 | .02 | 12.52 | 12.54 | — | — | — | 42.90 | 41.30% | 1.88% | ** | 0.33% | ** | 322% | 1,139 | |||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 70.70 | 1.20 | (40.24 | ) | (39.04 | ) | (1.30 | ) | — | (1.30 | ) | 30.36 | (55.70)% | 1.88% | 2.42% | 1,055% | 2,509 | |||||||||||||||||||||||||||||||||||
March 31, 2008††† | 103.90 | 2.00 | (34.20 | ) | (32.20 | ) | (1.00 | ) | — | (1.00 | ) | 70.70 | (31.14)% | 1.85% | 2.32% | 1,417% | 1,449 | |||||||||||||||||||||||||||||||||||
March 31, 2007††† | 103.00 | 1.10 | .60 | 1.70 | (.80 | ) | — | (.80 | ) | 103.90 | 1.58% | 1.88% | 1.08% | 954% | 1,836 | |||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 97.20 | 1.20 | 6.20 | 7.40 | (1.60 | ) | — | (1.60 | ) | 103.00 | 7.66% | 1.84% | 1.20% | 1,834% | 1,537 | |||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 98.50 | .60 | .70 | 1.30 | (2.60 | ) | — | (2.60 | ) | 97.20 | 1.17% | 1.86% | 0.60% | 1,692% | 2,955 | |||||||||||||||||||||||||||||||||||||
Banking Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 30.67 | .04 | 12.68 | 12.72 | — | — | — | 43.39 | 41.47% | 1.64% | ** | 0.41% | ** | 322% | 1,083 | |||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 71.50 | 1.30 | (40.83 | ) | (39.53 | ) | (1.30 | ) | — | (1.30 | ) | 30.67 | (55.77)% | 1.62% | 2.71% | 1,055% | 851 | |||||||||||||||||||||||||||||||||||
March 31, 2008††† | 104.70 | 2.00 | (34.20 | ) | (32.20 | ) | (1.00 | ) | — | (1.00 | ) | 71.50 | (30.90)% | 1.55% | 2.33% | 1,417% | 547 | |||||||||||||||||||||||||||||||||||
March 31, 2007††† | 103.40 | 1.70 | .40 | 2.10 | (.80 | ) | — | (.80 | ) | 104.70 | 1.96% | 1.62% | 1.54% | 954% | 187 | |||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 97.20 | 1.40 | 6.40 | 7.80 | (1.60 | ) | — | (1.60 | ) | 103.40 | 8.07% | 1.62% | 1.40% | 1,834% | 97 | |||||||||||||||||||||||||||||||||||||
March 31, 2005*††† | 100.60 | .60 | (1.40 | ) | (.80 | ) | (2.60 | ) | — | (2.60 | ) | 97.20 | (0.95)% | 1.57% | ** | 1.03% | ** | 1,692% | 15 | |||||||||||||||||||||||||||||||||
Banking Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 29.90 | (.03) | 12.03 | 12.00 | — | — | — | 41.90 | 40.13% | 2.39% | ** | (0.36)% | ** | 322% | 3,178 | |||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 69.50 | .90 | (39.20 | ) | (38.30 | ) | (1.30 | ) | — | (1.30 | ) | 29.90 | (55.64)% | 2.40% | 1.82% | 1,055% | 2,114 | |||||||||||||||||||||||||||||||||||
March 31, 2008††† | 102.70 | 1.60 | (33.80 | ) | (32.20 | ) | (1.00 | ) | — | (1.00 | ) | 69.50 | (31.51)% | 2.35% | 1.89% | 1,417% | 3,408 | |||||||||||||||||||||||||||||||||||
March 31, 2007††† | 102.00 | .70 | .80 | 1.50 | (.80 | ) | — | (.80 | ) | 102.70 | 1.40% | 2.37% | 0.63% | 954% | 3,180 | |||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 96.60 | .60 | 6.40 | 7.00 | (1.60 | ) | — | (1.60 | ) | 102.00 | 7.29% | 2.35% | 0.59% | 1,834% | 673 | |||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 98.70 | .40 | .10 | .50 | (2.60 | ) | — | (2.60 | ) | 96.60 | 0.35% | 2.34% | 0.43% | 1,692% | 867 | |||||||||||||||||||||||||||||||||||||
Basic Materials Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 27.43 | .09 | 11.88 | 11.97 | — | — | — | 39.40 | 43.64% | 1.38% | ** | 0.56% | ** | 203% | 53,013 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 50.49 | .20 | (22.77 | ) | (22.57 | ) | (.49 | ) | — | (.49 | ) | 27.43 | (44.54)% | 1.37% | 0.46% | 288% | 98,767 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 42.25 | .15 | 8.18 | 8.33 | (.09 | ) | — | (.09 | ) | 50.49 | 19.71% | 1.37% | 0.31% | 225% | 120,870 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 35.23 | .41 | 6.91 | 7.32 | (.30 | ) | — | (.30 | ) | 42.25 | 20.86% | 1.36% | 1.09% | 442% | 68,862 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 30.66 | .32 | 4.44 | 4.76 | (.19 | ) | — | (.19 | ) | 35.23 | 15.60% | 1.35% | 1.04% | 826% | 23,630 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 25.46 | .14 | 5.06 | 5.20 | — | — | — | 30.66 | 20.42% | 1.33% | 0.51% | 891% | 34,039 | |||||||||||||||||||||||||||||||||||||||
Basic Materials Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 26.06 | .03 | 11.25 | 11.28 | — | — | — | 37.34 | 43.28% | 1.88% | ** | 0.20% | ** | 203% | 8,550 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 48.27 | .05 | (21.77 | ) | (21.72 | ) | (.49 | ) | — | (.49 | ) | 26.06 | (44.83)% | 1.88% | 0.13% | 288% | 4,705 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 40.61 | (.11 | ) | 7.86 | 7.75 | (.09 | ) | — | (.09 | ) | 48.27 | 19.08% | 1.87% | (0.25)% | 225% | 11,899 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 34.03 | .26 | 6.62 | 6.88 | (.30 | ) | — | (.30 | ) | 40.61 | 20.30% | 1.87% | 0.72% | 442% | 15,974 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.78 | .16 | 4.28 | 4.44 | (.19 | ) | — | (.19 | ) | 34.03 | 14.98% | 1.85% | 0.55% | 826% | 7,619 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.85 | .01 | 4.92 | 4.93 | — | — | — | 29.78 | 19.84% | 1.82% | 0.03% | 891% | 12,987 | |||||||||||||||||||||||||||||||||||||||
Basic Materials Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 26.41 | .11 | 11.37 | 11.48 | — | — | — | 37.89 | 43.47% | 1.64% | ** | 0.67% | ** | 203% | 6,075 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 48.80 | .12 | (22.02 | ) | (21.90 | ) | (.49 | ) | — | (.49 | ) | 26.41 | (44.71)% | 1.63% | 0.30% | 288% | 3,986 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 40.92 | .03 | 7.94 | 7.97 | (.09 | ) | — | (.09 | ) | 48.80 | 19.47% | 1.62% | 0.07% | 225% | 6,985 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 34.19 | .33 | 6.70 | 7.03 | (.30 | ) | — | (.30 | ) | 40.92 | 20.65% | 1.62% | 0.92% | 442% | 2,076 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.84 | .29 | 4.25 | 4.54 | (.19 | ) | — | (.19 | ) | 34.19 | 15.29% | 1.63% | 0.97% | 826% | 659 | |||||||||||||||||||||||||||||||||||||
March 31, 2005* | 25.80 | .07 | 3.97 | 4.04 | — | — | — | 29.84 | 15.66% | 1.55% | ** | 0.44% | ** | 891% | 210 |
52 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Basic Materials Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 25.24 | $ | (.02 | ) | $ | 10.86 | $ | 10.84 | $ | — | $ | — | $ | — | $ | 36.08 | 42.95% | 2.38% | ** | (0.14)% | ** | 203% | $ | 7,755 | |||||||||||||||||||||||||||
March 31, 2009 | 47.02 | (.18 | ) | (21.11 | ) | (21.29 | ) | (.49 | ) | — | (.49 | ) | 25.24 | (45.11)% | 2.38% | (0.46)% | 288% | 4,024 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 39.76 | (.28 | ) | 7.63 | 7.35 | (.09 | ) | — | (.09 | ) | 47.02 | 18.48% | 2.37% | (0.63)% | 225% | 12,725 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 33.48 | .04 | 6.54 | 6.58 | (.30 | ) | — | (.30 | ) | 39.76 | 19.74% | 2.37% | 0.11% | 442% | 7,017 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.44 | .03 | 4.20 | 4.23 | (.19 | ) | — | (.19 | ) | 33.48 | 14.44% | 2.36% | 0.11% | 826% | 6,041 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 24.68 | (.12 | ) | 4.88 | 4.76 | — | — | — | 29.44 | 19.29% | 2.32% | (0.43)% | 891% | 7,421 | ||||||||||||||||||||||||||||||||||||||
Biotechnology Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 19.37 | (.13 | ) | 5.88 | 5.75 | — | — | — | 25.12 | 29.69% | 1.40% | ** | (1.15)% | ** | 107% | 178,105 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 21.51 | (.19 | ) | (1.95 | ) | (2.14 | ) | — | — | — | 19.37 | (9.95)% | 1.38% | (0.86)% | 370% | 65,829 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 21.21 | (.22 | ) | .52 | .30 | — | — | — | 21.51 | 1.41% | 1.39% | (0.94)% | 193% | 47,696 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 23.45 | (.27 | ) | (1.97 | ) | (2.24 | ) | — | — | — | 21.21 | (9.55)% | 1.37% | (1.23)% | 269% | 61,366 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 17.59 | (.26 | ) | 6.12 | 5.86 | — | — | — | 23.45 | 33.31% | 1.34% | (1.25)% | 338% | 104,126 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 20.56 | (.24 | ) | (2.73 | ) | (2.97 | ) | — | — | — | 17.59 | (14.45)% | 1.33% | (1.25)% | 585% | 74,890 | ||||||||||||||||||||||||||||||||||||
Biotechnology Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 18.27 | (.18 | ) | 5.53 | 5.35 | — | — | — | 23.62 | 29.28% | 1.90% | ** | (1.75)% | ** | 107% | 7,519 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 20.39 | (.29 | ) | (1.83 | ) | (2.12 | ) | — | — | — | 18.27 | (10.40)% | 1.88% | (1.40)% | 370% | 6,675 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 20.20 | (.31 | ) | .50 | .19 | — | — | — | 20.39 | 0.94% | 1.89% | (1.42)% | 193% | 4,220 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.44 | (.37 | ) | (1.87 | ) | (2.24 | ) | — | — | — | 20.20 | (9.98)% | 1.87% | (1.75)% | 269% | 5,295 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.91 | (.36 | ) | 5.89 | 5.53 | — | — | — | 22.44 | 32.70% | 1.86% | (1.76)% | 338% | 26,240 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.86 | (.32 | ) | (2.63 | ) | (2.95 | ) | — | — | — | 16.91 | (14.85)% | 1.83% | (1.75)% | 585% | 10,231 | ||||||||||||||||||||||||||||||||||||
Biotechnology Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 18.45 | (.16 | ) | 5.60 | 5.44 | — | — | — | 23.89 | 29.48% | 1.66% | ** | (1.50)% | ** | 107% | 3,239 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 20.54 | (.24 | ) | (1.85 | ) | (2.09 | ) | — | — | — | 18.45 | (10.18)% | 1.64% | (1.17)% | 370% | 4,346 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 20.30 | (.27 | ) | .51 | .24 | — | — | — | 20.54 | 1.18% | 1.62% | (1.26)% | 193% | 2,321 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.50 | (.31 | ) | (1.89 | ) | (2.20 | ) | — | — | — | 20.30 | (9.78)% | 1.62% | (1.50)% | 269% | 849 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.93 | (.33 | ) | 5.90 | 5.57 | — | — | — | 22.50 | 32.90% | 1.63% | (1.52)% | 338% | 5,087 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 17.89 | (.16 | ) | (.80 | ) | (.96 | ) | — | — | — | 16.93 | (5.37)% | 1.53% | ** | (1.47)% | ** | 585% | 74 | ||||||||||||||||||||||||||||||||||
Biotechnology Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 17.87 | (.22 | ) | 5.39 | 5.17 | — | — | — | 23.04 | 28.93% | 2.41% | ** | (2.22)% | ** | 107% | 4,714 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 20.03 | (.38 | ) | (1.78 | ) | (2.16 | ) | — | — | — | 17.87 | (10.78)% | 2.39% | (1.89)% | 370% | 4,028 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 19.95 | (.42 | ) | .50 | .08 | — | — | — | 20.03 | 0.40% | 2.38% | (1.99)% | 193% | 3,671 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 22.27 | (.46 | ) | (1.86 | ) | (2.32 | ) | — | — | — | 19.95 | (10.42)% | 2.36% | (2.23)% | 269% | 2,678 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.87 | (.47 | ) | 5.87 | 5.40 | — | — | — | 22.27 | 32.01% | 2.36% | (2.27)% | 338% | 7,786 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.92 | (.42 | ) | (2.63 | ) | (3.05 | ) | — | — | — | 16.87 | (15.31)% | 2.33% | (2.23)% | 585% | 2,625 | ||||||||||||||||||||||||||||||||||||
Consumer Products Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 26.39 | .19 | 6.79 | 6.98 | — | — | — | 33.37 | 26.45% | 1.39% | ** | 1.22% | ** | 242% | 19,976 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 36.40 | .55 | (10.35 | ) | (9.80 | ) | (.21 | ) | — | (.21 | ) | 26.39 | (26.96)% | 1.38% | 1.81% | 445% | 14,703 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 36.11 | .52 | .13 | .65 | (.36 | ) | — | (.36 | ) | 36.40 | 1.72% | 1.37% | 1.37% | 449% | 8,722 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.03 | .43 | 4.71 | 5.14 | (.06 | ) | — | (.06 | ) | 36.11 | 16.58% | 1.37% | 1.29% | 455% | 21,814 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 30.50 | .30 | .65 | .95 | (.42 | ) | — | (.42 | ) | 31.03 | 3.13% | 1.32% | 0.98% | 813% | 11,815 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 28.68 | .18 | 1.65 | 1.83 | (.01 | ) | — | (.01 | ) | 30.50 | 6.40% | 1.33% | 0.60% | 907% | 15,470 | |||||||||||||||||||||||||||||||||||||
Consumer Products Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 25.09 | .18 | 6.37 | 6.55 | — | — | — | 31.64 | 26.11% | 1.88% | ** | 1.23% | ** | 242% | 4,029 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 34.78 | .34 | (9.82 | ) | (9.48 | ) | (.21 | ) | — | (.21 | ) | 25.09 | (27.29)% | 1.87% | 1.18% | 445% | 11,113 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.68 | .15 | .31 | .46 | (.36 | ) | — | (.36 | ) | 34.78 | 1.25% | 1.87% | 0.42% | 449% | 5,384 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 29.96 | .20 | 4.58 | 4.78 | (.06 | ) | — | (.06 | ) | 34.68 | 15.97% | 1.86% | 0.64% | 455% | 5,754 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.66 | .03 | .69 | .72 | (.42 | ) | — | (.42 | ) | 29.96 | 2.44% | 1.82% | 0.08% | 813% | 6,487 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 27.99 | .05 | 1.63 | 1.68 | (.01 | ) | — | (.01 | ) | 29.66 | 6.02% | 1.82% | 0.19% | 907% | 26,851 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 53 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Consumer Products Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 25.37 | $ | .23 | $ | 6.43 | $ | 6.66 | $ | — | $ | — | $ | — | $ | 32.03 | 26.25% | 1.63% | ** | 1.66% | ** | 242% | $ | 1,750 | ||||||||||||||||||||||||||||
March 31, 2009 | 35.09 | .42 | (9.93 | ) | (9.51 | ) | (.21 | ) | — | (.21 | ) | 25.37 | (27.14)% | 1.63% | 1.41% | 445% | 2,898 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.90 | .50 | .05 | .55 | (.36 | ) | — | (.36 | ) | 35.09 | 1.50% | 1.63% | 1.38% | 449% | 1,682 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 30.07 | .42 | 4.47 | 4.89 | (.06 | ) | — | (.06 | ) | 34.90 | 16.27% | 1.61% | 1.30% | 455% | 3,935 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.69 | .18 | .62 | .80 | (.42 | ) | — | (.42 | ) | 30.07 | 2.71% | 1.60% | 0.62% | 813% | 1,475 | |||||||||||||||||||||||||||||||||||||
March 31, 2005* | 27.42 | .06 | 2.22 | 2.28 | (.01 | ) | — | (.01 | ) | 29.69 | 8.33% | 1.56% | ** | 0.42% | ** | 907% | 463 | |||||||||||||||||||||||||||||||||||
Consumer Products Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 24.36 | .16 | 6.13 | 6.29 | — | — | — | 30.65 | 25.82% | 2.38% | ** | 1.15% | ** | 242% | 2,801 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 33.95 | .19 | (9.57 | ) | (9.38 | ) | (.21 | ) | — | (.21 | ) | 24.36 | (27.67)% | 2.38% | 0.65% | 445% | 3,067 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.04 | .17 | .10 | .27 | (.36 | ) | — | (.36 | ) | 33.95 | 0.71% | 2.37% | 0.49% | 449% | 3,903 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 29.55 | .20 | 4.35 | 4.55 | (.06 | ) | — | (.06 | ) | 34.04 | 15.41% | 2.36% | 0.62% | 455% | 5,472 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.53 | (.03 | ) | .47 | .44 | (.42 | ) | — | (.42 | ) | 29.55 | 1.50% | 2.33% | (0.11)% | 813% | 1,340 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 27.92 | (.13 | ) | 1.75 | 1.62 | (.01 | ) | — | (.01 | ) | 29.53 | 5.82% | 2.31% | (0.44)% | 907% | 8,048 | ||||||||||||||||||||||||||||||||||||
Electronics Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 32.76 | .04 | 14.98 | 15.02 | — | — | — | 47.78 | 45.85% | 1.38% | ** | 0.33% | ** | 232% | 76,215 | |||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 50.30 | (— | )§ | (17.54 | ) | (17.54 | ) | — | — | — | 32.76 | (34.89)% | 1.34% | (0.03)% | 408% | 106,703 | ||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 62.30 | (.25 | ) | (11.75 | ) | (12.00 | ) | — | — | — | 50.30 | (19.26)% | 1.36% | (0.37)% | 784% | 9,835 | ||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 67.60 | (.50 | ) | (4.80 | ) | (5.30 | ) | — | — | — | 62.30 | (7.84)% | 1.37% | (0.76)% | 759% | 15,376 | ||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 51.55 | (.55 | ) | 16.60 | 16.05 | — | — | — | 67.60 | 31.13% | 1.34% | (0.91)% | 911% | 34,194 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 67.15 | (.40 | ) | (15.20 | ) | (15.60 | ) | — | — | — | 51.55 | (23.23)% | 1.33% | (0.76)% | 1,106% | 27,150 | ||||||||||||||||||||||||||||||||||||
Electronics Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 31.01 | (.02 | ) | 14.11 | 14.09 | — | — | — | 45.10 | 45.44% | 1.88% | ** | (0.14)% | ** | 232% | 1,758 | ||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 47.80 | (.10 | ) | (16.69 | ) | (16.79 | ) | — | — | — | 31.01 | (35.15)% | 1.86% | (0.29)% | 408% | 3,152 | ||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 59.40 | (.60 | ) | (11.00 | ) | (11.60 | ) | — | — | — | 47.80 | (19.53)% | 1.88% | (0.98)% | 784% | 566 | ||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 64.90 | (.75 | ) | (4.75 | ) | (5.50 | ) | — | — | — | 59.40 | (8.47)% | 1.87% | (1.20)% | 759% | 1,511 | ||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 49.75 | (.80 | ) | 15.95 | 15.15 | — | — | — | 64.90 | 30.45% | 1.84% | (1.39)% | 911% | 14,089 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 65.10 | (.70 | ) | (14.65 | ) | (15.35 | ) | — | — | — | 49.75 | (23.58)% | 1.83% | (1.32)% | 1,106% | 12,613 | ||||||||||||||||||||||||||||||||||||
Electronics Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 31.31 | (.02 | ) | 14.31 | 14.29 | — | — | — | 45.60 | 45.64% | 1.65% | ** | (0.13)% | ** | 232% | 4,358 | ||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 48.25 | (.10 | ) | (16.84 | ) | (16.94 | ) | — | — | — | 31.31 | (35.13)% | 1.60% | (0.26)% | 408% | 42 | ||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 59.95 | (.55 | ) | (11.15 | ) | (11.70 | ) | — | — | — | 48.25 | (19.52)% | 1.62% | (0.90)% | 784% | 85 | ||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 65.15 | (.55 | ) | (4.65 | ) | (5.20 | ) | — | — | — | 59.95 | (7.98)% | 1.63% | (0.94)% | 759% | 130 | ||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 49.80 | (.70 | ) | 16.05 | 15.35 | — | — | — | 65.15 | 30.82% | 1.64% | (1.18)% | 911% | 1,253 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005*††† | 46.10 | (.35 | ) | 4.05 | 3.70 | — | — | — | 49.80 | 8.03% | 1.59% | ** | (1.21)% | ** | 1,106% | 1 | ||||||||||||||||||||||||||||||||||||
Electronics Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 30.28 | (.06 | ) | 13.75 | 13.69 | — | — | — | 43.97 | 45.21% | 2.39% | ** | (0.41)% | ** | 232% | 3,226 | ||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 46.90 | (.30 | ) | (16.32 | ) | (16.62 | ) | — | — | — | 30.28 | (35.39)% | 2.42% | (0.74)% | 408% | 460 | ||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 58.65 | (.75 | ) | (11.00 | ) | (11.75 | ) | — | — | — | 46.90 | (20.03)% | 2.38% | (1.26)% | 784% | 962 | ||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 64.30 | (1.00 | ) | (4.65 | ) | (5.65 | ) | — | — | — | 58.65 | (8.79)% | 2.36% | (1.72)% | 759% | 2,876 | ||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 49.50 | (1.05 | ) | 15.85 | 14.80 | — | — | — | 64.30 | 29.90% | 2.36% | (1.91)% | 911% | 5,015 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 65.00 | (1.00 | ) | (14.50 | ) | (15.50 | ) | — | — | — | 49.50 | (23.85)% | 2.33% | (1.86)% | 1,106% | 2,119 | ||||||||||||||||||||||||||||||||||||
Energy Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 14.01 | .08 | 5.57 | 5.65 | — | — | — | 19.66 | 40.33% | 1.38% | ** | 0.90% | ** | 86% | 40,743 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 27.29 | .06 | (12.61 | ) | (12.55 | ) | — | (.73 | ) | (.73 | ) | 14.01 | (46.01)% | 1.37% | 0.28% | 310% | 53,627 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 23.19 | (.03 | ) | 4.86 | 4.83 | — | (.73 | ) | (.73 | ) | 27.29 | 20.91% | 1.37% | (0.10)% | 188% | 63,325 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 21.68 | (— | )§ | 1.92 | 1.92 | — | (.41 | ) | (.41 | ) | 23.19 | 8.87% | 1.36% | (0.01)% | 283% | 75,204 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 17.12 | .02 | 5.02 | 5.04 | (.03 | ) | (.45 | ) | (.48 | ) | 21.68 | 29.60% | 1.34% | 0.08% | 415% | 90,331 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.94 | .05 | 5.14 | 5.19 | (.01 | ) | — | (.01 | ) | 17.12 | 43.43% | 1.33% | 0.40% | 546% | 111,762 |
54 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Turnover | Period | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expenses | (Loss) | Rate | (000’s omitted) | ||||||||||||||||||||||||||||||||||||||||||
Energy Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 13.28 | $ | .03 | $ | 5.28 | $ | 5.31 | $ | — | $ | — | $ | — | $ | 18.59 | 39.98% | 1.88% | ** | 1.88% | ** | 0.35% | ** | 86% | $ | 6,732 | ||||||||||||||||||||||||||||||
March 31, 2009 | 26.07 | (.04 | ) | (12.02 | ) | (12.06 | ) | — | (.73 | ) | (.73 | ) | 13.28 | (46.29)% | 1.88% | 1.88% | (0.16)% | 310% | 4,679 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 22.29 | (.15 | ) | 4.66 | 4.51 | — | (.73 | ) | (.73 | ) | 26.07 | 20.31% | 1.86% | 1.86% | (0.58)% | 188% | 17,713 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 20.96 | (.12 | ) | 1.86 | 1.74 | — | (.41 | ) | (.41 | ) | 22.29 | 8.31% | 1.86% | 1.86% | (0.54)% | 283% | 14,613 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.65 | (.07 | ) | 4.86 | 4.79 | (.03 | ) | (.45 | ) | (.48 | ) | 20.96 | 28.93% | 1.85% | 1.84% | (0.38)% | 415% | 18,162 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.68 | (.02 | ) | 5.00 | 4.98 | (.01 | ) | — | (.01 | ) | 16.65 | 42.60% | 1.82% | 1.82% | (0.11)% | 546% | 25,000 | |||||||||||||||||||||||||||||||||||||||
Energy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30 2009 D | 13.44 | .06 | 5.34 | 5.40 | — | — | — | 18.84 | 40.18% | 1.63% | ** | 1.63% | ** | 0.73% | ** | 86% | 3,455 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 26.30 | .02 | (12.15 | ) | (12.13 | ) | — | (.73 | ) | (.73 | ) | 13.44 | (46.15)% | 1.63% | 1.63% | 0.10% | 310% | 4,845 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 22.44 | (.08 | ) | 4.67 | 4.59 | — | (.73 | ) | (.73 | ) | 26.30 | 20.54% | 1.61% | 1.61% | (0.31)% | 188% | 6,378 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 21.04 | (.06 | ) | 1.87 | 1.81 | — | (.41 | ) | (.41 | ) | 22.44 | 8.62% | 1.61% | 1.61% | (0.29)% | 283% | 3,307 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.68 | (.05 | ) | 4.89 | 4.84 | (.03 | ) | (.45 | ) | (.48 | ) | 21.04 | 29.18% | 1.61% | 1.60% | (0.25)% | 415% | 3,210 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 12.79 | .02 | 3.88 | 3.90 | (.01 | ) | — | (.01 | ) | 16.68 | 30.46% | 1.45% | ** | 1.45% | ** | 0.19% | ** | 546% | 744 | |||||||||||||||||||||||||||||||||||||
Energy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 12.84 | (— | )§ | 5.09 | 5.09 | — | — | — | 17.93 | 39.64% | 2.38% | ** | 2.38% | ** | (0.05)% | ** | 86% | 12,984 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 25.37 | (.14 | ) | (11.66 | ) | (11.80 | ) | — | (.73 | ) | (.73 | ) | 12.84 | (46.55)% | 2.38% | 2.38% | (0.65)% | 310% | 9,865 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 21.81 | (.27 | ) | 4.56 | 4.29 | — | (.73 | ) | (.73 | ) | 25.37 | 19.74% | 2.36% | 2.36% | (1.07)% | 188% | 20,989 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 20.62 | (.21 | ) | 1.81 | 1.60 | — | (.41 | ) | (.41 | ) | 21.81 | 7.77% | 2.36% | 2.36% | (1.00)% | 283% | 18,624 | |||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 16.47 | (.16 | ) | 4.79 | 4.63 | (.03 | ) | (.45 | ) | (.48 | ) | 20.62 | 28.27% | 2.35% | 2.35% | (0.88)% | 415% | 23,734 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.60 | (.08 | ) | 4.96 | 4.88 | (.01 | ) | — | (.01 | ) | 16.47 | 42.03% | 2.33% | 2.33% | (0.61)% | 546% | 17,993 | |||||||||||||||||||||||||||||||||||||||
Energy Services Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 25.07 | .01 | 15.49 | 15.50 | — | — | — | 40.57 | 61.83% | 1.38% | ** | 1.38% | ** | 0.08% | ** | 237% | 46,109 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 58.04 | (.24 | ) | (32.73 | ) | (32.97 | ) | — | — | — | 25.07 | (56.81)% | 1.37% | 1.37% | (0.48)% | 207% | 59,706 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 47.47 | (.43 | ) | 11.00 | 10.57 | — | — | — | 58.04 | 22.27% | 1.37% | 1.37% | (0.77)% | 193% | 82,691 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 45.05 | (.36 | ) | 2.78 | 2.42 | — | — | — | 47.47 | 5.37% | 1.36% | 1.36% | (0.80)% | 196% | 91,095 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 30.12 | (.30 | ) | 15.23 | 14.93 | — | — | — | 45.05 | 49.57% | 1.35% | 1.35% | (0.81)% | 324% | 147,439 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 21.74 | (.22 | ) | 8.60 | 8.38 | — | — | — | 30.12 | 38.55% | 1.31% | 1.31% | (0.85)% | 501% | 99,603 | |||||||||||||||||||||||||||||||||||||||||
Energy Services Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 23.83 | (.10 | ) | 14.73 | 14.63 | — | — | — | 38.46 | 61.39% | 1.88% | ** | 1.88% | ** | (0.64)% | ** | 237% | 8,910 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 55.45 | (.43 | ) | (31.19 | ) | (31.62 | ) | — | — | — | 23.83 | (57.02)% | 1.88% | 1.88% | (0.92)% | 207% | 7,058 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 45.58 | (.69 | ) | 10.56 | 9.87 | — | — | — | 55.45 | 21.65% | 1.87% | 1.87% | (1.28)% | 193% | 15,929 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 43.46 | (.58 | ) | 2.70 | 2.12 | — | — | — | 45.58 | 4.88% | 1.86% | 1.86% | (1.35)% | 196% | 18,237 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.21 | (.47 | ) | 14.72 | 14.25 | — | — | — | 43.46 | 48.78% | 1.85% | 1.85% | (1.33)% | 324% | 44,033 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 21.18 | (.33 | ) | 8.36 | 8.03 | — | — | — | 29.21 | 37.91% | 1.82% | 1.82% | (1.37)% | 501% | 24,647 | |||||||||||||||||||||||||||||||||||||||||
Energy Services Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 24.13 | (.06 | ) | 14.92 | 14.86 | — | — | — | 38.99 | 61.58% | 1.63% | ** | 1.63% | ** | (0.35)% | ** | 237% | 7,125 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 55.99 | (.31 | ) | (31.55 | ) | (31.86 | ) | — | — | — | 24.13 | (56.90)% | 1.63% | 1.63% | (0.68)% | 207% | 4,920 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 45.90 | (.55 | ) | 10.64 | 10.09 | — | — | — | 55.99 | 21.98% | 1.62% | 1.62% | (1.01)% | 193% | 11,450 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 43.67 | (.41 | ) | 2.64 | 2.23 | — | — | — | 45.90 | 5.11% | 1.61% | 1.61% | (0.97)% | 196% | 6,151 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.25 | (.39 | ) | 14.81 | 14.42 | — | — | — | 43.67 | 49.30% | 1.63% | 1.63% | (1.00)% | 324% | 6,569 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 23.18 | (.18 | ) | 6.25 | 6.07 | — | — | — | 29.25 | 26.19% | 1.53% | ** | 1.53% | ** | (1.13)% | ** | 501% | 313 | ||||||||||||||||||||||||||||||||||||||
Energy Services Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 23.19 | (.19 | ) | 14.33 | 14.14 | — | — | — | 37.33 | 60.97% | 2.39% | ** | 2.39% | ** | (1.17)% | ** | 237% | 13,372 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 54.22 | (.64 | ) | (30.39 | ) | (31.03 | ) | — | — | — | 23.19 | (57.23)% | 2.38% | 2.38% | (1.41)% | 207% | 9,196 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 44.79 | (.93 | ) | 10.36 | 9.43 | — | — | — | 54.22 | 21.05% | 2.37% | 2.37% | (1.76)% | 193% | 29,316 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 42.92 | (.74 | ) | 2.61 | 1.87 | — | — | — | 44.79 | 4.36% | 2.36% | 2.36% | (1.77)% | 196% | 24,500 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 28.98 | (.65 | ) | 14.59 | 13.94 | — | — | — | 42.92 | 48.10% | 2.36% | 2.36% | (1.82)% | 324% | 27,542 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 21.12 | (.45 | ) | 8.31 | 7.86 | — | — | — | 28.98 | 37.22% | 2.31% | 2.31% | (1.84)% | 501% | 11,529 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 55 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Net | Income | Turnover | Period | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Expenses | (Loss) | Rate | (000’s omitted) | ||||||||||||||||||||||||||||||||||||||||||
Financial Services Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | $ | 44.37 | $ | .16 | $ | 24.89 | $ | 25.05 | $ | — | $ | — | $ | — | $ | 69.42 | 56.46% | 1.39% | ** | 1.39% | ** | 0.92% | ** | 183% | $ | 24,411 | ||||||||||||||||||||||||||||||
March 31, 2009††† | 101.80 | 1.60 | (57.13 | ) | (55.53 | ) | (1.90 | ) | — | (1.90 | ) | 44.37 | (54.76)% | 1.37% | 1.37% | 2.16% | 755% | 13,257 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 142.50 | 1.70 | (40.20 | ) | (38.50 | ) | (2.20 | ) | — | (2.20 | ) | 101.80 | (27.26)% | 1.38% | 1.38% | 1.25% | 913% | 4,640 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 132.60 | 1.40 | 9.14 | 10.54 | (.64 | ) | — | (.64 | ) | 142.50 | 7.94% | 1.34% | 1.34% | 1.03% | 534% | 22,658 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 114.00 | 1.70 | 18.10 | 19.80 | (1.20 | ) | — | (1.20 | ) | 132.60 | 17.42% | 1.36% | 1.34% | 1.32% | 821% | 12,226 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 110.90 | 1.00 | 2.90 | 3.90 | (.80 | ) | — | (.80 | ) | 114.00 | 3.46% | 1.33% | 1.33% | 0.91% | 1,005% | 7,741 | ||||||||||||||||||||||||||||||||||||||||
Financial Services Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 42.28 | .07 | 23.63 | 23.70 | — | — | — | 65.98 | 56.05% | 1.88% | ** | 1.88% | ** | 0.53% | ** | 183% | 3,322 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 97.80 | 1.30 | (54.92 | ) | (53.62 | ) | (1.90 | ) | — | (1.90 | ) | 42.28 | (55.06)% | 1.88% | 1.88% | 1.83% | 755% | 2,710 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 137.60 | .90 | (38.50 | ) | (37.60 | ) | (2.20 | ) | — | (2.20 | ) | 97.80 | (27.58)% | 1.89% | 1.89% | 0.70% | 913% | 1,957 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 128.80 | .70 | 8.74 | 9.44 | (.64 | ) | — | (.64 | ) | 137.60 | 7.32% | 1.84% | 1.84% | 0.54% | 534% | 16,786 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 111.30 | 1.00 | 17.70 | 18.70 | (1.20 | ) | — | (1.20 | ) | 128.80 | 16.85% | 1.85% | 1.83% | 0.82% | 821% | 6,801 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 108.90 | .50 | 2.70 | 3.20 | (.80 | ) | — | (.80 | ) | 111.30 | 2.88% | 1.83% | 1.83% | 0.43% | 1,005% | 27,181 | ||||||||||||||||||||||||||||||||||||||||
Financial Services Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 42.80 | .10 | 24.00 | 24.10 | — | — | — | 66.90 | 56.31% | 1.63% | ** | 1.63% | ** | 0.81% | ** | 183% | 2,172 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 98.60 | 1.30 | (55.20 | ) | (53.90 | ) | (1.90 | ) | — | (1.90 | ) | 42.80 | (54.92)% | 1.62% | 1.62% | 1.97% | 755% | 2,683 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 138.20 | 1.60 | (39.00 | ) | (37.40 | ) | (2.20 | ) | — | (2.20 | ) | 98.60 | (27.32)% | 1.59% | 1.59% | 1.42% | 913% | 1,367 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 129.10 | 1.00 | 8.74 | 9.74 | (.64 | ) | — | (.64 | ) | 138.20 | 7.54% | 1.61% | 1.61% | 0.74% | 534% | 1,107 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 111.30 | 1.40 | 17.60 | 19.00 | (1.20 | ) | — | (1.20 | ) | 129.10 | 17.12% | 1.65% | 1.64% | 1.18% | 821% | 4,295 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005*††† | 107.50 | .50 | 4.10 | 4.60 | (.80 | ) | — | (.80 | ) | 111.30 | 4.22% | 1.55% | ** | 1.55% | ** | 0.70% | ** | 1,005% | 5 | |||||||||||||||||||||||||||||||||||||
Financial Services Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009††† D | 41.01 | (.02 | ) | 22.86 | 22.84 | — | — | — | 63.85 | 55.69% | 2.39% | ** | 2.39% | ** | (0.12)% | ** | 183% | 2,101 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009††† | 95.10 | .80 | (52.99 | ) | (52.19 | ) | (1.90 | ) | — | (1.90 | ) | 41.01 | (55.16)% | 2.38% | 2.38% | 1.13% | 755% | 1,407 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008††† | 134.60 | .50 | (37.80 | ) | (37.30 | ) | (2.20 | ) | — | (2.20 | ) | 95.10 | (27.98)% | 2.37% | 2.37% | 0.45% | 913% | 2,847 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007††† | 126.70 | .10 | 8.44 | 8.54 | (.64 | ) | — | (.64 | ) | 134.60 | 6.73% | 2.34% | 2.34% | 0.06% | 534% | 5,382 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2006††† | 110.10 | .10 | 17.70 | 17.80 | (1.20 | ) | — | (1.20 | ) | 126.70 | 16.21% | 2.36% | 2.34% | 0.11% | 821% | 2,081 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2005††† | 108.40 | (.10 | ) | 2.60 | 2.50 | (.80 | ) | — | (.80 | ) | 110.10 | 2.24% | 2.33% | 2.33% | (0.10)% | 1,005% | 1,689 | |||||||||||||||||||||||||||||||||||||||
Health Care Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 11.20 | .01 | 2.55 | 2.56 | — | — | — | 13.76 | 22.86% | 1.39% | ** | 1.39% | ** | 0.22% | ** | 282% | 37,181 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 14.28 | .07 | (3.15 | ) | (3.08 | ) | — | — | — | 11.20 | (21.57)% | 1.36% | 1.36% | 0.48% | 745% | 13,920 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 15.28 | (.02 | ) | (.98 | ) | (1.00 | ) | — | — | — | 14.28 | (6.54)% | 1.37% | 1.37% | (0.13)% | 444% | 22,062 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 14.54 | .03 | .71 | .74 | — | — | — | 15.28 | 5.09% | 1.35% | 1.35% | 0.23% | 545% | 33,878 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.71 | (.05 | ) | 1.88 | 1.83 | — | — | — | 14.54 | 14.40% | 1.33% | 1.33% | (0.35)% | 568% | 46,432 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 12.50 | (.05 | ) | .26 | .21 | — | — | — | 12.71 | 1.68% | 1.34% | 1.34% | (0.42)% | 610% | 35,500 |
56 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Health Care Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 10.58 | $ | — | § | $ | 2.39 | $ | 2.39 | $ | — | $ | — | $ | — | $ | 12.97 | 22.59% | 1.89% | ** | 0.03% | ** | 282% | $ | 2,191 | |||||||||||||||||||||||||||
March 31, 2009 | 13.57 | .01 | (3.00 | ) | (2.99 | ) | — | — | — | 10.58 | (22.03)% | 1.93% | 0.04% | 745% | 6,353 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 14.59 | (.09 | ) | (.93 | ) | (1.02 | ) | — | — | — | 13.57 | (6.99)% | 1.86% | (0.60)% | 444% | 13,099 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 13.94 | (.05 | ) | .70 | .65 | — | — | — | 14.59 | 4.66% | 1.85% | (0.37)% | 545% | 17,327 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.25 | (.12 | ) | 1.81 | 1.69 | — | — | — | 13.94 | 13.80% | 1.84% | (0.89)% | 568% | 14,577 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 12.11 | (.10 | ) | .24 | .14 | — | — | — | 12.25 | 1.16% | 1.84% | (0.83)% | 610% | 16,511 | ||||||||||||||||||||||||||||||||||||||
Health Care Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 10.69 | .01 | 2.43 | 2.44 | — | — | — | 13.13 | 22.83% | 1.64% | ** | 0.15% | ** | 282% | 800 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 13.68 | .02 | (3.01 | ) | (2.99 | ) | — | — | — | 10.69 | (21.86)% | 1.63% | 0.15% | 745% | 997 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 14.67 | (.06 | ) | (.93 | ) | (.99 | ) | — | — | — | 13.68 | (6.75)% | 1.61% | (0.36)% | 444% | 730 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 13.98 | (.02 | ) | .71 | .69 | — | — | — | 14.67 | 4.94% | 1.60% | (0.13)% | 545% | 818 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.25 | (.08 | ) | 1.81 | 1.73 | — | — | — | 13.98 | 14.12% | 1.62% | (0.60)% | 568% | 2,239 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 11.65 | (.05 | ) | .65 | .60 | — | — | — | 12.25 | 5.15% | 1.56% | ** | (0.65)% | ** | 610% | 1 | ||||||||||||||||||||||||||||||||||||
Health Care Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 10.30 | (.04 | ) | 2.34 | 2.30 | — | — | — | 12.60 | 22.33% | 2.39% | ** | (0.64)% | ** | 282% | 4,650 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 13.28 | (.08 | ) | (2.90 | ) | (2.98 | ) | — | — | — | 10.30 | (22.44)% | 2.38% | (0.65)% | 745% | 5,101 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 14.35 | (.16 | ) | (.91 | ) | (1.07 | ) | — | — | — | 13.28 | (7.46)% | 2.37% | (1.12)% | 444% | 5,677 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 13.79 | (.10 | ) | .66 | .56 | — | — | — | 14.35 | 4.06% | 2.34% | (0.73)% | 545% | 8,720 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.19 | (.18 | ) | 1.78 | 1.60 | — | — | — | 13.79 | 13.13% | 2.34% | (1.39)% | 568% | 7,114 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 12.11 | (.16 | ) | .24 | .08 | — | — | — | 12.19 | 0.66% | 2.33% | (1.36)% | 610% | 4,017 | ||||||||||||||||||||||||||||||||||||||
Internet Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 26.58 | (.18 | ) | 11.22 | 11.04 | — | — | — | 37.62 | 41.54% | 1.37% | ** | (1.12)% | ** | 198% | 17,602 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 38.55 | (.29 | ) | (11.23 | ) | (11.52 | ) | (.45 | ) | — | (.45 | ) | 26.58 | (29.63)% | 1.35% | (1.01)% | 550% | 61,745 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 41.11 | .46à | (2.87 | ) | (2.41 | ) | (.15 | ) | — | (.15 | ) | 38.55 | (5.92)% | 1.38% | 1.00% | àà | 870% | 4,365 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 40.22 | (.44 | ) | 1.33 | .89 | — | — | — | 41.11 | 2.21% | 1.37% | (1.09)% | 864% | 5,496 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 32.29 | (.40 | ) | 8.33 | 7.93 | — | — | — | 40.22 | 24.56% | 1.34% | (1.10)% | 1,371% | 16,288 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 35.66 | (.43 | ) | (2.94 | ) | (3.37 | ) | — | — | — | 32.29 | (9.45)% | 1.34% | (1.23)% | 1,947% | 5,210 | ||||||||||||||||||||||||||||||||||||
Internet Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 25.32 | (.26 | ) | 10.70 | 10.44 | — | — | — | 35.76 | 41.23% | 1.88% | ** | (1.66)% | ** | 198% | 3,242 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 36.95 | (.41 | ) | (10.77 | ) | (11.18 | ) | (.45 | ) | — | (.45 | ) | 25.32 | (29.99)% | 1.87% | (1.43)% | 550% | 3,604 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 39.61 | (.09)◊ | (2.42 | ) | (2.51 | ) | (.15 | ) | — | (.15 | ) | 36.95 | (6.40)% | 1.88% | (0.21)% | ◊ | 870% | 1,364 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 38.94 | (.63 | ) | 1.30 | .67 | — | — | — | 39.61 | 1.72% | 1.87% | (1.60)% | 864% | 863 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.41 | (.55 | ) | 8.08 | 7.53 | — | — | — | 38.94 | 23.97% | 1.85% | (1.58)% | 1,371% | 3,696 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 34.85 | (.60 | ) | (2.84 | ) | (3.44 | ) | — | — | — | 31.41 | (9.87)% | 1.83% | (1.72)% | 1,947% | 829 | ||||||||||||||||||||||||||||||||||||
Internet Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 25.62 | (.22 | ) | 10.81 | 10.59 | — | — | — | 36.21 | 41.33% | 1.64% | ** | (1.33)% | ** | 198% | 795 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 37.29 | (.33 | ) | (10.89 | ) | (11.22 | ) | (.45 | ) | — | (.45 | ) | 25.62 | (29.82)% | 1.62% | (1.07)% | 550% | 91 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 39.87 | (.19)à | (2.24 | ) | (2.43 | ) | (.15 | ) | — | (.15 | ) | 37.29 | (6.16)% | 1.63% | (0.44)% | àà | 870% | 116 | �� | |||||||||||||||||||||||||||||||||
March 31, 2007 | 39.07 | (.52 | ) | 1.32 | .80 | — | — | — | 39.87 | 2.05% | 1.61% | (1.37)% | 864% | 139 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.45 | (.50 | ) | 8.12 | 7.62 | — | — | — | 39.07 | 24.23% | 1.63% | (1.36)% | 1,371% | 470 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 30.65 | (.31 | ) | 1.11 | .80 | — | — | — | 31.45 | 2.61% | 1.55% | ** | (1.46)% | ** | 1,947% | 4 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 57 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Internet Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 24.56 | $ | (.31 | ) | $ | 10.35 | $ | 10.04 | $ | — | $ | — | $ | — | $ | 34.60 | 40.88% | 2.38% | ** | (2.06)% | ** | 198% | $ | 1,154 | |||||||||||||||||||||||||||
March 31, 2009 | 36.01 | (.59 | ) | (10.41 | ) | (11.00 | ) | (.45 | ) | — | (.45 | ) | 24.56 | (30.28)% | 2.38% | (1.95)% | 550% | 602 | ||||||||||||||||||||||||||||||||||
March 31, 2008 | 38.79 | (.38 | )à | (2.25 | ) | (2.63 | ) | (.15 | ) | — | (.15 | ) | 36.01 | (6.84)% | 2.37% | (0.89)% | àà | 870% | 1,608 | |||||||||||||||||||||||||||||||||
March 31, 2007 | 38.30 | (.78 | ) | 1.27 | .49 | — | — | — | 38.79 | 1.28% | 2.36% | (2.10)% | 864% | 1,017 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 31.06 | (.73 | ) | 7.97 | 7.24 | — | — | — | 38.30 | 23.31% | 2.35% | (2.09)% | 1,371% | 2,273 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 34.64 | (.73 | ) | (2.85 | ) | (3.58 | ) | — | — | — | 31.06 | (10.33)% | 2.33% | (2.19)% | 1,947% | 1,596 | ||||||||||||||||||||||||||||||||||||
Leisure Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 15.40 | (.04 | ) | 7.78 | 7.74 | — | — | — | 23.14 | 50.26% | 1.38% | ** | (0.40)% | ** | 517% | 5,844 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 31.72 | .01 | (16.33 | ) | (16.32 | ) | — | — | — | 15.40 | (51.45)% | 1.37% | 0.05% | 1,529% | 4,132 | |||||||||||||||||||||||||||||||||||||
March 31, 2008 | 35.87 | .09 | (4.24 | ) | (4.15 | ) | — | — | — | 31.72 | (11.57)% | 1.39% | 0.24% | 646% | 3,283 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 32.56 | (— | )§ | 3.31 | 3.31 | — | — | — | 35.87 | 10.17% | 1.37% | (0.01)% | 675% | 9,130 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 30.50 | (.07 | ) | 2.13 | 2.06 | — | — | — | 32.56 | 6.75% | 1.34% | (0.25)% | 734% | 16,418 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 27.66 | (.17 | ) | 3.01 | 2.84 | — | — | — | 30.50 | 10.27% | 1.31% | (0.57)% | 1,046% | 15,080 | ||||||||||||||||||||||||||||||||||||||
Leisure Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 14.53 | (.09 | ) | 7.35 | 7.26 | — | — | — | 21.79 | 49.97% | 1.88% | ** | (0.97)% | ** | 517% | 687 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 30.06 | (.03 | ) | (15.50 | ) | (15.53 | ) | — | — | — | 14.53 | (51.66)% | 1.88% | (0.11)% | 1,529% | 373 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.14 | (.07 | ) | (4.01 | ) | (4.08 | ) | — | — | — | 30.06 | (11.95)% | 1.89% | (0.22)% | 646% | 1,611 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.15 | (.10 | ) | 3.09 | 2.99 | — | — | — | 34.14 | 9.60% | 1.87% | (0.32)% | 675% | 4,903 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.34 | (.32 | ) | 2.13 | 1.81 | — | — | — | 31.15 | 6.17% | 1.80% | (1.10)% | 734% | 5,372 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.74 | (.30 | ) | 2.90 | 2.60 | — | — | — | 29.34 | 9.72% | 1.82% | (1.10)% | 1,046% | 27,750 | ||||||||||||||||||||||||||||||||||||||
Leisure Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 14.67 | (.05 | ) | 7.41 | 7.36 | — | — | — | 22.03 | 50.17% | 1.64% | ** | (0.54)% | ** | 517% | 49 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 30.30 | (.04 | ) | (15.59 | ) | (15.63 | ) | — | — | — | 14.67 | (51.58)% | 1.63% | (0.16)% | 1,529% | 25 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 34.32 | (.07 | ) | (3.95 | ) | (4.02 | ) | — | — | — | 30.30 | (11.71)% | 1.67% | (0.20)% | 646% | 206 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.24 | (.14 | ) | 3.22 | 3.08 | — | — | — | 34.32 | 9.86% | 1.60% | (0.41)% | 675% | 2,198 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.34 | (.14 | ) | 2.04 | 1.90 | — | — | — | 31.24 | 6.48% | 1.60% | (0.49)% | 734% | 68 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 24.59 | (.08 | ) | 4.83 | 4.75 | — | — | — | 29.34 | 19.32% | 1.55% | ** | (1.02)% | ** | 1,046% | 12 | ||||||||||||||||||||||||||||||||||||
Leisure Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 14.26 | (.09 | ) | 7.16 | 7.07 | — | — | — | 21.33 | 49.58% | 2.38% | ** | (1.66)% | ** | 517% | 194 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.66 | (.18 | ) | (15.22 | ) | (15.40 | ) | — | — | — | 14.26 | (51.92)% | 2.38% | (0.78)% | 1,529% | 123 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 33.86 | (.28 | ) | (3.92 | ) | (4.20 | ) | — | — | — | 29.66 | (12.40)% | 2.40% | (0.81)% | 646% | 430 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 31.05 | (.31 | ) | 3.12 | 2.81 | — | — | — | 33.86 | 9.05% | 2.36% | (0.96)% | 675% | 3,091 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 29.39 | (.40 | ) | 2.06 | 1.66 | — | — | — | 31.05 | 5.65% | 2.32% | (1.40)% | 734% | 997 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 26.93 | (.40 | ) | 2.86 | 2.46 | — | — | — | 29.39 | 9.13% | 2.31% | (1.44)% | 1,046% | 2,502 | ||||||||||||||||||||||||||||||||||||||
Precious Metals Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 46.36 | (.07 | )▲ | 14.77 | 14.70 | — | — | — | 61.06 | 31.71% | 1.28% | ** | (0.29)% | **▲▲ | 194% | 182,860 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 69.89 | (.23 | ) | (23.30 | ) | (23.53 | ) | — | — | — | 46.36 | (33.67)% | 1.28% | (0.48)% | 245% | 160,759 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 56.21 | (.37 | ) | 14.05 | 13.68 | — | — | — | 69.89 | 24.34% | 1.27% | (0.58)% | 203% | 149,805 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 54.50 | (.03 | ) | 1.74 | 1.71 | — | — | — | 56.21 | 3.14% | 1.26% | (0.05)% | 259% | 149,876 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 35.64 | (.07 | ) | 18.93 | 18.86 | — | — | — | 54.50 | 52.92% | 1.24% | (0.16)% | 277% | 213,017 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 44.32 | (.05 | ) | (8.63 | ) | (8.68 | ) | — | — | — | 35.64 | (19.58)% | 1.23% | (0.12)% | 358% | 130,718 | ||||||||||||||||||||||||||||||||||||
Precious Metals Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 45.12 | (.27 | )▲ | 14.43 | 14.16 | — | — | — | 59.28 | 31.38% | 1.79% | ** | (1.06)% | **▲▲ | 194% | 16,356 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 68.36 | (.50 | ) | (22.74 | ) | (23.24 | ) | — | — | — | 45.12 | (34.00)% | 1.77% | (1.02)% | 245% | 12,056 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 55.24 | (.69 | ) | 13.81 | 13.12 | — | — | — | 68.36 | 23.75% | 1.77% | (1.09)% | 203% | 11,817 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 53.83 | (.27 | ) | 1.68 | 1.41 | — | — | — | 55.24 | 2.62% | 1.76% | (0.51)% | 259% | 8,387 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 35.37 | (.28 | ) | 18.74 | 18.46 | — | — | — | 53.83 | 52.19% | 1.75% | (0.70)% | 277% | 14,087 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 44.17 | (.03 | ) | (8.77 | ) | (8.80 | ) | — | — | — | 35.37 | (19.92)% | 1.72% | (0.09)% | 358% | 8,596 |
58 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
1
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Precious Metals Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 45.64 | $ | (.17 | )▲ | $ | 14.57 | $ | 14.40 | $ | — | $ | — | $ | — | $ | 60.04 | 31.55 | % | 1.53 | %** | (0.69) | %**▲▲ | 194 | % | $ | 9,433 | |||||||||||||||||||||||||
March 31, 2009 | 68.96 | (.36 | ) | (22.96 | ) | (23.32 | ) | — | — | — | 45.64 | (33.82) | % | 1.53 | % | (0.71) | % | 245 | % | 8,484 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 55.59 | (.55 | ) | 13.92 | 13.37 | — | — | — | 68.96 | 24.05 | % | 1.52 | % | (0.84) | % | 203 | % | 10,911 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 54.03 | (.15 | ) | 1.71 | 1.56 | — | — | — | 55.59 | 2.89 | % | 1.51 | % | (0.28) | % | 259 | % | 4,778 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 35.41 | (.19 | ) | 18.81 | 18.62 | — | — | — | 54.03 | 52.58 | % | 1.52 | % | (0.43) | % | 277 | % | 5,701 | ||||||||||||||||||||||||||||||||||
March 31, 2005* | 37.26 | (.01 | ) | (1.84 | ) | (1.85 | ) | — | — | — | 35.41 | (4.97) | % | 1.45 | %** | (0.02) | %** | 358 | % | 217 | ||||||||||||||||||||||||||||||||
Precious Metals Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 42.92 | (.35 | )▲ | 13.67 | 13.32 | — | — | — | 56.24 | 31.03 | % | 2.29 | %** | (1.47) | %**▲▲ | 194 | % | 24,890 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 65.38 | (.68 | ) | (21.78 | ) | (22.46 | ) | — | — | — | 42.92 | (34.35) | % | 2.27 | % | (1.43) | % | 245 | % | 20,452 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 53.12 | (.97 | ) | 13.23 | 12.26 | — | — | — | 65.38 | 23.08 | % | 2.27 | % | (1.60) | % | 203 | % | 26,319 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 52.02 | (.51 | ) | 1.61 | 1.10 | — | — | — | 53.12 | 2.11 | % | 2.26 | % | (1.00) | % | 259 | % | 23,486 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 34.37 | (.46 | ) | 18.11 | 17.65 | — | — | — | 52.02 | 51.35 | % | 2.25 | % | (1.20) | % | 277 | % | 24,266 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 43.16 | (.39 | ) | (8.40 | ) | (8.79 | ) | — | — | — | 34.37 | (20.37) | % | 2.23 | % | (1.08) | % | 358 | % | 20,426 | ||||||||||||||||||||||||||||||||
Retailing Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 8.58 | .01 | 2.34 | 2.35 | — | — | — | 10.93 | 27.39 | % | 1.37 | %** | 0.29 | %** | 492 | % | 3,751 | |||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.54 | (.01 | ) | (2.95 | ) | (2.96 | ) | — | — | — | 8.58 | (25.65) | % | 1.32 | % | (0.14) | % | 461 | % | 84,894 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 14.47 | (.04 | ) | (2.89 | ) | (2.93 | ) | — | — | — | 11.54 | (20.25) | % | 1.37 | % | (0.27) | % | 1,205 | % | 3,152 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 13.48 | (.06 | ) | 1.05 | .99 | — | — | — | 14.47 | 7.34 | % | 1.36 | % | (0.45) | % | 952 | % | 4,033 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.30 | (.08 | ) | 1.26 | 1.18 | — | — | — | 13.48 | 9.59 | % | 1.33 | % | (0.60) | % | 1,163 | % | 7,608 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.74 | (.06 | ) | .62 | .56 | — | — | — | 12.30 | 4.77 | % | 1.33 | % | (0.54) | % | 1,505 | % | 7,529 | ||||||||||||||||||||||||||||||||||
Retailing Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 8.20 | (.03 | ) | 2.26 | 2.23 | — | — | — | 10.43 | 27.20 | % | 1.87 | %** | (0.56) | %** | 492 | % | 1,071 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.10 | (.02 | ) | (2.88 | ) | (2.90 | ) | — | — | — | 8.20 | (26.13) | % | 1.88 | % | (0.26) | % | 461 | % | 901 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 13.97 | (.12 | ) | (2.75 | ) | (2.87 | ) | — | — | — | 11.10 | (20.54) | % | 1.87 | % | (0.89) | % | 1,205 | % | 800 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 13.07 | (.10 | ) | 1.00 | .90 | — | — | — | 13.97 | 6.89 | % | 1.86 | % | (0.73) | % | 952 | % | 2,791 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.99 | (.15 | ) | 1.23 | 1.08 | — | — | — | 13.07 | 9.01 | % | 1.82 | % | (1.18) | % | 1,163 | % | 3,385 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.49 | (.12 | ) | .62 | .50 | — | — | — | 11.99 | 4.35 | % | 1.83 | % | (1.09) | % | 1,505 | % | 6,445 | ||||||||||||||||||||||||||||||||||
Retailing Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 8.30 | (.01 | ) | 2.26 | 2.25 | — | — | — | 10.55 | 27.11 | % | 1.61 | %** | (0.18) | %** | 492 | % | 112 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.18 | (.02 | ) | (2.86 | ) | (2.88 | ) | — | — | — | 8.30 | (25.76) | % | 1.63 | % | (0.17) | % | 461 | % | 49 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 14.04 | (.10 | ) | (2.76 | ) | (2.86 | ) | — | — | — | 11.18 | (20.37) | % | 1.63 | % | (0.73) | % | 1,205 | % | 101 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 13.10 | (.07 | ) | 1.01 | .94 | — | — | — | 14.04 | 7.18 | % | 1.57 | % | (0.54) | % | 952 | % | 385 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 12.01 | (.11 | ) | 1.20 | 1.09 | — | — | — | 13.10 | 9.08 | % | 1.59 | % | (0.87) | % | 1,163 | % | 46 | ||||||||||||||||||||||||||||||||||
March 31, 2005* | 10.45 | (.07 | ) | 1.63 | 1.56 | — | — | — | 12.01 | 14.93 | % | 1.68 | %** | (1.03) | %** | 1,505 | % | 1 | ||||||||||||||||||||||||||||||||||
Retailing Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 7.92 | (.05 | ) | 2.16 | 2.11 | — | — | — | 10.03 | 26.64 | % | 2.37 | %** | (1.13) | %** | 492 | % | 1,297 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.76 | (.07 | ) | (2.77 | ) | (2.84 | ) | — | — | — | 7.92 | (26.39) | % | 2.38 | % | (0.76) | % | 461 | % | 1,008 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 13.62 | (.17 | ) | (2.69 | ) | (2.86 | ) | — | — | — | 10.76 | (21.00) | % | 2.37 | % | (1.36) | % | 1,205 | % | 1,291 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 12.80 | (.15 | ) | .97 | .82 | — | — | — | 13.62 | 6.41 | % | 2.34 | % | (1.17) | % | 952 | % | 2,650 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.80 | (.20 | ) | 1.20 | 1.00 | — | — | — | 12.80 | 8.47 | % | 2.34 | % | (1.65) | % | 1,163 | % | 1,586 | ||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.37 | (.17 | ) | .60 | .43 | — | — | — | 11.80 | 3.78 | % | 2.33 | % | (1.52) | % | 1,505 | % | 1,774 | ||||||||||||||||||||||||||||||||||
Technology Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 7.70 | (.01 | ) | 3.11 | 3.10 | — | — | — | 10.80 | 40.26 | % | 1.39 | %** | (0.30) | %** | 133 | % | 33,724 | ||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.77 | (.03 | ) | (4.04 | ) | (4.07 | ) | — | — | — | 7.70 | (34.58) | % | 1.37 | % | (0.29) | % | 564 | % | 11,601 | ||||||||||||||||||||||||||||||||
March 31, 2008 | 12.53 | (.10 | ) | (.66 | ) | (.76 | ) | — | — | — | 11.77 | (6.07) | % | 1.37 | % | (0.72) | % | 694 | % | 9,916 | ||||||||||||||||||||||||||||||||
March 31, 2007 | 12.35 | (.11 | ) | .29 | .18 | — | — | — | 12.53 | 1.46 | % | 1.36 | % | (0.91) | % | 684 | % | 14,274 | ||||||||||||||||||||||||||||||||||
March 31, 2006 | 10.35 | (.09 | ) | 2.12 | 2.03 | (.03 | ) | — | (.03 | ) | 12.35 | 19.65 | % | 1.33 | % | (0.79) | % | 666 | % | 21,182 | ||||||||||||||||||||||||||||||||
March 31, 2005 | 11.40 | .03 | (1.08 | ) | (1.05 | ) | — | — | — | 10.35 | (9.21) | % | 1.31 | % | 0.33 | % | 1,304 | % | 13,346 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 59 |
2
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Technology Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 7.32 | $ | (.04 | ) | $ | 2.97 | $ | 2.93 | $ | — | $ | — | $ | — | $ | 10.25 | 40.03% | 1.89% | ** | (0.82)% | ** | 133% | $ | 11,805 | |||||||||||||||||||||||||||
March 31, 2009 | 11.27 | (.05 | ) | (3.90 | ) | (3.95 | ) | — | — | — | 7.32 | (35.05)% | 1.87% | (0.53)% | 564% | 1,914 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 12.05 | (.15 | ) | (.63 | ) | (.78 | ) | — | — | — | 11.27 | (6.47)% | 1.88% | (1.16)% | 694% | 2,077 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 11.94 | (.16 | ) | .27 | .11 | — | — | — | 12.05 | 0.92% | 1.86% | (1.41)% | 684% | 4,807 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 10.06 | (.14 | ) | 2.05 | 1.91 | (.03 | ) | — | (.03 | ) | 11.94 | 19.02% | 1.84% | (1.32)% | 666% | 12,737 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.13 | .02 | (1.09 | ) | (1.07 | ) | — | — | — | 10.06 | (9.61)% | 1.83% | 0.21% | 1,304% | 10,693 | |||||||||||||||||||||||||||||||||||||
Technology Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 7.37 | (.03 | ) | 2.99 | 2.96 | — | — | — | 10.33 | 40.16% | 1.64% | ** | (0.69)% | ** | 133% | 4,436 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.32 | (.04 | ) | (3.91 | ) | (3.95 | ) | — | — | — | 7.37 | (34.89)% | 1.63% | (0.41)% | 564% | 1,669 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 12.09 | (.11 | ) | (.66 | ) | (.77 | ) | — | — | — | 11.32 | (6.37)% | 1.60% | (0.86)% | 694% | 546 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 11.95 | (.14 | ) | .28 | .14 | — | — | — | 12.09 | 1.17% | 1.61% | (1.18)% | 684% | 278 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 10.07 | (.13 | ) | 2.04 | 1.91 | (.03 | ) | — | (.03 | ) | 11.95 | 19.00% | 1.63% | (1.15)% | 666% | 633 | ||||||||||||||||||||||||||||||||||||
March 31, 2005* | 9.32 | — | .75 | .75 | — | — | — | 10.07 | 8.05% | 1.54% | ** | 0.00% | ** | 1,304% | 6 | |||||||||||||||||||||||||||||||||||||
Technology Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 7.14 | (.06 | ) | 2.90 | 2.84 | — | — | — | 9.98 | 39.78% | 2.39% | ** | (1.26)% | ** | 133% | 3,052 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.04 | (.12 | ) | (3.78 | ) | (3.90 | ) | — | — | — | 7.14 | (35.33)% | 2.38% | (1.24)% | 564% | 1,335 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 11.87 | (.21 | ) | (.62 | ) | (.83 | ) | — | — | — | 11.04 | (6.99)% | 2.35% | (1.67)% | 694% | 2,448 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 11.81 | (.22 | ) | .28 | .06 | — | — | — | 11.87 | 0.51% | 2.35% | (1.91)% | 684% | 1,538 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 10.01 | (.21 | ) | 2.04 | 1.83 | (.03 | ) | — | (.03 | ) | 11.81 | 18.31% | 2.35% | (1.88)% | 666% | 2,800 | ||||||||||||||||||||||||||||||||||||
March 31, 2005 | 11.10 | — | (1.09 | ) | (1.09 | ) | — | — | — | 10.01 | (9.82)% | 2.32% | 0.00% | 1,304% | 1,284 | |||||||||||||||||||||||||||||||||||||
Telecommunications Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 10.29 | .19 | 2.86 | 3.05 | — | — | — | 13.34 | 29.64% | 1.39% | ** | 3.12% | ** | 325% | 13,680 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 17.04 | .27 | (6.68 | ) | (6.41 | ) | (.34 | ) | — | (.34 | ) | 10.29 | (37.55)% | 1.39% | 1.92% | 672% | 4,440 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 19.02 | .12 | (2.08 | ) | (1.96 | ) | (.02 | ) | — | (.02 | ) | 17.04 | (10.32)% | 1.37% | 0.58% | 528% | 11,134 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 17.74 | .16 | 1.23 | 1.39 | (.11 | ) | — | (.11 | ) | 19.02 | 7.87% | 1.37% | 0.89% | 430% | 16,699 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 14.33 | .21 | 3.60 | 3.81 | (.40 | ) | — | (.40 | ) | 17.74 | 26.96% | 1.38% | 1.30% | 820% | 56,695 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 15.48 | .09 | (1.24 | ) | (1.15 | ) | — | — | — | 14.33 | (7.43)% | 1.35% | 0.60% | 1,142% | 6,003 | |||||||||||||||||||||||||||||||||||||
Telecommunications Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 9.75 | .14 | 2.73 | 2.87 | — | — | — | 12.62 | 29.44% | 1.88% | ** | 2.40% | ** | 325% | 7,984 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 16.26 | .17 | (6.34 | ) | (6.17 | ) | (.34 | ) | — | (.34 | ) | 9.75 | (37.88)% | 1.81% | 1.53% | 672% | 9,991 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 18.24 | (.02 | ) | (1.94 | ) | (1.96 | ) | (.02 | ) | — | (.02 | ) | 16.26 | (10.76)% | 1.88% | (0.09)% | 528% | 835 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 17.10 | .04 | 1.21 | 1.25 | (.11 | ) | — | (.11 | ) | 18.24 | 7.35% | 1.83% | 0.22% | 430% | 6,584 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 13.88 | .12 | 3.50 | 3.62 | (.40 | ) | — | (.40 | ) | 17.10 | 26.46% | 1.82% | 0.81% | 820% | 8,487 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 15.07 | .03 | (1.22 | ) | (1.19 | ) | — | — | — | 13.88 | (7.90)% | 1.86% | 0.19% | 1,142% | 1,922 | |||||||||||||||||||||||||||||||||||||
Telecommunications Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 9.83 | .15 | 2.75 | 2.90 | — | — | — | 12.73 | 29.50% | 1.63% | ** | 2.45% | ** | 325% | 449 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 16.33 | .27 | (6.43 | ) | (6.16 | ) | (.34 | ) | — | (.34 | ) | 9.83 | (37.66)% | 1.63% | 2.15% | 672% | 1,317 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 18.28 | .03 | (1.96 | ) | (1.93 | ) | (.02 | ) | — | (.02 | ) | 16.33 | (10.57)% | 1.61% | 0.13% | 528% | 451 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 17.15 | .05 | 1.19 | 1.24 | (.11 | ) | — | (.11 | ) | 18.28 | 7.27% | 1.49% | 0.28% | 430% | 2,126 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 13.90 | (.03 | ) | 3.68 | 3.65 | (.40 | ) | — | (.40 | ) | 17.15 | 26.64% | 1.88% | (0.18)% | 820% | 4,193 | ||||||||||||||||||||||||||||||||||||
March 31, 2005* | 13.55 | .11 | .24 | .35 | — | — | — | 13.90 | 2.58% | 1.54% | ** | 1.25% | ** | 1,142% | 3 | |||||||||||||||||||||||||||||||||||||
Telecommunications Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 9.48 | .12 | 2.63 | 2.75 | — | — | — | 12.23 | 29.01% | 2.39% | ** | 2.11% | ** | 325% | 1,861 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 15.91 | .13 | (6.22 | ) | (6.09 | ) | (.34 | ) | — | (.34 | ) | 9.48 | (38.21)% | 2.42% | 0.99% | 672% | 1,281 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 17.93 | (.10 | ) | (1.90 | ) | (2.00 | ) | (.02 | ) | — | (.02 | ) | 15.91 | (11.17)% | 2.37% | (0.50)% | 528% | 2,846 | ||||||||||||||||||||||||||||||||||
March 31, 2007 | 16.90 | (.06 | ) | 1.20 | 1.14 | (.11 | ) | — | (.11 | ) | 17.93 | 6.78% | 2.33% | (0.35)% | 430% | 4,763 | ||||||||||||||||||||||||||||||||||||
March 31, 2006 | 13.81 | .01 | 3.48 | 3.49 | (.40 | ) | — | (.40 | ) | 16.90 | 25.65% | 2.31% | 0.09% | 820% | 2,827 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 15.06 | (.07 | ) | (1.18 | ) | (1.25 | ) | — | — | — | 13.81 | (8.30)% | 2.38% | (0.51)% | 1,142% | 1,784 |
60 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
3
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | |||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Investment | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Income | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income (Loss)† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | (Loss) | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Transportation Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 14.38 | $ | (.03 | ) | $ | 5.64 | $ | 5.61 | $ | — | $ | — | $ | — | $ | 19.99 | 39.01% | 1.38% | ** | (0.28)% | ** | 617% | $ | 8,317 | |||||||||||||||||||||||||||
March 31, 2009 | 25.21 | .07 | (10.90 | ) | (10.83 | ) | (— | )§ | — | — | 14.38 | (42.96)% | 1.38% | 0.33% | 875% | 20,990 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 29.16 | .06 | (4.01 | ) | (3.95 | ) | — | — | — | 25.21 | (13.55)% | 1.36% | 0.22% | 952% | 17,420 | |||||||||||||||||||||||||||||||||||||
March 31, 2007 | 28.30 | (.14 | ) | 1.00 | .86 | — | — | — | 29.16 | 3.04% | 1.36% | (0.48)% | 686% | 6,635 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 22.42 | (.09 | ) | 5.97 | 5.88 | — | — | — | 28.30 | 26.23% | 1.37% | (0.36)% | 669% | 45,580 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 18.84 | (.11 | ) | 3.69 | 3.58 | — | — | — | 22.42 | 19.00% | 1.32% | (0.51)% | 929% | 7,890 | ||||||||||||||||||||||||||||||||||||||
Transportation Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 13.40 | (.05 | ) | 5.25 | 5.20 | — | — | — | 18.60 | 38.81% | 1.89% | ** | (0.63)% | ** | 617% | 2,002 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.59 | .10 | (10.29 | ) | (10.19 | ) | (— | )§ | — | — | 13.40 | (43.20)% | 1.90% | 0.51% | 875% | 1,139 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.42 | (.01 | ) | (3.82 | ) | (3.83 | ) | — | — | — | 23.59 | (13.97)% | 1.87% | (0.05)% | 952% | 5,152 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 26.75 | (.26 | ) | .93 | .67 | — | — | — | 27.42 | 2.50% | 1.86% | (0.97)% | 686% | 3,556 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 21.31 | (.19 | ) | 5.63 | 5.44 | — | — | — | 26.75 | 25.53% | 1.86% | (0.81)% | 669% | 8,478 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 18.02 | (.21 | ) | 3.50 | 3.29 | — | — | — | 21.31 | 18.26% | 1.82% | (1.05)% | 929% | 5,748 | ||||||||||||||||||||||||||||||||||||||
Transportation Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 13.55 | (.01 | ) | 5.29 | 5.28 | — | — | — | 18.83 | 38.97% | 1.63% | ** | (0.14)% | ** | 617% | 780 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.81 | .08 | (10.34 | ) | (10.26 | ) | (— | )§ | — | — | 13.55 | (43.09)% | 1.67% | 0.43% | 875% | 561 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.60 | — | § | (3.79 | ) | (3.79 | ) | — | — | — | 23.81 | (13.73)% | 1.62% | 0.00% | 952% | 228 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 26.87 | (.19 | ) | .92 | .73 | — | — | — | 27.60 | 2.72% | 1.61% | (0.70)% | 686% | 483 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 21.34 | (.17 | ) | 5.70 | 5.53 | — | — | — | 26.87 | 25.91% | 1.66% | (0.71)% | 669% | 3,044 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005* | 18.73 | (.09 | ) | 2.70 | 2.61 | — | — | — | 21.34 | 13.93% | 1.54% | ** | (0.71)% | ** | 929% | 22 | ||||||||||||||||||||||||||||||||||||
Transportation Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 13.40 | (.07 | ) | 5.17 | 5.10 | — | — | — | 18.50 | 38.06% | 2.38% | ** | (0.86)% | ** | 617% | 576 | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | 23.70 | (.16 | ) | (10.14 | ) | (10.30 | ) | (— | )§ | — | — | 13.40 | (43.46)% | 2.40% | (0.79)% | 875% | 2,186 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 27.68 | (.20 | ) | (3.78 | ) | (3.98 | ) | — | — | — | 23.70 | (14.38)% | 2.38% | (0.73)% | 952% | 845 | ||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.14 | (.40 | ) | .94 | .54 | — | — | — | 27.68 | 1.99% | 2.37% | (1.47)% | 686% | 4,894 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 21.71 | (.35 | ) | 5.78 | 5.43 | — | — | — | 27.14 | 25.01% | 2.38% | (1.43)% | 669% | 5,385 | ||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 18.43 | (.32 | ) | 3.60 | 3.28 | — | — | — | 21.71 | 17.80% | 2.32% | (1.51)% | 929% | 1,807 | ||||||||||||||||||||||||||||||||||||||
Utilities Fund Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 20.56 | .37 | 3.92 | 4.29 | — | — | — | 24.85 | 20.87% | 1.39% | ** | 3.18% | ** | 305% | 22,382 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 29.29 | .72 | (9.32 | ) | (8.60 | ) | (.13 | ) | — | (.13 | ) | 20.56 | (29.40)% | 1.39% | 2.90% | 684% | 10,348 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 31.89 | .51 | (2.31 | ) | (1.80 | ) | (.80 | ) | — | (.80 | ) | 29.29 | (5.88)% | 1.39% | 1.57% | 375% | 11,242 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 24.90 | .52 | 6.83 | 7.35 | (.36 | ) | — | (.36 | ) | 31.89 | 29.64% | 1.37% | 1.86% | 557% | 84,150 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 23.62 | .51 | 1.21 | 1.72 | (.44 | ) | — | (.44 | ) | 24.90 | 7.25% | 1.33% | 1.99% | 728% | 11,717 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 20.57 | .53 | 2.82 | 3.35 | (.30 | ) | — | (.30 | ) | 23.62 | 16.35% | 1.33% | 2.46% | 1,124% | 17,861 | |||||||||||||||||||||||||||||||||||||
Utilities Fund Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 19.56 | .27 | 3.74 | 4.01 | — | — | — | 23.57 | 20.50% | 1.88% | ** | 2.54% | ** | 305% | 1,030 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 28.00 | .63 | (8.94 | ) | (8.31 | ) | (.13 | ) | — | (.13 | ) | 19.56 | (29.72)% | 1.90% | 2.72% | 684% | 5,939 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.65 | .32 | (2.17 | ) | (1.85 | ) | (.80 | ) | — | (.80 | ) | 28.00 | (6.28)% | 1.88% | 1.02% | 375% | 2,960 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 24.08 | .37 | 6.56 | 6.93 | (.36 | ) | — | (.36 | ) | 30.65 | 28.90% | 1.86% | 1.38% | 557% | 11,929 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 22.96 | .36 | 1.20 | 1.56 | (.44 | ) | — | (.44 | ) | 24.08 | 6.76% | 1.83% | 1.46% | 728% | 1,427 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 20.10 | .42 | 2.74 | 3.16 | (.30 | ) | — | (.30 | ) | 22.96 | 15.78% | 1.83% | 1.95% | 1,124% | 8,045 | |||||||||||||||||||||||||||||||||||||
Utilities Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | 19.80 | .32 | 3.77 | 4.09 | — | — | — | 23.89 | 20.66% | 1.64% | ** | 2.91% | ** | 305% | 1,546 | |||||||||||||||||||||||||||||||||||||
March 31, 2009 | 28.27 | .54 | (8.88 | ) | (8.34 | ) | (.13 | ) | — | (.13 | ) | 19.80 | (29.54)% | 1.64% | 2.15% | 684% | 1,489 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 30.87 | .42 | (2.22 | ) | (1.80 | ) | (.80 | ) | — | (.80 | ) | 28.27 | (6.07)% | 1.63% | 1.38% | 375% | 3,032 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 24.18 | .43 | 6.62 | 7.05 | (.36 | ) | — | (.36 | ) | 30.87 | 29.28% | 1.61% | 1.52% | 557% | 4,756 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 23.00 | .44 | 1.18 | 1.62 | (.44 | ) | — | (.44 | ) | 24.18 | 7.01% | 1.60% | 1.75% | 728% | 626 | |||||||||||||||||||||||||||||||||||||
March 31, 2005* | 20.66 | .40 | 2.24 | 2.64 | (.30 | ) | — | (.30 | ) | 23.00 | 12.84% | 1.54% | ** | 2.98% | ** | 1,124% | 128 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 61 |
FINANCIAL HIGHLIGHTS (concluded)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and Unrealized | (Decrease) | Distributions | Distributions | NET ASSET | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Gains | in Net Asset | from Net | from Net | VALUE, | Total | Net | Portfolio | End of | ||||||||||||||||||||||||||||||||||||||||||
BEGINNING OF | Investment | (Losses) on | Value Resulting | Investment | Realized | Total | END OF | Investment | Total | Investment | Turnover | Period | ||||||||||||||||||||||||||||||||||||||||
Period Ended | PERIOD | Income† | Investments | from Operations | Income | Gains | Distributions | PERIOD | Return†† | Expenses | Income | Rate | (000’s omitted) | |||||||||||||||||||||||||||||||||||||||
Utilities Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009 D | $ | 18.71 | $ | .20 | $ | 3.58 | $ | 3.78 | $ | — | $ | — | $ | — | $ | 22.49 | 20.20% | 2.39% | ** | 1.89% | ** | 305% | $ | 4,793 | ||||||||||||||||||||||||||||
March 31, 2009 | 26.93 | .32 | (8.41 | ) | (8.09 | ) | (.13 | ) | — | (.13 | ) | 18.71 | (30.08)% | 2.39% | 1.31% | 684% | 4,127 | |||||||||||||||||||||||||||||||||||
March 31, 2008 | 29.66 | .18 | (2.11 | ) | (1.93 | ) | (.80 | ) | — | (.80 | ) | 26.93 | (6.77)% | 2.38% | 0.60% | 375% | 8,934 | |||||||||||||||||||||||||||||||||||
March 31, 2007 | 23.42 | .22 | 6.38 | 6.60 | (.36 | ) | — | (.36 | ) | 29.66 | 28.30% | 2.36% | 0.82% | 557% | 11,013 | |||||||||||||||||||||||||||||||||||||
March 31, 2006 | 22.47 | .24 | 1.15 | 1.39 | (.44 | ) | — | (.44 | ) | 23.42 | 6.15% | 2.34% | 1.00% | 728% | 5,346 | |||||||||||||||||||||||||||||||||||||
March 31, 2005 | 19.77 | .29 | 2.71 | 3.00 | (.30 | ) | — | (.30 | ) | 22.47 | 15.23% | 2.32% | 1.39% | 1,124% | 4,807 |
* | Since the commencement of operations: | |
September 1, 2004 — Banking Fund A-Class, Basic Materials Fund A-Class, Biotechnology Fund A- Class, Consumer Products Fund A-Class, Electronics Fund A-Class, Energy Fund A-Class, Energy Services Fund A-Class, Financial Services Fund A-Class, Health Care Fund A-Class, Internet Fund A-Class, Leisure Fund A-Class, Precious Metals Fund A-Class, Retailing Fund A-Class, Technology Fund A-Class, Telecommunications Fund A-Class, Transportation Fund A-Class and Utilities Fund A-Class. | ||
** | Annualized | |
† | Calculated using the average daily shares outstanding for the period. | |
†† | Total investment return does not reflect the impact of any applicable sales charges and has not been annualized. | |
††† | Banking Fund, Financial Services Fund - Per share amounts for the periods ended March 31, 2005 through March 31, 2009 have been restated to reflect a 1:10 reverse share split effective April 20, 2009; Electronics Fund - Per share amounts for the periods ended March 31, 2005 through March 31, 2009 have been restated to reflect a 1:5 reverse share split effective April 20, 2009 — See Note 9. | |
à | Net investment income per share includes $0.88, $0.84, $0.83, and $0.81 for Investor Class, Advisor Class, A-Class, and C-Class, respectively, resulting from a special dividend from Palm, Inc. on October 25, 2007. | |
àà | Net investment income to average assets includes 1.91% for Investor Class, Advisor Class, A-Class, and C-Class, resulting from a special dividend from Palm, Inc. on October 25, 2007. | |
▲ | Net investment income per share includes $0.15, $0.04, $0.11, $0.19 for Investor Class, Advisor Class, A-Class, and C-Class, respectively, resulting from a settlement payment from Bear Stearns on May 19, 2009. | |
▲▲ | Net investment income to average assets includes 0.58%, 0.28%, 0.44%, 0.41% for Investor Class, Advisor Class, A-Class, and C-Class, respectively, resulting from a settlement payment from Bear Stearns on May 19, 2009. | |
§ | Less than $.01 per share. | |
D | Unaudited |
62 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization and Significant Accounting Policies Organization
The Rydex Series Funds (the “Trust”), a Delaware business trust, is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non-diversified, open-ended investment company. The Trust offers six separate classes of shares, Investor Class shares, Investor2 Class shares, Advisor Class shares, A-Class shares, C-Class shares, and H-Class shares. C-Class shares have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Sales of shares of each Class are made without a sales charge at the net asset value per share, with the exception of A-Class shares. A-Class shares are sold at net asset value, plus the applicable front-end sales charge, except for the U.S. Government Money Market Fund. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% CDSC if shares are redeemed within 18 months of purchase.
At September 30, 2009, the Trust consisted of fifty-five separate Funds. This report covers the Sector Funds (the “Funds”), while the other Funds are contained in separate reports.
Rydex Investments provides advisory, transfer agent and administrative services, and accounting services to the Trust. Rydex Distributors, Inc. (the “Distributor”) acts as principal underwriter for the Trust. Both Rydex Investments and the Distributor are affiliated entities.
The Sector Funds invest in a specific industry sector. To the extent that investments are concentrated in a single sector, the Funds are subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.
The Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in their sector. The Funds may also purchase American Depository Receipts, U.S. Government securities, and enter into repurchase agreements.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles and are consistently followed by the Trust. This requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m.on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date.
Investments, for which market quotations are not readily available, are fair valued as determined in good faith by Rydex Investments under direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) general information as to how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and (iii) other information and considerations, including current values in related markets.
B. Securities transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
C. Distributions of net investment income and net realized capital gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 63 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
income tax regulations which may differ from U.S. generally accepted accounting principles.
D. The Funds may leave cash overnight in their cash account with the custodian, U.S. Bank. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate.
E. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the Classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution fees relating to A-Class shares and service and distribution fees related to Advisor Class shares and C-Class shares, are charged directly to specific Classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.
F. Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Fees And Other Transactions With Affiliates
Under the terms of an investment advisory contract, the Trust pays Rydex Investments investment advisory fees calculated at an annualized rate of 0.85% of the average daily net assets of each of the Funds, except the Precious Metals Fund, which is 0.75% of the average daily net assets.
Rydex Investments provides transfer agent and administrative services to the Funds for fees calculated at an annualized rate of 0.25% of the average daily net assets of each Fund.
Rydex Investments also provides accounting services to the Trust for fees calculated at an annualized rate of 0.10% on the first $250 million of the average daily net assets, 0.075% on the next $250 million of the average daily net assets, 0.05% on the next $250 million of the average daily net assets, and 0.03% on the average daily net assets over $750 million of each Fund.
Rydex Investments engages external service providers to perform other necessary services to the Trust, such as
accounting and auditing related services, legal services, printing and mailing, etc. on a pass-through basis. Such expenses vary from Fund to Fund and are allocated to the Funds based on relative net assets. Organizational and setup costs for new Funds are paid by the Trust.
The Trust has adopted a Distribution Plan and Shareholder Services Plan applicable to its Advisor Class shares and a Distribution Plan applicable to A-Class shares for which the Distributor, and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Trust will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor, in turn, will pay the Service Provider out of its fees. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services. With regard to Advisor Class shares only, if a Service Provider provides shareholder services, the Distributor will receive shareholder servicing fees from the Trust at an annual rate not to exceed 0.25% of average daily net assets. The Distributor, in turn, will pay the Service Provider out of its fees.
The Trust has adopted a separate Distribution and shareholder Services Plan applicable to its C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates the shareholder’s financial advisor for providing on-going services to the shareholder. The annual 0.75% distribution fee reimburses the Distributor for paying the shareholder’s financial advisor an ongoing sales commission. The Distributor advances the first year’s service and distribution fees to the Financial Advisor. The Distributor retains the service and distribution fees on accounts with no authorized dealer of record.
For the period ended September 30, 2009, the Distributor retained sales charges of $2,951,197 relating to sales of A-Class shares of the Trust.
Certain officers and trustees of the Trust are also officers of Rydex Investments and the Distributor.
3. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders.
64 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (fiscal years 2006 — 2009), and has concluded that no provision for income tax is required in the Funds’ financial statements.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for losses deferred due to wash sales, losses deferred due to post-October losses, and excise tax regulations.
Permanent book and tax basis differences, if any, will result in reclassifications. This may include net operating losses not utilized during the current period, capital loss carryforward expired, and the utilization of earnings and profits distributed to the shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. Any undistributed ordinary income or long- term capital gain remaining at fiscal year end is distributed in the following year.
At September 30, 2009, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain | ||||||||||||
Banking Fund | $ | 10,819,611 | $ | 2,788,969 | $ | (24,886 | ) | $ | 2,764,083 | |||||||
Basic Materials Fund | 56,027,500 | 19,328,976 | (367,649 | ) | 18,961,327 | |||||||||||
Biotechnology Fund | 154,336,571 | 40,480,968 | (2,215,123 | ) | 38,265,845 | |||||||||||
Consumer Products Fund | 22,860,043 | 5,597,083 | (21,758 | ) | 5,575,325 | |||||||||||
Electronics Fund | 77,143,876 | 8,233,332 | (248,959 | ) | 7,984,373 | |||||||||||
Energy Fund | 47,899,649 | 15,729,101 | (60,232 | ) | 15,668,869 | |||||||||||
Energy Services Fund | 48,077,996 | 27,609,100 | (62,991 | ) | 27,546,109 | |||||||||||
Financial Services Fund | 27,779,805 | 4,481,483 | (49,146 | ) | 4,432,337 | |||||||||||
Health Care Fund | 40,017,363 | 4,527,839 | (43,691 | ) | 4,484,148 | |||||||||||
Internet Fund | 15,978,876 | 6,671,746 | (37,344 | ) | 6,634,402 | |||||||||||
Leisure Fund | 5,770,655 | 739,509 | (30,165 | ) | 709,344 | |||||||||||
Precious Metals Fund | 146,951,312 | 86,152,275 | (829,364 | ) | 85,322,911 | |||||||||||
Retailing Fund | 4,806,715 | 1,420,413 | (17,970 | ) | 1,402,443 | |||||||||||
Technology Fund | 44,411,681 | 7,577,057 | (132,940 | ) | 7,444,117 | |||||||||||
Telecommunications Fund | 21,658,833 | 2,314,742 | (227,187 | ) | 2,087,555 | |||||||||||
Transportation Fund | 10,815,725 | 895,121 | (79,567 | ) | 815,554 | |||||||||||
Utilities Fund | 27,946,089 | 1,651,062 | (7,406 | ) | 1,643,656 |
4. Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
The repurchase agreements executed by the joint account and outstanding at September 30, 2009, were as follows:
Counterparty | Terms of Agreement | Face Value | Market Value | Repurchase Price | ||||||||||||
Credit Suisse Group | 0.03% due 10/01/09 | $ | 64,021,304 | $ | 64,021,304 | $ | 64,021,358 | |||||||||
$ | 64,021,304 | $ | 64,021,358 | |||||||||||||
At September 30, 2009, the collateral for the repurchase agreements in the joint account was as follows: | ||||||||||||||||
Security Type | Maturity Dates | Range of Rates | Par Value | Market Value | ||||||||||||
U.S. Treasury Bill | 12/10/09 - 04/01/10 | — | $ | 65,350,500 | $ | 65,305,760 | ||||||||||
$ | 65,305,760 | |||||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 65 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment advisor, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the credit worthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
5. Fair Value Measurement
The Funds adopted FASB ASC 820, Fair Value Measurements and Disclosure (ASC 820) (formerly known as FASB 157) effective April 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets at September 30, 2009:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Assets | ||||||||||||||||
Banking Fund | $ | 13,601,390 | $ | — | $ | — | $ | 13,601,390 | ||||||||
Basic Materials Fund | 75,408,696 | — | — | 75,408,696 | ||||||||||||
Biotechnology Fund | 193,960,739 | — | — | 193,960,739 | ||||||||||||
Consumer Products Fund | 28,478,375 | — | — | 28,478,375 | ||||||||||||
Electronics Fund | 85,376,177 | — | — | 85,376,177 | ||||||||||||
Energy Fund | 63,906,650 | — | — | 63,906,650 | ||||||||||||
Energy Services Fund | 76,070,896 | — | — | 76,070,896 | ||||||||||||
Financial Services Fund | 32,292,364 | — | — | 32,292,364 | ||||||||||||
Health Care Fund | 44,771,486 | — | — | 44,771,486 | ||||||||||||
Internet Fund | 22,738,461 | — | — | 22,738,461 | ||||||||||||
Leisure Fund | 6,495,266 | — | — | 6,495,266 | ||||||||||||
Precious Metals Fund | 232,274,223 | — | — | 232,274,223 | ||||||||||||
Retailing Fund | 6,253,798 | — | — | 6,253,798 | ||||||||||||
Technology Fund | 52,178,955 | — | — | 52,178,955 | ||||||||||||
Telecommunications Fund | 23,791,017 | — | — | 23,791,017 | ||||||||||||
Transportation Fund | 13,611,521 | — | — | 13,611,521 | ||||||||||||
Utilities Fund | 29,700,339 | — | — | 29,700,339 |
66 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
In April 2009, the “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” ASC 820 provided additional guidance when the volume and level of activity for the asset or liability measured at fair value have significantly decreased. Additionally, ASC 820 expanded disclosure requirements by reporting entities surrounding the major categories of assets and liabilities carried at fair value. ASC 820 was effective for interim and annual periods ending after June 15, 2009. Management has evaluated the impact of adopting ASC 820 on the Funds and has determined that there is no impact to the financial statement disclosures.
6. Securities Transactions
For the period ended September 30, 2009, the cost of purchases and proceeds from sales of investment securities, excluding short-term and temporary cash investments, were:
Basic | Biotech- | Consumer | Energy | |||||||||||||||||||||||||
Banking | Materials | nology | Products | Electronics | Energy | Services | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
Purchases | $ | 59,179,760 | $ | 174,580,698 | $ | 215,838,444 | $ | 107,071,020 | $ | 168,344,695 | $ | 52,495,578 | $ | 206,293,908 | ||||||||||||||
Sales | $ | 82,900,620 | $ | 228,993,879 | $ | 140,148,761 | $ | 122,981,905 | $ | 211,213,570 | $ | 80,801,722 | $ | 240,196,632 | ||||||||||||||
Financial | Health | Precious | ||||||||||||||||||||||||||
Services | Care | Internet | Leisure | Metals | Retailing | Technology | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
Purchases | $ | 48,836,596 | $ | 112,320,161 | $ | 123,140,277 | $ | 23,143,732 | $ | 404,383,868 | $ | 185,546,778 | $ | 71,460,434 | ||||||||||||||
Sales | $ | 46,266,132 | $ | 101,902,584 | $ | 185,885,232 | $ | 22,627,099 | $ | 399,968,627 | $ | 275,425,910 | $ | 46,184,398 | ||||||||||||||
Telecommunications | Transportation | Utilities | ||||||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||||||
Purchases | $ | 58,952,943 | $ | 57,813,793 | $ | 87,767,639 | ||||||||||||||||||||||
Sales | $ | 55,976,408 | $ | 75,201,444 | $ | 84,647,751 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 67 |
NOTES TO FINANCIAL STATEMENTS (continued)
7. Share Transactions
The Trust is authorized to issue an unlimited number of shares (no par value). Transactions in shares for the periods presented were:
Shares Purchased through | ||||||||||||||||||||||||||||||||
Shares Purchased | Dividend Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
Banking Fund | ||||||||||||||||||||||||||||||||
Investor Class | 1,847,465 | 3,722,707 | †† | — | 3,228 | †† | (8,967,860 | ) | (3,089,312 | )†† | (7,120,395 | ) | 636,623 | †† | ||||||||||||||||||
Advisor Class | 1,167,486 | 571,322 | †† | — | 1,257 | †† | (1,967,508 | ) | (510,400 | )†† | (800,022 | ) | 62,179 | †† | ||||||||||||||||||
A-Class | 40,973 | 84,436 | †† | — | 598 | †† | (293,607 | ) | (64,926 | )†† | (252,633 | ) | 20,109 | †† | ||||||||||||||||||
C-Class | 3,422,570 | 1,059,129 | †† | — | 1,288 | †† | (4,053,682 | ) | (1,038,759 | )†† | (631,112 | ) | 21,658 | †† | ||||||||||||||||||
Basic Materials Fund | ||||||||||||||||||||||||||||||||
Investor Class | 5,253,886 | 9,127,408 | — | 10,838 | (7,509,486 | ) | (7,930,992 | ) | (2,255,600 | ) | 1,207,254 | |||||||||||||||||||||
Advisor Class | 517,533 | 994,073 | — | 2,489 | (469,134 | ) | (1,062,492 | ) | 48,399 | (65,930 | ) | |||||||||||||||||||||
A-Class | 164,613 | 168,836 | — | 1,362 | (155,186 | ) | (162,432 | ) | 9,427 | 7,766 | ||||||||||||||||||||||
C-Class | 794,914 | 837,810 | — | 2,428 | (739,428 | ) | (951,361 | ) | 55,486 | (111,123 | ) | |||||||||||||||||||||
Biotechnology Fund | ||||||||||||||||||||||||||||||||
Investor Class | 9,886,241 | 18,856,315 | — | — | (6,193,342 | ) | (17,675,739 | ) | 3,692,899 | 1,180,576 | ||||||||||||||||||||||
Advisor Class | 747,165 | 1,634,146 | — | — | (794,279 | ) | (1,475,662 | ) | (47,114 | ) | 158,484 | |||||||||||||||||||||
A-Class | 81,093 | 386,231 | — | — | (181,004 | ) | (263,740 | ) | (99,911 | ) | 122,491 | |||||||||||||||||||||
C-Class | 1,279,516 | 1,898,970 | — | — | (1,300,404 | ) | (1,856,789 | ) | (20,888 | ) | 42,181 | |||||||||||||||||||||
Consumer Products Fund | ||||||||||||||||||||||||||||||||
Investor Class | 3,795,192 | 3,583,571 | — | 6,620 | (3,753,710 | ) | (3,272,694 | ) | 41,482 | 317,497 | ||||||||||||||||||||||
Advisor Class | 199,606 | 2,346,473 | — | 5,553 | (515,276 | ) | (2,063,838 | ) | (315,670 | ) | 288,188 | |||||||||||||||||||||
A-Class | 22,141 | 278,741 | — | 654 | (81,721 | ) | (213,127 | ) | (59,580 | ) | 66,268 | |||||||||||||||||||||
C-Class | 179,679 | 333,710 | — | 861 | (214,238 | ) | (323,576 | ) | (34,559 | ) | 10,995 | |||||||||||||||||||||
Electronics Fund | ||||||||||||||||||||||||||||||||
Investor Class | 4,829,852 | 4,789,939 | †† | — | — | (19,520,490 | ) | (1,728,291 | )†† | (14,690,638 | ) | 3,061,648 | †† | |||||||||||||||||||
Advisor Class | 297,706 | 292,504 | †† | — | — | (767,005 | ) | (202,693 | )†† | (469,299 | ) | 89,811 | †† | |||||||||||||||||||
A-Class | 101,939 | 9,216 | †† | — | — | (13,062 | ) | (9,642 | )†† | 88,877 | (426 | )†† | ||||||||||||||||||||
C-Class | 1,424,781 | 561,010 | †† | — | — | (1,427,454 | ) | (566,318 | )†† | (2,673 | ) | (5,308 | )†† | |||||||||||||||||||
Energy Fund | ||||||||||||||||||||||||||||||||
Investor Class | 2,947,612 | 17,548,301 | — | 128,602 | (4,703,207 | ) | (16,169,627 | ) | (1,755,595 | ) | 1,507,276 | |||||||||||||||||||||
Advisor Class | 895,039 | 2,038,770 | — | 18,613 | (885,225 | ) | (2,384,546 | ) | 9,814 | (327,163 | ) | |||||||||||||||||||||
A-Class | 156,975 | 398,810 | — | 13,448 | (334,039 | ) | (294,258 | ) | (177,064 | ) | 118,000 | |||||||||||||||||||||
C-Class | 2,151,984 | 3,430,294 | — | 30,723 | (2,195,966 | ) | (3,520,216 | ) | (43,982 | ) | (59,199 | ) |
68 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
Shares Purchased through | ||||||||||||||||||||||||||||||||
Shares Purchased | Dividend Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
Energy Services Fund | ||||||||||||||||||||||||||||||||
Investor Class | 5,296,210 | 8,775,734 | — | — | (6,541,032 | ) | (7,819,259 | ) | (1,244,822 | ) | 956,475 | |||||||||||||||||||||
Advisor Class | 1,594,370 | 943,943 | — | — | (1,658,837 | ) | (935,046 | ) | (64,467 | ) | 8,897 | |||||||||||||||||||||
A-Class | 224,539 | 317,255 | — | — | (245,675 | ) | (317,905 | ) | (21,136 | ) | (650 | ) | ||||||||||||||||||||
C-Class | 1,425,764 | 1,490,462 | — | — | (1,464,128 | ) | (1,634,533 | ) | (38,364 | ) | (144,071 | ) | ||||||||||||||||||||
Financial Services Fund | ||||||||||||||||||||||||||||||||
Investor Class | 1,212,800 | 1,664,110 | †† | — | 1,836 | †† | (3,848,844 | ) | (1,412,757 | )†† | (2,636,044 | ) | 253,189 | †† | ||||||||||||||||||
Advisor Class | 323,518 | 207,702 | †† | — | 436 | †† | (914,234 | ) | (164,046 | )†† | (590,716 | ) | 44,093 | †† | ||||||||||||||||||
A-Class | 27,755 | 85,810 | †† | — | 458 | †† | (622,035 | ) | (37,455 | )†† | (594,280 | ) | 48,813 | †† | ||||||||||||||||||
C-Class | 459,977 | 196,099 | †† | — | 1,918 | †† | (770,112 | ) | (193,637 | )†† | (310,135 | ) | 4,380 | †† | ||||||||||||||||||
Health Care Fund | ||||||||||||||||||||||||||||||||
Investor Class | 9,737,094 | 24,725,615 | — | — | (8,277,687 | ) | (25,027,291 | ) | 1,459,407 | (301,676 | ) | |||||||||||||||||||||
Advisor Class | 924,944 | 2,871,976 | — | — | (1,356,284 | ) | (3,237,165 | ) | (431,340 | ) | (365,189 | ) | ||||||||||||||||||||
A-Class | 23,971 | 358,167 | — | — | (56,322 | ) | (318,270 | ) | (32,351 | ) | 39,897 | |||||||||||||||||||||
C-Class | 2,944,445 | 2,645,778 | — | — | (3,070,651 | ) | (2,578,198 | ) | (126,206 | ) | 67,580 | |||||||||||||||||||||
Internet Fund | ||||||||||||||||||||||||||||||||
Investor Class | 3,860,456 | 3,890,076 | — | 1,373 | (5,715,223 | ) | (1,682,056 | ) | (1,854,767 | ) | 2,209,393 | |||||||||||||||||||||
Advisor Class | 307,323 | 1,055,885 | — | 410 | (358,961 | ) | (950,890 | ) | (51,638 | ) | 105,405 | |||||||||||||||||||||
A-Class | 28,940 | 17,905 | — | 112 | (10,537 | ) | (17,578 | ) | 18,403 | 439 | ||||||||||||||||||||||
C-Class | 449,736 | 635,756 | — | 499 | (440,907 | ) | (656,396 | ) | 8,829 | (20,141 | ) | |||||||||||||||||||||
Leisure Fund | ||||||||||||||||||||||||||||||||
Investor Class | 814,719 | 1,915,104 | — | — | (830,489 | ) | (1,750,252 | ) | (15,770 | ) | 164,852 | |||||||||||||||||||||
Advisor Class | 238,281 | 594,482 | — | — | (232,458 | ) | (622,399 | ) | 5,823 | (27,917 | ) | |||||||||||||||||||||
A-Class | 1,645 | 3,872 | — | — | (1,130 | ) | (8,967 | ) | 515 | (5,095 | ) | |||||||||||||||||||||
C-Class | 359,994 | 70,789 | — | — | (359,525 | ) | (76,690 | ) | 469 | (5,901 | ) | |||||||||||||||||||||
Precious Metals Fund | ||||||||||||||||||||||||||||||||
Investor Class | 9,935,783 | 17,007,559 | — | — | (10,408,689 | ) | (15,683,292 | ) | (472,906 | ) | 1,324,267 | |||||||||||||||||||||
Advisor Class | 1,062,430 | 1,396,240 | — | — | (1,053,700 | ) | (1,301,925 | ) | 8,730 | 94,315 | ||||||||||||||||||||||
A-Class | 215,215 | 315,577 | — | — | (243,986 | ) | (287,918 | ) | (28,771 | ) | 27,659 | |||||||||||||||||||||
C-Class | 1,584,430 | 3,242,716 | — | — | (1,618,434 | ) | (3,168,712 | ) | (34,004 | ) | 74,004 | |||||||||||||||||||||
Retailing Fund | ||||||||||||||||||||||||||||||||
Investor Class | 16,951,394 | 14,799,775 | — | — | (26,508,238 | ) | (5,172,827 | ) | (9,556,844 | ) | 9,626,948 | |||||||||||||||||||||
Advisor Class | 780,973 | 1,401,461 | — | — | (788,153 | ) | (1,363,668 | ) | (7,180 | ) | 37,793 | |||||||||||||||||||||
A-Class | 53,118 | 32,579 | — | — | (48,420 | ) | (35,733 | ) | 4,698 | (3,154 | ) | |||||||||||||||||||||
C-Class | 2,281,389 | 106,560 | — | — | (2,279,332 | ) | (99,303 | ) | 2,057 | 7,257 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 69 |
NOTES TO FINANCIAL STATEMENTS (continued)
Shares Purchased through | ||||||||||||||||||||||||||||||||
Shares Purchased | Dividend Reinvestment | Shares Redeemed | Net Shares Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
Technology Fund | ||||||||||||||||||||||||||||||||
Investor Class | 6,796,807 | 9,440,587 | — | — | (5,181,731 | ) | (8,775,376 | ) | 1,615,076 | 665,211 | ||||||||||||||||||||||
Advisor Class | 1,860,269 | 2,209,544 | — | — | (970,463 | ) | (2,132,408 | ) | 889,806 | 77,136 | ||||||||||||||||||||||
A-Class | 600,512 | 375,490 | — | — | (397,516 | ) | (197,310 | ) | 202,996 | 178,180 | ||||||||||||||||||||||
C-Class | 1,060,917 | 1,273,666 | — | — | (941,930 | ) | (1,308,503 | ) | 118,987 | (34,837 | ) | |||||||||||||||||||||
Telecommunications Fund | ||||||||||||||||||||||||||||||||
Investor Class | 2,969,134 | 3,494,275 | — | 5,639 | (2,375,125 | ) | (3,721,765 | ) | 594,009 | (221,851 | ) | |||||||||||||||||||||
Advisor Class | 1,084,303 | 2,331,848 | — | 1,776 | (1,475,824 | ) | (1,360,680 | ) | (391,521 | ) | 972,944 | |||||||||||||||||||||
A-Class | 89,894 | 264,793 | — | 247 | (188,670 | ) | (158,646 | ) | (98,776 | ) | 106,394 | |||||||||||||||||||||
C-Class | 2,326,709 | 1,492,819 | — | 5,418 | (2,309,567 | ) | (1,542,051 | ) | 17,142 | (43,814 | ) | |||||||||||||||||||||
Transportation Fund | ||||||||||||||||||||||||||||||||
Investor Class | 2,135,952 | 9,602,496 | — | 14 | (3,180,135 | ) | (8,833,289 | ) | (1,044,183 | ) | 769,221 | |||||||||||||||||||||
Advisor Class | 332,922 | 1,334,357 | — | 3 | (310,286 | ) | (1,467,706 | ) | 22,636 | (133,346 | ) | |||||||||||||||||||||
A-Class | 9,152 | 118,637 | — | 1 | (9,168 | ) | (86,796 | ) | (16 | ) | 31,842 | |||||||||||||||||||||
C-Class | 1,815,810 | 1,899,130 | — | 1 | (1,947,773 | ) | (1,771,642 | ) | (131,963 | ) | 127,489 | |||||||||||||||||||||
Utilities Fund | ||||||||||||||||||||||||||||||||
Investor Class | 3,568,979 | 8,704,325 | — | 12,734 | (3,171,489 | ) | (8,597,645 | ) | 397,490 | 119,414 | ||||||||||||||||||||||
Advisor Class | 224,332 | 1,863,100 | — | 1,988 | (484,242 | ) | (1,667,249 | ) | (259,910 | ) | 197,839 | |||||||||||||||||||||
A-Class | 122,799 | 113,035 | — | 452 | (133,301 | ) | (145,535 | ) | (10,502 | ) | (32,048 | ) | ||||||||||||||||||||
C-Class | 2,419,980 | 2,735,626 | — | 1,420 | (2,427,488 | ) | (2,848,230 | ) | (7,508 | ) | (111,184 | ) |
† | Unaudited | |
†† | Per share amounts for year ended March 31, 2009 have been restated to reflect a: | |
1:5 reverse stock split effective April 20, 2009 — Electronics Fund. | ||
1:10 reverse stock split effective April 20, 2009 — Banking Fund and Financial Services Fund. |
70 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
8. New Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification™ (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC become effective for financial statements issued for interim and annual periods ending after September 15, 2009. The ASC did not have a material effect on the Funds’ financial statements.
9. Reverse Share Splits
Effective April 20, 2009, the Banking Fund and the Financial Services Fund underwent a 1-for-10 reverse share split and the Electronics Fund underwent a 1-for 5 reverse share split. The effect of these transactions was to divide the number of outstanding shares of each Fund by the reverse split factor resulting in a corresponding increase in the net asset value per share. The share transactions presented in Note 7 for March 31, 2009 and the per share data in the financial highlights for March 31, 2009 and any prior periods have been given retroactive effect to reflect these reverse share splits. There were no changes in net assets, results of operations or total return as a result of these transactions.
10. Line of Credit
The Trust has secured an uncommitted, $75,000,000 line of credit with U.S. Bank, N.A. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly. The maximum loan amount outstanding should not exceed 33 1/3% of the market value of the assets of securities belonging to a Fund on any given day. This line of credit expires on June 15, 2010. At September 30, 2009, only the Retailing Fund had outstanding borrowings, of $41,000, under this agreement.
11. Subsequent Events
Management has evaluated events or transactions that may have occurred since September 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through November 23, 2009, the date the financial statements were available to be issued and there were no events or transactions to be reported.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 71 |
OTHER INFORMATION (Unaudited)
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
Rydex Investments Board Review and Approval of the Investment Advisory Agreement
The Investment Company Act of 1940 (the “1940 Act”) requires that the initial approval of, as well as the continuation of, a fund’s investment advisory agreement be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. In addition, the Securities and Exchange Commission (the “SEC”) takes the position that, as part of their fiduciary duties with respect to fund fees, fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.
Consistent with these responsibilities, the Rydex Series Funds Board of Trustees (the “Board”) generally calls and holds one meeting each year that is dedicated to considering whether to renew the investment advisory agreement between Rydex Series Funds (the “Trust”) and PADCO Advisors, Inc., which does business under the name Rydex Investments (“Rydex Investments”), (the “Current Agreement”) with respect to existing funds in the Trust, including the funds discussed in this Semi-Annual Report (each a “Fund” and collectively, the “Funds”), and to reviewing certain other agreements pursuant to which Rydex Investments provides investment advisory services to certain other registered investment companies. In preparation for the meeting, the Board requests and reviews a wide variety of materials provided by Rydex Investments, including information about Rydex Investments’ affiliates, personnel and operations. The Board also receives data provided by third parties, especially with regard to fund sub-advisory agreements. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and performance. The Board also receives a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory and sub-advisory agreements. In addition, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of fund management, and participate in question and answer sessions with representatives of Rydex Investments.
At an in-person meeting held on August 25, 2009, called for the purpose of among other things, voting on the renewal of the investment advisory and sub-advisory agreements applicable to the Funds, the Board, including all the Independent Trustees (the “Annual Renewal Meeting”), considered and approved the selection of Rydex Investments as the Funds’ investment advisor and the continuance of the Current Agreement and sub-advisory agreement for an additional one-year period, based on its review of qualitative and quantitative information provided by Rydex Investments.
Board Considerations in Approving the Continuation of the Current Agreement
In preparation for the Annual Renewal Meeting, the Board requested and received written materials from Rydex Investments about: (a) the quality of Rydex Investments’ investment management and other services; (b) Rydex Investments’ investment management personnel; (c) Rydex Investments’ operations and financial condition; (d) Rydex Investments’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the
72 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
OTHER INFORMATION (Unaudited) (continued)
advisory fees that Rydex Investments charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of Rydex Investments’ profitability from its Fund-related operations; (h) Rydex Investments’ compliance systems; (i) Rydex Investments’ policies on and compliance procedures for personal securities transactions; (j) Rydex Investments’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Certain of these considerations are discussed in more detail below. In its deliberations at the Annual Renewal Meeting, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations and its evaluation of the information referenced above and described in more detail below, the Board, including all of the Independent Trustees, unanimously: (a) concluded that terms of the Current Agreement are fair and reasonable; (b) concluded that Rydex Investments’ fees were reasonable in light of the services that Rydex Investments provides to the Funds; and (c) agreed to renew the Current Agreement for an additional one-year term.
In approving the continuation of the Current Agreement at the Annual Renewal Meeting, the Board, including the Independent Trustees advised by independent counsel, considered the factors discussed below.
Nature, Extent And Quality Of Services Provided By Rydex Investments
At the Annual Renewal Meeting, the Board reviewed the scope of services to be provided by Rydex Investments under the Current Agreement and noted that there would be no significant differences between the scope of services required to be provided by Rydex Investments for the past year and the scope of services required to be provided by Rydex Investments for the upcoming year. In reviewing the scope of services provided to the Funds by Rydex Investments, the Board reviewed and discussed Rydex Investments’ investment experience, noting that Rydex Investments and its affiliates have committed significant resources over time to the support of the Funds. The Board also considered Rydex Investments’ compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that Rydex Investments provides information regarding the portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. In addition to the above considerations, the Board reviewed and considered Rydex Investments’ investment processes and strategies, and matters related to Rydex Investments’ portfolio transaction policies and procedures. With respect to those Funds that invest in unaffiliated ETFs in reliance on exemptive orders pursuant to Section 12(d)(1), the Board considered and determined that the advisory fees charged under the Current Agreements are based on services provided that will be in addition to, rather than duplicative of, the services provides under the investment advisory agreement of any ETF in which the Funds are invested. In particular, the Board recognized that Rydex Investments must manage a Fund’s investment in an unaffiliated ETF in the same manner as other investments in the Fund’s portfolio in order to ensure that the Fund achieves its investment objective. Thus, a Fund’s investment in an unaffiliated ETF does not alleviate Rydex Investments’ duties and responsibilities as investment adviser to the Fund. The Board also noted the substantial volume of portfolio trades and shareholder transaction activity, in general, processed by Rydex Investments due to the unlimited exchange policy of the majority of the Funds. The Board further noted that the Funds have consistently met their investment objectives since their respective inception dates. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by Rydex Investments to the Funds under the Current Agreement were appropriate and continued to support the Board’s original selection of Rydex Investments as investment adviser to the Funds.
Fund Expenses And Performance Of The Funds And Rydex Investments
At the Annual Renewal Meeting, the Board reviewed statistical information prepared by Rydex Investments regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act determined by Rydex Investments to comprise each Fund’s applicable peer group. Because few funds seek to provide unlimited exchange privileges similar to those of the majority of the Funds, some of the Funds’ applicable peer group is generally limited to the funds of two unaffiliated mutual fund families. In addition, the Board reviewed statistical information prepared by Rydex Investments relating to the performance of each Fund, as well as each Fund’s ability to successfully track its benchmark over time, and a comparison of each Fund’s performance to funds with similar investment objectives for the same periods and to appropriate indices/benchmarks, in light of total return, yield and market trends. The Board further noted that despite the unique nature of the Funds, the peer fund information presented to the Board was meaningful because the peer funds’ investment objectives and strategies were closely aligned with those of the Funds. The Board noted that most of the Funds either outperformed their peer funds or performed in line with them over relevant periods. The Board also noted that the investment advisory fees for the Funds were equivalent to those of their peers and that the overall expenses for the Funds
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 73 |
OTHER INFORMATION (Unaudited) (concluded)
were only slightly higher than the total expenses of the peer funds, due in part to differing share classes and distribution fees. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of the Funds, as managed by Rydex Investments, as compared to the investment advisory fees and expense levels and performance of the peer funds, were satisfactory for the purposes of approving the continuance of the Current Agreement.
Costs Of Services Provided To The Funds And Profits Realized By Rydex Investments And Its Affiliates
At the Annual Renewal Meeting, the Board reviewed information about the profitability of the Funds to Rydex Investments based on the advisory fees payable under the Current Agreement for the last calendar year. Rydex Investments also presented the Board with material discussing its methodology for determining the level of advisory fees assessable to the Funds. The Board analyzed the Funds’ expenses, including the investment advisory fees paid to Rydex Investments. The Board also reviewed information regarding direct revenue received by Rydex Investments and ancillary revenue received by Rydex Investments and/or its affiliates in connection with the services provided to the Funds by Rydex Investments (as discussed below) and/or its affiliates. The Board also discussed Rydex Investments’ profit margin as reflected in Rydex Investments’ profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by Rydex Investments and its affiliates under the Current Agreement and from other relationships between the Funds and Rydex Investments and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
Economies Of Scale
In connection with its review of the Funds’ profitability analysis at the Annual Renewal Meeting, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Current Agreement did not provide for any breakpoints in the investment advisory fees as a result of increases in the asset levels of the Funds. The Board also noted that though Rydex Investments’ assets under management were significant, the amount is spread among more than 100 Funds. Further limiting the realization of economies of scale, is the ability of shareholders of many of the Funds to engage in unlimited trading. The Board also reviewed and considered Rydex Investments’ historic profitability as investment adviser to the Funds and determined that reductions in advisory fees or additions of breakpoints were not warranted at this juncture. Based on this review, the Board, recognizing its responsibility to consider this issue at least annually, determined that the economies of scale, if any, were de minimis.
Other Benefits To Rydex Investments And/Or Its Affiliates
At the Annual Renewal Meeting, in addition to evaluating the services provided by Rydex Investments, the Board also considered the nature, extent, quality and cost of the administrative, distribution, and shareholder services performed by Rydex Investments’ affiliates under separate agreements. The Board noted that Rydex Investments reports its use of soft dollars to the Board on a quarterly basis, as well as any portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or Rydex Investments pursuant to Rule 17e-1 under the 1940 Act. Based on its review, the Board concluded that the nature and quality of the services provided by Rydex Investments’ affiliates to each Trust will benefit the Funds’ shareholders, and that any ancillary benefits would not be disadvantageous to the Funds’ shareholders, particularly in light of the Board’s view that the Funds’ shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment strategies and services.
74 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
A Board of Trustees oversees all Rydex Investments, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 1-800-820-0888.
All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.
INDEPENDENT TRUSTEES
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
John O. Demaret | Rydex Series Funds – 1997 | 151 | ||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||
Board (1940) | Rydex Dynamic Funds – 1999 | |||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Retired | ||||
Corey A. Colehour | Rydex Series Funds – 1993 | 151 | ||
Trustee (1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Retired (2006 to present); Owner and President of Schield Management Company, registered investment adviser (2005 to 2006); Senior Vice President of Marketing and Co-Owner of Schield Management Company, registered investment adviser (1985 to 2005) | ||||
J. Kenneth Dalton | Rydex Series Funds – 1995 | 151 | ||
Trustee (1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Mortgage Banking Consultant and Investor, The Dalton Group | ||||
Werner E. Keller | Rydex Series Funds – 2005 | 151 | ||
Trustee (1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 | ||||
Principal Occupations During Past Five Years: Retired (2001 to present); Chairman, Centurion Capital Management (1991 to 2001) | ||||
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 151 | ||
Trustee (1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 | ||||
Principal Occupations During Past Five Years: President, Global Trends Investments | ||||
Patrick T. McCarville | Rydex Series Funds – 1997 | 151 | ||
Trustee (1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Founder and Chief Executive Officer, Par Industries, Inc. | ||||
Roger Somers | Rydex Series Funds – 1993 | 151 | ||
Trustee (1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Owner, Arrow Limousine | ||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 75 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
TRUSTEE
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Carl G. Verboncoeur* | Rydex Series Funds – 2004 | 151 | ||
Trustee (1952) | Rydex Variable Trust – 2004 | |||
Rydex Dynamic Funds – 2004 | ||||
Rydex ETF Trust – 2004 |
Principal Occupations During Past Five Years: President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to 2009); Chief Executive Officer of Rydex Investments and Rydex Distributors, Inc. (2003 to 2009); Treasurer of Rydex Investments and Rydex Distributors, Inc. (2002 to 2009); Director of Rydex Investments and Rydex Distributors, Inc. (2008 to 2009); Treasurer of Rydex Specialized Products, LLC (2005 to 2009); Chief Executive Officer of Rydex Specialized Products, LLC (2005 to 2009); Manager, President, and Chief Executive Officer of Rydex Holdings, LLC (2008 to 2009)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Chief Executive Officer and Director of Rydex Investments (2009 to present); President, Chief Executive Officer and Director of Rydex Distributors, Inc. (2009 to present); President and Chief Executive Officer of Rydex Holdings, LLC (2009 to present); Senior Vice President of Security Benefit Corp. (2007 to present); Director of First Security Benefit Life and Annuity Insurance Company of New York (2007 to present); Director of Security Distributors, Inc. (2007 to present); President of Security Investors, LLC (2007 to present); Manager and President of Security Global Investors, LLC (2007 to present); Managing Member of R.M. Goldman Partner, LLC (2006 to 2007); President and Chief Executive Officer of FortsmannLeff Associates (2003 to 2005) | |
Michael P. Byrum* Vice President (1970) | Vice President of Rydex Series Funds (1997 to present); Vice President of Rydex Variable Trust (1998 to present); Vice President of Rydex Dynamic Funds (1999 to present); President of Rydex Investments (2004 to present); Chief Investment Officer of Rydex Investments (2006 to present); Secretary of Rydex Investments (2002 to present); Director of Rydex Investments (2008 to present); Chief Investment Officer of Rydex Holdings, LLC (2008 to present); Vice President of Rydex Distributors, Inc. (2009 to present); Manager of Specialized Products, LLC (2005 to present); Secretary of Rydex Specialized Products, LLC (2005 to 2008); Trustee of Rydex Series Funds, Rydex Variable Trust and Rydex Dynamic Funds (2005 to 2009); Vice President of Rydex ETF Trust (2002 to present); President and Trustee of Rydex Capital Partners SPhinX Fund (2003 to 2007) | |
Nick Bonos* Vice President and Treasurer (1963) | Vice President and Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to present); Senior Vice President of Rydex Investments (2006 to present); Chief Executive Officer of Rydex Specialized Products, LLC (2009 to present); Chief Financial Officer of Rydex Specialized Products, LLC (2005 to 2009); Vice President and Treasurer of Rydex Capital Partners SPhinX Fund (2003 to 2006) | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Chief Compliance Officer of Rydex Series Funds, Rydex Variable Trust, and Rydex Dynamic Funds (2004 to present); Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds (2000 to present); Secretary of Rydex ETF Trust (2002 to present); Chief Compliance Officer of Rydex Investments (2005 to present) Vice President of Compliance of Rydex Investments (2006 to present); Director of Rydex Distributors, Inc. (2009 to present); Secretary of Rydex Capital Partners SPhinX Fund (2003 to 2006) |
76 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
Keith Fletcher* Vice President (1958) | Vice President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Vice President of Rydex Investments (2009 to present); Vice President of Rydex Specialized Products, LLC (2009 to present); Vice President and Director of Rydex Distributors, Inc. (2009 to present); Vice President of Security Global Investors, LLC (2009 to present) | |
Amy Lee* Vice President and Assistant Secretary (1960) | Vice President and Assistant Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Secretary of Rydex Distributors, Inc. (2008 to present); Chief Compliance Officer of Rydex Distributors, Inc. (2008 to 2009); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Corp. (2005 to present); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Life Insurance Co. (2004 to present); Assistant General Counsel of First Security Benefit Life and Annuity Company of New York (2004 to present); Chief Compliance Officer and Secretary of Security Distributors, Inc. (2004 to present); Secretary of Security Global Investors, Inc. (2007 to present) | |
Joseph Arruda* Assistant Treasurer (1966) | Assistant Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Senior Vice President of Rydex Investments (2008 to present); Vice President of Rydex Investments (2004 to 2008); Manager and Chief Financial Officer of Rydex Specialized Products, LLC (2009 to present); Director of Accounting of Rydex Investments (2003 to 2004) | |
Paula Billos* Controller (1974) | Controller of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Director of Fund Administration of Rydex Investments (2001 to present) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Rydex Investments. |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 77 |
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SEPTEMBER 30, 2009
RYDEX SERIES FUNDS SEMI-ANNUAL REPORT
OPPORTUNISTIC FUNDS
RYDEX | SGI ALL-CAP OPPORTUNITY FUND
(Formerly, Sector Rotation Fund)
(Formerly, Sector Rotation Fund)
RYDEX | SGI INTERNATIONAL OPPORTUNITY FUND
(Formerly, International Rotation Fund)
(Formerly, International Rotation Fund)
ALTERNATIVE INVESTMENT FUNDS
RYDEX | SGI ALTERNATIVE STRATEGIES ALLOCATION FUND
RYDEX | SGI GLOBAL 130/30 STRATEGY FUND
(Formerly, Multi-Cap Core Equity Fund)
(Formerly, Multi-Cap Core Equity Fund)
RYDEX | SGI GLOBAL MARKET NEUTRAL FUND
RYDEX | SGI MULTI-HEDGE STRATEGIES FUND
(Formerly, Absolute Return Strategies Fund)
(Formerly, Absolute Return Strategies Fund)
SPECIALTY FUND
RYDEX COMMODITIES STRATEGY FUND
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TABLE OF CONTENTS
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 1 |
LETTER TO OUR SHAREHOLDERS
DEAR SHAREHOLDER:
Nearly a year after the height of the financial crisis, the equity and credit markets are returning to more normal functioning. Fed chairman Ben Bernanke’s September 15 comment that “the recession is very likely over” seems to confirm the encouraging signs of the past six months. Overall, economic data suggest that the economy is emerging from the financial crisis and severe recession. Deflationary forces stemming from the financial crisis and economic slowdown are aggressively being countered by massive global efforts to ease monetary policy and create fiscal stimulus programs. But as unexpectedly lower demand for durable goods and a decrease over prior month’s existing home sales indicates, the road to recovery may still be a rough ride.
Continuing Fallout from 2008
Six months ago, the stock market began to climb back up from its lowest level in 12 years (reached March 9, 2009). For many, the spring surge gave hope for an end to the bear market that ravaged investors’ portfolios, but the deepest recession since the Great Depression would still leave its mark on the second and third quarters. As investors looked forward to putting 2008 far behind them, General Motors (“GM”) filed for bankruptcy on June 1 despite the interjection of more than $19.4 billion in federal help—and for the first time since 1925, GM was no longer part of the Dow Jones Industrial Average. Second quarter GDP declined by a 1.0% annual rate, though recovering somewhat from the 6.4% contraction of the first quarter. According to Bloomberg, this quarterly drop in GDP was the fourth in a row, the longest contraction since quarterly records began in 1947. By the end of September, the U.S. unemployment rate climbed to 9.8%—the highest since June 1983. In the same breath as he suggested the recession’s end, Bernanke also cautioned that “it’s still going to feel like a very weak economy for some time.”
Cautious Optimism for Q4 and Beyond
The second and third quarters saw unprecedented growth in the stock market, kicked off in May by a report from payroll processor ADP that fewer jobs were lost in April than economists predicted. In May, the Treasury Department also released the results of the now infamous “bank stress tests,” allowing 10 major banks to pay back $68 billion in TARP money forced upon them earlier in the year. Existing home sales rose in July by 7.2%, while single-family housing starts rose 1.7% in July, the fifth straight month of increase. This larger than expected increase was followed by an unexpected drop in existing home sales in August. While there are signs of stabilization in the housing markets, recent economic reports suggest the recovery may be tepid at best. The index of U.S. leading indicators rose in August (0.6%) for the fifth straight month, though not by as much as in July (0.9%) or as expected (0.7%). Over the past six months, stock market fluctuations—as measured by the SPX Volatility Index, a measure of expected future volatility levels—have returned to more historically “normal” levels. Despite the impressive rally from its low point of 676.53 on March 9, 2009, the equity market—as measured by the S&P 500® Index—has declined 6.91% for the year period ending 9/30/09.
Are we on the road to recovery? Clearly there are signs that point to an improving, or more specifically, a less negative economic environment. On the other hand, soft economic data in September showed us that excessive optimism is premature—the economy still has a long way to go. It is likely that we’ll continue to see volatility in the market as the economic situation moves from crisis to stabilization. While we are not out of the woods yet, improving market conditions should lead to better investment opportunities going forward.
2 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
LETTER TO OUR SHAREHOLDERS (concluded)
Moving Forward
From my perspective, every bear market—from the Great Depression to the tech bubble of the early 1990s—teaches investors the same valuable lesson: The need to diversify. Earlier this year, we integrated with Security Global Investors to become Rydex|SGI. This integration allows us to expand our current lineup of quantitatively managed, alternative and target beta funds to include actively managed global, growth, value and specialty fixed-income strategies. Simply put: We diversified our product offerings in order to position the company for future growth and to provide our clients with a wider array of investment strategies than ever before.
While this integration marks the firm’s evolution to a leading multi-discipline asset management firm, more importantly, we believe investors will be well served by the broader array of investment choices now available from Rydex|SGI.
We appreciate the trust that you have placed in our firm’s quality and integrity by investing with us. It is our goal to continue to offer you a wide variety of investment offerings to help you meet your financial goals.
Sincerely,
![-s- Michael Byrum](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612114.gif)
Michael Byrum
President & Chief Investment Officer
President & Chief Investment Officer
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 3 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2009 and ending September 30, 2009.
The following tables illustrate a Fund’s costs in two ways:
Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”
Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Certain retirement plans such as IRA, SEP, Roth IRA and 403(b) accounts are charged an annual $15 maintenance fee. Upon liquidating a retirement account, a $15 account-closing fee will be taken from the proceeds of the redemption.
The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.
Note that the expenses shown in the table are meant to highlight and help compare ongoing costs only and do not reflect any transactional costs which may be incurred by a Fund.
More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.
4 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 1. Based on actual Fund return | ||||||||||||||||
All-Cap Opportunity Fund | ||||||||||||||||
A-Class | 1.69% | $ | 1,000.00 | $ | 1,322.50 | $ | 9.84 | |||||||||
C-Class | 2.44% | 1,000.00 | 1,318.20 | 14.18 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,322.50 | 9.84 | ||||||||||||
International Opportunity Fund | ||||||||||||||||
A-Class | 1.72% | 1,000.00 | 1,533.40 | 10.92 | ||||||||||||
C-Class | 2.48% | 1,000.00 | 1,527.60 | 15.71 | ||||||||||||
H-Class | 1.71% | 1,000.00 | 1,533.80 | 10.86 | ||||||||||||
Alternative Strategies Allocation Fund†† | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,057.90 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,054.30 | 3.86 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,058.50 | — | ||||||||||||
Global 130/30 Strategy Fund | ||||||||||||||||
A-Class | 3.22% | 1,000.00 | 1,283.60 | 18.43 | ||||||||||||
C-Class | 4.02% | 1,000.00 | 1,279.30 | 22.97 | ||||||||||||
H-Class | 3.22% | 1,000.00 | 1,281.80 | 18.42 | ||||||||||||
Global Market Neutral Fund | ||||||||||||||||
A-Class | 4.84% | 1,000.00 | 966.30 | 23.86 | ||||||||||||
C-Class | 5.99% | 1,000.00 | 962.30 | 29.47 | ||||||||||||
H-Class | 4.84% | 1,000.00 | 965.90 | 23.85 | ||||||||||||
Multi-Hedge Strategies Fund | ||||||||||||||||
A-Class | 2.17% | 1,000.00 | 1,025.60 | 11.02 | ||||||||||||
C-Class | 2.96% | 1,000.00 | 1,021.60 | 15.00 | ||||||||||||
H-Class | 2.21% | 1,000.00 | 1,025.50 | 11.22 | ||||||||||||
Commodities Strategy Fund | ||||||||||||||||
A-Class | 1.29% | 1,000.00 | 1,159.90 | 6.98 | ||||||||||||
C-Class | 2.04% | 1,000.00 | 1,155.50 | 11.02 | ||||||||||||
H-Class | 1.29% | 1,000.00 | 1,160.60 | 6.99 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 5 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (concluded)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||
All-Cap Opportunity Fund | ||||||||||||||||
A-Class | 1.69% | $ | 1,000.00 | $ | 1,016.60 | $ | 8.54 | |||||||||
C-Class | 2.44% | 1,000.00 | 1,012.84 | 12.31 | ||||||||||||
H-Class | 1.69% | 1,000.00 | 1,016.60 | 8.54 | ||||||||||||
International Opportunity Fund | ||||||||||||||||
A-Class | 1.72% | 1,000.00 | 1,016.44 | 8.69 | ||||||||||||
C-Class | 2.48% | 1,000.00 | 1,012.63 | 12.51 | ||||||||||||
H-Class | 1.71% | 1,000.00 | 1,016.50 | 8.64 | ||||||||||||
Alternative Strategies Allocation Fund†† | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,021.31 | 3.80 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
Global 130/30 Strategy Fund | ||||||||||||||||
A-Class | 3.22% | 1,000.00 | 1,008.92 | 16.22 | ||||||||||||
C-Class | 4.02% | 1,000.00 | 1,004.91 | 20.20 | ||||||||||||
H-Class | 3.22% | 1,000.00 | 1,008.92 | 16.22 | ||||||||||||
Global Market Neutral Fund | ||||||||||||||||
A-Class | 4.84% | 1,000.00 | 1,000.80 | 24.28 | ||||||||||||
C-Class | 5.99% | 1,000.00 | 995.04 | 29.96 | ||||||||||||
H-Class | 4.84% | 1,000.00 | 1,000.80 | 24.28 | ||||||||||||
Multi-Hedge Strategies Fund | ||||||||||||||||
A-Class | 2.17% | 1,000.00 | 1,014.49 | 10.96 | ||||||||||||
C-Class | 2.96% | 1,000.00 | 1,010.23 | 14.92 | ||||||||||||
H-Class | 2.21% | 1,000.00 | 1,013.99 | 11.16 | ||||||||||||
Commodities Strategy Fund | ||||||||||||||||
A-Class | 1.29% | 1,000.00 | 1,018.60 | 6.53 | ||||||||||||
C-Class | 2.04% | 1,000.00 | 1,014.84 | 10.30 | ||||||||||||
H-Class | 1.29% | 1,000.00 | 1,018.60 | 6.53 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by the number of days in the current fiscal year. | |
† | This ratio represents annualized Total Expenses, which include dividend expense from securities sold short. Excluding short dividend expense, the operating expense ratio would be: | |
Global 130/30 Strategy Fund — 1.01%, 1.00% and 1.00% lower in the A-Class, C-Class and H-Class respectively; | ||
Global Market Neutral Fund — 2.20%, 2.19% and 2.20% lower in the A-Class, C-Class and H-Class respectively; | ||
Multi-Hedge Strategies Fund — 0.79% lower in each class of the Fund. | ||
†† | Does not include expenses of the underlying funds in which the Fund invests. |
6 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited)
ALL-CAP OPPORTUNITY FUND
OBJECTIVE: Seeks long-term capital appreciation.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612101.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | March 22, 2002 | |||
H-Class | March 22, 2002 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Amazon.com, Inc. | 2.5 | % | ||
American Express Co. | 2.1 | % | ||
Cerner Corp. | 1.9 | % | ||
Google, Inc. — Class A | 1.9 | % | ||
International Paper Co. | 1.8 | % | ||
Liberty Media Corp — Interactive | 1.6 | % | ||
Philip Morris International, Inc. | 1.6 | % | ||
Apple, Inc. | 1.5 | % | ||
Allscripts Healthcare Solutions, Inc. | 1.5 | % | ||
Weyerhaeuser Co. | 1.4 | % | ||
Top Ten Total | 17.8 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
INTERNATIONAL OPPORTUNITY FUND
OBJECTIVE: Seeks long-term capital appreciation.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612102.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | August 31, 2007 | |||
C-Class | August 31, 2007 | |||
H-Class | August 31, 2007 |
The Fund invests principally in exchange traded funds and derivative investments such as swap agreements, futures contracts and options on currencies.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 7 |
FUND PROFILES (Unaudited) (continued)
ALTERNATIVE STRATEGIES ALLOCATION FUND
OBJECTIVE: Seeks to deliver a return that has a low correlation to the returns of traditional stock and bond asset classes as well as provide capital appreciation.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612103.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 7, 2008 | |||
C-Class | March 7, 2008 | |||
H-Class | March 7, 2008 |
Holdings (% of Total Net Assets) | ||||
RSF — Multi-Hedge Strategies Fund | 23.1 | % | ||
RSF — Managed Futures Strategy Fund | 22.6 | % | ||
RSF — Global Market Neutral Fund | 21.3 | % | ||
PowerShares DB G10 Currency Harvest Fund | 19.0 | % | ||
RSF — Long/Short Commodities Strategy Fund | 5.9 | % | ||
RSF — Real Estate Fund | 5.7 | % | ||
RSF — Commodities Strategy Fund | 1.6 | % | ||
Grand Total | 99.2 | % | ||
“Holdings” exclude any temporary cash or derivative investments.
GLOBAL 130/30 STRATEGY FUND
OBJECTIVE: Seeks long-term capital appreciation.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612104.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 31, 2004 | |||
C-Class | September 23, 2002 | |||
H-Class | September 23, 2002 |
Ten Largest Long Holdings (% of Total Net Assets) | ||||
iShares Russell 2000 Index Fund | 3.9 | % | ||
Oil Search Ltd. | 2.7 | % | ||
Apple, Inc. | 2.7 | % | ||
Goldman Sachs Group, Inc. | 2.6 | % | ||
Standard Chartered PLC | 2.6 | % | ||
ACE Ltd. | 2.6 | % | ||
Express Scripts, Inc. | 2.5 | % | ||
Toyo Suisan Kaisha Ltd. | 2.4 | % | ||
Atos Origin SA | 2.4 | % | ||
Life Technologies Corp. | 2.3 | % | ||
Top Ten Total | 26.7 | % | ||
“Ten Largest Long Holdings” exclude any temporary cash or derivative investments.
8 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (continued)
GLOBAL MARKET NEUTRAL FUND
OBJECTIVE: Seeks to provide long-term absolute returns regardless of market conditions, while maintaining a low correlation to and mitigating the risks of the global equity market.
Holdings Diversification (Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612105.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | March 30, 2009 | |||
C-Class | March 30, 2009 | |||
H-Class | March 30, 2009 |
Ten Largest Long Holdings | ||||
(% of Total Net Assets) | ||||
USG People NV | 3.6 | % | ||
WESCO International, Inc. | 3.5 | % | ||
Forest Oil Corp. | 3.0 | % | ||
Idemitsu Kosan Company Ltd | 3.0 | % | ||
Transurban Group | 2.6 | % | ||
Swiss Prime Site AG | 2.6 | % | ||
Catlin Group Ltd. | 2.5 | % | ||
Onex Corp. | 2.5 | % | ||
Mediceo Paltac | 2.4 | % | ||
Endesa SA | 2.4 | % | ||
Top Ten Total | 28.1 | % | ||
“Ten Largest Long Holdings” exclude any temporary cash or derivative investments.
MULTI-HEDGE STRATEGIES FUND
OBJECTIVE: Seeks long-term capital appreciation with less risk than traditional equity funds.
Consolidated Holdings Diversification
(Market Exposure as % of Net Assets)
(Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612106.gif)
“Consolidated Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | September 19, 2005 | |||
C-Class | September 19, 2005 | |||
H-Class | September 19, 2005 |
Ten Largest Consolidated Long Holdings | ||||
(% of Total Net Assets) | ||||
Schering-Plough Corp. | 1.7 | % | ||
Wyeth | 1.7 | % | ||
Atlas Energy, Inc. | 1.6 | % | ||
Metavante Technologies, Inc. | 1.4 | % | ||
Sun Microsystems, Inc. | 1.2 | % | ||
BJ Services Co. | 0.9 | % | ||
iShares MSCI Chile Investable Market Index Fund | 0.8 | % | ||
Marvel Entertainment, Inc. | 0.7 | % | ||
Liberty All Star Equity Fund | 0.7 | % | ||
Affiliated Computer Services, Inc. — Class A | 0.7 | % | ||
Top Ten Total | 11.4 | % | ||
“Ten Largest Consolidated Long Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 9 |
FUND PROFILES (Unaudited) (concluded)
COMMODITIES STRATEGY FUND
OBJECTIVE: Seeks to provide investment results that correlate to the performance of a benchmark for commodities. The Fund’s current benchmark is the S&P GSCI™ Commodity Index.
Consolidated Holdings Diversification
(Market Exposure as % of Net Assets)
(Market Exposure as % of Net Assets)
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612107.gif)
“Consolidated Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | May 25, 2005 | |||
C-Class | May 25, 2005 | |||
H-Class | May 25, 2005 |
The Fund invests principally in exchange traded funds and in derivative instruments such as structured notes, futures contracts, and options on index futures.
10 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ALL-CAP OPPORTUNITY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 98.0% | ||||||||
INFORMATION TECHNOLOGY 28.2% | ||||||||
Google, Inc. — Class A* | 7,800 | $ | 3,867,630 | |||||
Apple, Inc.* | 16,500 | 3,058,605 | ||||||
International Business Machines Corp. | 23,600 | 2,822,796 | ||||||
Intel Corp. | 133,300 | 2,608,681 | ||||||
Hewlett-Packard Co. | 52,600 | 2,483,246 | ||||||
eBay, Inc.* | 80,800 | 1,907,688 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. — SP ADR | 173,400 | 1,900,464 | ||||||
Yahoo!, Inc.* | 98,400 | 1,752,504 | ||||||
EMC Corp.* | 82,300 | 1,402,392 | ||||||
Texas Instruments, Inc. | 56,400 | 1,336,116 | ||||||
Visa, Inc. | 18,500 | 1,278,535 | ||||||
Dell, Inc.* | 82,500 | 1,258,950 | ||||||
Infosys Technologies Ltd. — SP ADR | 25,500 | 1,236,495 | ||||||
Accenture PLC — Class A* | 30,400 | 1,133,008 | ||||||
Baidu, Inc. — SP ADR* | 2,800 | 1,094,940 | ||||||
Applied Materials, Inc. | 79,100 | 1,059,940 | ||||||
MasterCard, Inc. | 5,200 | 1,051,180 | ||||||
Automatic Data Processing, Inc. | 26,500 | 1,041,450 | ||||||
Broadcom Corp. — Class A* | 31,000 | 951,390 | ||||||
ASML Holding NV | 31,100 | 919,627 | ||||||
Western Union Co. | 43,900 | 830,588 | ||||||
Marvell Technology Group Ltd.* | 49,900 | 807,881 | ||||||
Cognizant Technology Solutions Corp. — Class A* | 20,400 | 788,664 | ||||||
Paychex, Inc. | 26,600 | 772,730 | ||||||
VeriSign, Inc.* | 32,300 | 765,187 | ||||||
NVIDIA Corp.* | 47,800 | 718,434 | ||||||
NetApp, Inc.* | 26,900 | 717,692 | ||||||
Micron Technology, Inc.* | 85,300 | 699,460 | ||||||
Analog Devices, Inc. | 25,300 | 697,774 | ||||||
Western Digital Corp.* | 18,900 | 690,417 | ||||||
Seagate Technology | 45,200 | 687,492 | ||||||
Xilinx, Inc. | 28,700 | 672,154 | ||||||
Akamai Technologies, Inc.* | 33,800 | 665,184 | ||||||
Computer Sciences Corp.* | 12,600 | 664,146 | ||||||
KLA-Tencor Corp. | 18,500 | 663,410 | ||||||
Equinix, Inc.* | 7,100 | 653,200 | ||||||
Altera Corp. | 31,700 | 650,167 | ||||||
Fiserv, Inc.* | 13,100 | 631,420 | ||||||
Linear Technology Corp. | 22,800 | 629,964 | ||||||
Sun Microsystems, Inc.* | 64,000 | 581,760 | ||||||
Maxim Integrated Products, Inc. | 32,000 | 580,480 | ||||||
SanDisk Corp.* | 26,100 | 566,370 | ||||||
Sohu.com, Inc.* | 8,100 | 557,118 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Affiliated Computer Services, Inc. — Class A* | 10,200 | $ | 552,534 | |||||
IAC/InterActiveCorp* | 27,100 | 547,149 | ||||||
Amdocs Ltd.* | 20,200 | 542,976 | ||||||
Rackspace Hosting, Inc.* | 30,500 | 520,330 | ||||||
Fidelity National Information Services, Inc. | 20,300 | 517,853 | ||||||
Teradata Corp.* | 18,100 | 498,112 | ||||||
Metavante Technologies, Inc.* | 13,800 | 475,824 | ||||||
MercadoLibre, Inc.* | 12,100 | 465,366 | ||||||
Global Payments, Inc. | 9,800 | 457,660 | ||||||
Omniture, Inc.* | 20,933 | 448,803 | ||||||
Digital River, Inc.* | 11,112 | 448,036 | ||||||
ValueClick, Inc.* | 29,000 | 382,510 | ||||||
j2 Global Communications, Inc.* | 15,600 | 358,956 | ||||||
QLogic Corp.* | 20,500 | 352,600 | ||||||
Diebold, Inc. | 10,500 | 345,765 | ||||||
NCR Corp.* | 24,000 | 331,680 | ||||||
STEC, Inc.* | 8,600 | 252,754 | ||||||
SAIC, Inc.* | 10,700 | 187,678 | ||||||
Total Information Technology | 57,543,915 | |||||||
HEALTH CARE 25.5% | ||||||||
Cerner Corp.* | 52,600 | 3,934,480 | ||||||
Allscripts Healthcare Solutions, Inc. | 150,000 | 3,040,500 | ||||||
Amgen, Inc.* | 47,200 | 2,842,856 | ||||||
Gilead Sciences, Inc.* | 51,400 | 2,394,212 | ||||||
IMS Health, Inc. | 144,400 | 2,216,540 | ||||||
Celgene Corp.* | 33,900 | 1,895,010 | ||||||
Eclipsys Corp.* | 91,200 | 1,760,160 | ||||||
HLTH Corp.* | 118,300 | 1,728,363 | ||||||
MedAssets, Inc.* | 76,100 | 1,717,577 | ||||||
Johnson & Johnson | 27,600 | 1,680,564 | ||||||
athenahealth, Inc.* | 42,000 | 1,611,540 | ||||||
Novartis AG — SP ADR | 30,600 | 1,541,628 | ||||||
Genzyme Corp.* | 25,200 | 1,429,596 | ||||||
Pfizer, Inc. | 84,100 | 1,391,855 | ||||||
Biogen Idec, Inc.* | 27,500 | 1,389,300 | ||||||
BioMarin Pharmaceuticals, Inc.* | 75,600 | 1,366,848 | ||||||
Sanofi-Aventis — SP ADR | 35,900 | 1,326,505 | ||||||
GlaxoSmithKline PLC — SP ADR | 33,500 | 1,323,585 | ||||||
Abbott Laboratories | 23,800 | 1,177,386 | ||||||
Merck & Company, Inc. | 33,700 | 1,065,931 | ||||||
Wyeth | 21,800 | 1,059,044 | ||||||
AstraZeneca PLC — SP ADR | 23,300 | 1,047,335 | ||||||
Phase Forward, Inc.* | 70,500 | 989,820 | ||||||
Vertex Pharmaceuticals, Inc.* | 25,200 | 955,080 | ||||||
Computer Programs & Systems, Inc. | 22,100 | 915,161 | ||||||
Schering-Plough Corp. | 31,600 | 892,700 | ||||||
Bristol-Myers Squibb Co. | 38,900 | 876,028 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 11 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
ALL-CAP OPPORTUNITY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Teva Pharmaceutical Industries Ltd. — SP ADR | 17,300 | $ | 874,688 | |||||
Omnicell, Inc.* | 72,309 | 805,522 | ||||||
Eli Lilly & Co. | 24,300 | 802,629 | ||||||
Cephalon, Inc.* | 13,200 | 768,768 | ||||||
Alexion Pharmaceuticals, Inc.* | 16,200 | 721,548 | ||||||
Dendreon Corp.* | 25,300 | 708,147 | ||||||
Human Genome Sciences, Inc.* | 32,500 | 611,650 | ||||||
United Therapeutics Corp.* | 12,400 | 607,476 | ||||||
Myriad Genetics, Inc.* | 19,900 | 545,260 | ||||||
Allergan, Inc. | 9,500 | 539,220 | ||||||
OSI Pharmaceuticals, Inc.* | 15,000 | 529,500 | ||||||
Onyx Pharmaceuticals, Inc.* | 16,000 | 479,520 | ||||||
Shire PLC — SP ADR | 7,800 | 407,862 | ||||||
Myriad Pharmaceuticals, Inc.* | 13,600 | 79,696 | ||||||
Total Health Care | 52,051,090 | |||||||
FINANCIALS 11.9% | ||||||||
American Express Co. | 129,100 | 4,376,490 | ||||||
Capital One Financial Corp. | 76,300 | 2,726,199 | ||||||
Brookfield Asset Management, Inc. — Class A | 102,600 | 2,330,046 | ||||||
Discover Financial Services | 135,178 | 2,193,939 | ||||||
Brookfield Properties Corp. | 131,800 | 1,484,068 | ||||||
SLM Corp.* | 161,200 | 1,405,664 | ||||||
CB Richard Ellis Group, Inc. — Class A* | 95,352 | 1,119,433 | ||||||
Forest City Enterprises, Inc. — Class A | 74,200 | 992,054 | ||||||
AmeriCredit Corp.* | 62,600 | 988,454 | ||||||
The St. Joe Co.* | 33,100 | 963,872 | ||||||
Jones Lang LaSalle, Inc. | 18,600 | 881,082 | ||||||
Cash America International, Inc. | 22,569 | 680,681 | ||||||
Student Loan Corp. | 13,931 | 646,398 | ||||||
Ezcorp, Inc.* | 41,256 | 563,557 | ||||||
Forestar Real Estate Group, Inc.* | 32,000 | 549,760 | ||||||
First Cash Financial Services, Inc.* | 28,200 | 483,066 | ||||||
Nelnet, Inc. — Class A* | 35,978 | 447,566 | ||||||
World Acceptance Corp.* | 17,400 | 438,654 | ||||||
Dollar Financial Corp.* | 26,300 | 421,326 | ||||||
Advance America Cash Advance Centers, Inc. | 73,446 | 411,298 | ||||||
China Housing & Land Development, Inc.* | 54,700 | 210,595 | ||||||
Total Financials | 24,314,202 | |||||||
INDUSTRIALS 10.5% | ||||||||
Southwest Airlines Co. | 182,700 | 1,753,920 | ||||||
Delta Air Lines, Inc.* | 194,500 | 1,742,720 | ||||||
Masco Corp. | 119,200 | 1,540,064 | ||||||
Owens Corning, Inc.* | 54,400 | 1,221,280 | ||||||
Armstrong World Industries, Inc.* | 31,200 | 1,075,152 | ||||||
Lennox International, Inc. | 29,600 | 1,069,152 |
MARKET | ||||||||
SHARES | VALUE | |||||||
AMR Corp.* | 130,800 | $ | 1,039,860 | |||||
Continental Airlines, Inc. — Class B* | 61,400 | 1,009,416 | ||||||
USG Corp.* | 58,300 | 1,001,594 | ||||||
JetBlue Airways Corp.* | 142,700 | 853,346 | ||||||
Simpson Manufacturing Company, Inc. | 33,400 | 843,684 | ||||||
UAL Corp.* | 84,700 | 780,934 | ||||||
Copa Holdings SA | 17,500 | 778,575 | ||||||
Alaska Air Group, Inc.* | 24,500 | 656,355 | ||||||
Universal Forest Products, Inc. | 16,400 | 647,144 | ||||||
SkyWest, Inc. | 37,200 | 616,776 | ||||||
Ameron International Corp. | 8,200 | 573,836 | ||||||
Quanex Building Products Corp. | 39,000 | 560,040 | ||||||
Allegiant Travel Co.* | 14,500 | 552,305 | ||||||
Griffon Corp.* | 54,800 | 551,836 | ||||||
AirTran Holdings, Inc.* | 88,000 | 550,000 | ||||||
US Airways Group, Inc.* | 115,600 | 543,320 | ||||||
Apogee Enterprises, Inc. | 33,600 | 504,672 | ||||||
Gibraltar Industries, Inc. | 35,000 | 464,450 | ||||||
Trex Company, Inc.* | 21,200 | 385,840 | ||||||
NCI Building Systems, Inc.* | 56,400 | 180,480 | ||||||
Total Industrials | 21,496,751 | |||||||
CONSUMER DISCRETIONARY 9.9% | ||||||||
Amazon.com, Inc.* | 55,600 | 5,190,816 | ||||||
Liberty Media Corp — Interactive* | 296,200 | 3,249,314 | ||||||
Priceline.com, Inc.* | 15,700 | 2,603,374 | ||||||
Expedia, Inc.* | 87,400 | 2,093,230 | ||||||
Netflix, Inc.* | 27,200 | 1,255,824 | ||||||
HSN, Inc.* | 76,419 | 1,244,101 | ||||||
Blue Nile, Inc.* | 16,900 | 1,049,828 | ||||||
Ticketmaster Entertainment, Inc.* | 84,350 | 986,052 | ||||||
Shutterfly, Inc.* | 37,557 | 624,573 | ||||||
PetMed Express, Inc. | 27,800 | 524,030 | ||||||
Overstock.com, Inc.* | 34,600 | 507,582 | ||||||
NutriSystem, Inc. | 32,735 | 499,536 | ||||||
Stamps.com, Inc.* | 30,559 | 282,671 | ||||||
Total Consumer Discretionary | 20,110,931 | |||||||
MATERIALS 8.0% | ||||||||
International Paper Co. | 167,200 | 3,716,856 | ||||||
Weyerhaeuser Co. | 80,300 | 2,942,995 | ||||||
MeadWestvaco Corp. | 104,600 | 2,333,626 | ||||||
Domtar Corp.* | 46,108 | 1,623,924 | ||||||
Schweitzer-Mauduit International, Inc. | 25,100 | 1,364,436 | ||||||
Louisiana-Pacific Corp.* | 163,100 | 1,087,877 | ||||||
Clearwater Paper Corp.* | 21,600 | 892,728 | ||||||
Deltic Timber Corp. | 18,185 | 832,327 | ||||||
Wausau Paper Corp. | 81,240 | 812,400 | ||||||
Glatfelter | 69,300 | 795,564 | ||||||
Total Materials | 16,402,733 | |||||||
12 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
ALL-CAP OPPORTUNITY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 4.0% | ||||||||
Philip Morris International, Inc. | 65,800 | $ | 3,207,092 | |||||
Altria Group, Inc. | 107,300 | 1,911,013 | ||||||
Reynolds American, Inc. | 26,400 | 1,175,328 | ||||||
Lorillard, Inc. | 15,327 | 1,138,796 | ||||||
Vector Group Ltd. | 22,017 | 343,025 | ||||||
Universal Corp. | 8,000 | 334,560 | ||||||
Star Scientific, Inc.* | 94,900 | 88,257 | ||||||
Total Consumer Staples | 8,198,071 | |||||||
Total Common Stocks | ||||||||
(Cost $170,625,870) | 200,117,693 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 2.0% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 1,713,762 | 1,713,762 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 1,036,826 | 1,036,826 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 899,725 | 899,725 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 428,441 | 428,441 | ||||||
Credit Suisse Group | ||||||||
issued 10/30/09 at 0.03% | ||||||||
due 10/01/09 | 140,821 | 140,821 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,219,575) | 4,219,575 | |||||||
Total Investments 100.0%(a) | ||||||||
(Cost $174,845,445) | $ | 204,337,268 | ||||||
Liabilities in Excess of Other Assets 0.0% | $ | (100,360 | ) | |||||
Net Assets – 100.0% | $ | 204,236,908 |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
ADR—American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 13 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
INTERNATIONAL OPPORTUNITY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
EXCHANGE TRADED FUND 20.2% | ||||||||
iShares MSCI Austria Investable Market Index Fund | 271,000 | $ | 5,945,740 | |||||
Total Exchange Traded Fund (Cost $4,843,588) | 5,945,740 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 70.0% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 8,380,650 | 8,380,650 | |||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 5,070,294 | 5,070,294 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 4,399,841 | 4,399,841 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 2,095,163 | 2,095,163 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 688,643 | 688,643 | ||||||
Total Repurchase Agreements (Cost $20,634,591) | 20,634,591 | |||||||
Total Investments 90.2%(a) (Cost $25,478,179) | $ | 26,580,331 | ||||||
Other Assets in Excess of Liabilities – 9.8% | $ | 2,899,046 | ||||||
Net Assets – 100.0% | $ | 29,479,377 | ||||||
Unrealized | ||||||||
Contracts | GAIN | |||||||
CURRENCY FUTURES CONTRACTS PURCHASED(b) | ||||||||
December 2009 Japanese Yen | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $6,686,400) | 48 | $ | 209,260 | |||||
December 2009 Swedish Krona | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $5,462,500) | 19 | 118,411 | ||||||
December 2009 EURO | ||||||||
Currency Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $3,475,100) | 19 | 63,983 |
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
December 2009 Australian Dollar | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $1,841,700) | 21 | $ | 62,450 | |||||
December 2009 Swiss Franc | ||||||||
Currency Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $2,051,688) | 17 | 37,006 | ||||||
December 2009 British Pound | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $4,693,538) | 47 | (121,335 | ) | |||||
(Total Aggregate Market Value of Contracts $24,210,925) | $ | 369,775 | ||||||
FUTURES CONTRACTS PURCHASED(b) | ||||||||
December 2009 FTSE/MIB Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $7,048,898) | 41 | $ | 212,720 | |||||
October 2009 IBEX 35 Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $7,043,366) | 41 | 210,951 | ||||||
October 2009 SGX MSCI Singapore Index Futures Contracts (Aggregate Market Value of Contracts $2,674,790) | 59 | 24,987 | ||||||
October 2009 OMX Stockholm 30 Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $5,194,626) | 403 | (61,298 | ) | |||||
October 2009 Hang Seng Index | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $2,289,404) | 17 | (74,383 | ) | |||||
(Total Aggregate Market Value of Contracts $24,251,083) | $ | 312,977 | ||||||
† | Repurchase Agreements — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. |
14 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ALTERNATIVE STRATEGIES ALLOCATION FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
CURRENCY EXCHANGE TRADED FUND 19.0% | ||||||||
PowerShares DB G10 Currency Harvest Fund* | 327,160 | $ | 7,524,680 | |||||
Total Currency Exchange Traded Fund (Cost $7,706,947) | 7,524,680 | |||||||
MUTUAL FUNDS † 80.2% | ||||||||
RSF — Multi-Hedge Strategies Fund | 447,512 | 9,160,565 | ||||||
RSF — Managed Futures Strategy Fund | 328,686 | 8,979,691 | ||||||
RSF — Global Market Neutral Fund* | 350,038 | 8,435,925 | ||||||
RSF — Long/Short Commodities Strategy Fund* | 91,732 | 2,351,079 | ||||||
RSF — Real Estate Fund | 108,044 | 2,272,168 | ||||||
RSF — Commodities Strategy Fund | 42,365 | 651,577 | ||||||
Total Mutual Funds (Cost $30,974,387) | 31,851,005 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENT†† 0.7% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 279,959 | 279,959 | |||||
Total Repurchase Agreement (Cost $279,959) | 279,959 | |||||||
Total Investments 99.9%(a) (Cost $38,961,293) | $ | 39,655,644 | ||||||
Other Assets in Excess of Liabilities – 0.1% | $ | 42,625 | ||||||
Net Assets – 100.0% | $ | 39,698,269 |
* | Non-Income Producing Security. | |
† | A-Class shares of Affiliated Funds. | |
†† | Repurchase Agreement — See Note 7. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
RSF—Rydex Series Funds. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 15 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
GLOBAL 130/30 STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 125.0% | ||||||||
FINANCIALS 23.6% | ||||||||
Goldman Sachs Group, Inc.§ | 2,092 | $ | 385,660 | |||||
Standard Chartered PLC§ | 15,392 | 379,542 | ||||||
ACE Ltd.*§ | 7,022 | 375,396 | ||||||
DBS Group Holdings Ltd.§ | 32,000 | 301,668 | ||||||
JPMorgan Chase & Co.§ | 5,465 | 239,476 | ||||||
Lancashire Holdings Ltd.§ | 28,426 | 232,133 | ||||||
Hartford Financial Services Group, Inc.§ | 5,900 | 156,350 | ||||||
Redwood Trust, Inc.§ | 9,600 | 148,800 | ||||||
Tower Group, Inc.§ | 5,700 | 139,023 | ||||||
Allianz SE§ | 1,072 | 133,924 | ||||||
Amtrust Financial Services, Inc. | 9,700 | 110,677 | ||||||
Tokyu Land Corp. | 26,000 | 103,971 | ||||||
Seven Bank Ltd.§ | 39 | 96,441 | ||||||
CNP Assurances*§ | 941 | 95,883 | ||||||
Nelnet, Inc. — Class A* | 6,400 | 79,616 | ||||||
AllianceBernstein Holding LP§ | 2,800 | 76,384 | ||||||
PHH Corp.*§ | 3,300 | 65,472 | ||||||
RSA Insurance Group PLC§ | 30,309 | 64,856 | ||||||
Aspen Insurance Holdings Ltd.§ | 2,383 | 63,078 | ||||||
Catlin Group Ltd.§ | 9,880 | 55,451 | ||||||
Bolsas y Mercados Espanoles§ | 1,298 | 50,545 | ||||||
Osaka Securities Exchange Company Ltd.§ | 11 | 49,992 | ||||||
Aeon Credit Service Company Ltd. | 3,600 | 36,251 | ||||||
Total Financials | 3,440,589 | |||||||
INFORMATION TECHNOLOGY 21.4% | ||||||||
Apple, Inc.*§ | 2,125 | 393,911 | ||||||
Atos Origin SA*§ | 6,791 | 342,854 | ||||||
NetEase.com, Inc. — SP ADR*§ | 6,528 | 298,199 | ||||||
Check Point Software Technologies Ltd.*§ | 9,945 | 281,941 | ||||||
Ubisoft Entertainment*§ | 14,054 | 266,128 | ||||||
Gree, Inc.§ | 4,866 | 265,049 | ||||||
Cisco Systems, Inc.*§ | 8,667 | 204,021 | ||||||
MicroStrategy, Inc. — Class A*§ | 2,500 | 178,850 | ||||||
Net 1 UEPS Technologies, Inc.* | 6,500 | 136,240 | ||||||
Seagate Technology§ | 8,500 | 129,285 | ||||||
Amkor Technology, Inc.*§ | 18,100 | 124,528 | ||||||
Shanda Interactive Entertainment Ltd.*§ | 1,700 | 87,040 | ||||||
STEC, Inc.*§ | 2,800 | 82,292 | ||||||
Neopost SA§ | 888 | 79,697 | ||||||
Syntel, Inc.§ | 1,500 | 71,595 | ||||||
Wright Express Corp.*§ | 1,900 | 56,069 | ||||||
Fuji Soft, Inc.§ | 2,500 | 42,105 | ||||||
Hosiden Corp.§ | 2,900 | 39,313 | ||||||
TeleTech Holdings, Inc.*§ | 2,100 | 35,826 | ||||||
Total Information Technology | 3,114,943 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER STAPLES 17.1% | ||||||||
Toyo Suisan Kaisha Ltd.§ | 12,981 | $ | 351,366 | |||||
Marine Harvest*§ | 450,798 | 327,227 | ||||||
Parmalat SpA§ | 109,571 | 302,890 | ||||||
Philip Morris International, Inc.§ | 5,708 | 278,208 | ||||||
Kimberly-Clark Corp.§ | 3,593 | 211,915 | ||||||
Altria Group, Inc.§ | 11,640 | 207,308 | ||||||
Charoen Pokphand Foods PLC | 537,200 | 127,733 | ||||||
Japan Tobacco, Inc.§ | 29 | 99,493 | ||||||
Bare Escentuals, Inc.*§ | 8,100 | 96,309 | ||||||
CVS Caremark Corp.§ | 2,431 | 86,884 | ||||||
Empire Company Ltd. | 1,780 | 72,666 | ||||||
Metro, Inc. — Class A | 2,200 | 71,895 | ||||||
Archer-Daniels-Midland Co. | 2,400 | 70,128 | ||||||
Kroger Co.§ | 2,863 | 59,092 | ||||||
American Italian Pasta Co.*§ | 1,800 | 48,924 | ||||||
Bunge Ltd. | 600 | 37,566 | ||||||
Cal-Maine Foods, Inc.§ | 1,320 | 35,336 | ||||||
Total Consumer Staples | 2,484,940 | |||||||
CONSUMER DISCRETIONARY 16.1% | ||||||||
ITT Educational Services, Inc.*§ | 2,860 | 315,773 | ||||||
Honda Motor Company Ltd.§ | 8,900 | 274,113 | ||||||
Time Warner Cable, Inc.§ | 6,300 | 271,467 | ||||||
Comcast Corp. — Class A§ | 14,400 | 243,216 | ||||||
Garmin Ltd.§ | 4,900 | 184,926 | ||||||
Corinthian Colleges, Inc.* | 8,900 | 165,184 | ||||||
Rent-A-Center, Inc.* | 8,400 | 158,592 | ||||||
Culture Convenience | ||||||||
Club Company Ltd. | 22,100 | 143,764 | ||||||
William Hill PLC | 48,300 | 136,081 | ||||||
Jo-Ann Stores, Inc.* | 4,000 | 107,320 | ||||||
Apollo Group, Inc. — Class A*§ | 1,300 | 95,771 | ||||||
Sumitomo Rubber Industries Ltd. | 7,800 | 73,591 | ||||||
Pace PLC | 13,646 | 49,634 | ||||||
Dillard’s, Inc. — Class A§ | 3,100 | 43,710 | ||||||
David Jones Ltd.§ | 7,267 | 37,442 | ||||||
Jarden Corp.§ | 1,300 | 36,491 | ||||||
Total Consumer Discretionary | 2,337,075 | |||||||
ENERGY 13.4% | ||||||||
Oil Search Ltd.§ | 70,407 | 400,657 | ||||||
BG Group PLC§ | 16,997 | 294,986 | ||||||
Forest Oil Corp.*§ | 11,600 | 227,012 | ||||||
Occidental Petroleum Corp.§ | 2,600 | 203,840 | ||||||
CNOOC Ltd.§ | 106,000 | 142,518 | ||||||
World Fuel Services Corp.§ | 2,520 | 121,136 | ||||||
Repsol YPF, SA§ | 3,770 | 102,560 | ||||||
Esso Thailand PCL | 411,700 | 89,888 | ||||||
Neste Oil OYJ§ | 4,678 | 86,393 | ||||||
Precision Drilling Trust | 9,800 | 65,535 | ||||||
Nippon Mining Holdings, Inc.§ | 12,500 | 61,543 | ||||||
Plains Exploration & Production Co.*§ | 2,200 | 60,852 |
16 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
GLOBAL 130/30 STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Eni SpA§ | 2,024 | $ | 50,589 | |||||
Thai Oil PCL | 33,900 | 45,879 | ||||||
Total Energy | 1,953,388 | |||||||
HEALTH CARE 11.1% | ||||||||
Express Scripts, Inc.*§ | 4,713 | 365,635 | ||||||
Life Technologies Corp.*§ | 7,174 | 333,950 | ||||||
Lonza Group AG§ | 2,293 | 250,033 | ||||||
Emergency Medical Services Corp.*§ | 3,900 | 181,350 | ||||||
Alapis SA | 132,518 | 116,354 | ||||||
Stada Arzneimittel AG*§ | 3,769 | 103,029 | ||||||
Bruker Corp.*§ | 8,300 | 88,561 | ||||||
Medco Health Solutions, Inc.*§ | 1,400 | 77,434 | ||||||
Watson Pharmaceuticals, Inc.*§ | 1,632 | 59,796 | ||||||
Kinetic Concepts, Inc.* | 1,000 | 36,980 | ||||||
Total Health Care | 1,613,122 | |||||||
INDUSTRIALS 8.6% | ||||||||
BAE Systems PLC§ | 53,259 | 297,297 | ||||||
Allegiant Travel Co.*§ | 7,451 | 283,809 | ||||||
Thomas & Betts Corp.*§ | 4,300 | 129,344 | ||||||
Suntech Power Holdings Company Ltd. — SP ADR* | 8,305 | 126,236 | ||||||
EnerSys*§ | 4,700 | 103,964 | ||||||
Trinity Industries, Inc.§ | 4,834 | 83,097 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 110,000 | 75,353 | ||||||
Imtech NV§ | 2,754 | 70,225 | ||||||
MTU Aero Engines Holding AG§ | 1,044 | 49,439 | ||||||
Maire Tecnimont SpA | 7,300 | 35,466 | ||||||
Total Industrials | 1,254,230 | |||||||
MATERIALS 5.9% | ||||||||
Randgold Resources Ltd. — SP ADR§ | 3,615 | 252,616 | ||||||
Syngenta AG§ | 703 | 161,521 | ||||||
Thompson Creek Metals Company, Inc.* | 6,400 | 77,288 | ||||||
Chongqing Iron & Steel Company Ltd. | 178,000 | 68,443 | ||||||
Boliden AB§ | 4,736 | 50,885 | ||||||
PT Semen Gresik (Persero) Tbk | 77,000 | 50,296 | ||||||
Western Coal Corp.* | 16,500 | 44,536 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 800 | 42,600 | ||||||
Kazakhmys PLC*§ | 2,478 | 42,531 | ||||||
Kyoei Steel Ltd.§ | 1,600 | 38,407 | ||||||
AK Steel Holding Corp.§ | 1,800 | 35,514 | ||||||
Total Materials | 864,637 | |||||||
TELECOMMUNICATION SERVICES 4.7% | ||||||||
Tandberg ASA§ | 13,800 | 330,403 | ||||||
China Unicom Hong Kong Ltd.§ | 172,000 | 243,684 | ||||||
Telstra Corp Ltd. | 25,004 | 72,136 | ||||||
Telkom SA Ltd.§ | 7,472 | 42,990 | ||||||
Total Telecommunication Services | 689,213 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
UTILITIES 3.1% | ||||||||
United Utilities Group PLC§ | 15,669 | $ | 114,309 | |||||
Kyushu Electric Power Company, Inc.§ | 4,676 | 105,995 | ||||||
Allegheny Energy, Inc.§ | 3,700 | 98,124 | ||||||
Endesa SA*§ | 2,558 | 84,524 | ||||||
Mirant Corp.*§ | 3,300 | 54,219 | ||||||
Total Utilities | 457,171 | |||||||
Total Common Stocks (Cost $15,644,851) | 18,209,308 | |||||||
EXCHANGE TRADED FUND 3.9% | ||||||||
iShares Russell 2000 Index Fund | 9,500 | 572,185 | ||||||
Total Exchange Traded Fund (Cost $581,206) | 572,185 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 17.0% | ||||||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | $ | 1,007,791 | 1,007,791 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 609,714 | 609,714 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 529,091 | 529,091 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 251,948 | 251,948 | ||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | 82,811 | 82,811 | ||||||
Total Repurchase Agreements (Cost $2,481,355) | 2,481,355 | |||||||
Total Long Securities 145.9%(a) (Cost $18,707,412) | 21,262,848 | |||||||
SHARES | ||||||||
COMMON STOCKS SOLD SHORT (24.3)% | ||||||||
UTILITIES (0.3)% | ||||||||
Ormat Technologies, Inc. | 1,100 | (44,902 | ) | |||||
Total Utilities | (44,902 | ) | ||||||
CONSUMER DISCRETIONARY (0.8)% | ||||||||
Unibet Group PLC | 1,390 | (38,483 | ) | |||||
Warner Music Group Corp.* | 14,300 | (79,079 | ) | |||||
Total Consumer Discretionary | (117,562 | ) | ||||||
FINANCIALS (0.8)% | ||||||||
The St. Joe Co.* | 4,100 | (119,392 | ) | |||||
Total Financials | (119,392 | ) | ||||||
TELECOMMUNICATION SERVICES (0.9)% | ||||||||
Clearwire Corp.* | 16,400 | (133,332 | ) | |||||
Total Telecommunication Services | (133,332 | ) | ||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 17 |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
GLOBAL 130/30 STRATEGY FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
MATERIALS (2.2)% | ||||||||
Harmony Gold Mining Company Ltd. | 3,387 | $ | (36,070 | ) | ||||
Osisko Mining Corp.* | 4,900 | (36,428 | ) | |||||
Ivanhoe Mines Ltd.* | 2,900 | (37,269 | ) | |||||
Fortescue Metals Group Ltd.* | 22,361 | (75,362 | ) | |||||
NovaGold Resources, Inc.* | 26,600 | (136,640 | ) | |||||
Total Materials | (321,769 | ) | ||||||
ENERGY (3.4)% | ||||||||
Niko Resources Ltd. | 500 | (39,110 | ) | |||||
Goodrich Petroleum Corp.* | 2,400 | (61,944 | ) | |||||
Eastern Star Gas Ltd.* | 110,646 | (90,297 | ) | |||||
Paladin Energy Ltd.* | 23,386 | (92,847 | ) | |||||
BPZ Resources, Inc.* | 13,600 | (102,272 | ) | |||||
Soco International PLC* | 4,784 | (108,103 | ) | |||||
Total Energy | (494,573 | ) | ||||||
INDUSTRIALS (4.0)% | ||||||||
Fastenal Co. | 900 | (34,830 | ) | |||||
First Solar, Inc.* | 400 | (61,144 | ) | |||||
Beijing Capital International Airport Company Ltd.* | 174,000 | (108,216 | ) | |||||
SunPower Corp.* | 4,000 | (119,560 | ) | |||||
Melco International Development Ltd.* | 195,000 | (124,799 | ) | |||||
Ener1, Inc.* | 20,300 | (140,476 | ) | |||||
Total Industrials | (589,025 | ) | ||||||
![]() | ||||||||
The pie-chart above reflects percentages of the market value of Long Stocks. |
MARKET | ||||||||
SHARES | VALUE | |||||||
INFORMATION TECHNOLOGY (5.1)% | ||||||||
Concur Technologies, Inc.* | 900 | $ | (35,784 | ) | ||||
Wirecard AG | 3,409 | (40,608 | ) | |||||
Netlogic Microsystems, Inc.* | 1,200 | (54,000 | ) | |||||
Cavium Networks, Inc.* | 2,800 | (60,116 | ) | |||||
MEMC Electronic Materials, Inc.* | 5,400 | (89,802 | ) | |||||
Rambus, Inc.* | 5,800 | (100,920 | ) | |||||
Riverbed Technology, Inc.* | 4,700 | (103,212 | ) | |||||
TiVo, Inc.* | 11,700 | (121,212 | ) | |||||
Infinera Corp.* | 16,400 | (130,380 | ) | |||||
Total Information Technology | (736,034 | ) | ||||||
HEALTH CARE (6.8)% | ||||||||
Alnylam Pharmaceuticals, Inc.* | 1,900 | (43,092 | ) | |||||
Acorda Therapeutics, Inc.* | 2,400 | (55,872 | ) | |||||
Auxilium Pharmaceuticals, Inc.* | 2,000 | (68,420 | ) | |||||
Dendreon Corp.* | 2,500 | (69,975 | ) | |||||
Savient Pharmaceuticals, Inc.* | 7,000 | (106,400 | ) | |||||
AMAG Pharmaceuticals, Inc.* | 2,500 | (109,200 | ) | |||||
Salix Pharmaceuticals Ltd.* | 5,400 | (114,804 | ) | |||||
Volcano Corp.* | 7,800 | (131,196 | ) | |||||
Conceptus, Inc.* | 7,600 | (140,904 | ) | |||||
So-net M3, Inc. | 41 | (143,860 | ) | |||||
Total Health Care | (983,723 | ) | ||||||
Total Common Stocks Sold Short(a) | ||||||||
(Proceeds $3,035,315) | (3,540,312 | ) | ||||||
Liabilities in Excess of | ||||||||
Other Assets – (45.9)% | $ | (6,693,520 | ) | |||||
Net Assets – 100.0% | $ | 14,569,328 | ||||||
![]() | ||||||||
The pie chart above reflects percentages of the market value of Short Stocks. |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
§ | All or a portion of this security is pledged as short security collateral at September 30, 2009. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by | |
ASC 820 — See Note 8. | ||
ADR—American Depository Receipt. |
18 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
GLOBAL MARKET NEUTRAL FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 98.3% | ||||||||
INDUSTRIALS 19.9% | ||||||||
USG People NV*§ | 17,596 | $ | 364,872 | |||||
WESCO International, Inc.*§ | 12,400 | 357,120 | ||||||
Transurban Group | 73,276 | 265,059 | ||||||
Panalpina WeltTransport*§ | 2,860 | 236,240 | ||||||
Otter Tail Power Co.§ | 9,500 | 227,335 | ||||||
Saab AB*§ | 16,455 | 197,096 | ||||||
Impregilo SpA* | 43,961 | 192,352 | ||||||
Trinity Industries, Inc.§ | 10,400 | 178,776 | ||||||
Deluxe Corp.§ | 10,200 | 174,420 | ||||||
Downer EDI Ltd.§ | 24,000 | 173,417 | ||||||
Trevi Finanziaria SpA*§ | 9,837 | 171,160 | ||||||
European Aeronautic Defence and Space Co. NV*§ | 7,386 | 165,857 | ||||||
Maire Tecnimont SpA | 29,038 | 141,079 | ||||||
Navistar International Corp.*§ | 3,500 | 130,970 | ||||||
Triumph Group, Inc.§ | 2,700 | 129,573 | ||||||
Golden Ocean GRP* | 86,000 | 110,321 | ||||||
Northrop Grumman Corp.§ | 2,100 | 108,675 | ||||||
Macquarie Airports | 42,741 | 107,093 | ||||||
EnerSys*§ | 4,400 | 97,328 | ||||||
The Brink’s Co.§ | 3,500 | 94,185 | ||||||
Weichai Power Company Ltd. | 17,000 | 89,606 | ||||||
Genco Shipping & Trading Ltd.§ | 4,100 | 85,198 | ||||||
Gol Linhas Aereas Inteligentes SA — SP ADR§ | 7,400 | 75,998 | ||||||
Barloworld Ltd.§ | 11,123 | 72,554 | ||||||
Alaska Air Group, Inc.*§ | 2,700 | 72,333 | ||||||
NEC Networks & System Integration Corp.§ | 3,700 | 50,405 | ||||||
Total Industrials | 4,069,022 | |||||||
ENERGY 14.2% | ||||||||
Forest Oil Corp.*§ | 15,700 | 307,249 | ||||||
Idemitsu Kosan Company Ltd.§ | 3,700 | 305,397 | ||||||
Fred Olsen Energy ASA*§ | 6,400 | 238,654 | ||||||
World Fuel Services Corp.§ | 4,500 | 216,315 | ||||||
Murphy Oil Corp.§ | 3,500 | 201,495 | ||||||
Sunoco Logistics Partners LP§ | 3,400 | 201,450 | ||||||
Petrobras Energia SA — SP ADR*§ | 11,201 | 200,615 | ||||||
Tesoro Corp.§ | 11,000 | 164,780 | ||||||
Lukoil OAO — SP ADR§ | 2,700 | 148,095 | ||||||
GulfMark Offshore, Inc.*§ | 4,100 | 134,234 | ||||||
Valero Energy Corp.§ | 6,700 | 129,913 | ||||||
Mariner Energy, Inc.*§ | 8,900 | 126,202 | ||||||
ConocoPhillips§ | 2,600 | 117,416 | ||||||
Sunoco, Inc.§ | 3,500 | 99,575 | ||||||
Nippon Mining Holdings, Inc.§ | 20,000 | 98,468 | ||||||
Caltex Australia Ltd.*§ | 7,782 | 83,144 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Nexen, Inc.* | 3,100 | $ | 70,472 | |||||
Itochu Enex Company Ltd.§ | 10,200 | 59,422 | ||||||
Total Energy | 2,902,896 | |||||||
FINANCIALS 14.2% | ||||||||
Swiss Prime Site AG*§ | 4,995 | 263,897 | ||||||
Catlin Group Ltd.§ | 45,782 | 256,950 | ||||||
Onex Corp. | 10,400 | 254,876 | ||||||
AMP Ltd.§ | 39,149 | 225,199 | ||||||
Aeon Credit Service Company Ltd.§ | 21,600 | 217,504 | ||||||
Banco Santander Chile — SP ADR§ | 3,400 | 195,636 | ||||||
PHH Corp.*§ | 9,800 | 194,432 | ||||||
RSA Insurance Group PLC | 86,906 | 185,964 | ||||||
Seven Bank Ltd.§ | 75 | 185,464 | ||||||
Endurance Specialty Holdings Ltd.§ | 5,000 | 182,350 | ||||||
Zurich Financial Services*§ | 468 | 111,321 | ||||||
Hopson Development Holding Ltd. | 54,000 | 93,924 | ||||||
Amlin PLC§ | 14,989 | 91,910 | ||||||
Brit Insurance Holdings PLC | 27,600 | 89,890 | ||||||
Vastned Retail NV*§ | 1,181 | 76,026 | ||||||
Osaka Securities Exchange Company Ltd.§ | 14 | 63,626 | ||||||
Beazley PLC§ | 32,439 | 61,223 | ||||||
Fuyo General Lease Company Ltd.§ | 2,600 | 58,502 | ||||||
United Bankshares, Inc.§ | 2,900 | 56,811 | ||||||
Altisource Portfolio Solutions SA*§ | 1,633 | 23,580 | ||||||
Total Financials | 2,889,085 | |||||||
INFORMATION TECHNOLOGY 13.7% | ||||||||
Western Digital Corp.*§ | 6,700 | 244,751 | ||||||
Oki Electric Industry Company Ltd.* | 212,000 | 188,917 | ||||||
Perfect World Company Ltd.*§ | 3,700 | 177,970 | ||||||
Seagate Technology§ | 11,500 | 174,915 | ||||||
Mitsumi Electric Company Ltd.§ | 8,000 | 172,698 | ||||||
CommScope, Inc.*§ | 5,700 | 170,601 | ||||||
Fuji Soft, Inc.§ | 9,800 | 165,053 | ||||||
MicroStrategy, Inc. — Class A*§ | 2,300 | 164,542 | ||||||
InterDigital, Inc.*§ | 7,100 | 164,436 | ||||||
ASM Pacific Technology Ltd.§ | 22,000 | 155,986 | ||||||
Accenture PLC — Class A§ | 3,800 | 141,626 | ||||||
Wright Express Corp.*§ | 4,500 | 132,795 | ||||||
Groupe Steria SCA*§ | 3,388 | 120,478 | ||||||
Sybase, Inc.*§ | 2,800 | 108,920 | ||||||
Nihon Unisys Ltd.§ | 10,700 | 96,303 | ||||||
SYNNEX Corp.*§ | 2,900 | 88,392 | ||||||
IT Holdings Corp.§ | 5,500 | 75,906 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 19 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
GLOBAL MARKET NEUTRAL FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Harris Corp.§ | 1,800 | $ | 67,680 | |||||
Tessera Technologies, Inc.*§ | 2,400 | 66,936 | ||||||
Intel Corp.§ | 2,900 | 56,753 | ||||||
Symantec Corp.*§ | 3,200 | 52,704 | ||||||
Total Information Technology | 2,788,362 | |||||||
HEALTH CARE 11.1% | ||||||||
Medipal Holdings Corp.§ | 17,600 | 247,606 | ||||||
Cephalon, Inc.*§ | 3,700 | 215,488 | ||||||
Emergency Medical Services Corp.*§ | 4,300 | 199,950 | ||||||
Healthsouth Corp.*§ | 11,100 | 173,604 | ||||||
Takeda Pharmaceutical Co.§ | 3,400 | 141,643 | ||||||
Stada Arzneimitt AG§ | 5,108 | 139,632 | ||||||
Cubist Pharmaceuticals, Inc.*§ | 5,800 | 117,160 | ||||||
EGIS PLC*§ | 1,074 | 114,373 | ||||||
Martek Biosciences Corp.*§ | 4,900 | 110,691 | ||||||
Bruker Corp.*§ | 9,000 | 96,030 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 56,572 | 92,253 | ||||||
Mochida Pharmaceutical Co.§ | 8,000 | 84,656 | ||||||
AstraZeneca PLC§ | 1,873 | 83,945 | ||||||
PDL BioPharma, Inc.§ | 10,500 | 82,740 | ||||||
Biogen Idec, Inc.*§ | 1,600 | 80,832 | ||||||
TOHO Holdings§ | 5,700 | 78,730 | ||||||
UCB SA*§ | 1,567 | 66,133 | ||||||
Humana, Inc.*§ | 1,600 | 59,680 | ||||||
Community Health Systems, Inc.*§ | 1,700 | 54,281 | ||||||
Biotest AG* | 504 | 30,424 | ||||||
Total Health Care | 2,269,851 | |||||||
CONSUMER DISCRETIONARY 10.4% | ||||||||
Ruby Tuesday, Inc.*§ | 23,200 | 195,344 | ||||||
Toyo Tire & Rubber Company Ltd.*§ | 81,000 | 194,887 | ||||||
Promotora de Informaciones, SA — Prisa* | 32,778 | 187,070 | ||||||
Sumitomo Rubber Industries Ltd.§ | 19,100 | 180,203 | ||||||
American Greetings Corp. — Class A§ | 7,900 | 176,170 | ||||||
Daiichikosho Company Ltd.§ | 10,400 | 133,801 | ||||||
Astra International Tbk PT§ | 33,900 | 117,218 | ||||||
Quebecor, Inc. — Class B | 4,900 | 111,894 | ||||||
T-GAIA Corp.§ | 66 | 105,791 | ||||||
Apollo Group, Inc. — Class A*§ | 1,300 | 95,771 | ||||||
Ford Motor Co.*§ | 12,300 | 88,683 | ||||||
Jarden Corp.§ | 3,000 | 84,210 | ||||||
Tsingtao Brewery Company Ltd. — H | 22,000 | 83,173 | ||||||
Shangri-La Asia Ltd. | 36,000 | 67,819 | ||||||
Bob Evans Farms, Inc.§ | 2,300 | 66,838 | ||||||
Cracker Barrel Old Country Store, Inc.§ | 1,900 | 65,360 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Dillard’s, Inc. — Class A§ | 4,100 | $ | 57,810 | |||||
Rightmove PLC§ | 6,325 | 56,099 | ||||||
Haseko Corp.* | 52,000 | 50,972 | ||||||
Total Consumer Discretionary | 2,119,113 | |||||||
MATERIALS 7.5% | ||||||||
Kazakhmys PLC*§ | 12,447 | 213,633 | ||||||
Kyoei Steel Ltd.§ | 7,000 | 168,031 | ||||||
Xstrata PLC*§ | 10,264 | 151,397 | ||||||
Metalurgica Gerdau SA-Pref | 9,000 | 151,194 | ||||||
Reliance Steel & Aluminum Co.§ | 2,800 | 119,168 | ||||||
AK Steel Holding Corp.§ | 5,800 | 114,434 | ||||||
DIC Corp. | 79,000 | 112,637 | ||||||
Crown Holdings, Inc.*§ | 3,700 | 100,640 | ||||||
Taiheiyo Cement Corp.* | 71,000 | 94,904 | ||||||
Huhtamaki Oyj*§ | 5,086 | 64,752 | ||||||
Sumitomo Osaka Cement Company Ltd. | 34,000 | 64,383 | ||||||
Osaka Steel Company Ltd.§ | 3,600 | 63,118 | ||||||
Israel Corporation Ltd.*§ | 101 | 60,879 | ||||||
Ferrexpo PLC | 21,569 | 50,669 | ||||||
Total Materials | 1,529,839 | |||||||
CONSUMER STAPLES 3.7% | ||||||||
Dean Foods Co.*§ | 10,200 | 181,458 | ||||||
Megmilk Snow Brand Company Ltd.* | 8,000 | 149,262 | ||||||
Metro, Inc. — Class A | 4,300 | 140,522 | ||||||
Universal Corp.§ | 2,200 | 92,004 | ||||||
Viterra, Inc.* | 7,900 | 78,801 | ||||||
SABMiller PLC§ | 2,527 | 60,979 | ||||||
American Italian Pasta Co.*§ | 2,200 | 59,796 | ||||||
Total Consumer Staples | 762,822 | |||||||
UTILITIES 2.5% | ||||||||
Endesa SA*§ | 7,469 | 246,799 | ||||||
Enersis SA — SP ADR§ | 8,000 | 147,600 | ||||||
Gas Natural SDG*§ | 5,320 | 117,556 | ||||||
Total Utilities | 511,955 | |||||||
TELECOMMUNICATION SERVICES 1.1% | ||||||||
NTT DoCoMo, Inc.§ | 83 | 132,578 | ||||||
Nippon Telegraph & Telephone Corp.§ | 1,800 | 83,409 | ||||||
Total Telecommunication Services | 215,987 | |||||||
Total Common Stocks | ||||||||
(Cost $17,714,944) | 20,058,932 | |||||||
20 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
GLOBAL MARKET NEUTRAL FUND
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS 8.6%† | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 714,913 | $ | 714,913 | ||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 432,523 | 432,523 | ||||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 375,330 | 375,330 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 178,728 | 178,728 | ||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | 58,745 | 58,745 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,760,239) | 1,760,239 | |||||||
Total Long Securities 106.9% (a) | ||||||||
(Cost $19,475,183) | 21,819,171 | |||||||
SHARES | ||||||||
COMMON STOCKS SOLD SHORT (93.2)% | ||||||||
CONSUMER STAPLES (1.2)% | ||||||||
Tootsie Roll Industries, Inc. | 4,400 | (104,632 | ) | |||||
Yakult Honsha Company Ltd. | 5,100 | (136,057 | ) | |||||
Total Consumer Staples | (240,689 | ) | ||||||
UTILITIES (3.8)% | ||||||||
EPCOR Power LP | 4,700 | (66,986 | ) | |||||
EDP Renovaeis SA* | 9,990 | (109,863 | ) | |||||
Iberdrola Renovables SA* | 25,706 | (126,395 | ) | |||||
Ormat Technologies, Inc. | 4,800 | (195,936 | ) | |||||
EQT Corp. | 6,600 | (281,160 | ) | |||||
Total Utilities | (780,340 | ) | ||||||
ENERGY (9.2)% | ||||||||
Petroplus Holdings AG* | 2,281 | (57,537 | ) | |||||
Whitehaven Coal Ltd. | 19,693 | (64,633 | ) | |||||
BPZ Resources, Inc.* | 9,000 | (67,680 | ) | |||||
Arena Resources, Inc.* | 2,300 | (81,650 | ) | |||||
Soco International PLC* | 4,398 | (99,381 | ) | |||||
CNX Gas Corp.* | 3,600 | (110,520 | ) | |||||
Aquila Resources Ltd.* | 18,835 | (118,482 | ) | |||||
Goodrich Petroleum Corp.* | 4,700 | (121,307 | ) | |||||
Comstock Resources, Inc.* | 3,300 | (132,264 | ) | |||||
Heritage Oil Ltd.* | 18,008 | (141,474 | ) | |||||
Range Resources Corp. | 3,100 | (153,016 | ) | |||||
AOC Holdings, Inc. | 33,300 | (211,428 | ) | |||||
Niko Resources Ltd. | 2,900 | (226,838 | ) | |||||
Arrow Energy Ltd.* | 75,193 | (283,935 | ) | |||||
Total Energy | (1,870,145 | ) | ||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
FINANCIALS (9.2)% | ||||||||
Macerich Co. | 45 | $ | (1,365 | ) | ||||
Promise Company Ltd.* | 7,750 | (42,300 | ) | |||||
Climate Exchange PLC* | 3,642 | (48,221 | ) | |||||
Acom Company Ltd. | 3,400 | (52,340 | ) | |||||
Skandinaviska Enskilda Banken AB* | 10,594 | (71,425 | ) | |||||
KeyCorp | 12,100 | (78,650 | ) | |||||
Resona Holdings, Inc. | 6,700 | (86,199 | ) | |||||
Mitsubishi Estate Company Ltd. | 6,000 | (94,369 | ) | |||||
Comerica, Inc. | 3,200 | (94,944 | ) | |||||
Savills PLC | 18,400 | (97,741 | ) | |||||
The Hiroshima Bank Ltd. | 26,000 | (107,446 | ) | |||||
Aozora Bank Ltd.* | 104,000 | (150,599 | ) | |||||
Ping An Insurance Group Company of China Ltd. | 19,000 | (150,773 | ) | |||||
Mizuho Trust & Banking Company Ltd.* | 152,000 | (160,847 | ) | |||||
Signature Bank* | 7,100 | (205,900 | ) | |||||
The St. Joe Co.* | 7,400 | (215,488 | ) | |||||
UBS AG* | 12,455 | (227,995 | ) | |||||
Total Financials | (1,886,602 | ) | ||||||
MATERIALS (9.3)% | ||||||||
Vulcan Materials Co. | 1,000 | (54,070 | ) | |||||
Agnico-Eagle Mines Ltd.* | 900 | (60,866 | ) | |||||
Kinross Gold Corp.* | 2,900 | (63,189 | ) | |||||
Weyerhaeuser Co. | 1,900 | (69,635 | ) | |||||
K+S AG* | 1,330 | (72,577 | ) | |||||
NovaGold Resources, Inc.* | 16,400 | (84,244 | ) | |||||
Iluka Resources Ltd.* | 24,004 | (84,288 | ) | |||||
Osaka Titanium Technologies Co. | 3,100 | (88,744 | ) | |||||
Harmony Gold Mining Company Ltd. | 8,344 | (88,860 | ) | |||||
Nippon Yakin Kogyo Company Ltd. | 18,000 | (89,825 | ) | |||||
Royal Gold, Inc. | 2,000 | (91,200 | ) | |||||
Silver Standard Resources, Inc.* | 4,500 | (97,002 | ) | |||||
Nisshin Steel Company Ltd. | 55,000 | (98,023 | ) | |||||
Anglogold Ashanti Ltd. | 2,525 | (101,343 | ) | |||||
African Minerals Ltd.* | 17,442 | (107,105 | ) | |||||
Ivanhoe Mines Ltd.* | 8,900 | (114,377 | ) | |||||
Randgold Resources Ltd. | 1,999 | (139,794 | ) | |||||
Intrepid Potash, Inc.* | 8,000 | (188,720 | ) | |||||
Talvivaara Mining Company PLC* | 33,872 | (205,533 | ) | |||||
Total Materials | (1,899,395 | ) | ||||||
CONSUMER DISCRETIONARY (14.0)% | ||||||||
CKX, Inc.* | 9,800 | (65,758 | ) | |||||
Urban Outfitters, Inc.* | 2,200 | (66,374 | ) | |||||
Lululemon Athletica, Inc.* | 3,000 | (68,366 | ) | |||||
Nikon Corporation | 4,000 | (73,161 | ) | |||||
Consolidated Media Holdings Ltd. | 31,739 | (83,166 | ) |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 21 |
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
GLOBAL MARKET NEUTRAL FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Sanrio Company Ltd. | 9,900 | $ | (83,589 | ) | ||||
Abc-Mart, Inc. | 2,700 | (84,060 | ) | |||||
Gildan Activewear, Inc.* | 5,000 | (98,814 | ) | |||||
Las Vegas Sands Corp.* | 6,300 | (106,092 | ) | |||||
Toho Company Ltd. | 7,300 | (123,679 | ) | |||||
Liberty Media Corp. — Capital* | 6,100 | (127,612 | ) | |||||
ITV PLC | 210,529 | (148,775 | ) | |||||
Goldcrest Company Ltd. | 5,360 | (162,099 | ) | |||||
Harman International Industries, Inc. | 4,800 | (162,624 | ) | |||||
Nokian Renkaat OYJ* | 7,277 | (169,639 | ) | |||||
Wynn Resorts Ltd.* | 2,400 | (170,136 | ) | |||||
Hermes International* | 1,562 | (230,523 | ) | |||||
Rieter Holding AG* | 1,070 | (242,332 | ) | |||||
Tokyo Brodcasting System Holdings, Inc. | 17,100 | (290,857 | ) | |||||
Central European Media Enterprises Ltd. — Class A* | 8,500 | (291,125 | ) | |||||
Total Consumer Discretionary | (2,848,781 | ) | ||||||
INFORMATION TECHNOLOGY (14.6)% | ||||||||
Playtech Ltd. | 8,236 | (50,805 | ) | |||||
Riverbed Technology, Inc.* | 2,400 | (52,704 | ) | |||||
Access Company Ltd.* | 20 | (56,519 | ) | |||||
Keyence Corp. | 300 | (64,094 | ) | |||||
Rofin-Sinar Technologies, Inc.* | 3,100 | (71,176 | ) | |||||
Infinera Corp.* | 9,500 | (75,525 | ) | |||||
Baidu, Inc. — SP ADR* | 200 | (78,210 | ) | |||||
VMware, Inc.* | 2,000 | (80,340 | ) | |||||
Logitech International Sa* | 4,600 | (84,548 | ) | |||||
Ciena Corp.* | 5,500 | (89,540 | ) | |||||
Formfactor, Inc.* | 3,800 | (90,896 | ) | |||||
Rambus, Inc.* | 6,100 | (106,140 | ) | |||||
Kakaku.com, Inc. | 31 | (113,951 | ) | |||||
NetSuite, Inc.* | 7,500 | (114,750 | ) | |||||
Electronic Arts, Inc.* | 6,300 | (120,015 | ) | |||||
Sina Corp.* | 3,200 | (121,472 | ) | |||||
Infosys Technologies Ltd. | 2,600 | (126,074 | ) | |||||
TiVo, Inc.* | 12,600 | (130,536 | ) | |||||
Constant Contact, Inc.* | 7,600 | (146,300 | ) | |||||
Itron, Inc.* | 2,500 | (160,350 | ) | |||||
Intermec, Inc.* | 12,000 | (169,200 | ) | |||||
Cavium Networks, Inc.* | 9,000 | (193,230 | ) | |||||
Gree, Inc. | 3,800 | (206,984 | ) | |||||
Salesforce.com, Inc.* | 3,700 | (210,641 | ) | |||||
National Instruments Corp. | 9,500 | (262,485 | ) | |||||
Total Information Technology | (2,976,485 | ) | ||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
HEALTH CARE (14.7)% | ||||||||
Volcano Corp.* | 4,000 | $ | (67,280 | ) | ||||
Allos Therapeutics, Inc.* | 9,500 | (68,875 | ) | |||||
Theravance, Inc.* | 5,800 | (84,912 | ) | |||||
NuVasive, Inc.* | 2,200 | (91,872 | ) | |||||
Conceptus, Inc.* | 6,200 | (114,948 | ) | |||||
HLTH Corp.* | 9,000 | (131,490 | ) | |||||
MannKind Corp.* | 13,700 | (134,945 | ) | |||||
Auxilium Pharmaceuticals, Inc.* | 4,100 | (140,261 | ) | |||||
Straumann Holding AG* | 547 | (141,593 | ) | |||||
Quality Systems, Inc. | 2,300 | (141,611 | ) | |||||
Savient Pharmaceuticals, Inc.* | 10,000 | (152,000 | ) | |||||
Eurofins Scientific* | 3,750 | (175,880 | ) | |||||
Basilea Pharmaceutica AG* | 1,822 | (183,378 | ) | |||||
Salix Pharmaceuticals Ltd.* | 8,800 | (187,088 | ) | |||||
AMAG Pharmaceuticals, Inc.* | 4,400 | (192,192 | ) | |||||
Zeltia SA* | 29,700 | (209,923 | ) | |||||
Genmab A/S* | 8,621 | (222,426 | ) | |||||
Dendreon Corp.* | 8,100 | (226,719 | ) | |||||
Grupo Ferrovial SA* | 6,729 | (321,901 | ) | |||||
Total Health Care | (2,989,294 | ) | ||||||
INDUSTRIALS (17.2)% | ||||||||
Michael Page International PLC | 9,750 | (52,166 | ) | |||||
Solarworld AG* | 2,206 | (53,588 | ) | |||||
Mitsui O.S.K. Lines Ltd. | 11,000 | (65,185 | ) | |||||
Japan Steel Works Ltd. | 6,000 | (68,973 | ) | |||||
Volvo AB — B Shares* | 7,926 | (73,334 | ) | |||||
First Solar, Inc.* | 500 | (76,430 | ) | |||||
Daiseki Company Ltd. | 3,900 | (76,892 | ) | |||||
AMR Corp.* | 9,700 | (77,115 | ) | |||||
Nordex AG* | 4,439 | (77,432 | ) | |||||
Continental Airlines, Inc.* | 4,900 | (80,556 | ) | |||||
SunPower Corp.* | 3,100 | (92,659 | ) | |||||
Covanta Holding Corp.* | 6,900 | (117,300 | ) | |||||
Vestas Wind Systems A/S* | 1,718 | (124,195 | ) | |||||
Resources Connection, Inc.* | 8,800 | (150,128 | ) | |||||
Kawasaki Kisen Kaisha Ltd.* | 42,000 | (155,790 | ) | |||||
SMC Corp. | 1,300 | (159,866 | ) | |||||
NGK Insulators Ltd. | 7,000 | (162,183 | ) | |||||
Fanuc Ltd. | 1,900 | (170,370 | ) | |||||
TUI AG* | 17,261 | (178,079 | ) | |||||
Toyo Tanso Company Ltd. | 3,500 | (181,287 | ) | |||||
UAL Corp.* | 19,700 | (181,634 | ) | |||||
Scania AB* | 14,797 | (183,604 | ) | |||||
Sandvik AB* | 18,336 | (202,529 | ) | |||||
American Superconductor Corp.* | 6,800 | (228,072 | ) |
22 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
GLOBAL MARKET NEUTRAL FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Renewable Energy Corp. AS* | 29,000 | $ | (254,536 | ) | ||||
Fastenal Co. | 7,100 | (274,770 | ) | |||||
Total Industrials | (3,518,673 | ) | ||||||
Total Common Stocks Sold Short(a) | ||||||||
(Proceeds $15,805,235) | (19,010,404 | ) | ||||||
Liabilities in Excess of Other Assets – (6.9)% | $ | (1,414,022 | ) | |||||
Net Assets – 100.0% | $ | 20,403,528 |
![]() The pie chart above reflects percentages of the market value of Long Stocks. | ![]() The pie chart above reflects percentages of the market value of Short Stocks. |
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
§ | All or a portion of this security is pledged as short security collateral at September 30, 2009. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
ADR—American Depository Receipt. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 23 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS 45.6% | ||||||||
INFORMATION TECHNOLOGY 9.1% | ||||||||
Metavante Technologies, Inc.*§ | 52,661 | $ | 1,815,751 | |||||
Sun Microsystems, Inc.*§ | 178,380 | 1,621,474 | ||||||
Affiliated Computer Services, Inc. — Class A*§ | 17,540 | 950,142 | ||||||
Altera Corp.§ | 26,520 | 543,925 | ||||||
Computer Sciences Corp.*§ | 9,420 | 496,528 | ||||||
EMC Corp.*§ | 25,660 | 437,246 | ||||||
Sohu.com, Inc.*§ | 5,110 | 351,466 | ||||||
Hewlett-Packard Co.§ | 6,880 | 324,805 | ||||||
Apple Computer, Inc.*§ | 1,740 | 322,544 | ||||||
Tech Data Corp.*§ | 7,530 | 313,323 | ||||||
Jabil Circuit, Inc.§ | 21,471 | 287,926 | ||||||
Diebold, Inc.§ | 8,500 | 279,905 | ||||||
SPSS, Inc.* | 5,580 | 278,721 | ||||||
BMC Software, Inc.*§ | 7,140 | 267,964 | ||||||
CA, Inc.§ | 10,950 | 240,791 | ||||||
Compuware Corp.*§ | 29,810 | 218,507 | ||||||
Brocade Communications Systems, Inc.*§ | 27,710 | 217,801 | ||||||
F5 Networks, Inc.*§ | 5,121 | 202,945 | ||||||
Broadridge Financial Solutions, Inc.§ | 10,040 | 201,804 | ||||||
Micron Technology, Inc.*§ | 24,300 | 199,260 | ||||||
Dolby Laboratories, Inc. — Class A*§ | 5,110 | 195,151 | ||||||
Xilinx, Inc.§ | 8,320 | 194,854 | ||||||
QLogic Corp.*§ | 10,610 | 182,492 | ||||||
Corning, Inc.§ | 11,820 | 180,964 | ||||||
Western Digital Corp.*§ | 4,760 | 173,883 | ||||||
Akamai Technologies, Inc.* | 8,710 | 171,413 | ||||||
Global Payments, Inc.§ | 3,531 | 164,898 | ||||||
eBay, Inc.* | 5,450 | 128,675 | ||||||
ANSYS, Inc.*§ | 3,161 | 118,443 | ||||||
Ingram Micro, Inc. — Class A*§ | 6,990 | 117,782 | ||||||
Cypress Semiconductor Corp.*§ | 11,180 | 115,489 | ||||||
Red Hat, Inc.*§ | 4,060 | 112,218 | ||||||
Fiserv, Inc.*§ | 2,120 | 102,184 | ||||||
Broadcom Corp. — Class A*§ | 3,290 | 100,970 | ||||||
Ciena Corp.* | 6,170 | 100,448 | ||||||
VMware, Inc.*§ | 2,190 | 87,972 | ||||||
Flir Systems, Inc.*§ | 2,940 | 82,232 | ||||||
Genpact Ltd.*§ | 5,540 | 68,142 | ||||||
Cree, Inc.* | 1,580 | 58,065 | ||||||
Marvell Technology Group Ltd.*§ | 2,280 | 36,913 | ||||||
Teradata Corp.*§ | 1,200 | 33,024 | ||||||
NeuStar, Inc.*§ | 990 | 22,374 | ||||||
Cognizant Technology Solutions Corp. — Class A*§ | 500 | 19,330 | ||||||
Google, Inc. — Class A*§ | 30 | 14,876 | ||||||
Silicon Laboratories, Inc.* | 320 | 14,835 | ||||||
Ariba, Inc.*§ | 1,240 | 14,384 | ||||||
Amphenol Corp.§ | 200 | 7,536 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Avnet, Inc.*§ | 230 | $ | 5,973 | |||||
Oracle Corp.§ | 4 | 83 | ||||||
Qualcomm, Inc.§ | 1 | 45 | ||||||
WebMD Health Corp.*§ | 1 | 33 | ||||||
Seagate Technology§ | 2 | 31 | ||||||
Total Information Technology | 12,198,540 | |||||||
HEALTH CARE 8.0% | ||||||||
Schering-Plough Corp.§ | 80,140 | 2,263,955 | ||||||
Wyeth§ | 46,460 | 2,257,027 | ||||||
Varian, Inc.*§ | 17,020 | 869,041 | ||||||
Sepracor, Inc.* | 24,310 | 556,699 | ||||||
Baxter International, Inc.§ | 7,101 | 404,828 | ||||||
Watson Pharmaceuticals, Inc.*§ | 9,370 | 343,317 | ||||||
Biogen Idec, Inc.*§ | 6,640 | 335,453 | ||||||
ResMed, Inc.*§ | 5,720 | 258,544 | ||||||
Gilead Sciences, Inc.*§ | 5,350 | 249,203 | ||||||
Express Scripts, Inc.*§ | 2,870 | 222,655 | ||||||
Community Health Systems, Inc.*§ | 6,210 | 198,285 | ||||||
Mylan Laboratories, Inc.*§ | 12,190 | 195,162 | ||||||
Universal Health Services, Inc. — Class B§ | 2,700 | 167,211 | ||||||
Millipore Corp.*§ | 2,280 | 160,352 | ||||||
Medco Health Solutions, Inc.*§ | 2,890 | 159,846 | ||||||
Perrigo Co.§ | 4,702 | 159,821 | ||||||
Abbott Laboratories§ | 3,100 | 153,357 | ||||||
LifePoint Hospitals, Inc.*§ | 5,590 | 151,265 | ||||||
Endo Pharmaceuticals Holdings, Inc.* | 6,130 | 138,722 | ||||||
Amgen, Inc.*§ | 2,230 | 134,313 | ||||||
Health Management Associates, Inc. — Class A*§ | 15,610 | 116,919 | ||||||
Omnicare, Inc.§ | 5,140 | 115,753 | ||||||
Lincare Holdings, Inc.*§ | 3,470 | 108,437 | ||||||
Allscripts Healthcare Solutions, Inc.§ | 5,190 | 105,201 | ||||||
Edwards Lifesciences Corp.*§ | 1,340 | 93,679 | ||||||
Thermo Fisher Scientific, Inc.*§ | 2,100 | 91,707 | ||||||
athenahealth, Inc.*§ | 1,750 | 67,148 | ||||||
Eclipsys Corp.*§ | 3,150 | 60,795 | ||||||
Myriad Pharmaceuticals, Inc.*§ | 10,370 | 60,768 | ||||||
Cerner Corp.*§ | 810 | 60,588 | ||||||
Intuitive Surgical, Inc.*§ | 180 | 47,205 | ||||||
Cardinal Health, Inc.§ | 1,560 | 41,808 | ||||||
McKesson Corp. | 680 | 40,494 | ||||||
Myriad Genetics, Inc.* | 1,420 | 38,908 | ||||||
Johnson & Johnson§ | 580 | 35,316 | ||||||
Boston Scientific Corp.* | 3,290 | 34,841 | ||||||
Phase Forward, Inc.*§ | 2,440 | 34,258 | ||||||
Onyx Pharmaceuticals, Inc.*§ | 1,120 | 33,566 | ||||||
Computer Programs & Systems, Inc.§ | 760 | 31,472 | ||||||
Sanofi-Aventis — SP ADR§ | 760 | 28,082 | ||||||
Omnicell, Inc.*§ | 2,500 | 27,850 | ||||||
OSI Pharmaceuticals, Inc.*§ | 560 | 19,768 | ||||||
MedAssets, Inc.*§ | 801 | 18,079 | ||||||
Bristol-Myers Squibb Co.§ | 800 | 18,016 |
24 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Hospira, Inc.* | 130 | $ | 5,798 | |||||
Teva Pharmaceutical Industries Ltd. | ||||||||
— SP ADR§ | 40 | 2,022 | ||||||
Becton, Dickinson & Co.§ | 20 | 1,395 | ||||||
Techne Corp.§ | 1 | 63 | ||||||
Abraxis BioScience, Inc.*§ | 1 | 36 | ||||||
Total Health Care | 10,719,028 | |||||||
ENERGY 5.9% | ||||||||
Atlas Energy, Inc. | 80,780 | 2,186,717 | ||||||
BJ Services Co. | 64,240 | 1,248,183 | ||||||
NATCO Group, Inc.* | 18,201 | 805,940 | ||||||
TEPPCO Partners LP§ | 11,680 | 405,530 | ||||||
Range Resources Corp. | 6,130 | 302,577 | ||||||
Murphy Oil Corp. | 3,760 | 216,463 | ||||||
Encore Acquisition Co.* | 5,620 | 210,188 | ||||||
Hess Corp. | 3,700 | 197,802 | ||||||
Anadarko Petroleum Corp. | 2,660 | 166,862 | ||||||
Southwestern Energy Co.* | 3,830 | 163,464 | ||||||
Overseas Shipholding Group, Inc. | 4,130 | 154,338 | ||||||
Occidental Petroleum Corp. | 1,620 | 127,008 | ||||||
Noble Energy, Inc. | 1,800 | 118,728 | ||||||
Whiting Petroleum Corp.* | 1,950 | 112,281 | ||||||
Helmerich & Payne, Inc. | 2,820 | 111,475 | ||||||
Concho Resources, Inc.* | 2,930 | 106,418 | ||||||
Dresser-Rand Group, Inc.* | 3,260 | 101,288 | ||||||
CNX Gas Corp.* | 3,210 | 98,547 | ||||||
Pride International, Inc.* | 3,190 | 97,104 | ||||||
EOG Resources, Inc. | 1,100 | 91,861 | ||||||
National-Oilwell Varco, Inc.* | 1,800 | 77,634 | ||||||
Oceaneering International, Inc.* | 1,200 | 68,100 | ||||||
Rowan Companies, Inc. | 2,750 | 63,442 | ||||||
Peabody Energy Corp. | 1,500 | 55,830 | ||||||
Chevron Corp. | 750 | 52,822 | ||||||
Atwood Oceanics, Inc.* | 1,470 | 51,847 | ||||||
Diamond Offshore Drilling, Inc. | 510 | 48,715 | ||||||
Schlumberger Ltd. | 770 | 45,892 | ||||||
Tesoro Corp. | 2,810 | 42,094 | ||||||
Williams Companies, Inc. | 2,030 | 36,276 | ||||||
Arch Coal, Inc. | 1,580 | 34,965 | ||||||
Tidewater, Inc. | 680 | 32,021 | ||||||
XTO Energy, Inc. | 690 | 28,511 | ||||||
Halliburton Co. | 1,050 | 28,476 | ||||||
Continental Resources, Inc.* | 680 | 26,636 | ||||||
Frontline Ltd. | 1,080 | 25,261 | ||||||
ENSCO International, Inc. | 590 | 25,099 | ||||||
Cabot Oil & Gas Corp. | 630 | 22,522 | ||||||
Marathon Oil Corp. | 530 | 16,907 | ||||||
FMC Technologies, Inc.* | 300 | 15,672 | ||||||
SEACOR Holdings, Inc.* | 90 | 7,347 | ||||||
Consol Energy, Inc. | 140 | 6,315 | ||||||
Nabors Industries Ltd.* | 160 | 3,344 | ||||||
Hercules Offshore, Inc.* | 4 | 20 | ||||||
Total Energy | 7,838,522 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
CONSUMER DISCRETIONARY 5.7% | ||||||||
Marvel Entertainment, Inc.* | 19,440 | $ | 964,613 | |||||
DeVry, Inc.§ | 7,280 | 402,730 | ||||||
Hasbro, Inc.§ | 12,250 | 339,937 | ||||||
DreamWorks Animation SKG, Inc. — Class A*§ | 8,640 | 307,325 | ||||||
Burger King Holdings, Inc.§ | 17,250 | 303,427 | ||||||
DIRECTV Group, Inc.*§ | 10,940 | 301,725 | ||||||
Priceline.com, Inc.*§ | 1,610 | 266,970 | ||||||
AutoZone, Inc.*§ | 1,580 | 231,028 | ||||||
Apollo Group, Inc. — Class A*§ | 2,930 | 215,853 | ||||||
Amazon.com, Inc.*§ | 2,240 | 209,126 | ||||||
Clear Channel Outdoor Holdings, Inc. — Class A*§ | 29,580 | 207,060 | ||||||
TJX Companies, Inc.§ | 4,910 | 182,406 | ||||||
Ross Stores, Inc.§ | 3,740 | 178,660 | ||||||
Panera Bread Co.*§ | 3,060 | 168,300 | ||||||
D.R. Horton, Inc.§ | 13,450 | 153,464 | ||||||
ITT Educational Services, Inc.*§ | 1,350 | 149,053 | ||||||
Interpublic Group of Companies, Inc.*§ | 19,320 | 145,286 | ||||||
Darden Restaurants, Inc.§ | 4,250 | 145,052 | ||||||
Comcast Corp. — Class A§ | 8,430 | 142,383 | ||||||
The Gap, Inc.§ | 6,290 | 134,606 | ||||||
Lennar Corp. — Class A§ | 8,560 | 121,980 | ||||||
Garmin Ltd. | 2,990 | 112,843 | ||||||
John Wiley & Sons, Inc. — Class A§ | 2,990 | 103,992 | ||||||
Exide Technologies* | 12,700 | 101,219 | ||||||
AutoNation, Inc.*§ | 5,590 | 101,067 | ||||||
Time Warner Cable, Inc.§ | 2,220 | 95,660 | ||||||
LKQ Corp.*§ | 4,880 | 90,475 | ||||||
Liberty Global, Inc. — Class A*§ | 3,980 | 89,829 | ||||||
Big Lots, Inc.*§ | 3,041 | 76,086 | ||||||
Petsmart, Inc.§ | 3,400 | 73,950 | ||||||
Guess?, Inc.§ | 1,920 | 71,117 | ||||||
H&R Block, Inc.§ | 3,810 | 70,028 | ||||||
Virgin Media, Inc.§ | 4,400 | 61,248 | ||||||
McDonald’s Corp.§ | 1,050 | 59,923 | ||||||
Liberty Media Corp. - Entertainment*§ | 1,650 | 51,331 | ||||||
Brinker International, Inc.§ | 3,230 | 50,808 | ||||||
Lowe’s Companies, Inc.§ | 2,420 | 50,675 | ||||||
Chipotle Mexican Grill, Inc. — Class A*§ | 480 | 46,584 | ||||||
Best Buy Company, Inc.§ | 1,200 | 45,024 | ||||||
Weight Watchers International, Inc.§ | 1,630 | 44,727 | ||||||
CBS Corp. | 3,670 | 44,223 | ||||||
VF Corp.§ | 590 | 42,734 | ||||||
Coach, Inc.§ | 1,250 | 41,150 | ||||||
Netflix, Inc.*§ | 860 | 39,706 | ||||||
GameStop Corp.*§ | 1,490 | 39,440 | ||||||
Staples, Inc.§ | 1,660 | 38,545 | ||||||
Brink’s Home Security Holdings, Inc.*§ | 1,130 | 34,793 | ||||||
WMS Industries, Inc.*§ | 770 | 34,311 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 25 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Family Dollar Stores, Inc.§ | 1,230 | $ | 32,472 | |||||
Blue Nile, Inc.*§ | 520 | 32,302 | ||||||
Bed Bath & Beyond, Inc.*§ | 840 | 31,534 | ||||||
American Public Education, Inc.*§ | 860 | 29,876 | ||||||
International Speedway Corp. — Class A§ | 1,040 | 28,673 | ||||||
Royal Caribbean Cruises Ltd.*§ | 1,170 | 28,174 | ||||||
CTC Media, Inc.* | 1,790 | 28,139 | ||||||
Matthews International Corp. — Class A§ | 770 | 27,243 | ||||||
O’Reilly Automotive, Inc.*§ | 750 | 27,105 | ||||||
Limited Brands, Inc.§ | 1,570 | 26,674 | ||||||
Advance Auto Parts, Inc.§ | 620 | 24,354 | ||||||
Sherwin-Williams Co.§ | 400 | 24,064 | ||||||
Service Corporation International | 3,270 | 22,923 | ||||||
Autoliv, Inc.§ | 680 | 22,848 | ||||||
Foot Locker, Inc.§ | 1,843 | 22,024 | ||||||
Warner Music Group Corp.* | 3,890 | 21,512 | ||||||
Federal Mogul Corp. — Class A* | 1,750 | 21,122 | ||||||
K12, Inc.*§ | 1,280 | 21,094 | ||||||
Lamar Advertising Co.* | 760 | 20,854 | ||||||
Shutterfly, Inc.*§ | 1,160 | 19,291 | ||||||
PetMed Express, Inc.§ | 860 | 16,211 | ||||||
Overstock.com, Inc.*§ | 1,070 | 15,697 | ||||||
Sotheby’s§ | 900 | 15,507 | ||||||
NutriSystem, Inc.§ | 1,010 | 15,413 | ||||||
Viacom, Inc. — Class B* | 540 | 15,142 | ||||||
Dollar Tree, Inc.*§ | 300 | 14,604 | ||||||
Superior Industries International, Inc.§ | 1,000 | 14,200 | ||||||
Corinthian Colleges, Inc.*§ | 760 | 14,106 | ||||||
Capella Education Co.*§ | 200 | 13,468 | ||||||
Johnson Controls, Inc.§ | 500 | 12,780 | ||||||
HSN, Inc.* | 620 | 10,094 | ||||||
Stamps.com, Inc.*§ | 950 | 8,788 | ||||||
Raser Technologies, Inc.*§ | 3,130 | 4,789 | ||||||
TRW Automotive Holdings Corp.* | 280 | 4,690 | ||||||
Cooper Tire & Rubber Co. | 70 | 1,231 | ||||||
Meredith Corp.§ | 1 | 30 | ||||||
EW Scripps Co. — Class A*§ | 2 | 15 | ||||||
News Corp.§ | 1 | 12 | ||||||
Total Consumer Discretionary | 7,671,527 | |||||||
FINANCIALS 4.6% | ||||||||
Genworth Financial, Inc. — Class A | 37,002 | 442,174 | ||||||
Allied World Assurance Company | ||||||||
Holdings Ltd. | 8,740 | 418,908 | ||||||
Annaly Capital Management, Inc. | 20,760 | 376,586 | ||||||
First Horizon National Corp.* | 24,551 | 324,807 | ||||||
People’s United Financial, Inc. | 18,900 | 294,084 | ||||||
American International Group, Inc.* | 5,860 | 258,485 | ||||||
Digital Realty Trust, Inc. | 5,590 | 255,519 | ||||||
Hanover Insurance Group, Inc. | 6,161 | 254,634 | ||||||
Discover Financial Services | 15,550 | 252,376 | ||||||
IntercontinentalExchange, Inc.* | 2,380 | 231,312 |
MARKET | ||||||||
SHARES | VALUE | |||||||
Brown & Brown, Inc. | 11,390 | $ | 218,232 | |||||
Federated Investors, Inc. — Class B | 7,910 | 208,587 | ||||||
Blackrock, Inc. | 930 | 201,643 | ||||||
BB&T Corp. | 7,191 | 195,883 | ||||||
Hudson City Bancorp, Inc. | 13,812 | 181,628 | ||||||
Unum Group | 7,350 | 157,584 | ||||||
M&T Bank Corp. | 2,390 | 148,945 | ||||||
MetLife, Inc. | 3,730 | 142,001 | ||||||
American Financial Group, Inc. | 4,550 | 116,025 | ||||||
CME Group, Inc. | 370 | 114,030 | ||||||
Public Storage, Inc. | 1,190 | 89,536 | ||||||
HCP, Inc. | 3,060 | 87,944 | ||||||
Wesco Financial Corp. | 270 | 87,885 | ||||||
Ameriprise Financial, Inc. | 2,230 | 81,016 | ||||||
Health Care REIT, Inc. | 1,820 | 75,748 | ||||||
HCC Insurance Holdings, Inc. | 2,340 | 63,999 | ||||||
MSCI, Inc. — Class A* | 2,100 | 62,202 | ||||||
Douglas Emmett, Inc. | 4,250 | 52,190 | ||||||
Forest City Enterprises, Inc. — Class A | 3,580 | 47,865 | ||||||
Janus Capital Group, Inc. | 3,320 | 47,078 | ||||||
Alexandria Real Estate Equities, Inc. | 840 | 45,654 | ||||||
AmeriCredit Corp.* | 2,890 | 45,633 | ||||||
NASDAQ OMX Group, Inc.* | 2,040 | 42,942 | ||||||
Associated Banc-Corp. | 3,490 | 39,856 | ||||||
Investment Technology Group, Inc.* | 1,260 | 35,179 | ||||||
TD Ameritrade Holding Corp.* | 1,690 | 33,158 | ||||||
W.R. Berkley Corp. | 1,260 | 31,853 | ||||||
First Citizens BancShares, Inc. — Class A | 200 | 31,820 | ||||||
Transatlantic Holdings, Inc. | 630 | 31,607 | ||||||
HRPT Properties Trust | 4,150 | 31,208 | ||||||
Stancorp Financial Group, Inc. | 660 | 26,644 | ||||||
Popular, Inc. | 8,150 | 23,064 | ||||||
Cullen/Frost Bankers, Inc. | 410 | 21,172 | ||||||
Hospitality Properties Trust | 1,010 | 20,574 | ||||||
SunTrust Banks, Inc. | 860 | 19,393 | ||||||
U.S. Bancorp | 780 | 17,051 | ||||||
Invesco Ltd. | 740 | 16,842 | ||||||
Northern Trust Corp. | 270 | 15,703 | ||||||
T. Rowe Price Group, Inc. | 340 | 15,538 | ||||||
Prudential Financial, Inc. | 290 | 14,474 | ||||||
Franklin Resources, Inc. | 140 | 14,084 | ||||||
Lazard Ltd. — Class A | 270 | 11,154 | ||||||
Eaton Vance Corp. | 220 | 6,158 | ||||||
BancorpSouth, Inc. | 210 | 5,126 | ||||||
Interactive Brokers Group, Inc. — Class A* | 210 | 4,173 | ||||||
PHH Corp.* | 210 | 4,166 | ||||||
Morgan Stanley | 120 | 3,706 | ||||||
Portfolio Recovery Associates, Inc.* | 80 | 3,626 | ||||||
First Niagara Financial Group, Inc. | 270 | 3,329 | ||||||
Financial Federal Corp. | 120 | 2,962 | ||||||
Liberty Property Trust | 30 | 976 | ||||||
Aon Corp. | 1 | 41 |
26 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Simon Property Group, Inc. | 1 | $ | 37 | |||||
Conseco, Inc.* | 6 | 32 | ||||||
iStar Financial, Inc.* | 10 | 30 | ||||||
Developers Diversified Realty Corp. | 3 | 28 | ||||||
American Capital Ltd.* | 8 | 26 | ||||||
MGIC Investment Corp.* | 3 | 22 | ||||||
Allied Capital Corp. | 6 | 18 | ||||||
UBS AG — SP ADR*§ | 1 | 18 | ||||||
TCF Financial Corp. | 1 | 13 | ||||||
Valley National Bancorp | 1 | 12 | ||||||
Total Financials | 6,108,008 | |||||||
CONSUMER STAPLES 3.7% | ||||||||
PepsiAmericas, Inc.§ | 25,670 | 733,135 | ||||||
Pepsi Bottling Group, Inc.§ | 19,650 | 716,046 | ||||||
Wal-Mart Stores, Inc.§ | 10,130 | 497,282 | ||||||
Alberto-Culver Co.§ | 14,750 | 408,280 | ||||||
Church & Dwight Company, Inc.§ | 6,360 | 360,866 | ||||||
J.M. Smucker Co.§ | 6,210 | 329,192 | ||||||
BJ’s Wholesale Club, Inc.*§ | 8,230 | 298,090 | ||||||
Del Monte Foods Co.§ | 22,990 | 266,224 | ||||||
Dean Foods Co.*§ | 13,420 | 238,742 | ||||||
General Mills, Inc.§ | 3,531 | 227,326 | ||||||
Hansen Natural Corp.*§ | 4,101 | 150,671 | ||||||
Philip Morris International, Inc.§ | 2,550 | 124,287 | ||||||
Coca-Cola Co.§ | 1,830 | 98,271 | ||||||
Kimberly-Clark Corp.§ | 1,340 | 79,033 | ||||||
Colgate-Palmolive Co.§ | 1,020 | 77,806 | ||||||
Procter & Gamble Co.§ | 1,280 | 74,138 | ||||||
Rite Aid Corp.*§ | 44,130 | 72,373 | ||||||
Reynolds American, Inc. | 1,050 | 46,746 | ||||||
Clorox Co.§ | 780 | 45,880 | ||||||
Dr Pepper Snapple Group, Inc.*§ | 1,090 | 31,337 | ||||||
Universal Corp.§ | 330 | 13,801 | ||||||
Vector Group Ltd.§ | 820 | 12,776 | ||||||
Total Consumer Staples | 4,902,302 | |||||||
INDUSTRIALS 3.2% | ||||||||
W.W. Grainger, Inc.§ | 5,710 | 510,246 | ||||||
Burlington Northern Santa Fe Corp.§ | 3,910 | 312,135 | ||||||
Goodrich Corp.§ | 4,210 | 228,772 | ||||||
United Parcel Service, Inc. — Class B§ | 3,620 | 204,421 | ||||||
Timken Co.§ | 8,250 | 193,298 | ||||||
Union Pacific Corp.§ | 3,230 | 188,471 | ||||||
URS Corp.*§ | 4,240 | 185,076 | ||||||
Aecom Technology Corp.*§ | 6,790 | 184,281 | ||||||
Norfolk Southern Corp.§ | 3,830 | 165,111 | ||||||
Manpower, Inc.§ | 2,730 | 154,818 | ||||||
Precision Castparts Corp.§ | 1,490 | 151,786 | ||||||
MSC Industrial Direct Co.§ | 3,300 | 143,814 | ||||||
Thomas & Betts Corp.*§ | 4,640 | 139,571 | ||||||
Dun & Bradstreet Corp.§ | 1,680 | 126,538 | ||||||
Gardner Denver, Inc.*§ | 3,490 | 121,731 | ||||||
ITT Corp.§ | 1,740 | 90,741 | ||||||
CSX Corp.§ | 2,030 | 84,976 |
MARKET | ||||||||
SHARES | VALUE | |||||||
FTI Consulting, Inc.*§ | 1,980 | $ | 84,368 | |||||
Roper Industries, Inc.§ | 1,470 | 74,941 | ||||||
GATX Corp.§ | 2,490 | 69,596 | ||||||
Joy Global, Inc.§ | 1,410 | 69,005 | ||||||
Hubbell, Inc. — Class B | 1,620 | 68,040 | ||||||
Rockwell Automation, Inc. | 1,580 | 67,308 | ||||||
Pentair, Inc.§ | 2,220 | 65,534 | ||||||
TransDigm Group, Inc.* | 1,260 | 62,761 | ||||||
Flowserve Corp.§ | 480 | 47,299 | ||||||
Dover Corp. | 1,170 | 45,349 | ||||||
Eaton Corp. | 770 | 43,574 | ||||||
Avis Budget Group, Inc.*§ | 3,200 | 42,752 | ||||||
L-3 Communications Holdings, Inc.§ | 500 | 40,160 | ||||||
Alexander & Baldwin, Inc.§ | 1,190 | 38,187 | ||||||
Sunpower Corp.*§ | 1,220 | 36,466 | ||||||
Robert Half International, Inc.§ | 1,290 | 32,276 | ||||||
Donaldson Company, Inc.§ | 840 | 29,089 | ||||||
WESCO International, Inc.*§ | 1,010 | 29,088 | ||||||
Fluor Corp.§ | 540 | 27,459 | ||||||
Bucyrus International, Inc.§ | 620 | 22,084 | ||||||
Snap-On, Inc.§ | 540 | 18,770 | ||||||
Parker Hannifin Corp.§ | 270 | 13,997 | ||||||
Trinity Industries, Inc.§ | 530 | 9,111 | ||||||
Kirby Corp.*§ | 60 | 2,209 | ||||||
IHS, Inc.*§ | 1 | 51 | ||||||
Copart, Inc.*§ | 1 | 33 | ||||||
J.B. Hunt Transport Services, Inc.§ | 1 | 32 | ||||||
Total Industrials | 4,225,325 | |||||||
MATERIALS 2.5% | ||||||||
Nucor Corp.§ | 11,280 | 530,273 | ||||||
Ball Corp.§ | 6,280 | 308,976 | ||||||
Airgas, Inc.§ | 6,370 | 308,117 | ||||||
AptarGroup, Inc.§ | 5,680 | 212,205 | ||||||
Ashland, Inc.§ | 3,470 | 149,973 | ||||||
FMC Corp.§ | 2,391 | 134,494 | ||||||
Schnitzer Steel Industries, Inc. — Class A§ | 2,450 | 130,462 | ||||||
Monsanto Co.§ | 1,580 | 122,292 | ||||||
Crown Holdings, Inc.*§ | 4,040 | 109,888 | ||||||
Reliance Steel & Aluminum Co.§ | 2,500 | 106,400 | ||||||
Bemis Co.§ | 4,070 | 105,454 | ||||||
Valspar Corp.§ | 3,760 | 103,438 | ||||||
Sonoco Products Co.§ | 3,423 | 94,269 | ||||||
Eastman Chemical Co. | 1,760 | 94,230 | ||||||
Pactiv Corp.*§ | 3,360 | 87,528 | ||||||
Steel Dynamics, Inc.§ | 5,320 | 81,609 | ||||||
Walter Industries, Inc.§ | 1,250 | 75,075 | ||||||
Cliffs Natural Resources, Inc.§ | 1,940 | 62,778 | ||||||
United States Steel Corp.§ | 1,290 | 57,237 | ||||||
Huntsman Corp. | 5,720 | 52,109 | ||||||
Allegheny Technologies, Inc.§ | 1,440 | 50,386 | ||||||
RPM International, Inc.§ | 2,550 | 47,150 | ||||||
PPG Industries, Inc.§ | 630 | 36,672 | ||||||
International Paper Co. | 1,630 | 36,235 |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 27 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Intrepid Potash, Inc.*§ | 1,430 | $ | 33,734 | |||||
Sealed Air Corp.§ | 1,700 | 33,371 | ||||||
Albemarle Corp.§ | 960 | 33,216 | ||||||
Deltic Timber Corp.§ | 700 | 32,039 | ||||||
Glatfelter§ | 2,660 | 30,537 | ||||||
Clearwater Paper Corp.* | 680 | 28,104 | ||||||
Schweitzer-Mauduit International, Inc.§ | 480 | 26,093 | ||||||
MeadWestvaco Corp.§ | 990 | 22,087 | ||||||
AK Steel Holding Corp. | 810 | 15,981 | ||||||
Wausau Paper Corp.§ | 1,450 | 14,500 | ||||||
Terra Industries, Inc. | 320 | 11,094 | ||||||
Domtar Corp.*§ | 80 | 2,818 | ||||||
Century Aluminum Co.*§ | 2 | 19 | ||||||
Total Materials | 3,380,843 | |||||||
UTILITIES 2.2% | ||||||||
NSTAR§ | 16,420 | 522,484 | ||||||
DPL, Inc.§ | 14,630 | 381,843 | ||||||
American Water Works Company, Inc.§ | 19,050 | 379,857 | ||||||
PG&E Corp.§ | 9,080 | 367,649 | ||||||
Wisconsin Energy Corp.§ | 7,350 | 332,000 | ||||||
Northeast Utilities§ | 12,500 | 296,750 | ||||||
AES Corp.*§ | 12,030 | 178,285 | ||||||
National Fuel Gas Co.§ | 3,800 | 174,078 | ||||||
NRG Energy, Inc.* | 5,140 | 144,897 | ||||||
Entergy Corp.§ | 1,550 | 123,783 | ||||||
Dynegy, Inc.*§ | 19,500 | 49,725 | ||||||
Mirant Corp.*§ | 2,580 | 42,389 | ||||||
Ormat Technologies, Inc.§ | 370 | 15,103 | ||||||
Total Utilities | 3,008,843 | |||||||
TELECOMMUNICATION SERVICES 0.6% | ||||||||
Centennial Communications Corp.*§ | 47,560 | 379,529 | ||||||
Verizon Communications, Inc. | 10,500 | 317,835 | ||||||
American Tower Corp. — Class A*§ | 2,020 | 73,528 | ||||||
Leap Wireless International, Inc. — Class B* | 1,930 | 37,732 | ||||||
MetroPCS Communications, Inc.*§ | 4 | 37 | ||||||
Total Telecommunication Services | 808,661 | |||||||
Total Common Stocks | ||||||||
(Cost $53,404,740) | 60,861,599 | |||||||
CONVERTIBLE PREFERRED STOCKS 0.1% | ||||||||
HEALTH CARE 0.1% | ||||||||
Inverness Medial Innovations, Inc. | 419 | 108,521 | ||||||
Total Health Care | 108,521 | |||||||
Total Convertible Preferred Stock | ||||||||
(Cost $108,238) | 108,521 | |||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
EXCHANGE TRADED FUNDS 4.6% | ||||||||
iShares MSCI Chile Investable Market Index Fund§ | 21,290 | $ | 1,019,578 | |||||
Liberty All Star Equity Fund§ | 226,198 | 956,818 | ||||||
Nuveen Core Equity Alpha Fund§ | 75,040 | 829,942 | ||||||
First Trust Enhanced Equity Income Fund, Inc.§ | 79,720 | 816,333 | ||||||
iShares MSCI Brazil Index Fund§ | 7,650 | 517,675 | ||||||
iShares MSCI Emerging Markets Index Fund§ | 13,060 | 508,165 | ||||||
iShares MSCI Malaysia Index Fund§ | 37,390 | 379,135 | ||||||
Vanguard Emerging Markets ETF§ | 9,420 | 363,235 | ||||||
iPath MSCI India Index ETN*§ | 4,430 | 261,060 | ||||||
iShares MSCI BRIC Index Fund§ | 4,430 | 185,750 | ||||||
iShares MSCI Sweden Index Fund§ | 4,190 | 97,082 | ||||||
iShares MSCI Turkey Index Fund§ | 1,880 | 94,526 | ||||||
iShares MSCI South Africa Index Fund§ | 820 | 44,895 | ||||||
iShares MSCI South Korea Index Fund§ | 940 | 44,537 | ||||||
iShares MSCI Singapore Index Fund§ | 3,160 | 33,970 | ||||||
iShares MSCI Taiwan Index Fund, Inc.§ | 60 | 738 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $5,871,542) | 6,153,439 | |||||||
CLOSED-END FUNDS 3.6% | ||||||||
Royce Value Trust, Inc.§ | 23,145 | 238,856 | ||||||
Cohen & Steers REIT and Utility Income Fund, Inc.§ | 23,740 | 225,767 | ||||||
Cohen & Steers Select Utility Fund, Inc.§ | 14,550 | 201,808 | ||||||
Blackrock Dividend Achievers Trust§ | 21,940 | 184,296 | ||||||
Adams Express Co.§ | 18,010 | 175,958 | ||||||
General American Investors Company, Inc.§ | 7,350 | 174,930 | ||||||
SunAmerica Focused Alpha Growth Fund§ | 14,420 | 174,049 | ||||||
H&Q Healthcare Investors*§ | 15,120 | 171,007 | ||||||
John Hancock Bank and Thrift Opportunity Fund§ | 11,740 | 165,886 | ||||||
Macquarie Global Infrastructure Total Return Fund, Inc.§ | 10,670 | 160,370 | ||||||
Petroleum & Resources Corp.§ | 6,830 | 158,866 | ||||||
Zweig Fund, Inc.§ | 49,189 | 157,897 | ||||||
Cohen & Steers Advantage Income Realty Fund, Inc.§ | 26,220 | 154,960 |
28 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
BlackRock Strategic Dividend Achievers Trust§ | 17,460 | $ | 153,299 | |||||
H&Q Life Sciences Investors* | 15,560 | 143,619 | ||||||
Royce Micro-Cap Trust, Inc.§ | 18,600 | 135,780 | ||||||
Gabelli Global Deal Fund§ | 9,090 | 134,896 | ||||||
Clough Global Equity Fund§ | 9,660 | 133,888 | ||||||
Cohen & Steers Premium Income Realty Fund, Inc.§ | 24,660 | 132,424 | ||||||
LMP Capital and Income Fund, Inc. | 13,610 | 130,656 | ||||||
SunAmerica Focused Alpha Large-Cap Fund, Inc.§ | 10,680 | 129,655 | ||||||
Source Capital, Inc.§ | 2,870 | 119,134 | ||||||
Old Mutual Claymore Long-Short Fund§ | 14,620 | 113,597 | ||||||
Nuveen Tax-Advantaged Total Return Strategy Fund | 11,090 | 113,562 | ||||||
Madison/Claymore Covered Call & Equity Strategy Fund§ | 13,660 | 113,515 | ||||||
Nuveen Diversified Dividend and Income Fund§ | 12,040 | 113,056 | ||||||
BlackRock Real Asset Equity Trust§ | 9,050 | 103,351 | ||||||
Nuveen Tax-Advantaged Dividend Growth Fund | 9,030 | 97,163 | ||||||
Cohen & Steers Dividend Majors Fund, Inc.§ | 9,800 | 95,648 | ||||||
DWS Dreman Value Income Edge Fund, Inc.§ | 8,500 | 95,030 | ||||||
Lazard Global Total Return and Income Fund, Inc.§ | 5,820 | 82,469 | ||||||
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund§ | 6,640 | 77,954 | ||||||
Franklin Universal Trust§ | 13,000 | 71,110 | ||||||
John Hancock Tax-Advantaged Dividend Income Fund§ | 4,150 | 50,215 | ||||||
Nuveen Equity Premium Advantage Fund§ | 3,520 | 44,176 | ||||||
Advent Claymore Enhanced Growth & Income Fund, Inc. | 3,100 | 33,604 | ||||||
Blackrock Health Sciences Trust§ | 1,260 | 29,484 | ||||||
Total Closed-End Funds | ||||||||
(Cost $4,378,888) | 4,791,935 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
REPURCHASE AGREEMENTS† 46.9% | ||||||||
HSBC Group issued 09/30/09 at 0.01% due 10/01/09 | $ | 21,521,906 | 21,521,906 | |||||
Mizuho Financial Group, Inc. issued 09/30/09 at 0.01% due 10/01/09 | 13,020,753 | 13,020,753 |
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09§ | $ | 11,512,690 | $ | 11,512,690 | ||||
Morgan Stanley issued 09/30/09 at 0.01% due 10/01/09 | 11,299,001 | 11,299,001 | ||||||
Deutsche Bank issued 09/30/09 at 0.01% due 10/01/09 | 5,380,476 | 5,380,476 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $62,734,826) | 62,734,826 | |||||||
Total Long Securities 100.7%(a) | ||||||||
(Cost $126,498,234) | 134,650,320 | |||||||
SHARES | ||||||||
COMMON STOCKS SOLD SHORT (35.6)% | ||||||||
TELECOMMUNICATION SERVICES (0.3)% | ||||||||
United States Cellular Corp.* | 710 | (27,740 | ) | |||||
Telephone & Data Systems, Inc. | 1,800 | (55,818 | ) | |||||
Crown Castle International Corp.* | 1,810 | (56,762 | ) | |||||
NII Holdings, Inc.* | 2,640 | (79,147 | ) | |||||
Sprint Nextel Corp.* | 28,380 | (112,101 | ) | |||||
Total Telecommunication Services | (331,568 | ) | ||||||
MATERIALS (1.1)% | ||||||||
Lubrizol Corp. | 130 | (9,290 | ) | |||||
Alcoa, Inc. | 730 | (9,578 | ) | |||||
Freeport-McMoRan Copper & | ||||||||
Gold, Inc. | 520 | (35,677 | ) | |||||
Temple-Inland, Inc. | 2,500 | (41,050 | ) | |||||
Ecolab, Inc. | 940 | (43,456 | ) | |||||
Newmont Mining Corp. | 1,220 | (53,704 | ) | |||||
Commercial Metals Co. | 3,060 | (54,774 | ) | |||||
Eagle Materials, Inc. | 1,990 | (56,874 | ) | |||||
Cabot Corp. | 4,130 | (95,444 | ) | |||||
Cytec Industries, Inc. | 3,540 | (114,944 | ) | |||||
Vulcan Materials Co. | 2,450 | (132,471 | ) | |||||
Nalco Holding Co. | 7,230 | (148,143 | ) | |||||
Scotts Miracle-Gro Co. — Class A | 3,490 | (149,895 | ) | |||||
Weyerhaeuser Co. | 5,150 | (188,748 | ) | |||||
Valhi, Inc. | 25,256 | (306,103 | ) | |||||
Total Materials | (1,440,151 | ) | ||||||
INDUSTRIALS (2.6)% | ||||||||
Terex Corp.* | 210 | (4,353 | ) | |||||
Brink’s Co. | 340 | (9,149 | ) | |||||
Danaher Corp. | 190 | (12,791 | ) | |||||
General Electric Co. | 1,520 | (24,958 | ) | |||||
Armstrong World Industries, Inc.* | 730 | (25,156 | ) | |||||
Corrections Corporation of America* | 1,230 | (27,859 | ) | |||||
Hertz Global Holdings, Inc.* | 3,110 | (33,681 | ) | |||||
Owens Corning, Inc.* | 1,700 | (38,165 | ) | |||||
Manitowoc Company, Inc. | 4,140 | (39,206 | ) | |||||
Monster Worldwide, Inc.* | 2,630 | (45,972 | ) | |||||
Oshkosh Corp. | 1,490 | (46,086 | ) |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 29 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Textron, Inc. | 2,500 | $ | (47,450 | ) | ||||
Caterpillar, Inc. | 1,000 | (51,330 | ) | |||||
UTi Worldwide, Inc. | 3,820 | (55,314 | ) | |||||
Masco Corp. | 5,200 | (67,184 | ) | |||||
PACCAR, Inc. | 1,800 | (67,878 | ) | |||||
McDermott International, Inc.* | 2,840 | (71,767 | ) | |||||
Kennametal, Inc. | 2,990 | (73,584 | ) | |||||
3M Co. | 1,030 | (76,014 | ) | |||||
Con-way, Inc. | 2,360 | (90,435 | ) | |||||
Graco, Inc. | 3,340 | (93,086 | ) | |||||
USG Corp.* | 5,470 | (93,975 | ) | |||||
Deere & Co. | 2,560 | (109,875 | ) | |||||
FedEx Corp. | 1,920 | (144,422 | ) | |||||
Crane Co. | 5,650 | (145,827 | ) | |||||
Continental Airlines, Inc.* | 9,440 | (155,194 | ) | |||||
Delta Air Lines, Inc.* | 17,530 | (157,069 | ) | |||||
AMR Corp.* | 24,600 | (195,570 | ) | |||||
Landstar System, Inc. | 6,320 | (240,539 | ) | |||||
Boeing Co. | 5,620 | (304,323 | ) | |||||
Southwest Airlines Co. | 42,800 | (410,880 | ) | |||||
Stericycle, Inc.* | 11,210 | (543,125 | ) | |||||
Total Industrials | (3,502,217 | ) | ||||||
CONSUMER DISCRETIONARY (2.7)% | ||||||||
Liberty Media Corp. — Interactive* | 180 | (1,975 | ) | |||||
Borgwarner, Inc. | 270 | (8,170 | ) | |||||
Fortune Brands, Inc. | 220 | (9,456 | ) | |||||
Career Education Corp.* | 450 | (10,971 | ) | |||||
CarMax, Inc.* | 540 | (11,286 | ) | |||||
Black & Decker Corp. | 280 | (12,961 | ) | |||||
Scripps Networks Interactive, Inc. — Class A | 360 | (13,302 | ) | |||||
Boyd Gaming Corp.* | 2,020 | (22,079 | ) | |||||
Choice Hotels International, Inc. | 800 | (24,848 | ) | |||||
Williams-Sonoma, Inc. | 1,350 | (27,310 | ) | |||||
Eastman Kodak Co. | 5,990 | (28,632 | ) | |||||
WABCO Holdings, Inc. | 1,590 | (33,390 | ) | |||||
Sirius XM Radio, Inc.* | 56,420 | (35,827 | ) | |||||
Penn National Gaming, Inc.* | 1,350 | (37,341 | ) | |||||
Scientific Games Corp. — Class A* | 2,410 | (38,150 | ) | |||||
DISH Network Corp. — Class A* | 2,170 | (41,794 | ) | |||||
American Eagle Outfitters, Inc. | 2,630 | (44,342 | ) | |||||
Expedia, Inc.* | 1,860 | (44,547 | ) | |||||
Thor Industries, Inc. | 1,560 | (48,282 | ) | |||||
Hillenbrand, Inc. | 2,460 | (50,110 | ) | |||||
Office Depot, Inc.* | 7,820 | (51,768 | ) | |||||
M.D.C. Holdings, Inc. | 1,510 | (52,457 | ) | |||||
Mohawk Industries, Inc.* | 1,130 | (53,890 | ) | |||||
New York Times Co. — Class A | 6,930 | (56,272 | ) | |||||
Liberty Media Corp. — Capital* | 2,890 | (60,459 | ) | |||||
Signet Jewelers Ltd.* | 2,300 | (60,559 | ) | |||||
Mattel, Inc. | 3,380 | (62,395 | ) | |||||
Harley-Davidson, Inc. | 2,720 | (62,560 | ) | |||||
KB Home | 3,850 | (63,948 | ) | |||||
Gentex Corp. | 4,630 | (65,514 | ) |
MARKET | ||||||||
SHARES | VALUE | |||||||
Home Depot, Inc. | 2,780 | $ | (74,059 | ) | ||||
Whirlpool Corp. | 1,070 | (74,857 | ) | |||||
NVR, Inc.* | 120 | (76,484 | ) | |||||
Abercrombie & Fitch Co. — Class A | 2,470 | (81,214 | ) | |||||
Marriott International, Inc. — Class A | 3,140 | (86,633 | ) | |||||
News Corp. — Class A | 7,410 | (88,846 | ) | |||||
Goodyear Tire & Rubber Co.* | 5,520 | (94,006 | ) | |||||
Dick’s Sporting Goods, Inc.* | 4,240 | (94,976 | ) | |||||
Cablevision Systems Corp. — Class A | 4,180 | (99,275 | ) | |||||
Harman International Industries, Inc. | 3,080 | (104,350 | ) | |||||
Tiffany & Co. | 2,750 | (105,957 | ) | |||||
Gannett Company, Inc. | 8,760 | (109,588 | ) | |||||
Regal Entertainment Group — Class A | 9,180 | (113,098 | ) | |||||
Starbucks Corp.* | 6,390 | (131,954 | ) | |||||
Newell Rubbermaid, Inc. | 8,430 | (132,267 | ) | |||||
Macy’s, Inc. | 8,290 | (151,624 | ) | |||||
International Game Technology | 7,570 | (162,604 | ) | |||||
Strayer Education, Inc. | 1,230 | (267,746 | ) | |||||
Walt Disney Co. | 15,620 | (428,925 | ) | |||||
Total Consumer Discretionary | (3,613,058 | ) | ||||||
UTILITIES (3.4)% | ||||||||
Calpine Corp.* | 1,850 | (21,312 | ) | |||||
Pepco Holdings, Inc. | 1,730 | (25,742 | ) | |||||
RRI Energy, Inc.* | 5,960 | (42,554 | ) | |||||
MDU Resources Group, Inc. | 2,660 | (55,461 | ) | |||||
Edison International | 1,780 | (59,772 | ) | |||||
Consolidated Edison, Inc. | 2,140 | (87,611 | ) | |||||
Aqua America, Inc. | 5,070 | (89,435 | ) | |||||
Atmos Energy Corp. | 3,290 | (92,712 | ) | |||||
Great Plains Energy, Inc. | 7,380 | (132,471 | ) | |||||
Southern Co. | 4,680 | (148,216 | ) | |||||
Constellation Energy Group, Inc. | 5,580 | (180,625 | ) | |||||
EQT Corp. | 5,460 | (232,596 | ) | |||||
Allegheny Energy, Inc. | 9,220 | (244,514 | ) | |||||
Public Service Enterprise Group, Inc. | 8,390 | (263,782 | ) | |||||
Integrys Energy Group, Inc. | 7,810 | (280,301 | ) | |||||
TECO Energy, Inc. | 22,720 | (319,898 | ) | |||||
Oneok, Inc. | 9,580 | (350,820 | ) | |||||
Duke Energy Corp. | 22,800 | (358,872 | ) | |||||
PPL Corp. | 13,470 | (408,680 | ) | |||||
Alliant Energy Corp. | 18,860 | (525,251 | ) | |||||
Dominion Resources, Inc. | 18,460 | (636,870 | ) | |||||
Total Utilities | (4,557,495 | ) | ||||||
CONSUMER STAPLES (3.6)% | ||||||||
Kraft Foods, Inc. | 190 | (4,991 | ) | |||||
Central European Distribution Corp.* | 420 | (13,759 | ) |
30 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Green Mountain Coffee | ||||||||
Roasters, Inc.* | 320 | $ | (23,629 | ) | ||||
Energizer Holdings, Inc.* | 520 | (34,497 | ) | |||||
Smithfield Foods, Inc.* | 3,630 | (50,094 | ) | |||||
NBTY, Inc.* | 1,590 | (62,932 | ) | |||||
Whole Foods Market, Inc.* | 2,250 | (68,602 | ) | |||||
SUPERVALU, Inc. | 5,000 | (75,300 | ) | |||||
Campbell Soup Co. | 2,930 | (95,577 | ) | |||||
Brown-Forman Corp. | 2,850 | (137,427 | ) | |||||
Corn Products International, Inc. | 4,940 | (140,889 | ) | |||||
Avon Products, Inc. | 4,310 | (146,368 | ) | |||||
Kellogg Co. | 3,080 | (151,628 | ) | |||||
Estee Lauder Companies, Inc. — Class A | 4,330 | (160,556 | ) | |||||
Molson Coors Brewing Co. — Class B | 3,480 | (169,406 | ) | |||||
Hormel Foods Corp. | 5,340 | (189,677 | ) | |||||
Tyson Foods, Inc. — Class A | 16,420 | (207,385 | ) | |||||
Coca — Cola Enterprises | 10,220 | (218,810 | ) | |||||
Altria Group, Inc. | 14,790 | (263,410 | ) | |||||
Flowers Foods, Inc. | 10,840 | (284,984 | ) | |||||
Lorillard, Inc. | 3,850 | (286,055 | ) | |||||
Constellation Brands, Inc. — Class A* | 21,390 | (324,059 | ) | |||||
Hershey Co. | 11,520 | (447,667 | ) | |||||
Sara Lee Corp. | 45,510 | (506,981 | ) | |||||
PepsiCo, Inc. | 12,630 | (740,876 | ) | |||||
Total Consumer Staples | (4,805,559 | ) | ||||||
ENERGY (4.2)% | ||||||||
Smith International, Inc. | 380 | (10,906 | ) | |||||
Hercules Offshore, Inc.* | 3,870 | (19,002 | ) | |||||
Frontier Oil Corp. | 1,530 | (21,298 | ) | |||||
Massey Energy Co. | 850 | (23,706 | ) | |||||
Helix Energy Solutions Group, Inc.* | 1,820 | (27,264 | ) | |||||
Patterson-UTI Energy, Inc. | 2,050 | (30,955 | ) | |||||
Holly Corp. | 1,310 | (33,562 | ) | |||||
Quicksilver Resources, Inc.* | 2,410 | (34,198 | ) | |||||
Teekay Corp. | 1,620 | (35,429 | ) | |||||
Mariner Energy, Inc.* | 2,680 | (38,002 | ) | |||||
PetroHawk Energy Corp.* | 1,580 | (38,252 | ) | |||||
SandRidge Energy, Inc.* | 3,090 | (40,046 | ) | |||||
El Paso Corp. | 4,790 | (49,433 | ) | |||||
Exterran Holdings, Inc.* | 2,360 | (56,026 | ) | |||||
Plains Exploration & Production Co.* | 2,040 | (56,426 | ) | |||||
Chesapeake Energy Corp. | 2,140 | (60,776 | ) | |||||
ConocoPhillips | 1,650 | (74,514 | ) | |||||
Forest Oil Corp.* | 4,190 | (81,998 | ) | |||||
Valero Energy Corp. | 5,700 | (110,523 | ) | |||||
Newfield Exploration Co.* | 5,900 | (251,104 | ) | |||||
Enterprise Products Partners LP | 14,340 | (406,109 | ) | |||||
Cameron International Corp.* | 21,350 | (807,457 | ) | |||||
Baker Hughes, Inc. | 25,460 | (1,086,124 | ) | |||||
Atlas Energy, Inc. | 80,780 | (2,186,715 | ) | |||||
Total Energy | (5,579,825 | ) | ||||||
MARKET | ||||||||
SHARES | VALUE | |||||||
HEALTH CARE (4.8)% | ||||||||
CR Bard, Inc. | 90 | $ | (7,075 | ) | ||||
Inverness Medical Innovations, Inc.* | 220 | (8,521 | ) | |||||
Brookdale Senior Living, Inc. | 1,010 | (18,311 | ) | |||||
Stryker Corp. | 450 | (20,443 | ) | |||||
Forest Laboratories, Inc.* | 940 | (27,674 | ) | |||||
IMS Health, Inc. | 1,910 | (29,318 | ) | |||||
Health Net, Inc.* | 1,940 | (29,876 | ) | |||||
PerkinElmer, Inc. | 1,680 | (32,323 | ) | |||||
Idexx Laboratories, Inc.* | 740 | (37,000 | ) | |||||
Zimmer Holdings, Inc.* | 760 | (40,622 | ) | |||||
Vertex Pharmaceuticals, Inc.* | 1,230 | (46,617 | ) | |||||
Humana, Inc.* | 1,290 | (48,117 | ) | |||||
Eli Lilly & Co. | 1,740 | (57,472 | ) | |||||
Hill-Rom Holdings, Inc. | 3,000 | (65,340 | ) | |||||
Patterson Companies, Inc.* | 2,440 | (66,490 | ) | |||||
Amylin Pharmaceuticals, Inc.* | 4,970 | (68,039 | ) | |||||
Waters Corp.* | 1,220 | (68,149 | ) | |||||
CooperCompanies, Inc. | 2,870 | (85,325 | ) | |||||
Life Technologies Corp.* | 1,860 | (86,583 | ) | |||||
Covance, Inc.* | 1,900 | (102,885 | ) | |||||
Allergan, Inc. | 2,090 | (118,628 | ) | |||||
Tenet Healthcare Corp.* | 22,970 | (135,064 | ) | |||||
King Pharmaceuticals, Inc.* | 14,810 | (159,504 | ) | |||||
Charles River Laboratories International, Inc.* | 4,510 | (166,780 | ) | |||||
Hologic, Inc.* | 12,830 | (209,642 | ) | |||||
United Therapeutics Corp.* | 4,320 | (211,637 | ) | |||||
BioMarin Pharmaceuticals, Inc.* | 12,120 | (219,130 | ) | |||||
Genzyme Corp.* | 5,090 | (288,756 | ) | |||||
Teleflex, Inc. | 6,570 | (317,397 | ) | |||||
Alexion Pharmaceuticals, Inc.* | 8,310 | (370,127 | ) | |||||
Celgene Corp.* | 8,160 | (456,144 | ) | |||||
Cephalon, Inc.* | 10,570 | (615,597 | ) | |||||
Pfizer, Inc. | 45,290 | (749,549 | ) | |||||
Merck & Company, Inc. | 45,750 | (1,447,073 | ) | |||||
Total Health Care | (6,411,208 | ) | ||||||
FINANCIALS (5.7)% | ||||||||
Apartment Investment & | ||||||||
Management Co. — Class A | 20 | (295 | ) | |||||
CapitalSource, Inc. | 290 | (1,258 | ) | |||||
State Street Corp. | 80 | (4,208 | ) | |||||
Hartford Financial Services Group, Inc. | 260 | (6,890 | ) | |||||
Allied Capital Corp. | 2,680 | (8,227 | ) | |||||
Capital One Financial Corp. | 240 | (8,575 | ) | |||||
Bank of Hawaii Corp. | 230 | (9,554 | ) | |||||
iStar Financial, Inc.* | 3,360 | (10,214 | ) | |||||
First American Corp. | 330 | (10,682 | ) | |||||
Assurant, Inc. | 360 | (11,542 | ) | |||||
City National Corp. | 430 | (16,740 | ) | |||||
RenaissanceRe Holdings Ltd. | 310 | (16,976 | ) | |||||
Lincoln National Corp. | 730 | (18,914 | ) |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 31 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
ProLogis | 1,590 | $ | (18,953 | ) | ||||
CNA Financial Corp.* | 790 | (19,071 | ) | |||||
Comerica, Inc. | 660 | (19,582 | ) | |||||
Raymond James Financial, Inc. | 850 | (19,788 | ) | |||||
Aflac, Inc. | 480 | (20,515 | ) | |||||
Alleghany Corp.* | 90 | (23,314 | ) | |||||
Zions Bancorporation | 1,500 | (26,955 | ) | |||||
Principal Financial Group, Inc. | 990 | (27,116 | ) | |||||
Kimco Realty Corp. | 2,110 | (27,514 | ) | |||||
Citigroup, Inc. | 5,990 | (28,992 | ) | |||||
Student Loan Corp. | 640 | (29,696 | ) | |||||
TCF Financial Corp. | 2,400 | (31,296 | ) | |||||
BRE Properties, Inc. | 1,010 | (31,613 | ) | |||||
Bank of New York Mellon Corp. | 1,130 | (32,759 | ) | |||||
Regency Centers Corp. | 890 | (32,974 | ) | |||||
Valley National Bancorp | 2,740 | (33,675 | ) | |||||
Vornado Realty Trust | 540 | (34,781 | ) | |||||
Fidelity National Financial, Inc. — Class A | 2,320 | (34,986 | ) | |||||
Conseco, Inc.* | 6,770 | (35,610 | ) | |||||
OneBeacon Insurance Group Ltd. — Class A | 2,630 | (36,136 | ) | |||||
JPMorgan Chase & Co. | 830 | (36,371 | ) | |||||
Huntington Bancshares, Inc. | 7,860 | (37,021 | ) | |||||
Loews Corp. | 1,160 | (39,730 | ) | |||||
American National Insurance Co. | 500 | (42,600 | ) | |||||
Markel Corp.* | 130 | (42,877 | ) | |||||
Charles Schwab Corp. | 2,540 | (48,641 | ) | |||||
BOK Financial Corp. | 1,090 | (50,489 | ) | |||||
Protective Life Corp. | 2,440 | (52,265 | ) | |||||
Allstate Corp. | 1,920 | (58,790 | ) | |||||
GLG Partners, Inc. | 14,810 | (59,684 | ) | |||||
Wells Fargo & Co. | 2,160 | (60,869 | ) | |||||
Unitrin, Inc. | 3,200 | (62,368 | ) | |||||
SEI Investments Co. | 3,210 | (63,173 | ) | |||||
CB Richard Ellis Group, Inc. — Class A* | 5,680 | (66,683 | ) | |||||
Moody’s Corp. | 3,290 | (67,313 | ) | |||||
Equity Residential | 2,320 | (71,224 | ) | |||||
Fulton Financial Corp. | 9,840 | (72,422 | ) | |||||
Wilmington Trust Corp. | 5,140 | (72,988 | ) | |||||
Jones Lang LaSalle, Inc. | 1,620 | (76,739 | ) | |||||
Affiliated Managers Group, Inc.* | 1,190 | (77,362 | ) | |||||
Fifth Third Bancorp | 7,650 | (77,494 | ) | |||||
Legg Mason, Inc. | 2,500 | (77,575 | ) | |||||
XL Capital Ltd. | 4,680 | (81,713 | ) | |||||
MBIA, Inc.* | 10,710 | (83,110 | ) | |||||
Plum Creek Timber Company, Inc. | 2,720 | (83,341 | ) | |||||
Synovus Financial Corp. | 22,380 | (83,925 | ) | |||||
Bank of America Corp. | 5,080 | (85,954 | ) | |||||
PNC Financial Services Group, Inc. | 1,840 | (89,406 | ) | |||||
Regions Financial Corp. | 14,480 | (89,921 | ) | |||||
Camden Property Trust | 2,260 | (91,078 | ) | |||||
NYSE Euronext | 3,200 | (92,448 | ) | |||||
Whitney Holding Corp. | 10,250 | (97,785 | ) |
MARKET | ||||||||
SHARES | VALUE | |||||||
Old Republic International Corp. | 8,310 | $ | (101,216 | ) | ||||
New York Community Bancorp, Inc. | 8,950 | (102,209 | ) | |||||
Taubman Centers, Inc. | 3,170 | (114,374 | ) | |||||
AvalonBay Communities, Inc. | 1,650 | (120,004 | ) | |||||
Jefferies Group, Inc.* | 4,530 | (123,352 | ) | |||||
Everest Re Group | 1,470 | (128,919 | ) | |||||
Goldman Sachs Group, Inc. | 720 | (132,732 | ) | |||||
Marshall & Ilsley Corp. | 17,180 | (138,643 | ) | |||||
Boston Properties, Inc. | 2,280 | (149,454 | ) | |||||
Progressive Corp.* | 9,280 | (153,862 | ) | |||||
KeyCorp | 23,950 | (155,675 | ) | |||||
Leucadia National Corp.* | 6,700 | (165,624 | ) | |||||
Greenhill & Company, Inc. | 2,010 | (180,056 | ) | |||||
The St. Joe Co.* | 6,440 | (187,533 | ) | |||||
Mercury General Corp. | 6,660 | (240,959 | ) | |||||
Arthur J Gallagher & Co. | 10,570 | (257,591 | ) | |||||
Erie Indemnity Co. — Class A | 9,900 | (370,854 | ) | |||||
Marsh & McLennan Companies, Inc. | 25,270 | (624,927 | ) | |||||
Capitol Federal Financial | 19,510 | (642,269 | ) | |||||
TFS Financial Corp. | 55,290 | (657,951 | ) | |||||
Total Financials | (7,630,964 | ) | ||||||
INFORMATION TECHNOLOGY (7.2)% | ||||||||
Western Union Co. | 40 | (757 | ) | |||||
Molex, Inc. | 40 | (835 | ) | |||||
CommScope, Inc.* | 60 | (1,796 | ) | |||||
Seagate Technology | 590 | (8,974 | ) | |||||
Fairchild Semiconductor International, Inc.* | 910 | (9,309 | ) | |||||
Nuance Communications, Inc.* | 650 | (9,724 | ) | |||||
McAfee, Inc.* | 490 | (21,457 | ) | |||||
EchoStar Corp. — Class A* | 2,540 | (46,888 | ) | |||||
Vishay Intertechnology, Inc.* | 6,360 | (50,244 | ) | |||||
ON Semiconductor Corp.* | 6,230 | (51,397 | ) | |||||
MEMC Electronic Materials, Inc.* | 3,160 | (52,551 | ) | |||||
Trimble Navigation Ltd.* | 2,230 | (53,319 | ) | |||||
Rambus, Inc.* | 3,150 | (54,810 | ) | |||||
SanDisk Corp.* | 2,860 | (62,062 | ) | |||||
Yahoo!, Inc.* | 3,990 | (71,062 | ) | |||||
Unisys Corp.* | 27,180 | (72,571 | ) | |||||
Atmel Corp.* | 19,320 | (80,951 | ) | |||||
NetApp, Inc.* | 3,270 | (87,244 | ) | |||||
Novellus Systems, Inc.* | 4,280 | (89,794 | ) | |||||
Convergys Corp.* | 9,130 | (90,752 | ) | |||||
Teradyne, Inc.* | 10,190 | (94,257 | ) | |||||
AVX Corp. | 8,880 | (105,938 | ) | |||||
Lexmark International, Inc. — Class A* | 4,970 | (107,054 | ) | |||||
Arrow Electronics, Inc.* | 4,160 | (117,104 | ) | |||||
Itron, Inc.* | 1,840 | (118,018 | ) | |||||
Activision Blizzard, Inc.* | 9,550 | (118,324 | ) | |||||
Intersil Corp. — Class A | 7,870 | (120,490 | ) | |||||
Visa, Inc. | 1,870 | (129,236 | ) |
32 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (continued)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
Hewitt Associates, Inc. — Class A* | 3,690 | $ | (134,427 | ) | ||||
Motorola, Inc. | 16,860 | (144,827 | ) | |||||
Zebra Technologies Corp. — Class A* | 5,830 | (151,172 | ) | |||||
National Semiconductor Corp. | 10,750 | (153,403 | ) | |||||
Autodesk, Inc.* | 6,960 | (165,648 | ) | |||||
NVIDIA, Corp.* | 11,210 | (168,486 | ) | |||||
Applied Materials, Inc. | 13,130 | (175,942 | ) | |||||
Integrated Device Technology, Inc.* | 27,130 | (183,399 | ) | |||||
Advanced Micro Devices, Inc.* | 33,580 | (190,063 | ) | |||||
Kla-Tencor Corp. | 6,290 | (225,559 | ) | |||||
Electronic Arts, Inc.* | 12,200 | (232,410 | ) | |||||
Lam Research Corp.* | 7,580 | (258,933 | ) | |||||
Symantec Corp.* | 16,730 | (275,543 | ) | |||||
VeriSign, Inc.* | 11,720 | (277,647 | ) | |||||
Tellabs, Inc.* | 42,100 | (291,332 | ) | |||||
Novell, Inc.* | 68,650 | (309,612 | ) | |||||
LSI Logic Corp.* | 57,980 | (318,310 | ) | |||||
Cadence Design Systems, Inc.* | 45,450 | (333,603 | ) | |||||
International Rectifier Corp.* | 18,130 | (353,354 | ) | |||||
IAC/InterActiveCorp* | 21,590 | (435,902 | ) | |||||
MasterCard, Inc. | 2,840 | (574,106 | ) | |||||
Xerox Corp. | 85,700 | (663,318 | ) | |||||
Fidelity National Information Services, Inc. | 72,092 | (1,839,067 | ) | |||||
Total Information Technology | (9,682,981 | ) | ||||||
Total Common Stocks Sold Short(a) | ||||||||
(Proceeds $41,377,428) | (47,555,026 | ) | ||||||
EXCHANGE TRADED FUNDS | ||||||||
SOLD SHORT (5.1)%(a) | ||||||||
Powershares QQQ | 380 | (16,055 | ) | |||||
iShares MSCI Mexico Investable Market Index Fund | 390 | (17,035 | ) | |||||
iShares MSCI Italy Index Fund | 1,140 | (23,267 | ) | |||||
iShares MSCI Canada Index Fund | 1,380 | (35,162 | ) | |||||
iShares MSCI Australia Index Fund | 1,620 | (36,612 | ) | |||||
iShares MSCI Japan Index Fund | 4,840 | (48,110 | ) | |||||
iShares MSCI Belgium Investable Market Index Fund | 22,250 | (289,027 | ) | |||||
iShares MSCI Netherlands | ||||||||
Investable Market Index Fund | 16,140 | (323,446 | ) | |||||
iShares MSCI EAFE Index Fund | 21,380 | (1,169,486 | ) | |||||
iShares Russell 2000 Index Fund | 19,450 | (1,171,474 | ) | |||||
SPDR Trust Series 1 | 35,050 | (3,699,878 | ) | |||||
Total Exchange Traded Funds Sold Short | ||||||||
(Proceeds $6,146,360) | (6,829,552 | ) | ||||||
MARKET | ||||||||
CONTRACTS | VALUE | |||||||
OPTIONS WRITTEN (0.4)%(a) | ||||||||
Call Options on: | ||||||||
SPSS, Inc. Expiring | ||||||||
December 2009 with strike price of 50 | 55 | $ | (550 | ) | ||||
Varian, Inc. Expiring | ||||||||
November 2009 with strike price of 55 | 140 | (1,400 | ) | |||||
September 2009 Russell 2000 | ||||||||
Index Futures Contracts | ||||||||
Expiring October 2009 with strike price of 590 | 120 | (264,000 | ) | |||||
September 2009 S&P 400 | ||||||||
MidCap Index Futures | ||||||||
Contracts Expiring July | ||||||||
October 2009 with strike price of 670 | 107 | (301,740 | ) | |||||
Total Call Options | ||||||||
(Premiums Received $511,530) | (567,690 | ) | ||||||
Other Assets in Excess of Liabilities – 40.4% | $ | 53,994,998 | ||||||
Net Assets – 100.0% | $ | 133,693,049 | ||||||
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
COMMODITY FUTURES CONTRACTS PURCHASED(b) | ||||||||
March 2010 Sugar #11 | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $483,426) | 17 | $ | 21,461 | |||||
October 2009 LME Zinc | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $243,750) | 5 | 2,701 | ||||||
October 2009 LME Lead | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $339,863) | 6 | (1,221 | ) | |||||
December 2009 Cotton | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $535,755) | 17 | (1,457 | ) | |||||
December 2009 Cocoa | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $943,200) | 30 | (4,635 | ) | |||||
December 2009 Gold 100 Oz | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $1,512,750) | 15 | (6,408 | ) | |||||
December 2009 Silver | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of Contracts $916,575) | 11 | (11,549 | ) |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 33 |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (concluded)
September 30, 2009
MULTI-HEDGE STRATEGIES FUND
UNREALIZED | |||||||||||
CONTRACTS | GAIN (LOSS) | ||||||||||
December 2009 Coffee | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $527,175) | 11 | $ | (16,493 | ) | |||||||
(Total Aggregate Market Value of Contracts $5,502,493) | $ | (17,600 | ) | ||||||||
FUTURES CONTRACTS PURCHASED(a) | |||||||||||
December 2009 U.S. Treasury 10 Year Note Futures Contracts | |||||||||||
(Aggregate Market Value of Contracts $16,329,281) | 138 | 305,981 | |||||||||
December 2009 S&P MidCap 400 | |||||||||||
Index Mini Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $7,360,530) | 107 | 215,466 | |||||||||
December 2009 Russell 2000 | |||||||||||
Index Mini Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $7,202,400) | 120 | 58,014 | |||||||||
(Total Aggregate Market Value of Contracts $30,892,211) | $ | 579,460 | |||||||||
COMMODITY FUTURES CONTRACTS SOLD SHORT(b) | |||||||||||
December 2009 Soybean Oil | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $453,156) | 22 | 2,461 | |||||||||
December 2009 WTI Crude | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $423,660) | 6 | 1,794 | |||||||||
December 2009 Gasoline RBOB | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $369,054) | 5 | 1,015 | |||||||||
December 2009 Heating Oil | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $388,794) | 5 | 847 | |||||||||
November 2009 Soybean | |||||||||||
Futures Contracts | |||||||||||
(Aggregate Market Value of | |||||||||||
Contracts $463,500) | 10 | (4,289 | ) |
UNREALIZED | ||||||||
CONTRACTS | GAIN (LOSS) | |||||||
December 2009 Lean Hogs | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $616,590) | 31 | $ | (4,906 | ) | ||||
December 2009 Wheat | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $846,375) | 37 | (12,926 | ) | |||||
December 2009 Natural Gas | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $339,000) | 6 | (14,511 | ) | |||||
December 2009 Live Cattle | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $2,481,120) | 72 | (28,768 | ) | |||||
December 2009 Corn | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $808,400) | 47 | (31,156 | ) | |||||
(Total Aggregate Market Value of Contracts $7,189,649) | $ | (90,439 | ) | |||||
CURRENCY FUTURES CONTRACTS SOLD SHORT (b) | ||||||||
December 2009 U.S. Dollar | ||||||||
Index Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $10,851,360) | 141 | $ | 181,362 | |||||
FUTURES CONTRACTS SOLD SHORT(a) | ||||||||
December 2009 S&P 500 Index | ||||||||
Mini Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $4,522,525) | 86 | (133,627 | ) | |||||
December 2009 U.S. Treasury 2 Year Note Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $50,119,781) | 231 | (270,197 | ) | |||||
(Total Aggregate Market Value of Contracts $54,642,306) | $ | (403,823 | ) | |||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
§ | All or a portion of this security is pledged as short security collateral at September 30, 2009. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820 — See Note 8. | |
ADR—American Depository Receipt. | ||
REIT—Real Estate Investment Trust. |
34 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
COMMODITIES STRATEGIES FUND
MARKET | ||||||||
SHARES | VALUE | |||||||
EXCHANGE TRADED FUND 0.1% | ||||||||
iShares S&P GSCI | ||||||||
Commodity Indexed Trust* | 1,430 | $ | 42,443 | |||||
Total Exchange Traded Fund | ||||||||
(Cost $38,739) | 42,443 | |||||||
FACE | ||||||||
AMOUNT | ||||||||
STRUCTURED NOTES ††(b) 48.8% | ||||||||
Goldman Sachs Group, | ||||||||
S&P GSCI Total Return | ||||||||
Linked Notes at 0.00% due | ||||||||
04/30/10 | $ | 4,999,994 | 7,147,094 | |||||
Swedish Export Credit Corp., | ||||||||
S&P GSCI Total Return | ||||||||
Linked Notes at 0.12% due | ||||||||
03/11/10 | 2,625,000 | 5,233,498 | ||||||
Swedish Export Credit Corp., | ||||||||
S&P GSCI Total Return | ||||||||
Linked Notes at 0.01% due | ||||||||
04/06/10 | 3,000,000 | 4,080,207 | ||||||
Commonwealth Bank of Australia, | ||||||||
S&P GSCI Total Return | ||||||||
Linked Notes at 0.31% due | ||||||||
07/23/10 | 2,000,000 | 2,529,660 | ||||||
Goldman Sachs Group, | ||||||||
S&P GSCI Total Return | ||||||||
Linked Notes at 0.00% due | ||||||||
05/27/10 | 1,500,000 | 1,718,025 | ||||||
Total Structured Notes | ||||||||
(Cost $14,124,994) | 20,708,484 | |||||||
FACE | MARKET | |||||||
AMOUNT | VALUE | |||||||
REPURCHASE AGREEMENTS† 60.9% | ||||||||
Credit Suisse Group | ||||||||
issued 09/30/09 at 0.03% | ||||||||
due 10/01/09 | $ | 24,326,251 | $ | 24,326,251 | ||||
HSBC Group | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 626,056 | 626,056 | ||||||
Mizuho Financial Group, Inc. | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 378,764 | 378,764 | ||||||
Morgan Stanley | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 328,679 | 328,679 | ||||||
Deutsche Bank | ||||||||
issued 09/30/09 at 0.01% | ||||||||
due 10/01/09 | 156,514 | 156,514 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $25,816,264) | 25,816,264 | |||||||
Total Investments 109.8%(a) | ||||||||
(Cost $39,979,997) | $ | 46,567,191 | ||||||
Liabilities in Excess of Other Assets – (9.8)% | $ | (4,139,828 | ) | |||||
Net Assets – 100.0% | $ | 42,427,363 | ||||||
Unrealized | ||||||||
Contracts | Loss | |||||||
FUTURES CONTRACTS PURCHASED (b) | ||||||||
October 2009 Goldman Sachs | ||||||||
IDX Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $1,852,000) | 16 | $ | (18,122 | ) | ||||
COMMODITY FUTURES CONTRACTS PURCHASED (b) | ||||||||
November 2009 WTI Crude | ||||||||
Futures Contracts | ||||||||
(Aggregate Market Value of | ||||||||
Contracts $4,079,720) | 58 | $ | (34,697 | ) | ||||
* | Non-Income Producing Security. | |
† | Repurchase Agreements — See Note 7. | |
†† | Structured Notes are leveraged, providing an exposure to the underlying benchmark greater than the face amount. The total exposure to the S&P GSCI Total Return Index was $48,958,472 as of September 30, 2009 — See Note 2. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 8. | |
(b) | Value determined based on Level 2 inputs established by ASC 820— See Note 8. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 35 |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
Alternative | ||||||||||||
All-Cap | International | Strategies | ||||||||||
Opportunity | Opportunity | Allocation | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investment Securities | $ | 200,117,693 | $ | 5,945,740 | $ | 7,524,680 | ||||||
Investment Securities in Affiliated Funds | — | — | 31,851,005 | |||||||||
Repurchase Agreements | 4,219,575 | 20,634,591 | 279,959 | |||||||||
Total Investments | 204,337,268 | 26,580,331 | 39,655,644 | |||||||||
Segregated Cash with Broker | — | 3,035,710 | — | |||||||||
Cash | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | 74,995 | — | |||||||||
Receivable for Securities Sold | — | — | — | |||||||||
Receivable for Fund Shares Sold | 153,561 | 58,072 | 111,211 | |||||||||
Investment Income Receivable | 282,080 | — | — | |||||||||
Forward Exchange Receivable | — | — | — | |||||||||
Other Assets | — | 2,826,890 | — | |||||||||
Total Assets | 204,772,909 | 32,575,998 | 39,766,855 | |||||||||
Liabilities | ||||||||||||
Short Sales at Market Value | — | — | — | |||||||||
Written Options at Market Value | — | — | — | |||||||||
Payable to cover Short Sale | — | — | — | |||||||||
Variation Margin on Futures Contracts | — | — | — | |||||||||
Payable for Securities Purchased | — | — | — | |||||||||
Payable for Fund Shares Redeemed | 173,411 | 240,981 | 63,255 | |||||||||
Investment Advisory Fees Payable | 149,558 | 20,667 | — | |||||||||
Transfer Agent and Administrative Fees Payable | 41,544 | 5,741 | — | |||||||||
Distribution and Service Fees Payable | 82,791 | 8,825 | 5,331 | |||||||||
Portfolio Accounting Fees Payable | 16,617 | 2,296 | — | |||||||||
Custody Fees Payable | 5,484 | 758 | — | |||||||||
Overdraft Due to Custodian Bank | — | 2,809,466 | — | |||||||||
Forward Exchange Payable | — | — | — | |||||||||
Short Sales Dividends Payable | — | — | — | |||||||||
Other Accrued Fees | 66,596 | 7,887 | — | |||||||||
Total Liabilities | 536,001 | 3,096,621 | 68,586 | |||||||||
Net Assets | $ | 204,236,908 | $ | 29,479,377 | $ | 39,698,269 | ||||||
Net Assets Consist Of | ||||||||||||
Paid-In Capital | $ | 305,864,485 | $ | 39,098,093 | $ | 46,522,216 | ||||||
Undistributed Net Investment Income (Loss) | (515,690 | ) | (57,283 | ) | 1,732,632 | |||||||
Accumulated Net Realized Gain (Loss) on Investments | (130,603,710 | ) | (11,397,645 | ) | (9,250,930 | ) | ||||||
Net Unrealized Appreciation (Depreciation) on Investments | 29,491,823 | 1,836,212 | 694,351 | |||||||||
Net Assets | $ | 204,236,908 | $ | 29,479,377 | $ | 39,698,269 | ||||||
A-Class | $ | 39,452,095 | $ | 9,847,885 | $ | 5,110,506 | ||||||
C-Class | 67,228,204 | 4,776,989 | 8,539,402 | |||||||||
H-Class | 97,556,609 | 14,854,503 | 26,048,361 | |||||||||
Shares Outstanding | ||||||||||||
A-Class | 3,460,459 | 466,676 | 249,897 | |||||||||
C-Class | 6,243,787 | 229,763 | 422,542 | |||||||||
H-Class | 8,529,144 | 703,269 | 1,273,995 | |||||||||
Net Asset Values | ||||||||||||
A-Class | $ | 11.40 | $ | 21.10 | $ | 20.45 | ||||||
A-Class Maximum Offering Price* | 11.97 | 22.15 | 21.47 | |||||||||
C-Class | 10.77 | 20.79 | 20.21 | |||||||||
H-Class | 11.44 | 21.12 | 20.45 | |||||||||
Cost of Investments | $ | 174,845,445 | $ | 25,478,179 | $ | 38,961,293 | ||||||
Proceeds from Short Sales | — | — | — | |||||||||
Premiums Received for Written Options | — | — | — |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
36 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
September 30, 2009
Global | Global | Multi-Hedge | Commodities | ||||||||||||||
130/30 | Market | Strategies | Strategy | ||||||||||||||
Strategy | Neutral | Fund | Fund | ||||||||||||||
Fund | Fund | (Consolidated) | (Consolidated) | ||||||||||||||
$ | 18,781,493 | $ | 20,058,932 | $ | 71,915,494 | $ | 20,750,927 | ||||||||||
— | — | — | — | ||||||||||||||
2,481,355 | 1,760,239 | 62,734,826 | 25,816,264 | ||||||||||||||
21,262,848 | 21,819,171 | 134,650,320 | 46,567,191 | ||||||||||||||
1,000,000 | 7,454,000 | 57,144,795 | 204,000 | ||||||||||||||
— | 10,337,963 | — | — | ||||||||||||||
— | — | — | — | ||||||||||||||
3,428,234 | — | 16,301,993 | — | ||||||||||||||
— | 75 | 166,787 | 22,155 | ||||||||||||||
35,848 | 43,271 | 109,917 | 1,696 | ||||||||||||||
2,138,937 | — | — | — | ||||||||||||||
270,367 | 2,173 | 5,656 | — | ||||||||||||||
28,136,234 | 39,656,653 | 208,379,468 | 46,795,042 | ||||||||||||||
3,540,312 | 19,010,404 | 54,384,578 | — | ||||||||||||||
— | — | 567,690 | — | ||||||||||||||
— | 107,299 | — | — | ||||||||||||||
— | — | 100,553 | 110,697 | ||||||||||||||
3,906,112 | — | 19,317,137 | — | ||||||||||||||
36,766 | 70,998 | 70,454 | 4,182,472 | ||||||||||||||
12,733 | 19,804 | 128,329 | 28,829 | ||||||||||||||
3,032 | 4,126 | — | 9,610 | ||||||||||||||
7,636 | 4,375 | 45,375 | 13,083 | ||||||||||||||
1,213 | 1,650 | — | 3,844 | ||||||||||||||
3,265 | 8,042 | — | 1,268 | ||||||||||||||
3,663,733 | — | — | — | ||||||||||||||
2,385,962 | — | — | — | ||||||||||||||
986 | 18,245 | 68,249 | — | ||||||||||||||
5,156 | 8,182 | 4,054 | 17,876 | ||||||||||||||
13,566,906 | 19,253,125 | 74,686,419 | 4,367,679 | ||||||||||||||
$ | 14,569,328 | $ | 20,403,528 | $ | 133,693,049 | $ | 42,427,363 | ||||||||||
$ | 23,647,200 | $ | 21,080,985 | $ | 189,971,195 | $ | 62,820,541 | ||||||||||
88,613 | (265,592 | ) | (170,596 | ) | (82,184 | ) | |||||||||||
(11,216,048 | ) | 449,583 | (57,591,646 | ) | (26,845,369 | ) | |||||||||||
2,049,563 | (861,448 | ) | 1,484,096 | 6,534,375 | |||||||||||||
$ | 14,569,328 | $ | 20,403,528 | $ | 133,693,049 | $ | 42,427,363 | ||||||||||
$ | 3,960,499 | $ | 14,989,919 | $ | 32,026,716 | $ | 7,102,892 | ||||||||||
5,606,229 | 462,249 | 27,159,685 | 5,552,047 | ||||||||||||||
5,002,600 | 4,951,360 | 74,506,648 | 29,772,424 | ||||||||||||||
446,525 | 622,018 | 1,564,250 | 461,701 | ||||||||||||||
676,519 | 19,252 | 1,368,319 | 373,581 | ||||||||||||||
563,867 | 205,496 | 3,636,691 | 1,935,106 | ||||||||||||||
$8.87 | $24.10 | $20.47 | $15.38 | ||||||||||||||
9.31 | 25.30 | 21.49 | 16.15 | ||||||||||||||
8.29 | 24.01 | 19.85 | 14.86 | ||||||||||||||
8.87 | 24.09 | 20.49 | 15.39 | ||||||||||||||
$ | 18,707,412 | $ | 19,475,183 | $ | 126,498,234 | $ | 39,979,997 | ||||||||||
3,035,315 | 15,805,235 | 47,523,788 | — | ||||||||||||||
— | — | 511,530 | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 37 |
STATEMENTS OF OPERATIONS (Unaudited)
Alternative | ||||||||||||
All-Cap | International | Strategies | ||||||||||
Opportunity | Opportunity | Allocation | ||||||||||
Fund | Fund | Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 2,701 | $ | 8,329 | $ | 560 | ||||||
Dividends, Net of Foreign Tax Withheld | 1,314,999 | — | — | |||||||||
Other Income | — | 41,639 | — | |||||||||
Total Income | 1,317,700 | 49,968 | 560 | |||||||||
Expenses | ||||||||||||
Investment Advisory Fees | 848,808 | 82,053 | — | |||||||||
Transfer Agent and Administrative Fees | 235,780 | 22,793 | — | |||||||||
Distribution & Service Fees: | ||||||||||||
A-Class | 45,237 | 7,940 | — | |||||||||
C-Class | 317,332 | 15,756 | 31,044 | |||||||||
H-Class | 111,210 | 10,913 | — | |||||||||
Portfolio Accounting Fees | 94,311 | 9,117 | — | |||||||||
Short Sales Dividend Expense | — | — | — | |||||||||
Trustees’ Fees | 13,162 | 1,035 | — | |||||||||
Prime Broker Interest Expense | — | — | — | |||||||||
Custody Fees | 25,797 | 2,523 | 16 | |||||||||
Tax Expense | — | — | — | |||||||||
Miscellaneous | 141,753 | 13,585 | — | |||||||||
Total Expenses | 1,833,390 | 165,715 | 31,060 | |||||||||
Less Expenses Waived by Advisor | — | — | — | |||||||||
Net Expenses | 1,833,390 | 165,715 | 31,060 | |||||||||
Net Investment Income (Loss) | (515,690 | ) | (115,747 | ) | (30,500 | ) | ||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Investment Securities | 24,727,953 | 784,385 | (332,399 | ) | ||||||||
Affiliated Investment Securities | — | — | (530,455 | ) | ||||||||
Futures Contracts | — | 4,487,074 | — | |||||||||
Foreign Currency | — | 135,136 | — | |||||||||
Written Options | — | — | — | |||||||||
Total Net Realized Gain (Loss) | 24,727,953 | 5,406,595 | (862,854 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investment Securities | 27,269,259 | 1,115,391 | 2,893,499 | |||||||||
Futures Contracts | — | 63,236 | — | |||||||||
Foreign Currency | — | 51,309 | — | |||||||||
Securities Sold Short | — | — | — | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 27,269,259 | 1,229,936 | 2,893,499 | |||||||||
Net Gain (Loss) on Investments | 51,997,212 | 6,636,531 | 2,030,645 | |||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 51,481,522 | $ | 6,520,784 | $ | 2,000,145 | ||||||
Foreign Tax Withheld | $ | 2,716 | $ | — | $ | — |
* | Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act. |
38 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Period Ended September 30, 2009
Global | Global | Multi-Hedge | Commodities | ||||||||||||||
130/30 | Market | Strategies | Strategy | ||||||||||||||
Strategy | Neutral | Fund | Fund | ||||||||||||||
Fund | Fund | (Consolidated) | (Consolidated) | ||||||||||||||
$ | 1,235 | $ | — | $ | 55,439 | $ | 68,573 | ||||||||||
210,337 | 117,192 | 1,402,504 | — | ||||||||||||||
149,521 | 54,838 | 38,829 | 2,311 | ||||||||||||||
361,093 | 172,030 | 1,496,772 | 70,884 | ||||||||||||||
85,502 | 108,282 | 783,940 | 260,980 | ||||||||||||||
20,358 | 22,559 | — | 85,545 | ||||||||||||||
6,469 | 16,714 | 44,773 | 10,816 | ||||||||||||||
28,397 | 691 | 146,131 | 28,421 | ||||||||||||||
7,386 | 5,672 | 92,606 | 67,624 | ||||||||||||||
8,143 | 9,023 | — | 34,218 | ||||||||||||||
18,892 | 92,246 | 397,625 | — | ||||||||||||||
1,054 | 826 | — | 4,745 | ||||||||||||||
62,737 | 105,897 | 137,137 | 1,091 | ||||||||||||||
30,395 | 35,102 | — | 9,254 | ||||||||||||||
— | — | 5,253 | — | ||||||||||||||
14,850 | 40,329 | — | 46,194 | ||||||||||||||
284,183 | 437,341 | 1,607,465 | 548,888 | ||||||||||||||
— | — | — | (86,593 | ) | |||||||||||||
284,183 | 437,341 | 1,607,465 | 462,295 | ||||||||||||||
76,910 | (265,311 | ) | (110,693 | ) | (391,411 | ) | |||||||||||
1,153,481 | 658,194 | (5,058,938 | ) | 2,538,897 | |||||||||||||
— | — | — | — | ||||||||||||||
— | — | 7,165,124 | (12,710 | ) | |||||||||||||
(102,874 | ) | (208,611 | ) | — | — | ||||||||||||
— | — | (683,049 | ) | — | |||||||||||||
1,050,607 | 449,583 | 1,423,137 | 2,526,187 | ||||||||||||||
2,660,321 | (844,846 | ) | 3,688,340 | 5,494,730 | |||||||||||||
— | — | (1,659,647 | ) | (52,819 | ) | ||||||||||||
(875 | ) | 7,880 | — | — | |||||||||||||
— | 7,604 | (173,211 | ) | — | |||||||||||||
2,659,446 | (829,362 | ) | 2,201,904 | 5,441,911 | |||||||||||||
3,710,053 | (379,779 | ) | 3,625,041 | 7,968,098 | |||||||||||||
$ | 3,786,963 | $ | (645,090 | ) | $ | 3,514,348 | $ | 7,576,687 | |||||||||
$ | 19,330 | $ | 11,034 | $ | 526 | $ | — |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 39 |
STATEMENTS OF CHANGES IN NET ASSETS
All-Cap | International | |||||||||||||||
Opportunity Fund | Opportunity Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (515,690 | ) | $ | (578,348 | ) | $ | (115,747 | ) | $ | (69,427 | ) | ||||
Net Realized Gain (Loss) on Investments | 24,727,953 | (113,268,459 | ) | 5,406,595 | (12,459,265 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 27,269,259 | (21,213,717 | ) | 1,229,936 | 1,711,712 | |||||||||||
Net Increase (Decrease) in Net Assets from Operations | 51,481,522 | (135,060,524 | ) | 6,520,784 | (10,816,980 | ) | ||||||||||
Distributions to Shareholders From: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
A-Class | — | — | — | (222,092 | ) | |||||||||||
C-Class | — | — | — | (36,809 | ) | |||||||||||
H-Class | — | — | — | (82,115 | ) | |||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | — | — | — | ||||||||||||
C-Class | — | — | — | — | ||||||||||||
H-Class | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | — | — | — | (341,016 | ) | |||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
A-Class | 7,250,831 | 44,559,746 | 9,904,910 | 13,321,711 | ||||||||||||
C-Class | 3,066,745 | 16,947,230 | 3,535,451 | 2,314,047 | ||||||||||||
H-Class | 25,598,392 | 207,523,407 | 17,019,640 | 16,964,284 | ||||||||||||
Redemption Fees Collected | ||||||||||||||||
A-Class | 2,428 | 11,144 | 14,086 | 37,342 | ||||||||||||
C-Class | 4,427 | 24,427 | 6,527 | 7,132 | ||||||||||||
H-Class | 6,006 | 43,454 | 16,722 | 18,492 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
A-Class | — | — | — | 211,478 | ||||||||||||
C-Class | — | — | — | 33,381 | ||||||||||||
H-Class | — | — | — | 79,391 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
A-Class | (9,663,375 | ) | (42,203,694 | ) | (9,415,078 | ) | (13,369,859 | ) | ||||||||
C-Class | (10,896,333 | ) | (35,650,579 | ) | (1,665,834 | ) | (3,081,231 | ) | ||||||||
H-Class | (28,410,922 | ) | (233,629,702 | ) | (8,829,325 | ) | (23,868,370 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (13,041,801 | ) | (42,374,567 | ) | 10,587,099 | (7,332,202 | ) | |||||||||
Net Increase (Decrease) in Net Assets | 38,439,721 | (177,435,091 | ) | 17,107,883 | (18,490,198 | ) | ||||||||||
Net Assets—Beginning of Period | 165,797,187 | 343,232,278 | 12,371,494 | 30,861,692 | ||||||||||||
Net Assets—End of Period | $ | 204,236,908 | $ | 165,797,187 | $ | 29,479,377 | $ | 12,371,494 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (515,690 | ) | $ | — | $ | (57,283 | ) | $ | 58,464 | ||||||
* | Since the commencement of operations: March 30, 2009. | |
** | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. | |
† | Unaudited |
40 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
Alternative Strategies | Global 130/30 | Global Market | |||||||||||||||||||||||
Allocation Fund | Strategy Fund | Neutral Fund | |||||||||||||||||||||||
Period | Year | Period | Year | Period | Year | ||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | ||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | * | ||||||||||||||||
$ | (30,500 | ) | $ | 614,877 | $ | 76,910 | $ | 160,838 | $ | (265,311 | ) | $ | (752 | ) | |||||||||||
(862,854 | ) | (6,572,885 | ) | 1,050,607 | (9,753,362 | ) | 449,583 | — | |||||||||||||||||
2,893,499 | (2,168,507 | ) | 2,659,446 | (311,632 | ) | (829,362 | ) | (32,086 | ) | ||||||||||||||||
2,000,145 | (8,126,515 | ) | 3,786,963 | (9,904,156 | ) | (645,090 | ) | (32,838 | ) | ||||||||||||||||
— | (158,223) | ** | — | (6,493 | ) | — | — | ||||||||||||||||||
— | (161,347) | ** | — | (59,743 | ) | — | — | ||||||||||||||||||
— | (370,769) | ** | — | (83,764 | ) | — | — | ||||||||||||||||||
— | (9,935 | )** | — | — | — | — | |||||||||||||||||||
— | (10,131 | )** | — | — | — | — | |||||||||||||||||||
— | (23,280 | )** | — | — | — | — | |||||||||||||||||||
— | (733,685 | ) | — | (150,000 | ) | — | — | ||||||||||||||||||
1,328,017 | 11,798,894 | 7,578,428 | 9,750,776 | 6,178,769 | 11,077,044 | ||||||||||||||||||||
1,698,492 | 10,978,311 | 252,088 | 1,723,970 | 499,735 | 25 | ||||||||||||||||||||
9,596,998 | 36,997,004 | 5,225,473 | 9,224,887 | 3,762,656 | 3,766,519 | ||||||||||||||||||||
100 | 6,530 | 224 | 6,527 | 225 | — | ||||||||||||||||||||
143 | 6,192 | 212 | 48,912 | 1 | — | ||||||||||||||||||||
379 | 15,346 | 247 | 42,274 | 77 | — | ||||||||||||||||||||
— | 145,664 | — | 6,421 | — | — | ||||||||||||||||||||
— | 162,533 | — | 56,530 | — | — | ||||||||||||||||||||
— | 381,030 | — | 80,402 | — | — | ||||||||||||||||||||
(2,352,354 | ) | (5,288,124 | ) | (5,380,493 | ) | (10,981,081 | ) | (1,740,332 | ) | (29,335 | ) | ||||||||||||||
(1,341,001 | ) | (1,424,179 | ) | (1,653,502 | ) | (7,190,241 | ) | (28,885 | ) | — | |||||||||||||||
(3,326,933 | ) | (17,991,078 | ) | (5,159,746 | ) | (15,254,631 | ) | (2,397,824 | ) | (7,219 | ) | ||||||||||||||
5,603,841 | 35,788,123 | 862,931 | (12,485,254 | ) | 6,274,422 | 14,807,034 | |||||||||||||||||||
7,603,986 | 26,927,923 | 4,649,894 | (22,539,410 | ) | 5,629,332 | 14,774,196 | |||||||||||||||||||
32,094,283 | 5,166,360 | 9,919,434 | 32,458,844 | 14,774,196 | — | ||||||||||||||||||||
$ | 39,698,269 | $ | 32,094,283 | $ | 14,569,328 | $ | 9,919,434 | $ | 20,403,528 | $ | 14,774,196 | ||||||||||||||
$ | 1,732,632 | $ | 1,703,139 | $ | 88,613 | $ | 11,703 | $ | (265,592 | ) | $ | (281 | ) | ||||||||||||
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 41 |
STATEMENTS OF CHANGES IN NET ASSETS (concluded)
Multi-Hedge | Commodities | |||||||||||||||
Strategies Fund | Strategy Fund | |||||||||||||||
Period | Period | |||||||||||||||
Ended | Year | Ended | Year | |||||||||||||
September 30, | Ended | September 30, | Ended | |||||||||||||
2009 | † | March 31, | 2009 | † | March 31, | |||||||||||
(Consolidated) | 2009 | (Consolidated) | 2009 | |||||||||||||
From Operations | ||||||||||||||||
Net Investment Income (Loss) | $ | (110,693 | ) | $ | (1,013,405 | ) | $ | (391,411 | ) | $ | 368,146 | |||||
Net Realized Gain (Loss) on Investments | 1,423,137 | (35,125,639 | ) | 2,526,187 | (26,446,158 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 2,201,904 | (4,153,546 | ) | 5,441,911 | (12,290,105 | ) | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | 3,514,348 | (40,292,590 | ) | 7,576,687 | (38,368,117 | ) | ||||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net Investment Income | ||||||||||||||||
A-Class | — | (273,036 | ) | — | (387,071 | ) | ||||||||||
C-Class | — | (209,559 | ) | — | (147,857 | ) | ||||||||||
H-Class | — | (437,025 | ) | — | (872,501 | ) | ||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | (135,740 | ) | — | — | |||||||||||
C-Class | — | (104,182 | ) | — | — | |||||||||||
H-Class | — | (217,266 | ) | — | — | |||||||||||
Total Distributions to Shareholders | — | (1,376,808 | ) | — | (1,407,429 | ) | ||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
A-Class | 12,305,660 | 68,515,501 | 8,586,119 | 37,803,837 | ||||||||||||
C-Class | 4,036,824 | 6,652,774 | 5,061,791 | 12,556,578 | ||||||||||||
H-Class | 36,306,692 | 38,869,824 | 68,888,078 | 229,127,411 | ||||||||||||
Redemption Fees Collected | ||||||||||||||||
A-Class | 1,141 | 7,637 | 6,442 | 54,958 | ||||||||||||
C-Class | 942 | 5,663 | 4,044 | 27,481 | ||||||||||||
H-Class | 2,333 | 13,462 | 43,766 | 298,366 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
A-Class | — | 372,766 | — | 371,452 | ||||||||||||
C-Class | — | 291,840 | — | 137,899 | ||||||||||||
H-Class | — | 569,826 | — | 821,992 | ||||||||||||
Value of Proceeds from Merger | ||||||||||||||||
A-Class | 1,163,149 | — | — | — | ||||||||||||
C-Class | 1,731,123 | — | — | — | ||||||||||||
H-Class | 10,389,249 | — | — | — | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
A-Class | (28,440,738 | ) | (52,667,407 | ) | (10,472,437 | ) | (38,336,017 | ) | ||||||||
C-Class | (8,344,700 | ) | (24,431,362 | ) | (4,132,932 | ) | (13,889,845 | ) | ||||||||
H-Class | (35,986,146 | ) | (98,051,422 | ) | (95,016,382 | ) | (281,575,152 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | (6,834,471 | ) | (59,850,898 | ) | (27,031,511 | ) | (52,601,040 | ) | ||||||||
Net Decrease in Net Assets | (3,320,123 | ) | (101,520,296 | ) | (19,454,824 | ) | (92,376,586 | ) | ||||||||
Net Assets—Beginning of Period | 137,013,172 | 238,533,468 | 61,882,187 | 154,258,773 | ||||||||||||
Net Assets—End of Period | $ | 133,693,049 | $ | 137,013,172 | $ | 42,427,363 | $ | 61,882,187 | ||||||||
Undistributed Net Investment Income (Loss)—End of Period | $ | (170,596 | ) | $ | (59,903 | ) | $ | (82,184 | ) | $ | 309,227 | |||||
42 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
Net | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | (Decrease) | RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | in Net | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | Unrealized | Asset Value | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Gains | Resulting | from Net | from Net | Redemption | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | (Losses) on | from | Investment | Realized | Total | Fees | END OF | Investment | Total | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | Investments | Operations | Income | Gains | Distributions | Collected | PERIOD | Return††† | Expenses | (Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
All-Cap Opportunity Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 8.62 | $ | (.01 | ) | $ | 2.79 | $ | 2.78 | $ | — | $ | — | $ | — | $ | — | § | $ | 11.40 | 32.25% | 1.69% | ** | (0.29)% | ** | 189% | $ | 39,452 | ||||||||||||||||||||||||||||
March 31, 2009 | 13.45 | .01 | (4.84 | ) | (4.83 | ) | — | — | — | — | § | 8.62 | (35.91)% | 1.69% | 0.13% | 528% | 31,925 | |||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 14.08 | (.01 | ) | .30 | .29 | — | (.93 | ) | (.93 | ) | .01 | 13.45 | 1.50% | 1.65% | (0.08)% | 278% | 49,148 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 14.15 | (.01 | ) | .38 | .37 | — | (.44 | ) | (.44 | ) | — | § | 14.08 | 2.75% | 1.64% | (0.09)% | 373% | 39,804 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.10 | (.04 | ) | 3.09 | 3.05 | — | — | — | — | 14.15 | 27.48% | 1.67% | (0.33)% | 263% | 30,593 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 10.45 | (.02 | ) | .67 | .65 | — | — | — | — | 11.10 | 6.22% | 1.63% | (0.19)% | 262% | 2,989 | |||||||||||||||||||||||||||||||||||||||||
All-Cap Opportunity Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.17 | (.05 | ) | 2.65 | 2.60 | — | — | — | — | § | 10.77 | 31.82% | 2.44% | ** | (1.05)% | ** | 189% | 67,228 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 12.85 | (.07 | ) | (4.61 | ) | (4.68 | ) | — | — | — | — | § | 8.17 | (36.42)% | 2.44% | (0.66)% | 528% | 57,792 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 13.58 | (.12 | ) | .31 | .19 | — | (.93 | ) | (.93 | ) | .01 | 12.85 | 0.81% | 2.41% | (0.80)% | 278% | 115,136 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 13.76 | (.11 | ) | .37 | .26 | — | (.44 | ) | (.44 | ) | — | § | 13.58 | 2.02% | 2.39% | (0.86)% | 373% | 118,422 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 10.87 | (.12 | ) | 3.01 | 2.89 | — | — | — | — | 13.76 | 26.59% | 2.41% | (0.95)% | 263% | 118,083 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 10.30 | (.10 | ) | .67 | .57 | — | — | — | — | 10.87 | 5.53% | 2.38% | (1.03)% | 262% | 54,604 | |||||||||||||||||||||||||||||||||||||||||
All-Cap Opportunity Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.65 | (.01 | ) | 2.80 | 2.79 | — | — | — | — | § | 11.44 | 32.25% | 1.69% | ** | (0.29)% | ** | 189% | 97,557 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 13.49 | (— | )§ | (4.84 | ) | (4.84 | ) | — | — | — | — | § | 8.65 | (35.88)% | 1.68% | (0.01)% | 528% | 76,080 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 14.12 | (.02 | ) | .31 | .29 | — | (.93 | ) | (.93 | ) | .01 | 13.49 | 1.50% | 1.65% | (0.13)% | 278% | 178,949 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 14.18 | (.02 | ) | .40 | .38 | — | (.44 | ) | (.44 | ) | — | § | 14.12 | 2.81% | 1.65% | (0.16)% | 373% | 140,774 | ||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 11.12 | (.03 | ) | 3.09 | 3.06 | — | — | — | — | 14.18 | 27.52% | 1.66% | (0.25)% | 263% | 246,029 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 10.45 | (.03 | ) | .70 | .67 | — | — | — | — | 11.12 | 6.41% | 1.64% | (0.31)% | 262% | 56,725 | |||||||||||||||||||||||||||||||||||||||||
International Opportunity Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.76 | (.18 | ) | 7.48 | 7.30 | — | — | — | .04 | 21.10 | 53.34% | 1.72% | ** | (2.08)% | ** | 188% | 9,848 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 22.93 | (.05 | ) | (8.84 | ) | (8.89 | ) | (.33 | ) | — | (.33 | ) | .05 | 13.76 | (38.64)% | 1.68% | (0.24)% | 278% | 6,818 | |||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .53 | (1.98 | ) | (1.45 | ) | (.41 | ) | (.24 | ) | (.65 | ) | .03 | 22.93 | (5.93)% | 1.74% | ** | 3.68% | ** | 160% | 13,483 | |||||||||||||||||||||||||||||||||||
International Opportunity Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.61 | (.13 | ) | 7.27 | 7.14 | — | — | — | .04 | 20.79 | 52.76% | 2.48% | ** | (1.58)% | ** | 188% | 4,777 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 22.84 | (.19 | ) | (8.76 | ) | (8.95 | ) | (.33 | ) | — | (.33 | ) | .05 | 13.61 | (39.06)% | 2.43% | (1.00)% | 278% | 1,618 | |||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .39 | (1.96 | ) | (1.57 | ) | (.41 | ) | (.24 | ) | (.65 | ) | .06 | 22.84 | (6.29)% | 2.49% | ** | 2.70% | ** | 160% | 3,603 | |||||||||||||||||||||||||||||||||||
International Opportunity Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 13.77 | (.05 | ) | 7.37 | 7.32 | — | — | — | .03 | 21.12 | 53.38% | 1.71% | ** | (0.60)% | ** | 188% | 14,855 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 22.94 | (.03 | ) | (8.86 | ) | (8.89 | ) | (.33 | ) | — | (.33 | ) | .05 | 13.77 | (38.63)% | 1.68% | (0.16)% | 278% | 3,936 | |||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | .45 | (1.95 | ) | (1.50 | ) | (.41 | ) | (.24 | ) | (.65 | ) | .09 | 22.94 | (5.89)% | 1.75% | ** | 3.19% | ** | 160% | 13,775 | |||||||||||||||||||||||||||||||||||
Alternative Strategies Allocation Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 19.33 | — | § | 1.12 | 1.12 | — | — | — | — | § | 20.45 | 5.79% | 0.00% | ** | 0.00% | ** | 4% | 5,111 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.84 | .62 | (5.69 | ) | (5.07 | ) | (.44 | ) | (.03 | ) | (.47 | ) | .03 | 19.33 | (20.39)% | 0.00% | 2.82% | 88% | 5,816 | |||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | — | § | (.16 | ) | (.16 | ) | — | — | — | — | 24.84 | (0.64)% | 0.00% | ** | 0.16% | **à | — | 1,121 | |||||||||||||||||||||||||||||||||||||
Alternative Strategies Allocation Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 19.17 | (.07 | ) | 1.11 | 1.04 | — | — | — | — | § | 20.21 | 5.43% | 0.75% | ** | (0.75)% | ** | 4% | 8,539 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.83 | .39 | (5.60 | ) | (5.21 | ) | (.44 | ) | (.03 | ) | (.47 | ) | .02 | 19.17 | (21.00)% | 0.75% | 1.77% | 88% | 7,750 | |||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | (.01 | ) | (.16 | ) | (.17 | ) | — | — | — | — | 24.83 | (0.68)% | 0.68% | **à | (0.56)% | **à | — | 152 |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 43 |
FINANCIAL HIGHLIGHTS (continued)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
Net | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | (Decrease) | RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | in Net | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | Unrealized | Asset Value | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Gains | Resulting | from Net | from Net | Redemption | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | (Losses) on | from | Investment | Realized | Total | Fees | END OF | Investment | Total | Operating | Income | Turnover | Period (000’s | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | Investments | Operations | Income | Gains | Distributions | Collected | PERIOD | Return††† | Expenses | Expenses†† | (Loss) | Rate | omitted) | |||||||||||||||||||||||||||||||||||||||||||||
Alternative Strategies Allocation Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 19.32 | $ | — | § | $ | 1.13 | $ | 1.13 | $ | — | $ | — | $ | — | $ | — | § | $ | 20.45 | 5.85% | 0.00% | ** | 0.00% | ** | 0.00% | ** | 4% | $ | 26,048 | ||||||||||||||||||||||||||||||
March 31, 2009 | 24.84 | .56 | (5.63 | ) | (5.07 | ) | (.44 | ) | (.03 | ) | (.47 | ) | .02 | 19.32 | (20.43)% | 0.00% | 0.00% | 2.55% | 88% | 18,528 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2008* | 25.00 | — | § | (.16 | ) | (.16 | ) | — | — | — | — | 24.84 | (0.64)% | 0.00% | ** | 0.00% | ** | 0.12% | **à | —% | 3,893 | |||||||||||||||||||||||||||||||||||||||
Global 130/30 Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 6.91 | .05 | 1.91 | 1.96 | — | — | — | — | § | 8.87 | 28.36% | 3.22% | ** | 2.21% | ** | 1.31% | ** | 273% | 3,960 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.79 | .12 | (4.98 | ) | (4.86 | ) | (.06 | ) | — | (.06 | ) | .04 | 6.91 | (40.85)% | 1.12% | 1.12% | 1.17% | 254% | 663 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 17.05 | .10 | (2.58 | ) | (2.48 | ) | (.02 | ) | (2.76 | ) | (2.78 | ) | — | § | 11.79 | (15.78)% | 1.21% | 1.21% | 0.64% | 149% | 3,361 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 16.72 | .05 | 1.38 | 1.43 | — | (1.10 | ) | (1.10 | ) | — | § | 17.05 | 8.89% | 1.32% | 1.32% | 0.32% | 138% | 5,680 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 15.01 | (.01 | ) | 2.59 | 2.58 | — | (.87 | ) | (.87 | ) | — | 16.72 | 17.55% | 1.66% | 1.66% | (0.08)% | 168% | 3,079 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.44 | .02 | 1.16 | 1.18 | — | (.61 | ) | (.61 | ) | — | 15.01 | 8.16% | 1.57% | 1.57% | 0.16% | 159% | 906 | |||||||||||||||||||||||||||||||||||||||||||
Global 130/30 Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 6.48 | .01 | 1.80 | 1.81 | — | — | — | — | § | 8.29 | 27.93% | 4.02% | ** | 3.02% | ** | 0.29% | ** | 273% | 5,606 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.14 | .04 | (4.68 | ) | (4.64 | ) | (.06 | ) | — | (.06 | ) | .04 | 6.48 | (41.26)% | 1.86% | 1.86% | 0.42% | 254% | 5,659 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 16.39 | (.02 | ) | (2.45 | ) | (2.47 | ) | (.02 | ) | (2.76 | ) | (2.78 | ) | — | § | 11.14 | (16.39)% | 1.97% | 1.97% | (0.13)% | 149% | 15,906 | ||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 16.24 | (.09 | ) | 1.34 | 1.25 | — | (1.10 | ) | (1.10 | ) | — | § | 16.39 | 8.03% | 2.12% | 2.12% | (0.54)% | 138% | 30,181 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 14.71 | (.13 | ) | 2.53 | 2.40 | — | (.87 | ) | (.87 | ) | — | 16.24 | 16.68% | 2.40% | 2.40% | (0.87)% | 168% | 30,981 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.27 | (.10 | ) | 1.15 | 1.05 | — | (.61 | ) | (.61 | ) | — | 14.71 | 7.34% | 2.31% | 2.31% | (0.71)% | 159% | 34,793 | ||||||||||||||||||||||||||||||||||||||||||
Global 130/30 Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 6.92 | .05 | 1.90 | 1.95 | — | — | — | — | § | 8.87 | 28.18% | 3.22% | ** | 2.22% | ** | 1.25% | ** | 273% | 5,003 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 11.79 | .11 | (4.97 | ) | (4.86 | ) | (.06 | ) | — | (.06 | ) | .05 | 6.92 | (40.77)% | 1.11% | 1.11% | 1.12% | 254% | 3,597 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 17.04 | .09 | (2.56 | ) | (2.47 | ) | (.02 | ) | (2.76 | ) | (2.78 | ) | — | § | 11.79 | (15.73)% | 1.23% | 1.23% | 0.57% | 149% | 13,192 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 16.72 | .03 | 1.39 | 1.42 | — | (1.10 | ) | (1.10 | ) | — | § | 17.04 | 8.83% | 1.38% | 1.38% | 0.18% | 138% | 41,562 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006 | 15.01 | (.02 | ) | 2.60 | 2.58 | — | (.87 | ) | (.87 | ) | — | 16.72 | 17.55% | 1.64% | 1.64% | (0.11)% | 168% | 53,323 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2005 | 14.44 | — | § | 1.18 | 1.18 | — | (.61 | ) | (.61 | ) | — | 15.01 | 8.16% | 1.56% | 1.56% | 0.03% | 159% | 51,139 | ||||||||||||||||||||||||||||||||||||||||||
Global Market Neutral Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 24.94 | (.36 | ) | (.48 | ) | (.84 | ) | — | — | — | — | § | 24.10 | (3.37)% | 4.84% | ** | 2.64% | ** | (2.93)% | ** | 1,968% | 14,990 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009* | 25.00 | (— | )§ | (.06 | ) | (.06 | ) | — | — | — | — | 24.94 | (0.24)% | 2.00% | **à | 2.00% | **à | (1.86)% | ** | 91% | 11,023 | |||||||||||||||||||||||||||||||||||||||
Global Market Neutral Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 24.95 | (.43 | ) | (.51 | ) | (.94 | ) | — | — | — | — | § | 24.01 | (3.77)% | 5.99% | ** | 3.80% | ** | (4.41)% | ** | 1,968% | 462 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009* | 25.00 | — | § | (.05 | ) | (.05 | ) | — | — | — | — | 24.95 | (0.20)% | 1.75% | **à | 1.75% | **à | 0.14% | ** | 91% | — | §§ | ||||||||||||||||||||||||||||||||||||||
Global Market Neutral Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 24.94 | (.36 | ) | (.49 | ) | (.85 | ) | — | — | — | — | § | 24.09 | (3.41)% | 4.84% | ** | 2.64% | ** | (2.93)% | ** | 1,968% | 4,951 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009* | 25.00 | (— | )§ | (.06 | ) | (.06 | ) | — | — | — | — | 24.94 | (0.24)% | 2.00% | **à | 2.00% | **à | (1.86)% | ** | 91% | 3,751 | |||||||||||||||||||||||||||||||||||||||
Multi-Hedge Strategies Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | 19.96 | (.01 | ) | .52 | .51 | — | — | — | — | § | 20.47 | 2.56% | 2.17% | ** | 1.38% | ** | (0.09)% | ** | 600% | 32,027 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.61 | (.10 | ) | (4.37 | ) | (4.47 | ) | (.12 | ) | (.06 | ) | (.18 | ) | — | § | 19.96 | (18.19)% | 2.09% | 1.40% | (0.46)% | 1,578% | 45,078 | ||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.44 | .58 | (1.53 | ) | (.95 | ) | (.79 | ) | (.09 | ) | (.88 | ) | — | § | 24.61 | (3.72)% | 1.96% | 1.40% | 2.18% | 509% | 42,193 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 25.52 | .71 | .80 | 1.51 | (.38 | ) | (.22 | ) | (.60 | ) | .01 | 26.44 | 6.05% | 1.93% | 1.43% | 2.74% | 298% | 41,771 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .29 | .24 | .53 | (.07 | ) | — | (.07 | ) | .06 | 25.52 | 2.36% | 1.87% | ** | 1.45% | ** | 2.20% | ** | 127% | 5,791 |
44 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (concluded)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
Net | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | (Decrease) | RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | in Net | AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | Unrealized | Asset Value | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Gains | Resulting | from Net | from Net | Redemption | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | (Losses) on | from | Investment | Realized | Total | Fees | END OF | Investment | Total | Net | Operating | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | Investments | Operations | Income | Gains | Distributions | Collected | PERIOD | Return††† | Expenses | Expenses | Expenses†† | (Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Hedge Strategies Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | $ | 19.43 | $ | (.07 | ) | $ | .49 | $ | .42 | $ | — | $ | — | $ | — | $ | — | § | $ | 19.85 | 2.16% | 2.96% | ** | 2.96% | ** | 2.17% | ** | (0.75)% | ** | 600% | $ | 27,160 | ||||||||||||||||||||||||||||||||
March 31, 2009 | 24.13 | (.25 | ) | (4.27 | ) | (4.52 | ) | (.12 | ) | (.06 | ) | (.18 | ) | — | § | 19.43 | (18.76)% | 2.82% | 2.82% | 2.15% | (1.09)% | 1,578% | 28,706 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.14 | .37 | (1.50 | ) | (1.13 | ) | (.79 | ) | (.09 | ) | (.88 | ) | — | § | 24.13 | (4.46)% | 2.71% | 2.71% | 2.15% | 1.41% | 509% | 54,857 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 25.42 | .51 | .80 | 1.31 | (.38 | ) | (.22 | ) | (.60 | ) | .01 | 26.14 | 5.28% | 2.66% | 2.66% | 2.16% | 1.99% | 298% | 48,052 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .19 | .24 | .43 | (.07 | ) | — | (.07 | ) | .06 | 25.42 | 1.96% | 2.65% | ** | 2.65% | ** | 2.23% | ** | 1.42% | ** | 127% | 7,352 | ||||||||||||||||||||||||||||||||||||||||||
Multi-Hedge Strategies Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | 19.98 | (— | )§ | .51 | .51 | — | — | — | — | § | 20.49 | 2.55% | 2.21% | ** | 2.21% | ** | 1.42% | ** | (0.04)% | ** | 600% | 74,507 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 24.63 | (.07 | ) | (4.40 | ) | (4.47 | ) | (.12 | ) | (.06 | ) | (.18 | ) | — | § | 19.98 | (18.17)% | 2.07% | 2.07% | 1.41% | (0.31)% | 1,578% | 63,229 | |||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 26.46 | .58 | (1.53 | ) | (.95 | ) | (.79 | ) | (.09 | ) | (.88 | ) | — | § | 24.63 | (3.71)% | 1.95% | 1.95% | 1.39% | 2.21% | 509% | 141,483 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 25.53 | .72 | .80 | 1.52 | (.38 | ) | (.22 | ) | (.60 | ) | .01 | 26.46 | 6.09% | 1.90% | 1.90% | 1.40% | 2.78% | 298% | 176,187 | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .29 | .25 | .54 | (.07 | ) | — | (.07 | ) | .06 | 25.53 | 2.40% | 1.83% | ** | 1.83% | ** | 1.41% | ** | 2.18% | ** | 127% | 30,796 | ||||||||||||||||||||||||||||||||||||||||||
Commodities Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | 13.26 | (.07 | ) | 2.18 | 2.11 | — | — | — | .01 | 15.38 | 15.99% | 1.54% | ** | 1.29% | ** | 1.29% | ** | (0.89)% | ** | 136% | 7,103 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 32.68 | — | § | (18.80 | ) | (18.80 | ) | (.70 | ) | — | (.70 | ) | .08 | 13.26 | (57.55)% | 1.52% | 1.20% | 1.20% | 0.02% | 390% | 7,189 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 23.81 | .68 | 8.27 | 8.95 | (.22 | ) | — | (.22 | ) | .14 | 32.68 | 38.48% | 1.51% | 1.19% | 1.19% | 2.49% | 405% | 18,579 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.29 | .63 | (4.15 | ) | (3.52 | ) | — | — | — | .04 | 23.81 | (12.75)% | 1.46% | 1.17% | 1.17% | 2.57% | 672% | 9,720 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .61 | 1.68 | 2.29 | — | — | — | — | 27.29 | 9.16% | 1.71% | ** | 1.71% | ** | 1.71% | ** | 2.76% | ** | — | 8,751 | ||||||||||||||||||||||||||||||||||||||||||||
Commodities Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | 12.86 | (.12 | ) | 2.11 | 1.99 | — | — | — | .01 | 14.86 | 15.55% | 2.26% | ** | 2.04% | ** | 2.04% | ** | (1.65)% | ** | 136% | 5,552 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 31.96 | (.06 | ) | (18.43 | ) | (18.49 | ) | (.70 | ) | — | (.70 | ) | .09 | 12.86 | (58.03)% | 2.28% | 1.95% | 1.95% | (0.22)% | 390% | 4,072 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 23.47 | .48 | 8.09 | 8.57 | (.22 | ) | — | (.22 | ) | .14 | 31.96 | 37.41% | 2.26% | 1.94% | 1.94% | 1.79% | 405% | 10,793 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.10 | .56 | (4.23 | ) | (3.67 | ) | — | — | — | .04 | 23.47 | (13.39)% | 2.23% | 1.94% | 1.94% | 2.23% | 672% | 4,169 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .42 | 1.68 | 2.10 | — | — | — | — | 27.10 | 8.40% | 2.34% | ** | 2.34% | ** | 2.34% | ** | 1.79% | ** | — | 4,128 | ||||||||||||||||||||||||||||||||||||||||||||
Commodities Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009■D | 13.26 | (.09 | ) | 2.21 | 2.12 | — | — | — | .01 | 15.39 | 16.06% | 1.55% | ** | 1.29% | ** | 1.29% | ** | (1.13)% | ** | 136% | 29,772 | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 32.66 | .13 | (18.93 | ) | (18.80 | ) | (.70 | ) | — | (.70 | ) | .10 | 13.26 | (57.52)% | 1.52% | 1.20% | 1.20% | 0.43% | 390% | 50,622 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2008 | 23.81 | .60 | 8.30 | 8.90 | (.22 | ) | — | (.22 | ) | .17 | 32.66 | 38.39% | 1.51% | 1.19% | 1.19% | 2.10% | 405% | 124,886 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2007 | 27.29 | .77 | (4.28 | ) | (3.51 | ) | — | — | — | .03 | 23.81 | (12.75)% | 1.49% | 1.20% | 1.20% | 2.99% | 672% | 35,062 | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2006* | 25.00 | .61 | 1.68 | 2.29 | — | — | — | — | 27.29 | 9.16% | 1.57% | ** | 1.57% | ** | 1.57% | ** | 2.56% | ** | — | 29,028 |
* | Since the commencement of operations: May 25, 2005 — Commodities Strategy Fund A-Class, C-Class and H-Class; September 19, 2005 — Multi-Hedge Strategies Fund A-Class, C-Class and H-Class; August 31, 2007 — International Opportunity Fund A-Class, C-Class and H-Class; March 7, 2008 — Alternative Strategies Allocation Fund A-Class, C-Class and H-Class; March 30, 2009 — Global Market Neutral Fund A-Class, C-Class and H-Class. | |
** | Annualized | |
† | Calculated using the average daily shares outstanding for the period. | |
†† | Operating Expenses exclude short dividends expense. | |
††† | Total investment return does not reflect the impact of any applicable sales charges and has not been annualized. | |
à | Due to the limited length of Fund operations, ratios for this period are not indicative of future class performance. | |
§ | Less than $.01 per share. | |
§§ | Less than $1,000 in Net Assets. | |
■ | Consolidated | |
D | Unaudited |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 45 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization, Consolidation of Subsidiary and Significant Accounting Policies
Organization
The Rydex Series Funds (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the“1940 Act”) as a non-diversified, open-ended investment company. The Trust offers six separate classes of shares, Investor Class shares, Investor2 Class shares, Advisor Class shares, A-Class shares, C-Class shares, and H-Class shares. C-Class shares have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Sales of shares of each Class are made without a sales charge at the NAV, with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge, except for the U.S. Government Money Market Fund. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% CDSC if shares are redeemed within 18 months of purchase.
At September 30, 2009, the Trust consisted of fifty-five separate funds. This report covers the Alternative Strategy Funds (the “Funds”), while the other Funds are contained in separate reports.
The Alternative Strategies Allocation Fund is a “fund of funds,” which means that the Fund seeks to achieve its investment objective by investing principally in a diversified portfolio of affiliated and un-affiliated funds (the “underlying funds”) instead of individual securities.
The Global Market Neutral Fund invests in long and short positions, ADRs from all over the world that generally have a minimum market capitalization of $500 million, although the Fund may invest in companies with smaller market capitalizations.
As of September 30, 2009, only A-Class, C-Class and H-Class shares had been issued in the Funds. All share classes are subject to a 1% redemption fee when shares are redeemed within 30 days of purchase.
Valu-Trac Investment Management Limited serves as the investment sub-advisor to the International Opportunity Fund and Security Global Investors, LLC, (“SGI”) is the sub-advisor to the Global 130/30 Strategy Fund and the Global Market Neutral Fund, respectively. The sub-advisor is responsible for the development and ongoing maintenance of the investment management strategy utilized by that Fund. Rydex Investments provides advisory, transfer agent and administrative services, and accounting services to the Trust. Rydex Distributors, Inc. (the “Distributor”) acts as principal underwriter for the
Trust. Both Rydex Investments and the Distributor are affiliated entities.
Consolidation of Subsidiary
The consolidated financial statements include the accounts of the wholly-owned and controlled Cayman Islands subsidiaries, (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Funds.
The Funds may invest up to 25% of their total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Funds’ investment objectives and policies. A subscription agreement was entered into between Multi-Hedge Strategies Fund and the Subsidiary on September 18, 2009, comprising the entire issued share capital of the Subsidiary with the intent that Multi-Hedge Strategies Fund will remain the sole shareholder and retain all rights. At September 30, 2009, net assets of Multi-Hedge Strategies Fund were approximately $133.7 million, of which approximately $9.9 million, or approximately 7%, represented Multi-Hedge Strategies Fund’s ownership of all issued shares and voting rights of the Subsidiary.
An additional subscription agreement was entered into between Commodities Strategy Fund and the Subsidiary on September 8, 2009, comprising the entire issued share capital of the Subsidiary with the intent that Commodities Strategy Fund will remain the sole shareholder and retain all rights. At September 30, 2009, net assets of Commodities Strategy Fund were approximately $42.4 million, of which approximately $1.6 million, or approximately 4%, represented Commodities Strategy Fund’s ownership of all issued shares and voting rights of the Subsidiary.
Significant Accounting Policies
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market
46 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
system are valued at the NASDAQ Official Closing Price on the valuation date.
Listed options held by the Trust are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options held by the Trust are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.
The value of futures contracts purchased and sold by the Trust is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the last quoted sales price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
Debt securities in a non 2a-7 money market fund with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, a security is valued at the reported bid price, at the close of business. Short-term debt securities, with a maturity of 60 days or less are valued at amortized cost, which approximates market value.
Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. Exchange Traded Funds (“ETFs”) and closed-end investment companies are valued at the last quoted sales price.
Structured notes are valued in accordance with the terms of their agreement at the value of the underlying index close, usually 4:00 p.m. adjusted for any interest accruals and financing charges. If the securities comprising the underlying index cease trading before a Fund’s close of business, the index will be fair valued with the use of an appropriate market indicator.
Investments, for which market quotations are not readily available, are fair valued as determined in good faith by Rydex Investments under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) general information as to how these securities and assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative
investments, information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market; and (iii) other information and considerations, including current values in related-markets.
B. Securities transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discount, is accrued on a daily basis. Distributions received from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer.
C. Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles.
D. When a Fund engages in a short sale of an equity or fixed income security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales. The Fund is exposed to market risk based on the amount, if any, that the market value of the security exceeds the market value of the securities in the segregated account. Fees, if any, paid to brokers to borrow securities in connection with short sales are considered part of the cost of short sale transactions. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the treasury obligation to the lender and records this as an expense. Short dividends or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Funds may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short or incur rebate charges to borrow certain securities.
E. Upon the purchase of an option by a Fund, the premium paid is recorded as an investment, the value of
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 47 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
which is marked-to-market daily. When a purchased option expires, that Fund will realize a loss in the amount of the cost of the option. When a Fund enters into a closing sale transaction, that Fund will realize a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. When a Fund exercises a put option, that Fund will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security purchased by that Fund upon exercise will be increased by the premium originally paid. When a Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund’s accounting records as an asset and equivalent liability. The amount of the liability is subsequently marked to-market to reflect the current value of the option written. When a written option expires, or if a Fund enters into a closing purchase transaction, that Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold).
F. The Trust may enter into stock and bond index futures contracts and options on such futures contracts. Futures contracts are contracts for delayed delivery of securities at a specified future delivery date and at a specific price. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
G. The Trust may invest in structured notes, which are over-the-counter contracts linked to the performance of an underlying benchmark such as interest rates, equity markets, equity indices, commodities indices, corporate credits or foreign exchange markets. A structured note is a type of bond in which an issuer borrows money from investors and pays back the principal, adjusted for performance of the underlying benchmark, at a specified maturity date. In addition, the contract may require periodic interest payments. Structured notes are used to obtain exposure to a market without owning or taking physical custody of securities or commodities. Fluctuations in value of the structured notes are
recorded as unrealized gains and losses in the accompanying financial statements. Coupon payments are recorded as income while net payments are recorded as net realized gains or losses.
H. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain and loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.
I. The Trust may enter into forward currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the corresponding unrealized gain or loss on the contracts, as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. At September 30, 2009, none of the Funds held forward currency contracts.
J. Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity. The Funds may also purchase American Depository Receipts, U.S. Government securities, and enter into repurchase agreements.
K. The Funds may leave cash overnight in their cash account with the custodian, U.S. Bank. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft,
48 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
calculated by multiplying the overdraft by a rate based on the federal funds rate. Segregated cash with the broker is held as collateral for investments in derivative instruments such as futures contracts and index swap agreements.
L. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the Classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution fees related to A-Class shares and H-Class shares and service and distribution fees related to C-Class shares, are charged directly to such Classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.
M. Throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Financial Instruments
As part of its investment strategy, the Trust may utilize short sales and a variety of derivative instruments including, options, futures, options on futures, structured notes and swap agreements. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statements of Assets and Liabilities.
A short sale is a transaction in which a Fund sells an equity or fixed income security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, that Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, that Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that a Fund may forego the opportunity for profit if the market price of the underlying security increases and the option is exercised. The risk in writing a covered put option is that a Fund may incur a loss if the market price of the underlying security decreases
and the option is exercised. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.
There are several risks in connection with the use of futures contracts. Risks may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
There are several risks associated with the use of structured notes. Structured notes are leveraged, thereby providing an exposure to the underlying benchmark greater than the face amount and increasing the volatility of each note relative to the change in the underlying linked financial instrument. A highly liquid secondary market may not exist for the structured notes a Fund invests in, which may make it difficult for that Fund to sell the structured notes it holds at an acceptable price or to accurately value them. In addition, structured notes are subject to the risk that the counterparty to the instrument, or issuer, might not pay interest when due or repay principal at maturity of the obligation. Although the Trust will not invest in any structured notes unless Rydex Investments believes that the issuer is creditworthy, a Fund does bear the risk of loss of the amount expected to be received in the event of the default or bankruptcy of the issuer.
There are several risks associated with the use of swap agreements that are different from those associated with ordinary portfolio securities transactions, due to the fact they could be considered illiquid. Although the Trust will not enter into any swap agreement unless Rydex Investments believes that the other party to the transaction is creditworthy, the Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of the agreement counterparty.
In conjunction with the use of short sales, options, futures, options on futures, structured notes and swap agreements, the Funds are required to maintain collateral in various forms. The Funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each Fund.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 49 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The risks inherent in the use of short sales, options, futures contracts, options on futures contracts, structured notes, and swap agreements, include i) adverse changes in the value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risk may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.
The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume
and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.
Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor’s®, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by Rydex Investments, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.
3. Derivative Investment Holdings Categorized by Risk Exposure
The Funds adopted FASB ASC 815, Derivatives and Hedging (ASC 815) (formerly known as FAS 161), effective March 31, 2009. ASC 815 is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivatives instruments are accounted for and their effects on the Funds’ financial position and results of operations. None of the derivatives currently held by the Funds are being used as hedging instruments.
50 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2009:
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Type | Asset Derivatives | Liability Derivatives | ||
Interest rate contracts | Investment Securities | Investment Securities | ||
Equity contracts | Variation Margin on Futures Contracts | Variation Margin on Futures Contracts | ||
Investment Securities | Written Options at Market Value | |||
Currency contracts | Variation Margin on Futures Contracts | Variation Margin on Futures Contracts |
The following table sets forth the fair value of the Funds’ derivative contracts by primary risk exposure as of September 30, 2009:
Asset Derivative Investments Value | ||||||||||||||||||||||||
Futures | Futures | Futures | Structured Notes | Written Options | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Equity | Total Value at | |||||||||||||||||||
Fund | Contracts | * | Contracts | * | Contracts | * | Contracts | Contracts | September 30, 2009 | |||||||||||||||
All-Cap Opportunity Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
International Opportunity Fund | 448,658 | 491,110 | — | — | — | 939,768 | ||||||||||||||||||
Alternative Strategies | ||||||||||||||||||||||||
Allocation Fund | — | — | — | — | — | — | ||||||||||||||||||
Global 130/30 Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Global Market Neutral Fund | — | — | — | — | — | — | ||||||||||||||||||
Multi-Hedge Strategies Fund | 579,460 | 181,362 | 30,279 | — | — | 791,101 | ||||||||||||||||||
Commodities Strategy Fund | — | — | — | 20,708,484 | — | 20,708,484 | ||||||||||||||||||
Total | $ | 1,028,118 | $ | 672,472 | $ | 30,279 | $ | 20,708,484 | $ | — | $ | 22,439,353 | ||||||||||||
Liability Derivative Investments Value | ||||||||||||||||||||||||
Futures | Futures | Futures | Structured Notes | Written Options | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Equity | Total Value at | |||||||||||||||||||
Fund | Contracts | * | Contracts | * | Contracts | * | Contracts | Contracts | September 30, 2009 | |||||||||||||||
All-Cap Opportunity Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
International Opportunity Fund | 135,681 | 121,335 | — | — | — | 257,016 | ||||||||||||||||||
Alternative Strategies | ||||||||||||||||||||||||
Allocation Fund | — | — | — | — | — | — | ||||||||||||||||||
Global 130/30 Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Global Market Neutral Fund | — | — | — | — | — | — | ||||||||||||||||||
Multi-Hedge Strategies Fund | 403,823 | — | 138,319 | — | 567,690 | 1,109,832 | ||||||||||||||||||
Commodities Strategy Fund | 18,122 | — | 34,697 | — | — | 52,819 | ||||||||||||||||||
Total | $ | 557,626 | $ | 121,335 | $ | 173,016 | $ | — | $ | 567,690 | $ | 1,419,667 |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations as of September 30, 2009:
Derivative Investment Type | Location of Gain (Loss) on Derivatives | |
Interest rate contracts | Net realized gain (loss) on investment securities | |
Change in net unrealized appreciation (depreciation) on investment securities | ||
Equity contracts | Net realized gain (loss) on futures contracts | |
Net realized gain (loss) on written option transactions | ||
Change in net unrealized appreciation (depreciation) on futures contracts | ||
Change in net unrealized appreciation (depreciation) on written options | ||
Currency contracts | Net realized gain (loss) on futures contracts | |
Change in net unrealized appreciation (depreciation) on futures contracts |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 51 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure as of September 30, 2009:
Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||||||
Futures | Futures | Futures | Structured Notes | Written Options | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Equity | Total Value at | |||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | September 30, 2009 | ||||||||||||||||||
All-Cap Opportunity Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
International Opportunity Fund | 4,243,071 | 244,003 | — | — | — | 4,487,074 | ||||||||||||||||||
Alternative Strategies | ||||||||||||||||||||||||
Allocation Fund | — | — | — | — | — | — | ||||||||||||||||||
Global 130/30 Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Global Market Neutral Fund | — | — | — | — | — | — | ||||||||||||||||||
Multi-Hedge Strategies Fund | 5,902,836 | 1,262,288 | — | — | (683,049 | ) | 6,482,075 | |||||||||||||||||
Commodities Strategy Fund | (12,710 | ) | — | — | 2,435,978 | — | 2,423,268 | |||||||||||||||||
Total | $ | 10,133,197 | $ | 1,506,291 | $ | — | $ | 2,435,978 | $ | (683,049 | ) | $ | 13,392,417 | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations | ||||||||||||||||||||||||
Futures | Futures | Futures | Structured Notes | Written Options | ||||||||||||||||||||
Equity | Currency | Commodity | Interest Rate | Equity | Total Value at | |||||||||||||||||||
Fund | Contracts | Contracts | Contracts | Contracts | Contracts | September 30, 2009 | ||||||||||||||||||
All-Cap Opportunity Fund | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
International Opportunity Fund | (311,990 | ) | 375,226 | — | — | — | 63,236 | |||||||||||||||||
Alternative Strategies Allocation Fund | — | — | — | — | — | — | ||||||||||||||||||
Global 130/30 Strategy Fund | — | — | — | — | — | — | ||||||||||||||||||
Global Market Neutral Fund | — | — | — | — | — | — | ||||||||||||||||||
Multi-Hedge Strategies Fund | (1,080,639 | ) | 24,795 | (108,039 | ) | — | (56,160 | ) | (1,220,043 | ) | ||||||||||||||
Commodities Strategy Fund | (18,122 | ) | — | (34,697 | ) | 5,032,308 | — | 4,979,489 | ||||||||||||||||
Total | $ | (1,410,751 | ) | $ | 400,021 | $ | (142,736 | ) | $ | 5,032,308 | $ | (56,160 | ) | $ | 3,822,682 |
4. Call Options Written
Transactions in options written during the period ended September 30, 2009, were as follows:
Multi-Hedge Strategies Fund | ||||||||
Number of | Premiums | |||||||
Contracts | Received | |||||||
Options outstanding at March 31, 2009 | — | $ | — | |||||
Options written | 9,534 | 2,225,605 | ||||||
Options terminated in closing purchase transactions | (8,499 | ) | (1,573,823 | ) | ||||
Options expired | (447 | ) | (132,948 | ) | ||||
Options exercised | (166 | ) | (7,304 | ) | ||||
Options outstanding at September 30, 2009 | 422 | $ | 511,530 |
5. Fees And Other Transactions With Affiliates
Under the terms of an investment advisory contract, the Trust pays Rydex Investments investment advisory fees calculated at an annualized rate of 0.75% of the average daily net assets of the Commodities Strategy Fund; 0.90% of the average daily net assets of the All-Cap Opportunity Fund and the International Opportunity Fund, 1.05% of the average daily net assets of the Global 130/30 Strategy Fund, 1.15% of the average daily net assets of the Multi-Hedge Strategies Fund, and 1.20% of the average daily net assets of the Global Market Neutral Fund. The Alternative Strategies Allocation Fund does not pay Rydex Investments a management fee.
52 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Effective May 1, 2006, Rydex Investments has contractually agreed to waive its advisory fee to the extent necessary to limit the ordinary operating expenses of the Commodities Strategy Fund (but excluding interest expenses, brokerage commissions and extraordinary expenses) to not more than 1.20%, 1.95%, and 1.20% per annum of the average monthly net assets of the A-Class, C-Class, and H-Class of the Fund (the “Contractual Fee Waiver”). The Contractual Fee Waiver was not able to be modified or eliminated prior to August 1, 2009, except with the approval of the Board of Trustees. Effective August 1, 2009, the contractual fee waiver was discontinued.
As part of its agreement with the Trust, Rydex Investments will pay all expenses of the Multi-Hedge Strategies Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with execution of portfolio transactions, short dividend expenses, and extraordinary expenses.
Rydex Investments manages the investment and reinvestment of the assets of the Alternative Strategies Allocation Fund in accordance with the investment objectives, policies, and limitations of the Fund. As part of its agreement with the Trust, Rydex Investments will pay all expenses of the Fund, including the cost of transfer agency, fund administration, audit and other services, excluding interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short dividend expenses, and extraordinary expenses. The Fund indirectly bears a proportionate share of the total operating expenses (including investment management, shareholder servicing, custody, transfer agency, audit and other underlying fund expenses) of the underlying funds in which the Fund invests. In addition, some underlying funds charge redemption fees if a shareholder, including a Fund, redeems shares before the end of the funds’ requisite holding period. Therefore, if the Fund sells shares of an underlying fund that is subject to a redemption fee, that Fund will be responsible for paying the redemption fee to the underlying funds.
Rydex Investments provides transfer agent and administrative services to the Funds for fees calculated at an annualized rate of 0.25% of the average daily net assets of each Fund. Fees related to the Alternative Strategies Allocation Fund and Multi-Hedge Strategies Fund are paid by Rydex Investments, as previously noted.
Rydex Investments provides accounting services to the Trust calculated at an annualized rate of 0.10% on the first $250 million of the average daily net assets, 0.075% on the next $250 million of the average daily net assets, 0.05% on the next $250 million of the average daily net assets, and 0.03% on the average daily net assets over $750 million of each Fund. Fees related to the Alternative Strategies Allocation Fund and Multi-Hedge Strategies Fund are paid by Rydex Investments, as previously noted.
Rydex Investments engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses vary from Fund to Fund and are allocated to the Funds based on relative net assets. Certain expenses allocated to the Alternative Strategies Allocation Fund and Multi-Hedge Strategies Fund are paid by Rydex Investments, as previously noted.
The Trust has adopted a Distribution Plan applicable to A-Class shares and H-Class shares for which the Distributor and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. The Distributor, in turn, will pay the Service Provider out of its fees. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services.
The Trust has adopted a separate Distribution and Shareholder Services Plan applicable to its C-Class shares that allows the Funds to pay annual distribution and service fees of 0.75% of the Alternative Strategies Allocation Fund and 1.00% of the remaining Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates the shareholder’s financial advisor for providing on-going services to the shareholder. The annual distribution fee of 0.50% for Alternative Strategies Allocation Fund and 0.75% for the remaining Funds reimburses the Distributor for paying the shareholder’s financial advisor an on-going sales commission. The Distributor advances the first year’s service and distribution fees to the financial advisor. The Distributor retains the service and distribution fees on accounts with no authorized dealer of record.
The Alternative Strategies Allocation Fund has not adopted a Distribution Plan and a Shareholder Services Plan with respect to A-Class shares and H-Class shares. Instead, the Fund invests in underlying funds that have a distribution plan
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 53 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
that allows the underlying funds to pay distribution fees to the Distributor and other firms that provide distribution services (“Service Providers”). The underlying funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act, as amended. If a Service Provider provides distribution or shareholder services, the Distributor will, in turn, pay the Service Provider for the services it provides at an annual rate not to exceed 0.25% of the average daily net assets of a Fund.
For the period ended September 30, 2009, the Distributor retained sales charges of $2,951,197 relating to sales of A Class shares of the Trust.
Certain officers and trustees of the Trust are also officers of Rydex Investments and the Distributor.
6. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (fiscal years 2006 – 2009), and has concluded that no provision for income tax was required in the Funds’ financial statements.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for losses deferred due to wash sales, losses deferred due to post-October losses, unsettled short sales and excise tax regulations.
Permanent book and tax basis differences, if any, will result in reclassifications. This may include net operating losses not utilized during the current period, capital loss carryforward expired, and the utilization of earnings and profits distributed to the shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. Any undistributed ordinary income or long-term capital gain remaining at fiscal year end is distributed in the following year.
At September 30, 2009, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain (Loss | ) | |||||||||||
All-Cap Opportunity Fund | $ | 170,943,090 | $ | 31,799,005 | $ | (2,624,402 | ) | $ | 29,174,603 | |||||||
International Opportunity Fund | 4,843,588 | 1,102,152 | — | 1,102,152 | ||||||||||||
Alternative Strategies Allocation Fund | 40,321,266 | 340,997 | (1,286,577 | ) | (945,580 | ) | ||||||||||
Global 130/30 Strategy Fund | 16,297,623 | 2,720,000 | (235,619 | ) | 2,484,381 | |||||||||||
Global Market Neutral Fund | 17,727,578 | 2,596,896 | (264,602 | ) | 2,332,294 | |||||||||||
Multi-Hedge Strategies Fund | 73,688,174 | 7,076,186 | (1,055,896 | ) | 6,020,290 | |||||||||||
Commodities Strategy Fund | 15,910,968 | 6,582,166 | (105,772 | ) | 6,476,394 |
7. Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
54 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The repurchase agreements executed by the joint account and outstanding at September 30, 2009, were as follows:
Counterparty | Terms of Agreement | Face Value | Market Value | Repurchase Price | ||||||||||||
HSBC Group | 0.01% due 10/01/09 | $ | 400,000,000 | $ | 400,000,000 | $ | 400,000,111 | |||||||||
Mizuho Financial Group, Inc. | 0.01% due 10/01/09 | 257,456,234 | 257,456,234 | 257,456,305 | ||||||||||||
Morgan Stanley | 0.01% due 10/01/09 | 210,000,000 | 210,000,000 | 210,000,058 | ||||||||||||
Credit Suisse Group | 0.03% due 10/01/09 | 129,801,277 | 129,801,277 | 129,801,385 | ||||||||||||
Deutsche Bank | 0.01% due 10/01/09 | 100,000,000 | 100,000,000 | 100,000,028 | ||||||||||||
$ | 1,097,257,511 | $ | 1,097,257,887 | |||||||||||||
At September 30, 2009, the collateral for the repurchase agreements in the joint account was as follows: | ||||||||||||||||
Security Type | Maturity Dates | Range of Rates | Par Value | Market Value | ||||||||||||
U.S. Treasury Bonds | 02/15/36 - 05/15/38 | 4.50% | $ | 375,917,500 | $ | 408,000,000 | ||||||||||
U.S. Treasury Bills | 12/10/09 - 04/01/10 | — | 395,117,800 | 395,009,437 | ||||||||||||
U.S. TIP Note | 04/15/10 | 0.88% | 187,716,300 | 214,200,008 | ||||||||||||
U.S. Treasury Note | 05/15/17 | 4.50% | 91,385,000 | 102,000,014 | ||||||||||||
$ | 1,119,209,459 | |||||||||||||||
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. The Funds’ investment advisor, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
8. Fair Value Measurement
The Funds adopted FASB ASC 820, Fair Value Measurements and Disclosure (ASC 820) (formerly known as FASB 157) effective April 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 55 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following table summarizes the inputs used to value the Funds’ net assets at September 30, 2009:
Level 1 | Level 1 | Level 2 | Level 2 | |||||||||||||||||
Investments | Other Financial | Investments | Other Financial | |||||||||||||||||
Fund | In Securities | Instruments | * | In Securities | Instruments | * | Total | |||||||||||||
Assets | ||||||||||||||||||||
All-Cap Opportunity Fund | $ | 204,337,268 | $ | — | $ | — | $ | — | $ | 204,337,268 | ||||||||||
International Opportunity Fund | 26,580,331 | — | — | 682,752 | 27,263,083 | |||||||||||||||
Alternative Strategies Allocation Fund | 39,655,644 | — | — | — | 39,655,644 | |||||||||||||||
Global 130/30 Strategy Fund | 21,262,848 | — | — | — | 21,262,848 | |||||||||||||||
Global Market Neutral Fund | 21,819,171 | — | — | — | 21,819,171 | |||||||||||||||
Multi-Hedge Strategies Fund | 134,650,320 | 175,637 | — | 73,323 | 134,899,280 | |||||||||||||||
Commodities Strategy Fund | 25,858,707 | — | 20,708,484 | — | 46,567,191 | |||||||||||||||
Liabilities | ||||||||||||||||||||
All-Cap Opportunity Fund | — | — | — | — | — | |||||||||||||||
International Opportunity Fund | — | — | — | — | — | |||||||||||||||
Alternative Strategies Allocation Fund | — | — | — | — | — | |||||||||||||||
Global 130/30 Strategy Fund | 3,540,312 | — | — | — | 3,540,312 | |||||||||||||||
Global Market Neutral Fund | 19,010,404 | — | — | — | 19,010,404 | |||||||||||||||
Multi-Hedge Strategies Fund | 54,952,268 | — | — | — | 54,952,268 | |||||||||||||||
Commodities Strategy Fund | — | — | — | 52,819 | 52,819 |
* | Other financial instruments may include forward foreign currency contracts, futures and/or swaps, which are reported as unrealized gain/loss at period end. |
In April 2009, the “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” ASC 820 provided additional guidance when the volume and level of activity for the asset or liability measured at fair value have significantly decreased. Additionally, ASC 820 expanded disclosure requirements by reporting entities surrounding the major categories of assets and liabilities carried at fair value. ASC 820 was effective for interim and annual periods ending after June 15, 2009. Management has evaluated the impact of adopting of ASC 820 on the Funds and has determined that there is no impact to the financial statement disclosures.
9. Securities Transactions
For the period ended September 30, 2009, the cost of purchases and proceeds from sales of investment securities, excluding short-term and temporary cash investments, were:
All-Cap | International | Alternative | ||||||||||||||||||
Opportunity | Opportunity | Strategies | Global 130/30 | Global Market | ||||||||||||||||
Fund | Fund | Allocation Fund | Strategy Fund | Neutral Fund | ||||||||||||||||
Purchases | $ | 350,588,802 | $ | 9,651,683 | $ | 3,520,133 | $ | 42,627,654 | $ | 17,211,449 | ||||||||||
Sales | $ | 365,952,081 | $ | 6,373,176 | $ | 1,274,963 | $ | 41,067,620 | $ | 17,285,855 | ||||||||||
Multi-Hedge | Commodities | |||||||||||||||||||
Strategies Fund | Strategy Fund | |||||||||||||||||||
Purchases | $ | 137,881,352 | $ | 42,887,770 | ||||||||||||||||
Sales | $ | 134,396,332 | $ | 56,216,806 |
56 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
10. Share Transactions
The Trust is authorized to issue an unlimited number of shares (no par value). Transactions in shares for the periods presented were:
Shares Purchased through | Net Shares | |||||||||||||||||||||||||||||||
Shares Purchased | Dividend Reinvestment | Shares Redeemed | Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
All-Cap Opportunity Fund | ||||||||||||||||||||||||||||||||
A-Class | 726,383 | 3,770,906 | — | — | (969,889 | ) | (3,720,927 | ) | (243,506 | ) | 49,979 | |||||||||||||||||||||
C-Class | 319,289 | 1,427,758 | — | — | (1,148,687 | ) | (3,318,021 | ) | (829,398 | ) | (1,890,263 | ) | ||||||||||||||||||||
H-Class | 2,548,368 | 14,854,667 | — | — | (2,817,349 | ) | (19,321,635 | ) | (268,981 | ) | (4,466,968 | ) | ||||||||||||||||||||
International Opportunity Fund | ||||||||||||||||||||||||||||||||
A-Class | 566,960 | 616,941 | — | 14,308 | (595,625 | ) | (724,025 | ) | (28,665 | ) | (92,776 | ) | ||||||||||||||||||||
C-Class | 204,469 | 131,088 | — | 2,280 | (93,564 | ) | (172,302 | ) | 110,905 | (38,934 | ) | |||||||||||||||||||||
H-Class | 957,018 | 826,963 | — | 5,371 | (539,461 | ) | (1,147,207 | ) | 417,557 | (314,873 | ) | |||||||||||||||||||||
Alternative Strategies Allocation Fund | ||||||||||||||||||||||||||||||||
A-Class | 66,707 | 496,706 | — | 7,218 | (117,768 | ) | (248,075 | ) | (51,061 | ) | 255,849 | |||||||||||||||||||||
C-Class | 86,169 | 458,968 | — | 8,106 | (67,927 | ) | (68,909 | ) | 18,242 | 398,165 | ||||||||||||||||||||||
H-Class | 481,912 | 1,574,081 | — | 18,891 | (166,829 | ) | (790,802 | ) | 315,083 | 802,170 | ||||||||||||||||||||||
Global 130/30 Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 1,048,180 | 1,175,672 | — | 907 | (697,620 | ) | (1,365,614 | ) | 350,560 | (189,035 | ) | |||||||||||||||||||||
C-Class | 33,192 | 188,261 | — | 8,488 | (229,627 | ) | (751,472 | ) | (196,435 | ) | (554,723 | ) | ||||||||||||||||||||
H-Class | 714,131 | 1,077,659 | — | 11,340 | (670,353 | ) | (1,687,556 | ) | 43,778 | (598,557 | ) | |||||||||||||||||||||
Global Market Neutral Fund | ||||||||||||||||||||||||||||||||
A-Class | 250,640 | 443,082 | * | — | — | * | (70,529 | ) | (1,175) | * | 180,111 | 441,907 | * | |||||||||||||||||||
C-Class | 20,414 | 1 | * | — | — | * | (1,163 | ) | — | * | 19,251 | 1 | * | |||||||||||||||||||
H-Class | 152,434 | 150,661 | * | — | — | * | (97,310 | ) | (289) | * | 55,124 | 150,372 | * | |||||||||||||||||||
Multi-Hedge Strategies Fund | ||||||||||||||||||||||||||||||||
A-Class | 578,067 | 2,922,719 | — | 18,264 | (1,271,977 | ) | (2,397,397 | ) | (693,910 | ) | 543,586 | |||||||||||||||||||||
C-Class | 215,546 | 291,626 | — | 14,651 | (324,983 | ) | (1,101,599 | ) | (109,437 | ) | (795,322 | ) | ||||||||||||||||||||
H-Class | 2,039,469 | 1,687,547 | — | 27,892 | (1,568,121 | ) | (4,295,385 | ) | 471,348 | (2,579,946 | ) | |||||||||||||||||||||
Commodities Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 587,781 | 1,527,572 | — | 24,438 | (668,065 | ) | (1,578,531 | ) | (80,284 | ) | (26,521 | ) | ||||||||||||||||||||
C-Class | 342,948 | 459,367 | — | 9,336 | (285,950 | ) | (489,811 | ) | 56,998 | (21,108 | ) | |||||||||||||||||||||
H-Class | 4,543,333 | 9,123,069 | — | 54,114 | (6,425,196 | ) | (9,183,624 | ) | (1,881,863 | ) | (6,441 | ) |
* | Since the commencement of operations: March 30, 2009. | |
† | Unaudited |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 57 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
11. Line of Credit
The Trust has secured an uncommitted, $75,000,000 line of credit with U.S. Bank, N.A. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly. The maximum loan amount outstanding should not exceed 33 1/3% of the market value of the assets of securities belonging to a Fund on any given day. This line of credit expires on June 15, 2010. At September 30, 2009, the Funds did not have any outstanding borrowings under this agreement.
12. New Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification™ (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC become effective for financial statements issued for interim and annual periods ending after September 15, 2009. The ASC did not have a material effect on the Funds’ financial statements.
13. Name Changes
Effective April 1, 2009, the Absolute Return Strategies Fund, the International Rotation Fund, the Multi-Cap Core Equity Fund and the Sector Rotation Fund, changed their Fund names to Multi-Hedge Strategies Fund, International Opportunity Fund, Global 130/30 Strategy Fund and All-Cap Opportunity Fund, respectively. The name change did not have any impact on the Funds’ investment objectives, tickers and CUSIPS.
14. Fund Conversion
Effective April 1, 2009, the investment strategy of the Multi-Cap Core Equity Fund was converted to 130/30 global equity strategy; SGI was hired as the Fund’s sub-adviser and the management fee was changed from 0.70% to 1.05% of the average daily net assets of the Fund.
15. Fund Merger
On May 29, 2009, the Multi-Hedge Strategies Fund (formerly, the Absolute Return Strategies Fund) acquired all of the net assets of Hedged Equity Fund, a separate series of the Trust, in exchange for shares of the Multi-Hedge Strategies Fund, pursuant to an agreement and plan of reorganization approved by the Board of Trustees and approved by the shareholders of the Hedged Equity Fund. The primary reason for the transaction was to combine a smaller fund into a larger fund with a similar investment objective. The acquisition was accomplished through the tax-free exchange of the outstanding shares of the Hedged Equity Fund (64,908 A-Class; 105,004 C-Class, and 580,806 H-Class) valued at $13,406,890 ($1,163,444 A-Class; $1,829,440 C-Class, and $10,414,006 H-Class) for respective shares of the Multi-Hedge Strategies Fund (57,725 A-Class; 88,368 C-Class, and 515,084 H-Class). For financial reporting purposes, the net assets received and shares issued by Multi-Hedge Strategies Fund were recorded at fair value; however, the Hedged Equity Fund’s cost of the investments and proceeds from short sales were carried forward to align ongoing reporting of Multi-Hedge Strategies Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Hedged Equity Fund’s net assets on May 29, 2009 were $13,406,890, including $458,961 of unrealized appreciation. Hedged Equity Fund’s net assets were primarily comprised of investments with a fair value of $13,975,264, deposits with brokers related to short sales with a fair value of $3,790,427 and obligations relating to short sales with a fair value of ($4,426,820). The aggregate net assets of Multi-Hedge Strategies Fund immediately before and after the acquisition were $130,864,956 and $144,271,846, respectively.
The financial statements reflect the operations of the Multi-Hedge Strategies Fund for the period prior to the acquisition and the combined fund for the period subsequent to the fund merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Hedged Equity Fund that have been included in the combined fund’s Statement of Operations since the acquisition was completed. Assuming the acquisition had been completed on April 1, 2009, Multi-Hedge Strategies Fund pro-forma net investment income, net gain on investments and net increase in net assets from operations for the six-month period ended September 30, 2009 would have been $(160,693), $2,254,308 and $2,407,885, respectively. Rydex Investments and its affiliates bore all of the expenses related to the reorganization.
16. Subsequent Events
Management has evaluated events or transactions that may have occurred since September 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through November 23, 2009, the date the financial statements were available to be issued and there were no events or transactions to be reported.
58 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
OTHER INFORMATION (Unaudited)
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended September 30 is available without charge, upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
Rydex Investments Board Review and Approval of the Investment Advisory Agreement
The Investment Company Act of 1940 (the “1940 Act”) requires that the initial approval of, as well as the continuation of, a fund’s investment advisory agreement be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. In addition, the Securities and Exchange Commission (the “SEC”) takes the position that, as part of their fiduciary duties with respect to fund fees, fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.
Consistent with these responsibilities, the Rydex Series Funds Board of Trustees (the “Board”) generally calls and holds one meeting each year that is dedicated to considering whether to renew the investment advisory agreement between Rydex Series Funds (the “Trust”) and PADCO Advisors, Inc., which does business under the name Rydex Investments (“Rydex Investments”), (the “Current Agreement”) with respect to existing funds in the Trust, including the funds discussed in this Semi-Annual Report (each a “Fund” and collectively, the “Funds”), and to reviewing certain other agreements pursuant to which Rydex Investments provides investment advisory services to certain other registered investment companies. In preparation for the meeting, the Board requests and reviews a wide variety of materials provided by Rydex Investments, including information about Rydex Investments’ affiliates, personnel and operations. The Board also receives data provided by third parties, especially with regard to fund sub-advisory agreements. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and performance. The Board also receives a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory and sub-advisory agreements. In addition, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of fund management, and participate in question and answer sessions with representatives of Rydex Investments.
At an in-person meeting held on August 25, 2009, called for the purpose of among other things, voting on the renewal of the investment advisory and sub-advisory agreements applicable to the Funds, the Board, including all the Independent Trustees (the “Annual Renewal Meeting”), considered and approved the selection of Rydex Investments as the Funds’ investment advisor and the continuance of the Current Agreement and sub-advisory agreement for an additional one-year period, based on its review of qualitative and quantitative information provided by Rydex Investments.
Board Considerations in Approving the Continuation of the Current Agreement
In preparation for the Annual Renewal Meeting, the Board requested and received written materials from Rydex Investments about: (a) the quality of Rydex Investments’ investment management and other services; (b) Rydex Investments’ investment management personnel; (c) Rydex Investments’ operations and financial condition; (d) Rydex Investments’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 59 |
OTHER INFORMATION (Unaudited) (continued)
advisory fees that Rydex Investments charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of Rydex Investments’ profitability from its Fund-related operations; (h) Rydex Investments’ compliance systems; (i) Rydex Investments’ policies on and compliance procedures for personal securities transactions; (j) Rydex Investments’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Certain of these considerations are discussed in more detail below. In its deliberations at the Annual Renewal Meeting, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations and its evaluation of the information referenced above and described in more detail below, the Board, including all of the Independent Trustees, unanimously: (a) concluded that terms of the Current Agreement are fair and reasonable; (b) concluded that Rydex Investments’ fees were reasonable in light of the services that Rydex Investments provides to the Funds; and (c) agreed to renew the Current Agreement for an additional one-year term.
In approving the continuation of the Current Agreement at the Annual Renewal Meeting, the Board, including the Independent Trustees advised by independent counsel, considered the factors discussed below.
Nature, Extent And Quality Of Services Provided By Rydex Investments
At the Annual Renewal Meeting, the Board reviewed the scope of services to be provided by Rydex Investments under the Current Agreement and noted that there would be no significant differences between the scope of services required to be provided by Rydex Investments for the past year and the scope of services required to be provided by Rydex Investments for the upcoming year. In reviewing the scope of services provided to the Funds by Rydex Investments, the Board reviewed and discussed Rydex Investments’ investment experience, noting that Rydex Investments and its affiliates have committed significant resources over time to the support of the Funds. The Board also considered Rydex Investments’ compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that Rydex Investments provides information regarding the portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. In addition to the above considerations, the Board reviewed and considered Rydex Investments’ investment processes and strategies, and matters related to Rydex Investments’ portfolio transaction policies and procedures. With respect to those Funds that invest in unaffiliated ETFs in reliance on exemptive orders pursuant to Section 12(d)(1), the Board considered and determined that the advisory fees charged under the Current Agreements are based on services provided that will be in addition to, rather than duplicative of, the services provides under the investment advisory agreement of any ETF in which the Funds are invested. In particular, the Board recognized that Rydex Investments must manage a Fund’s investment in an unaffiliated ETF in the same manner as other investments in the Fund’s portfolio in order to ensure that the Fund achieves its investment objective. Thus, a Fund’s investment in an unaffiliated ETF does not alleviate Rydex Investments’ duties and responsibilities as investment adviser to the Fund. The Board also noted the substantial volume of portfolio trades and shareholder transaction activity, in general, processed by Rydex Investments due to the unlimited exchange policy of the majority of the Funds. The Board further noted that the Funds have consistently met their investment objectives since their respective inception dates. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by Rydex Investments to the Funds under the Current Agreement were appropriate and continued to support the Board’s original selection of Rydex Investments as investment adviser to the Funds
At the Annual Renewal Meeting, the Board reviewed the scope of services to be provided by Rydex Investments under the Current Agreement and noted that there would be no significant differences between the scope of services required to be provided by Rydex Investments for the past year and the scope of services required to be provided by Rydex Investments for the upcoming year. In reviewing the scope of services provided to the Funds by Rydex Investments, the Board reviewed and discussed Rydex Investments’ investment experience, noting that Rydex Investments and its affiliates have committed significant resources over time to the support of the Funds. The Board also considered Rydex Investments’ compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that Rydex Investments provides information regarding the portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. In addition to the above considerations, the Board reviewed and considered Rydex Investments’ investment processes and strategies, and matters related to Rydex Investments’ portfolio transaction policies and procedures. With respect to those Funds that invest in unaffiliated ETFs in reliance on exemptive orders pursuant to Section 12(d)(1), the Board considered and determined that the advisory fees charged under the Current Agreements are based on services provided that will be in addition to, rather than duplicative of, the services provides under the investment advisory agreement of any ETF in which the Funds are invested. In particular, the Board recognized that Rydex Investments must manage a Fund’s investment in an unaffiliated ETF in the same manner as other investments in the Fund’s portfolio in order to ensure that the Fund achieves its investment objective. Thus, a Fund’s investment in an unaffiliated ETF does not alleviate Rydex Investments’ duties and responsibilities as investment adviser to the Fund. The Board also noted the substantial volume of portfolio trades and shareholder transaction activity, in general, processed by Rydex Investments due to the unlimited exchange policy of the majority of the Funds. The Board further noted that the Funds have consistently met their investment objectives since their respective inception dates. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by Rydex Investments to the Funds under the Current Agreement were appropriate and continued to support the Board’s original selection of Rydex Investments as investment adviser to the Funds
Fund Expenses And Performance Of The Funds And Rydex Investments
At the Annual Renewal Meeting, the Board reviewed statistical information prepared by Rydex Investments regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act determined by Rydex Investments to comprise each Fund’s applicable peer group. Because few funds seek to provide unlimited exchange privileges similar to those of the majority of the Funds, some of the Funds’ applicable peer group is generally limited to the funds of two unaffiliated mutual fund families. In addition, the Board reviewed statistical information prepared by Rydex Investments relating to the performance of each Fund, as well as each Fund’s ability to successfully track its benchmark over time, and a comparison of each Fund’s performance to funds with similar investment objectives for the same periods and to appropriate indices/benchmarks, in light of total return, yield and market trends. The Board further noted that despite the unique nature of the Funds, the peer fund information presented to the Board was meaningful because the peer funds’ investment objectives and strategies were closely aligned with those of the Funds. The Board noted that most of the Funds either outperformed their peer funds or performed in line with them over relevant periods. The Board also noted that the investment advisory fees for the Funds were equivalent to those of their peers and that the overall expenses for the Funds were only slightly higher than the total expenses of the peer funds, due in part to differing
At the Annual Renewal Meeting, the Board reviewed statistical information prepared by Rydex Investments regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act determined by Rydex Investments to comprise each Fund’s applicable peer group. Because few funds seek to provide unlimited exchange privileges similar to those of the majority of the Funds, some of the Funds’ applicable peer group is generally limited to the funds of two unaffiliated mutual fund families. In addition, the Board reviewed statistical information prepared by Rydex Investments relating to the performance of each Fund, as well as each Fund’s ability to successfully track its benchmark over time, and a comparison of each Fund’s performance to funds with similar investment objectives for the same periods and to appropriate indices/benchmarks, in light of total return, yield and market trends. The Board further noted that despite the unique nature of the Funds, the peer fund information presented to the Board was meaningful because the peer funds’ investment objectives and strategies were closely aligned with those of the Funds. The Board noted that most of the Funds either outperformed their peer funds or performed in line with them over relevant periods. The Board also noted that the investment advisory fees for the Funds were equivalent to those of their peers and that the overall expenses for the Funds were only slightly higher than the total expenses of the peer funds, due in part to differing
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OTHER INFORMATION (Unaudited) (continued)
share classes and distribution fees. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of the Funds, as managed by Rydex Investments, as compared to the investment advisory fees and expense levels and performance of the peer funds, were satisfactory for the purposes of approving the continuance of the Current Agreement.
Costs Of Services Provided To The Funds And Profits Realized By Rydex Investments And Its Affiliates
At the Annual Renewal Meeting, the Board reviewed information about the profitability of the Funds to Rydex Investments based on the advisory fees payable under the Current Agreement for the last calendar year. Rydex Investments also presented the Board with material discussing its methodology for determining the level of advisory fees assessable to the Funds. The Board analyzed the Funds’ expenses, including the investment advisory fees paid to Rydex Investments. The Board also reviewed information regarding direct revenue received by Rydex Investments and ancillary revenue received by Rydex Investments and/or its affiliates in connection with the services provided to the Funds by Rydex Investments (as discussed below) and/or its affiliates. The Board also discussed Rydex Investments’ profit margin as reflected in Rydex Investments’ profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by Rydex Investments and its affiliates under the Current Agreement and from other relationships between the Funds and Rydex Investments and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
At the Annual Renewal Meeting, the Board reviewed information about the profitability of the Funds to Rydex Investments based on the advisory fees payable under the Current Agreement for the last calendar year. Rydex Investments also presented the Board with material discussing its methodology for determining the level of advisory fees assessable to the Funds. The Board analyzed the Funds’ expenses, including the investment advisory fees paid to Rydex Investments. The Board also reviewed information regarding direct revenue received by Rydex Investments and ancillary revenue received by Rydex Investments and/or its affiliates in connection with the services provided to the Funds by Rydex Investments (as discussed below) and/or its affiliates. The Board also discussed Rydex Investments’ profit margin as reflected in Rydex Investments’ profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by Rydex Investments and its affiliates under the Current Agreement and from other relationships between the Funds and Rydex Investments and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
Economies Of Scale
In connection with its review of the Funds’ profitability analysis at the Annual Renewal Meeting, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Current Agreement did not provide for any breakpoints in the investment advisory fees as a result of increases in the asset levels of the Funds. The Board also noted that though Rydex Investments’ assets under management were significant, the amount is spread among more than 100 Funds. Further limiting the realization of economies of scale, is the ability of shareholders of many of the Funds to engage in unlimited trading. The Board also reviewed and considered Rydex Investments’ historic profitability as investment adviser to the Funds and determined that reductions in advisory fees or additions of breakpoints were not warranted at this juncture. Based on this review, the Board, recognizing its responsibility to consider this issue at least annually, determined that the economies of scale, if any, were de minimis.
In connection with its review of the Funds’ profitability analysis at the Annual Renewal Meeting, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Current Agreement did not provide for any breakpoints in the investment advisory fees as a result of increases in the asset levels of the Funds. The Board also noted that though Rydex Investments’ assets under management were significant, the amount is spread among more than 100 Funds. Further limiting the realization of economies of scale, is the ability of shareholders of many of the Funds to engage in unlimited trading. The Board also reviewed and considered Rydex Investments’ historic profitability as investment adviser to the Funds and determined that reductions in advisory fees or additions of breakpoints were not warranted at this juncture. Based on this review, the Board, recognizing its responsibility to consider this issue at least annually, determined that the economies of scale, if any, were de minimis.
Other Benefits To Rydex Investments And/Or Its Affiliates
At the Annual Renewal Meeting, in addition to evaluating the services provided by Rydex Investments, the Board also considered the nature, extent, quality and cost of the administrative, distribution, and shareholder services performed by Rydex Investments’ affiliates under separate agreements. The Board noted that Rydex Investments reports its use of soft dollars to the Board on a quarterly basis, as well as any portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or Rydex Investments pursuant to Rule 17e-1 under the 1940 Act. Based on its review, the Board concluded that the nature and quality of the services provided by Rydex Investments’ affiliates to each Trust will benefit the Funds’ shareholders, and that any ancillary benefits would not be disadvantageous to the Funds’ shareholders, particularly in light of the Board’s view that the Funds’ shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment strategies and services.
At the Annual Renewal Meeting, in addition to evaluating the services provided by Rydex Investments, the Board also considered the nature, extent, quality and cost of the administrative, distribution, and shareholder services performed by Rydex Investments’ affiliates under separate agreements. The Board noted that Rydex Investments reports its use of soft dollars to the Board on a quarterly basis, as well as any portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or Rydex Investments pursuant to Rule 17e-1 under the 1940 Act. Based on its review, the Board concluded that the nature and quality of the services provided by Rydex Investments’ affiliates to each Trust will benefit the Funds’ shareholders, and that any ancillary benefits would not be disadvantageous to the Funds’ shareholders, particularly in light of the Board’s view that the Funds’ shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment strategies and services.
Board Considerations in Approving Investment Sub-Advisory Agreement for the International Opportunity Fund (formerly, the International Rotation Fund)
The investment sub-advisory agreement dated August 29, 2007 between the Adviser and Valu-Trac Investment Management Limited, with respect to the International Opportunity Fund (the “Valu-Trac Sub-Advisory Agreement”), was initially approved by the Board, including all of the Independent Trustees, on August 27, 2007.
Nature, Extent and Quality of Services to be Provided by Valu-Trac Investment Management Limited
In considering the nature, extent and quality of the services to be provided by Valu-Trac Investment Management Limited (“Valu-Trac”), the Board reviewed the portfolio management services to be provided by Valu-Trac to the International Opportunity Fund. Among other things, the Board considered the quality of Valu-Trac’s portfolio management personnel. Valu-Trac’s registration form (“Form ADV”) and current Code of Ethics were provided to the Board, as was the response of Valu-Trac to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of the International Opportunity Fund.
In considering the nature, extent and quality of the services to be provided by Valu-Trac Investment Management Limited (“Valu-Trac”), the Board reviewed the portfolio management services to be provided by Valu-Trac to the International Opportunity Fund. Among other things, the Board considered the quality of Valu-Trac’s portfolio management personnel. Valu-Trac’s registration form (“Form ADV”) and current Code of Ethics were provided to the Board, as was the response of Valu-Trac to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of the International Opportunity Fund.
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OTHER INFORMATION (Unaudited) (continued)
The Trustees also considered other services to be provided to the International Opportunity Fund by Valu-Trac, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the International Opportunity Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the International Opportunity Fund by Valu-Trac.
Cost of Services Provided and Economies of Scale
The Trustees reviewed reports comparing the expense ratio and sub-advisory fee to those of other comparable mutual funds and concluded that the sub-advisory fees were reasonable and the result of arm’s length negotiations, and the sub-advisory fee was comparable to those of peer funds.
The Trustees reviewed reports comparing the expense ratio and sub-advisory fee to those of other comparable mutual funds and concluded that the sub-advisory fees were reasonable and the result of arm’s length negotiations, and the sub-advisory fee was comparable to those of peer funds.
Other Benefits to VALU-TRAC
The Board received and considered information regarding the character and amount of other incidental benefits Valu-Trac might receive as a result of its relationship with the International Opportunity Fund, including Valu-Trac’s soft dollar practices. The Board concluded that, taking into account any incidental benefits VALU-TRAC might receive, the terms of the Valu-Trac Sub-Advisory Agreement, including the compensation to be paid thereunder, were reasonable.
The Board received and considered information regarding the character and amount of other incidental benefits Valu-Trac might receive as a result of its relationship with the International Opportunity Fund, including Valu-Trac’s soft dollar practices. The Board concluded that, taking into account any incidental benefits VALU-TRAC might receive, the terms of the Valu-Trac Sub-Advisory Agreement, including the compensation to be paid thereunder, were reasonable.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Valu-Trac Sub-Advisory Agreement are fair and reasonable; (b) concluded that Valu-Trac’s fees are reasonable in light of the services that Valu-Trac will provide to the International Opportunity Fund; (c) agreed to renew the Valu-Trac Sub-Advisory Agreement for an additional one-year term; and (d) determined that the engagement of Valu-Trac as sub-adviser under the terms of the Valu-Trac Sub-Advisory Agreement is in the bests interests of Shareholders.
Investment Sub-Advisory Agreement for the Global Market Neutral Strategy Fund
At a Meeting held on August 27, 2008, the Board, including all of the Independent Trustees, approved an investment sub-advisory agreement between the Adviser and Security Global Investors, LLC (“SGI”), with respect to the Global Market Neutral Fund, pursuant to which SGI is responsible for managing the assets of the Global Market Neutral Fund on a day-to-day basis, subject to the oversight of the Adviser and the Board (the “SGI Sub-Advisory Agreement”). Subsequently, the SGI Sub-Advisory Agreement was approved by shareholders of the Global Market Neutral Fund at a Special Meeting held on November 7, 2008 and went into effect on April 1, 2009.
Prior to the Meeting, the Board, including the Independent Trustees advised by their independent legal counsel, received and reviewed written materials from SGI regarding, among other things: (i) the nature, extent and quality of the services to be provided by SGI to the Global Market Neutral Fund, including SGI’s management personnel, compliance systems and overall reputation, expertise and resources; and (ii) the costs of the services to be provided, including the level of the proposed sub-advisory fee in comparison to fees charged by SGI to any other comparable accounts managed. These factors are discussed in further detail below. In addition, at the Meeting representatives from SGI presented additional oral and written information to help the Board evaluate SGI’s fee and other aspects of the SGI Sub-Advisory Agreement. Among other things, the representatives provided an overview of SGI’s history and investment philosophy. The Trustees then discussed the written materials they had received before the Meeting, SGI’s oral presentation and any other information that the Board received at the Meeting, and deliberated on the approval of the SGI Sub-Advisory Agreement in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.
Nature, Extent and Quality of Services to be Provided by SGI
In considering the nature, extent and quality of the services to be provided by SGI, the Board reviewed the portfolio management services to be provided by SGI to the Global Market Neutral Fund. Among other things, the Board considered the quality of SGI’s portfolio management personnel. SGI’s registration form (“Form ADV”) and current Code of Ethics were provided to the Board, as was the response of SGI to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of the Global Market Neutral Fund. The Board considered whether SGI has the capabilities and resources to implement the New Principal Investment Strategy for the Global Market Neutral Fund and, in this regard, took into account SGI’s substantial experience managing assets in accordance with “alternative” equity
In considering the nature, extent and quality of the services to be provided by SGI, the Board reviewed the portfolio management services to be provided by SGI to the Global Market Neutral Fund. Among other things, the Board considered the quality of SGI’s portfolio management personnel. SGI’s registration form (“Form ADV”) and current Code of Ethics were provided to the Board, as was the response of SGI to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of the Global Market Neutral Fund. The Board considered whether SGI has the capabilities and resources to implement the New Principal Investment Strategy for the Global Market Neutral Fund and, in this regard, took into account SGI’s substantial experience managing assets in accordance with “alternative” equity
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OTHER INFORMATION (Unaudited) (concluded)
strategies. The Board also considered SGI’s diverse client base, which includes mutual funds, and the amount of assets the firm has under management.
The Trustees also considered other services to be provided to the Global Market Neutral Fund by SGI, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Global Market Neutral Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Global Market Neutral Fund by SGI.
Cost of Services Provided and Economies of Scale
The Trustees reviewed reports comparing the expense ratio and sub-advisory fee to those of other comparable mutual funds and concluded that the sub-advisory fees were reasonable and the result of arm’s length negotiations, and the sub-advisory fee was comparable to those of peer funds. Because it was not possible to determine the profitability that SGI might achieve with respect to the Global Market Neutral Fund, the Trustees did not make any conclusions regarding SGI’s profitability. For the same reason, the Board did not make any conclusions regarding the extent to which economies of scale would be realized by SGI as the assets of the Global Market Neutral Fund grow. In this regard, during future considerations of the SGI Sub-Advisory Agreement, the Board will consider whether any economies of scale are being realized by SGI and, if so, an appropriate mechanism for sharing the benefits of such economies of scale.
Other Benefits to SGI
The Board received and considered information regarding the character and amount of other incidental benefits SGI might receive as a result of its relationship with the Global Market Neutral Fund, including SGI’s soft dollar practices. The Board also took into account that SGI is an affiliate of the Adviser. The Board concluded that, taking into account any incidental benefits SGI might receive, the terms of the SGI Sub-Advisory Agreement, including the compensation to be paid thereunder, were reasonable.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the SGI Sub-Advisory Agreement are fair and reasonable; (b) concluded that SGI’s fees are reasonable in light of the services that SGI will provide to the Global Market Neutral Fund; (c) agreed to approve the SGI Sub-Advisory Agreement for an initial term of two years; and (d) determined that the engagement of SGI as sub-adviser under the terms of the SGI Sub-Advisory Agreement is in the bests interests of Shareholders.
Subject to the terms and conditions provided for in the SGI Sub-Advisory Agreement, the SGI Sub-Advisory Agreement remains in effect for an initial two year term from the date of the SGI Sub-Advisory Agreement and remains in effect for periods of one year thereafter subject to Board approval. Therefore, the continuation of the SGI Sub-Advisory Agreement is next scheduled to be approved by the Board at the Trust’s August 2010 Meeting.
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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
A Board of Trustees oversees all Rydex Investments, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 1-800-820-0888.
All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.
INDEPENDENT TRUSTEES
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
John O. Demaret | Rydex Series Funds – 1997 | 151 | ||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||
Board (1940) | Rydex Dynamic Funds – 1999 | |||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired
Corey A. Colehour | Rydex Series Funds – 1993 | 151 | ||
Trustee (1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Retired (2006 to present); Owner and President of Schield Management Company, registered investment adviser (2005 to 2006); Senior Vice President of Marketing and Co-Owner of Schield Management Company, registered investment adviser (1985 to 2005)
J. Kenneth Dalton | Rydex Series Funds – 1995 | 151 | ||
Trustee (1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Mortgage Banking Consultant and Investor, The Dalton Group
Werner E. Keller | Rydex Series Funds – 2005 | 151 | ||
Trustee (1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: Retired (2001 to present); Chairman, Centurion Capital Management (1991 to 2001)
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 151 | ||
Trustee (1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 |
Principal Occupations During Past Five Years: President, Global Trends Investments
Patrick T. McCarville | Rydex Series Funds – 1997 | 151 | ||
Trustee (1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Founder and Chief Executive Officer, Par Industries, Inc.
Roger Somers | Rydex Series Funds – 1993 | 151 | ||
Trustee (1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 |
Principal Occupations During Past Five Years: Owner, Arrow Limousine
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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
TRUSTEE
Length of Service | ||||
Name, Position and | As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Carl G. Verboncoeur* | Rydex Series Funds – 2004 | 151 | ||
Trustee (1952) | Rydex Variable Trust – 2004 | |||
Rydex Dynamic Funds – 2004 | ||||
Rydex ETF Trust – 2004 |
Principal Occupations During Past Five Years: President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to 2009); Chief Executive Officer of Rydex Investments and Rydex Distributors, Inc. (2003 to 2009); Treasurer of Rydex Investments and Rydex Distributors, Inc. (2002 to 2009); Director of Rydex Investments and Rydex Distributors, Inc. (2008 to 2009); Treasurer of Rydex Specialized Products, LLC (2005 to 2009); Chief Executive Officer of Rydex Specialized Products, LLC (2005 to 2009); Manager, President, and Chief Executive Officer of Rydex Holdings, LLC (2008 to 2009)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Chief Executive Officer and Director of Rydex Investments (2009 to present); President, Chief Executive Officer and Director of Rydex Distributors, Inc. (2009 to present); President and Chief Executive Officer of Rydex Holdings, LLC (2009 to present); Senior Vice President of Security Benefit Corp. (2007 to present); Director of First Security Benefit Life and Annuity Insurance Company of New York (2007 to present); Director of Security Distributors, Inc. (2007 to present); President of Security Investors, LLC (2007 to present); Manager and President of Security Global Investors, LLC (2007 to present); Managing Member of R.M. Goldman Partners, LLC (2006 to 2007); President and Chief Executive Officer of FortsmannLeff Associates (2003 to 2005) | |
Michael P. Byrum* Vice President (1970) | Vice President of Rydex Series Funds (1997 to present); Vice President of Rydex Variable Trust (1998 to present); Vice President of Rydex Dynamic Funds (1999 to present); President of Rydex Investments (2004 to present); Chief Investment Officer of Rydex Investments (2006 to present); Secretary of Rydex Investments (2002 to present); Director of Rydex Investments (2008 to present); Chief Investment Officer of Rydex Holdings, LLC (2008 to present); Vice President of Rydex Distributors, Inc. (2009 to present); Manager of Rydex Specialized Products, LLC (2005 to present); Secretary of Rydex Specialized Products, LLC (2005 to 2008); Trustee of Rydex Series Funds, Rydex Variable Trust and Rydex Dynamic Funds (2005 to 2009); Vice President of Rydex ETF Trust (2002 to present); President and Trustee of Rydex Capital Partners SPhinX Fund (2003 to 2007) | |
Nick Bonos* Vice President and Treasurer (1963) | Vice President and Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to present); Senior Vice President of Rydex Investments (2006 to present); Chief Executive Officer of Rydex Specialized Products, LLC (2009 to present); Chief Financial Officer of Rydex Specialized Products, LLC (2005 to 2009); Vice President and Treasurer of Rydex Capital Partners SPhinX Fund (2003 to 2006) |
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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
EXECUTIVE OFFICERS—continued
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Chief Compliance Officer of Rydex Series Funds, Rydex Variable Trust, and Rydex Dynamic Funds (2004 to present); Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds (2000 to present); Secretary of Rydex ETF Trust (2002 to present); Chief Compliance Officer of Rydex Investments (2005 to present) Vice President of Compliance of Rydex Investments (2006 to present); Director of Rydex Distributors, Inc. (2009 to present); Secretary of Rydex Capital Partners SPhinX Fund (2003 to 2006) | |
Keith Fletcher* Vice President (1958) | Vice President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Vice President of Rydex Investments (2009 to present); Vice President of Rydex Specialized Products, LLC (2009 to present); Vice President and Director of Rydex Distributors, Inc. (2009 to present); Vice President of Security Global Investors, LLC (2009 to present) | |
Amy Lee* Vice President and Assistant Secretary (1960) | Vice President and Assistant Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Secretary of Rydex Distributors, Inc. (2008 to present); Chief Compliance Officer of Rydex Distributors, Inc. (2008 to 2009); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Corp. (2005 to present); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Life Insurance Co. (2004 to present); Assistant General Counsel of First Security Benefit Life and Annuity Company of New York (2004 to present); Chief Compliance Officer and Secretary of Security Distributors, Inc. (2004 to present); Secretary of Security Global Investors, Inc. (2007 to present) | |
Joseph Arruda* Assistant Treasurer (1966) | Assistant Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Senior Vice President of Rydex Investments (2008 to present); Vice President of Rydex Investments (2004 to 2008); Manager and Chief Financial Officer of Rydex Specialized Products, LLC (2009 to present); Director of Accounting of Rydex Investments (2003 to 2004) | |
Paula Billos* Controller (1974) | Controller of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Director of Fund Administration of Rydex Investments (2001 to present) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a)(19) of the 1940 Act, inasmuch as this person is affiliated with Rydex Investments. |
66 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
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SEPTEMBER 30, 2009
RYDEX SERIES FUNDS SEMI-ANNUAL REPORT
ASSET ALLOCATION FUNDS
RYDEX|SGI ALL-ASSET CONSERVATIVE STRATEGY FUND
(Formerly, Essential Portfolio Conservative Fund)
(Formerly, Essential Portfolio Conservative Fund)
RYDEX|SGI ALL-ASSET MODERATE STRATEGY FUND
(Formerly, Essential Portfolio Moderate Fund)
(Formerly, Essential Portfolio Moderate Fund)
RYDEX|SGI ALL-ASSET AGGRESSIVE STRATEGY FUND
(Formerly, Essential Portfolio Aggressive Fund)
(Formerly, Essential Portfolio Aggressive Fund)
![(RYDEX SGI LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612301.gif)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612302.gif)
TABLE OF CONTENTS
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 1 |
LETTER TO OUR SHAREHOLDERS
DEAR SHAREHOLDER:
Nearly a year after the height of the financial crisis, the equity and credit markets are returning to more normal functioning. Fed chairman Ben Bernanke’s September 15 comment that “the recession is very likely over” seems to confirm the encouraging signs of the past six months. Overall, economic data suggest that the economy is emerging from the financial crisis and severe recession. Deflationary forces stemming from the financial crisis and economic slowdown are aggressively being countered by massive global efforts to ease monetary policy and create fiscal stimulus programs. But as unexpectedly lower demand for durable goods and a decrease over prior month’s existing home sales indicates, the road to recovery may still be a rough ride.
Continuing Fallout from 2008
Six months ago, the stock market began to climb back up from its lowest level in 12 years (reached March 9, 2009). For many, the spring surge gave hope for an end to the bear market that ravaged investors’ portfolios, but the deepest recession since the Great Depression would still leave its mark on the second and third quarters. As investors looked forward to putting 2008 far behind them, General Motors (“GM”) filed for bankruptcy on June 1 despite the interjection of more than $19.4 billion in federal help—and for the first time since 1925, GM was no longer part of the Dow Jones Industrial Average Index (“DJIA”). Second quarter GDP declined by a 1.0% annual rate, though recovering somewhat from the 6.4% contraction of the first quarter. According to Bloomberg, this quarterly drop in GDP was the fourth in a row, the longest contraction since quarterly records began in 1947. By the end of September, the U.S. unemployment rate climbed to 9.8%—the highest since June 1983. In the same breath as he suggested the recession’s end, Bernanke also cautioned that “it’s still going to feel like a very weak economy for some time.”
Cautious Optimism for Q4 and Beyond
The second and third quarters saw unprecedented growth in the stock market, kicked off in May by a report from payroll processor ADP that fewer jobs were lost in April than economists predicted. In May, the Treasury Department also released the results of the now infamous “bank stress tests,” allowing 10 major banks to pay back $68 billion in TARP money forced upon them earlier in the year. Existing home sales rose in July by 7.2%, while single-family housing starts rose 1.7% in July, the fifth straight month of increase. This larger than expected increase was followed by an unexpected drop in existing home sales in August. While there are signs of stabilization in the housing markets, recent economic reports suggest the recovery may be tepid at best. The index of U.S. leading indicators rose in August (0.6%) for the fifth straight month, though not by as much as in July (0.9%) or as expected (0.7%). Over the past six months, stock market fluctuations—as measured by the SPX Volatility Index, a measure of expected future volatility levels—have returned to more historically “normal” levels. Despite the impressive rally from its low point of 676.53 on March 9, 2009, the equity market—as measured by the S&P 500® Index—has declined 6.91% for the year period ending September 30, 2009.
Are we on the road to recovery? Clearly there are signs that point to an improving, or more specifically, a less negative economic environment. On the other hand, soft economic data in September showed us that excessive optimism is premature—the economy still has a long way to go. It is likely that we’ll continue to see volatility in the market as the economic situation moves from crisis to stabilization. While we are not out of the woods yet, improving market conditions should lead to better investment opportunities going forward.
2 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
LETTER TO OUR SHAREHOLDERS (concluded)
Moving Forward
From my perspective, every bear market—from the Great Depression to the tech bubble of the early 1990s—teaches investors the same valuable lesson: The need to diversify. Earlier this year, we integrated with Security Global Investors to become Rydex|SGI. This integration allows us to expand our current lineup of quantitatively managed, alternative and target beta funds to include actively managed global, growth, value and specialty fixed-income strategies. Simply put: We diversified our product offerings in order to position the company for future growth and to provide our clients with a wider array of investment strategies than ever before.
While this integration marks the firm’s evolution to a leading multi-discipline asset management firm, more importantly, we believe investors will be well served by the broader array of investment choices now available from Rydex|SGI.
We appreciate the trust that you have placed in our firm’s quality and integrity by investing with us. It is our goal to continue to offer you a wide variety of investment offerings to help you meet our financial goals.
Sincerely,
![-s- Michael Byrum](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612303.gif)
Michael Byrum
President & Chief Investment Officer
Performance displayed represents past performance which is no guarantee of future results. Of course, fund performance is subject to daily market volatility and may be better or worse since the end of the last quarter. For up-to-date fund performance, call us at 800.820.0888 or visit www.rydex-sgi.com.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 3 |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)
All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2009 and ending September 30, 2009.
The following tables illustrate a Fund’s costs in two ways:
Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”
Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return.
Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Certain retirement plans such as IRA, SEP, Roth IRA and 403(b) accounts are charged an annual $15 maintenance fee. Upon liquidating a retirement account, a $15 account-closing fee will be taken from the proceeds of the redemption.
The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.
Note that the expenses shown in the table are meant to highlight and help compare ongoing costs only and do not reflect any transactional costs which may be incurred by a Fund.
More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.
4 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited) (concluded)
Beginning | Ending | Expenses | ||||||||||||||
Expense | Account Value | Account Value | Paid During | |||||||||||||
Ratio | † | March 31, 2009 | September 30, 2009 | Period | * | |||||||||||
Table 1. Based on actual Fund return | ||||||||||||||||
All-Asset Conservative Strategy Fund | ||||||||||||||||
A-Class | 0.00% | $1,000.00 | $1,153.90 | $ — | �� | |||||||||||
C-Class | 0.75% | 1,000.00 | 1,150.10 | 4.04 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,153.80 | — | ||||||||||||
All-Asset Moderate Strategy Fund | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,211.90 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,207.20 | 4.15 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,211.60 | — | ||||||||||||
All-Asset Aggressive Strategy Fund | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,273.60 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,269.80 | 4.27 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,273.50 | — | ||||||||||||
Table 2. Based on hypothetical 5% return (before expenses) | ||||||||||||||||
All-Asset Conservative Strategy Fund | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,021.31 | 3.80 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
All-Asset Moderate Strategy Fund | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,021.31 | 3.80 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
All-Asset Aggressive Strategy Fund | ||||||||||||||||
A-Class | 0.00% | 1,000.00 | 1,025.07 | — | ||||||||||||
C-Class | 0.75% | 1,000.00 | 1,021.31 | 3.80 | ||||||||||||
H-Class | 0.00% | 1,000.00 | 1,025.07 | — |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by the number of days in the current fiscal year. | |
† | Annualized and excludes expenses of the underlying funds in which the Funds invest. |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 5 |
FUND PROFILES (Unaudited)
ALL-ASSET CONSERVATIVE STRATEGY FUND
OBJECTIVE: Primarily seek preservation of capital and, secondarily, to seek long-term growth of capital.
Holdings Diversification (Market Exposure as % of Net Assets)
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612304.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | June 30, 2006 | |||
C-Class | June 30, 2006 | |||
H-Class | June 30, 2006 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Security U.S. Intermediate Bond Fund | 19.4 | % | ||
RSF — All-Cap Opportunity Fund | 18.4 | % | ||
RSF — Managed Futures Strategy Fund | 13.6 | % | ||
RSF — Global Market Neutral Fund | 9.1 | % | ||
RSF — Government Long Bond 1.2x Strategy Fund | 8.5 | % | ||
RSF — S&P 500 Fund | 6.7 | % | ||
Security Income Fund — High Yield Series | 5.1 | % | ||
RSF — Global 130/30 Strategy Fund | 4.9 | % | ||
RSF — Multi-Hedge Strategies Fund | 4.3 | % | ||
RSF — International Opportunity Fund | 4.1 | % | ||
Top Ten Total | 94.1 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
ALL-ASSET MODERATE STRATEGY FUND
OBJECTIVE: Primarily seek growth of capital and, secondarily, to seek preservation of capital.
Holdings Diversification (Market Exposure as % of Net Assets)
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612305.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | June 30, 2006 | |||
C-Class | June 30, 2006 | |||
H-Class | June 30, 2006 |
Ten Largest Holdings (% of Total Net Assets) | ||||
Security U.S. Intermediate Bond Fund | 18.9 | % | ||
RSF — All-Cap Opportunity Fund | 17.8 | % | ||
RSF — Global Market Neutral Fund | 9.6 | % | ||
RSF — International Opportunity Fund | 8.7 | % | ||
RSF — S&P 500 Fund | 8.5 | % | ||
RSF — Managed Futures Strategy Fund | 8.5 | % | ||
RSF — Nova Fund | 7.5 | % | ||
RSF — Government Long Bond 1.2x Strategy Fund | 5.3 | % | ||
RSF — Global 130/30 Strategy Fund | 5.0 | % | ||
RSF — Russell 2000® Fund | 3.0 | % | ||
Top Ten Total | 92.8 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
6 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FUND PROFILES (Unaudited) (concluded)
ALL-ASSET AGGRESSIVE STRATEGY FUND
OBJECTIVE: Seeks growth of capital.
Holdings Diversification (Market Exposure as % of Net Assets)
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-09-068521/p16122p1612306.gif)
“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.
Inception Dates: | ||||
A-Class | June 30, 2006 | |||
C-Class | June 30, 2006 | |||
H-Class | June 30, 2006 |
Ten Largest Holdings (% of Total Net Assets) | ||||
RSF — All-Cap Opportunity Fund | 18.8 | % | ||
RSF — Nova Fund | 16.9 | % | ||
RSF — International Opportunity Fund | 13.3 | % | ||
RSF — Managed Futures Strategy Fund | 9.9 | % | ||
RSF — Global Market Neutral Fund | 9.9 | % | ||
Security U.S. Intermediate Bond Fund | 9.5 | % | ||
RSF — Global 130/30 Strategy Fund | 5.0 | % | ||
RSF — S&P 500 Fund | 4.4 | % | ||
RSF — Government Long Bond 1.2x Strategy Fund | 3.0 | % | ||
RSF — Russell 2000® 1.5x Strategy Fund | 2.9 | % | ||
Top Ten Total | 93.6 | % | ||
“Ten Largest Holdings” exclude any temporary cash or derivative investments.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ALL-ASSET CONSERVATIVE STRATEGY FUND
Market | ||||||||
Shares | Value | |||||||
MUTUAL FUNDS†† 97.4% | ||||||||
Security U.S. Intermediate Bond Fund | 673,630 | $ | 2,728,202 | |||||
RSF – All-Cap Opportunity Fund* | 227,554 | 2,594,120 | ||||||
RSF – Managed Futures Strategy Fund | 70,194 | 1,917,708 | ||||||
RSF – Global Market Neutral Fund* | 52,961 | 1,276,354 | ||||||
RSF – Government Long Bond 1.2x Strategy Fund | 96,433 | 1,190,953 | ||||||
RSF – S&P 500 Fund | 44,938 | 945,051 | ||||||
Security Income Fund – High Yield Series | 61,778 | 719,719 | ||||||
RSF – Global 130/30 Strategy Fund | 77,132 | 684,165 | ||||||
RSF – Multi-Hedge Strategies Fund | 29,847 | 610,974 | ||||||
RSF – International Opportunity Fund | 27,690 | 584,257 | ||||||
RSF – Long/Short Commodities Strategy Fund* | 10,345 | 265,152 | ||||||
RSF – Russell 2000® Fund* | 10,072 | 206,271 | ||||||
Total Mutual Funds (Cost $12,242,011) | 13,722,926 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT† 2.2% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 305,690 | 305,690 | |||||
Total Repurchase Agreement | ||||||||
(Cost $305,690) | 305,690 | |||||||
Total Investments 99.6%(a) | ||||||||
(Cost $12,547,701) | $ | 14,028,616 | ||||||
Other Assets in Excess of Liabilities – 0.4% | $ | 62,219 | ||||||
Net Assets – 100.0% | $ | 14,090,835 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 5. | |
†† | A-Class shares of Affiliated Funds. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 6. | |
RSF — Rydex Series Funds. |
8 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ALL-ASSET MODERATE STRATEGY FUND
Market | ||||||||
Shares | Value | |||||||
MUTUAL FUNDS†† 99.1% | ||||||||
Security U.S. Intermediate Bond Fund | 1,729,955 | $ | 7,006,318 | |||||
RSF – All-Cap Opportunity Fund* | 577,841 | 6,587,382 | ||||||
RSF – Global Market Neutral Fund* | 146,663 | 3,534,580 | ||||||
RSF – International Opportunity Fund | 152,673 | 3,221,405 | ||||||
RSF – S&P 500 Fund | 149,152 | 3,136,665 | ||||||
RSF – Managed Futures Strategy Fund | 114,463 | 3,127,140 | ||||||
RSF – Nova Fund | 165,959 | 2,758,232 | ||||||
RSF – Government Long Bond 1.2x Strategy Fund | 159,134 | 1,965,307 | ||||||
RSF – Global 130/30 Strategy Fund | 207,877 | 1,843,872 | ||||||
RSF – Russell 2000® Fund* | 54,621 | 1,118,641 | ||||||
Security Income Fund – High Yield Series | 81,326 | 947,454 | ||||||
RSF – Multi-Hedge Strategies Fund | 35,819 | 733,219 | ||||||
RSF – Long/Short Commodities Strategy Fund* | 27,114 | 694,939 | ||||||
Total Mutual Funds | ||||||||
(Cost $31,599,041) | 36,675,154 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT† 0.6% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 202,820 | 202,820 | |||||
Total Repurchase Agreement | ||||||||
(Cost $202,820) | 202,820 | |||||||
Total Investments 99.7%(a) | ||||||||
(Cost $31,801,861) | $ | 36,877,974 | ||||||
Other Assets in Excess of Liabilities – 0.3% | $ | 116,925 | ||||||
Net Assets – 100.0% | $ | 36,994,899 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 5. | |
†† | A-Class shares of Affiliated Funds. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 6. | |
RSF — Rydex Series Funds. |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 9 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2009
ALL-ASSET AGGRESSIVE STRATEGY FUND
Market | ||||||||
Shares | Value | |||||||
MUTUAL FUNDS†† 99.8% | ||||||||
RSF – All-Cap Opportunity Fund* | 269,451 | $ | 3,071,739 | |||||
RSF – Nova Fund | 166,523 | 2,767,619 | ||||||
RSF – International Opportunity Fund | 102,876 | 2,170,691 | ||||||
RSF – Managed Futures Strategy Fund | 59,244 | 1,618,549 | ||||||
RSF – Global Market Neutral Fund* | 67,119 | 1,617,575 | ||||||
Security U.S. Intermediate Bond Fund | 384,809 | 1,558,474 | ||||||
RSF – Global 130/30 Strategy Fund | 91,683 | 813,228 | ||||||
RSF – S&P 500 Fund | 34,493 | 725,397 | ||||||
RSF – Government Long Bond 1.2x Strategy Fund | 40,258 | 497,189 | ||||||
RSF – Russell 2000® 1.5x Strategy Fund* | 22,403 | 476,057 | ||||||
RSF – Russell 2000® Fund* | 20,830 | 426,603 | ||||||
RSF – Long/Short Commodities Strategy Fund* | 12,387 | 317,483 | ||||||
RSF – Multi-Hedge Strategies Fund | 11,545 | 236,332 | ||||||
Total Mutual Funds | ||||||||
(Cost $13,735,197) | 16,296,936 | |||||||
Face | ||||||||
Amount | ||||||||
REPURCHASE AGREEMENT† 0.3% | ||||||||
Credit Suisse Group issued 09/30/09 at 0.03% due 10/01/09 | $ | 53,771 | 53,771 | |||||
Total Repurchase Agreement | ||||||||
(Cost $53,771) | 53,771 | |||||||
Total Investments 100.1%(a) | ||||||||
(Cost $13,788,968) | $ | 16,350,707 | ||||||
Liabilities in Excess of Other Assets – (0.1)% | $ | (21,424 | ) | |||||
Net Assets – 100.0% | $ | 16,329,283 |
* | Non-Income Producing Security. | |
† | Repurchase Agreement — See Note 5. | |
†† | A-Class shares of Affiliated Funds. | |
(a) | Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by ASC 820 — See Note 6. | |
RSF — Rydex Series Funds. |
10 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
September 30, 2009
All-Asset | All-Asset | All-Asset | ||||||||||
Conservative | Moderate | Aggressive | ||||||||||
Strategy Fund | Strategy Fund | Strategy Fund | ||||||||||
Assets | ||||||||||||
Investment Securities in Affiliated Funds | $ | 13,722,926 | $ | 36,675,154 | $ | 16,296,936 | ||||||
Repurchase Agreements | 305,690 | 202,820 | 53,771 | |||||||||
Total Investments | 14,028,616 | 36,877,974 | 16,350,707 | |||||||||
Receivable for Fund Shares Sold | 98,283 | 199,479 | 18,108 | |||||||||
Investment Income Receivable | 2,341 | 3,989 | 989 | |||||||||
Total Assets | 14,129,240 | 37,081,442 | 16,369,804 | |||||||||
Liabilities | ||||||||||||
Payable for Securities Purchased | 2,406 | 4,169 | 1,029 | |||||||||
Payable for Fund Shares Redeemed | 31,349 | 69,773 | 35,640 | |||||||||
Distribution and Service Fees Payable | 4,642 | 12,552 | 3,843 | |||||||||
Custody Fees Payable | 8 | 49 | 9 | |||||||||
Total Liabilities | 38,405 | 86,543 | 40,521 | |||||||||
Net Assets | $ | 14,090,835 | $ | 36,994,899 | $ | 16,329,283 | ||||||
Net Assets Consist Of | ||||||||||||
Paid-In Capital | $ | 15,439,192 | $ | 43,302,623 | $ | 19,705,646 | ||||||
Undistributed Net Investment Income | 308,896 | 737,884 | 196,810 | |||||||||
Accumulated Net Realized Loss on Investments | (3,138,168 | ) | (12,121,721 | ) | (6,134,912 | ) | ||||||
Net Unrealized Appreciation on Investments | 1,480,915 | 5,076,113 | 2,561,739 | |||||||||
Net Assets | $ | 14,090,835 | $ | 36,994,899 | $ | 16,329,283 | ||||||
A-Class | $ | 2,893,494 | $ | 9,945,082 | $ | 6,290,591 | ||||||
C-Class | 7,801,928 | 20,443,925 | 6,380,853 | |||||||||
H-Class | 3,395,413 | 6,605,892 | 3,657,839 | |||||||||
Shares Outstanding | ||||||||||||
A-Class | 290,154 | 1,034,542 | 707,367 | |||||||||
C-Class | 802,172 | 2,179,553 | 737,094 | |||||||||
H-Class | 340,174 | 687,020 | 411,474 | |||||||||
Net Asset Values | ||||||||||||
A-Class | $9.97 | $9.61 | $8.89 | |||||||||
A-Class Maximum Offering Price* | 10.47 | 10.09 | 9.33 | |||||||||
C-Class | 9.73 | 9.38 | 8.66 | |||||||||
H-Class | 9.98 | 9.62 | 8.89 | |||||||||
Cost of Investments | $ | 12,547,701 | $ | 31,801,861 | $ | 13,788,968 |
* | Net asset value adjusted for the maximum sales charge of 4.75% of offering price, calculated NAV/(1-4.75%). |
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 11 |
STATEMENTS OF OPERATIONS (Unaudited)
Period Ended September 30, 2009
All-Asset | All-Asset | All-Asset | ||||||||||
Conservative | Moderate | Aggressive | ||||||||||
Strategy Fund | Strategy Fund | Strategy Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 112 | $ | 213 | $ | 84 | ||||||
Dividends from Affiliated Funds | 63,448 | 132,641 | 22,818 | |||||||||
Total Income | 63,560 | 132,854 | 22,902 | |||||||||
Expenses | ||||||||||||
Distribution & Service Fees: | ||||||||||||
C-Class | 24,387 | 72,558 | 20,718 | |||||||||
Custody Fees | 146 | 344 | 69 | |||||||||
Miscellaneous | 6 | 92 | 12 | |||||||||
Total Expenses | 24,539 | 72,994 | 20,799 | |||||||||
Net Investment Income | 39,021 | 59,860 | 2,103 | |||||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Affiliated Investment Securities | 162,713 | (422,535 | ) | 372,180 | ||||||||
Total Net Realized Gain (Loss) | 162,713 | (422,535 | ) | 372,180 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investment Securities | 1,520,588 | 6,895,576 | 3,163,792 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 1,520,588 | 6,895,576 | 3,163,792 | |||||||||
Net Gain on Investments | 1,683,301 | 6,473,041 | 3,535,972 | |||||||||
Net Increase in Net Assets from Operations | $ | 1,722,322 | $ | 6,532,901 | $ | 3,538,075 | ||||||
12 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
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THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 13 |
STATEMENTS OF CHANGES IN NET ASSETS
All-Asset | All-Asset | |||||||||||||||
Conservative Strategy Fund | Moderate Strategy Fund | |||||||||||||||
Period | Year | Period | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | March 31, | September 30, | March 31, | |||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | |||||||||||
From Operations | ||||||||||||||||
Net Investment Income | $ | 39,021 | $ | 407,727 | $ | 59,860 | $ | 665,906 | ||||||||
Net Realized Gain (Loss) on Investments | 162,713 | (2,848,339 | ) | (422,535 | ) | (10,604,666 | ) | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 1,520,588 | (168,692 | ) | 6,895,576 | (208,696 | ) | ||||||||||
Net Increase (Decrease) in Net Assets from Operations | 1,722,322 | (2,609,304 | ) | 6,532,901 | (10,147,456 | ) | ||||||||||
Distributions to Shareholders From:* | ||||||||||||||||
Net Investment Income | ||||||||||||||||
A-Class | — | (46,893 | ) | — | (17,007 | ) | ||||||||||
C-Class | — | (72,527 | ) | — | (45,786 | ) | ||||||||||
H-Class | — | (62,462 | ) | — | (16,709 | ) | ||||||||||
Realized Gain on Investments | ||||||||||||||||
A-Class | — | (55,079 | ) | — | (117,048 | ) | ||||||||||
C-Class | — | (85,187 | ) | — | (315,116 | ) | ||||||||||
H-Class | — | (73,366 | ) | — | (114,994 | ) | ||||||||||
Total Distributions to Shareholders | — | (395,514 | ) | — | (626,660 | ) | ||||||||||
Share Transactions | ||||||||||||||||
Proceeds from Shares Purchased | ||||||||||||||||
A-Class | 2,060,998 | 3,184,417 | 3,142,893 | 4,027,378 | ||||||||||||
C-Class | 3,619,509 | 5,193,932 | 4,047,619 | 7,691,246 | ||||||||||||
H-Class | 463,324 | 4,206,848 | 1,118,221 | 7,667,158 | ||||||||||||
Redemption Fees Collected | ||||||||||||||||
A-Class | 533 | 1,241 | 732 | 2,207 | ||||||||||||
C-Class | 1,402 | 1,673 | 1,625 | 7,040 | ||||||||||||
H-Class | 658 | 1,835 | 550 | 3,070 | ||||||||||||
Value of Shares Purchased through Dividend Reinvestment | ||||||||||||||||
A-Class | — | 78,514 | — | 123,280 | ||||||||||||
C-Class | — | 146,760 | — | 345,607 | ||||||||||||
H-Class | — | 123,401 | — | 123,890 | ||||||||||||
Cost of Shares Redeemed | ||||||||||||||||
A-Class | (1,820,427 | ) | (4,554,407 | ) | (2,798,990 | ) | (4,511,332 | ) | ||||||||
C-Class | (1,825,919 | ) | (4,224,264 | ) | (5,088,846 | ) | (13,987,437 | ) | ||||||||
H-Class | (535,295 | ) | (7,270,527 | ) | (2,032,086 | ) | (10,502,859 | ) | ||||||||
Net Increase (Decrease) in Net Assets From Share Transactions | 1,964,783 | (3,110,577 | ) | (1,608,282 | ) | (9,010,752 | ) | |||||||||
Net Increase (Decrease) in Net Assets | 3,687,105 | (6,115,395 | ) | 4,924,619 | (19,784,868 | ) | ||||||||||
Net Assets—Beginning of Period | 10,403,730 | 16,519,125 | 32,070,280 | 51,855,148 | ||||||||||||
Net Assets—End of Period | $ | 14,090,835 | $ | 10,403,730 | $ | 36,994,899 | $ | 32,070,280 | ||||||||
Undistributed | ||||||||||||||||
Net Investment Income—End of Period | $ | 308,896 | $ | 269,875 | $ | 737,884 | $ | 678,024 | ||||||||
* | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. | |
† | Unaudited |
14 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | See Notes to Financial Statements. |
All-Asset | |||||||||
Aggressive Strategy Fund | |||||||||
Period | Year | ||||||||
Ended | Ended | ||||||||
September 30, | March 31, | ||||||||
2009 | † | 2009 | |||||||
$ | 2,103 | $ | 184,349 | ||||||
372,180 | (5,284,888 | ) | |||||||
3,163,792 | 200,395 | ||||||||
3,538,075 | (4,900,144 | ) | |||||||
— | (184,383 | ) | |||||||
— | (128,799 | ) | |||||||
— | (92,075 | ) | |||||||
— | (3,482 | ) | |||||||
— | (2,432 | ) | |||||||
— | (1,737 | ) | |||||||
— | (412,908 | ) | |||||||
591,935 | 1,619,522 | ||||||||
1,310,851 | 2,809,535 | ||||||||
691,794 | 3,059,297 | ||||||||
207 | 2,032 | ||||||||
192 | 1,514 | ||||||||
124 | 1,035 | ||||||||
— | 97,327 | ||||||||
— | 122,413 | ||||||||
— | 93,386 | ||||||||
(1,113,096 | ) | (2,545,792 | ) | ||||||
(891,142 | ) | (2,647,763 | ) | ||||||
(1,095,360 | ) | (3,224,177 | ) | ||||||
(504,495 | ) | (611,671 | ) | ||||||
3,033,580 | (5,924,723 | ) | |||||||
13,295,703 | 19,220,426 | ||||||||
$ | 16,329,283 | $ | 13,295,703 | ||||||
$ | 196,810 | $ | 194,707 | ||||||
See Notes to Financial Statements. | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 15 |
FINANCIAL HIGHLIGHTS
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | Net | and | (Decrease) | Distributions | Distributions | NET ASSET | Net | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Investment | Unrealized | in Net Asset | from Net | from Net | Redemption | VALUE, | Total | Investment | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Income | Gains (Losses) | Value Resulting | Investment | Realized | Total | Fees | END OF | Investment | Total | Income | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | (Loss)† | on Investments | from Operations | Income*** | Gains*** | Distributions | Collected | PERIOD | Return††† | Expenses†† | (Loss) | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
All-Asset Conservative Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 8.64 | $ | .05 | $ | 1.28 | $ | 1.33 | $ | — | $ | — | $ | — | $ | — | § | $ | 9.97 | 15.39% | 0.00% | ** | 1.00% | ** | 107% | $ | 2,893 | |||||||||||||||||||||||||||||
March 31, 2009 | 10.74 | .28 | (2.08 | ) | (1.80 | ) | (.14 | ) | (.16 | ) | (.30 | ) | — | § | 8.64 | (17.05)% | 0.00% | 2.84% | 230% | 2,274 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.70 | .26 | .12 | .38 | (.22 | ) | (.14 | ) | (.36 | ) | .02 | 10.74 | 3.70% | 0.01% | 2.39% | 119% | 4,431 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .20 | .56 | .76 | (.09 | ) | — | (.09 | ) | .03 | 10.70 | 7.94% | 0.01% | ** | 2.47% | ** | 105% | 782 | ||||||||||||||||||||||||||||||||||||||
All-Asset Conservative Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.46 | .01 | 1.26 | 1.27 | — | — | — | — | § | 9.73 | 15.01% | 0.75% | ** | 0.30% | ** | 107% | 7,802 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.60 | .28 | (2.12 | ) | (1.84 | ) | (.14 | ) | (.16 | ) | (.30 | ) | — | § | 8.46 | (17.65)% | 0.75% | 2.87% | 230% | 5,107 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.65 | .17 | .12 | .29 | (.22 | ) | (.14 | ) | (.36 | ) | .02 | 10.60 | 2.86% | 0.75% | 1.53% | 119% | 5,074 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .08 | .63 | .71 | (.09 | ) | — | (.09 | ) | .03 | 10.65 | 7.44% | 0.76% | ** | 1.05% | ** | 105% | 2,804 | ||||||||||||||||||||||||||||||||||||||
All-Asset Conservative Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 8.65 | .05 | 1.28 | 1.33 | — | — | — | — | § | 9.98 | 15.38% | 0.00% | ** | 1.02% | ** | 107% | 3,395 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.75 | .31 | (2.11 | ) | (1.80 | ) | (.14 | ) | (.16 | ) | (.30 | ) | — | § | 8.65 | (17.03)% | 0.00% | 3.14% | 230% | 3,022 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.71 | .25 | .13 | .38 | (.22 | ) | (.14 | ) | (.36 | ) | .02 | 10.75 | 3.69% | 0.01% | 2.28% | 119% | 7,014 | |||||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .15 | .62 | .77 | (.09 | ) | — | (.09 | ) | .03 | 10.71 | 8.04% | 0.01% | ** | 1.93% | ** | 105% | 3,634 | ||||||||||||||||||||||||||||||||||||||
All-Asset Moderate Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.93 | .03 | 1.65 | 1.68 | — | — | — | — | § | 9.61 | 21.19% | 0.00% | ** | 0.77% | ** | 93% | 9,945 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.18 | .20 | (2.31 | ) | (2.11 | ) | (.02 | ) | (.12 | ) | (.14 | ) | — | § | 7.93 | (20.85)% | 0.00% | 2.14% | 220% | 7,907 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.56 | .17 | (.24 | ) | (.07 | ) | (.12 | ) | (.19 | ) | (.31 | ) | — | § | 10.18 | (0.75)% | 0.01% | 1.58% | 125% | 10,214 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .18 | .79 | .97 | (.10 | ) | (.32 | ) | (.42 | ) | .01 | 10.56 | 9.90% | 0.00% | ** | 2.26% | ** | 66% | 9,719 | |||||||||||||||||||||||||||||||||||||
All-Asset Moderate Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.77 | — | § | 1.61 | 1.61 | — | — | — | — | § | 9.38 | 20.72% | 0.75% | ** | 0.01% | ** | 93% | 20,444 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.05 | .11 | (2.25 | ) | (2.14 | ) | (.02 | ) | (.12 | ) | (.14 | ) | — | § | 7.77 | (21.42)% | 0.75% | 1.22% | 220% | 17,885 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.50 | .10 | (.24 | ) | (.14 | ) | (.12 | ) | (.19 | ) | (.31 | ) | — | § | 10.05 | (1.43)% | 0.76% | 0.90% | 125% | 30,282 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .11 | .80 | .91 | (.10 | ) | (.32 | ) | (.42 | ) | .01 | 10.50 | 9.29% | 0.75% | ** | 1.34% | ** | 66% | 18,551 | |||||||||||||||||||||||||||||||||||||
All-Asset Moderate Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 7.94 | .03 | 1.65 | 1.68 | — | — | — | — | § | 9.62 | 21.16% | 0.00% | ** | 0.75% | ** | 93% | 6,606 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 10.18 | .16 | (2.26 | ) | (2.10 | ) | (.02 | ) | (.12 | ) | (.14 | ) | — | § | 7.94 | (20.75)% | 0.00% | 1.73% | 220% | 6,279 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.56 | .13 | (.20 | ) | (.07 | ) | (.12 | ) | (.19 | ) | (.31 | ) | — | § | 10.18 | (0.75)% | 0.01% | 1.22% | 125% | 11,359 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .18 | .79 | .97 | (.10 | ) | (.32 | ) | (.42 | ) | .01 | 10.56 | 9.90% | 0.00% | ** | 2.32% | ** | 66% | 8,623 | |||||||||||||||||||||||||||||||||||||
All-Asset Aggressive Strategy Fund A-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 6.98 | .01 | 1.90 | 1.91 | — | — | — | — | § | 8.89 | 27.36% | 0.00% | ** | 0.30% | ** | 86% | 6,291 | |||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 9.69 | .12 | (2.60 | ) | (2.48 | ) | (.22 | ) | (.01 | ) | (.23 | ) | — | § | 6.98 | (25.81)% | 0.02% | 1.40% | 278% | 5,389 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.28 | .11 | (.48 | ) | (.37 | ) | (.06 | ) | (.16 | ) | (.22 | ) | — | § | 9.69 | (3.77)% | 0.01% | 1.01% | 120% | 8,596 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .24 | .77 | 1.01 | (.10 | ) | (.64 | ) | (.74 | ) | .01 | 10.28 | 10.37% | 0.00% | ** | 3.11% | ** | 92% | 13,854 | |||||||||||||||||||||||||||||||||||||
All-Asset Aggressive Strategy Fund C-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | 6.82 | (.02 | ) | 1.86 | 1.84 | — | — | — | — | § | 8.66 | 26.98% | 0.75% | ** | (0.44)% | ** | 86% | 6,381 | ||||||||||||||||||||||||||||||||||||||
March 31, 2009 | 9.56 | .05 | (2.56 | ) | (2.51 | ) | (.22 | ) | (.01 | ) | (.23 | ) | — | § | 6.82 | (26.48)% | 0.77% | 0.59% | 278% | 4,667 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.22 | .06 | (.50 | ) | (.44 | ) | (.06 | ) | (.16 | ) | (.22 | ) | — | § | 9.56 | (4.48)% | 0.76% | 0.60% | 120% | 6,178 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | (.03 | ) | .98 | .95 | (.10 | ) | (.64 | ) | (.74 | ) | .01 | 10.22 | 9.76% | 0.75% | ** | (0.34)% | ** | 92% | 6,537 |
16 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (concluded)
This table is presented to show selected data for a share outstanding throughout each period, and to assist shareholders in evaluating a Fund’s performance for the periods presented.
RATIOS TO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized | Net Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSET | and | (Decrease) | Distributions | Distributions | NET ASSET | Net Assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE, | Net | Unrealized | in Net Asset | from Net | from Net | Redemption | VALUE, | Total | Net | Portfolio | End of | |||||||||||||||||||||||||||||||||||||||||||||
BEGINNING | Investment | Gains (Losses) | Value Resulting | Investment | Realized | Total | Fees | END OF | Investment | Total | Investment | Turnover | Period (000’s | |||||||||||||||||||||||||||||||||||||||||||
Period Ended | OF PERIOD | Income† | on Investments | from Operations | Income*** | Gains*** | Distributions | Collected | PERIOD | Return††† | Expenses†† | Income | Rate | omitted) | ||||||||||||||||||||||||||||||||||||||||||
All-Asset Aggressive Strategy Fund H-Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2009D | $ | 6.97 | $ | .01 | $ | 1.91 | $ | 1.92 | $ | — | $ | — | $ | — | $ | — | § | $ | 8.89 | 27.55% | 0.00% | ** | 0.30% | ** | 86% | $ | 3,658 | |||||||||||||||||||||||||||||
March 31, 2009 | 9.69 | .11 | (2.60 | ) | (2.49 | ) | (.22 | ) | (.01 | ) | (.23 | ) | — | § | 6.97 | (25.92)% | 0.02% | 1.22% | 278% | 3,240 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | 10.29 | .08 | (.46 | ) | (.38 | ) | (.06 | ) | (.16 | ) | (.22 | ) | — | § | 9.69 | (3.87)% | 0.01% | 0.80% | 120% | 4,447 | ||||||||||||||||||||||||||||||||||||
March 31, 2007* | 10.00 | .15 | .87 | 1.02 | (.10 | ) | (.64 | ) | (.74 | ) | .01 | 10.29 | 10.48% | 0.00% | ** | 1.94% | ** | 92% | 6,486 |
* | Since the commencement of operations: June 30, 2006. | |
** | Annualized | |
*** | For financial reporting purposes, certain distributions from net investment income for federal income tax purposes have been reclassified to distributions from realized gains. | |
† | Calculated using the average daily shares outstanding for the period. | |
†† | Does not include expenses of the underlying funds in which the Funds invest. | |
††† | Total investment return does not reflect the impact of any applicable sales charges and has not been annualized. | |
§ | Less than $.01 per share. | |
D | Unaudited |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 17 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization and Significant Accounting Policies Organization
The Rydex Series Funds (the “Trust”) is registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”) as a non-diversified, open-ended investment company. The Trust offers six separate classes of shares, Investor Class shares, Investor2 Class shares, Advisor Class shares, A-Class shares, C-Class shares, and H-Class shares. C-Class shares have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Sales of shares of each Class are made without a sales charge at the net asset value per share, with the exception of A-Class shares. A-Class shares are sold at net asset value, plus the applicable front-end sales charge, except for U.S. Government Money Market Fund. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% CDSC if shares are redeemed within 18 months of purchase.
At September 30, 2009, the Trust consisted of fifty-five separate Funds. This report covers the Asset Allocation Funds (the “Funds”), while the other Funds are contained in separate reports.
Each Fund is a “fund of funds,” which means that each Fund seeks to achieve its investment objective by investing primarily in a combination of funds within the same group of affiliated investment companies; the SGI Funds, which are advised by Security Investors, LLC and Security Global Investors, LLC (collectively, “Security Global Investors”), the Rydex family of mutual funds (the “underlying funds”) and in exchange-traded funds (“ETFs”) instead of in individual securities. Rydex investments, is an indirect subsidiary of, and Security Global Investors is a direct subsidiary of Security Benefit Corporation. At September 30, 2009, only A-Class, C-Class and H-Class shares had been issued by the Funds. All share classes of the Funds are subject to a 1% redemption fee if redeemed within 30 days of purchase.
Rydex Investments provides advisory, transfer agent and administrative services, and accounting services to the Trust. Rydex Distributors, Inc. (the “Distributor”) acts as principal underwriter for the Trust. Both Rydex Investments and the Distributor are affiliated entities.
Significant Accounting Policies
The following significant accounting policies and the preparation of financial statements are in conformity with U.S. generally accepted accounting principles and are consistently followed by the Trust. This requires
management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
A. The underlying funds are valued at their Net Asset Value (“NAV”) as of the close of business, usually 4:00 p.m. on the valuation date. ETFs and closed-end investment companies are valued at the last quoted sales price. Debt securities in a non 2a-7 money market fund with a maturity greater than 60 days are valued at the last traded fill price at the close of business, unless no trades were executed. If there are no trades, a security is valued at the reported bid price, at the close of business. Short-term securities with a maturity of 60 days or less are valued at amortized cost, which approximates market value.
B. Securities transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discount, is accrued on a daily basis.
C. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the Classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees related to C-Class shares, are charged directly to such class. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.
D. Distributions of net investment income and net realized capital gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles.
E. The Funds may also purchase American Depository Receipts, U.S. Government securities, Commercial Paper and enter into repurchase agreements.
F. Throughout the normal course of business, the Funds and the underlying funds enter into contracts that contain a variety of representations and warranties
18 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
which provide general indemnifications. The maximum exposure under these arrangements is unknown, as this would involve future claims that may be made that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
2. Financial Instruments
As part of their investment strategies, the underlying funds may utilize short sales and a variety of derivative instruments including, options, futures, options on futures, structured notes and swap agreements. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts reflected in the underlying funds’ NAVs.
A short sale is a transaction in which an underlying fund sells an equity or fixed income security it does not own. If the security sold short goes down in price between the time the underlying fund sells the security and closes its short position, that underlying fund will realize a gain on the transaction. Conversely, if the security goes up in price during the period, that underlying fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that an underlying fund may forego the opportunity for profit if the market price of the underlying security increases and the option is exercised. The risk in writing a covered put option is that an underlying fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there is the risk that an underlying fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.
There are several risks in connection with the use of futures contracts. Risks may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that an underlying fund may not be able to enter into a closing transaction because of an illiquid secondary market.
There are several risks associated with the use of structured notes. Structured securities are leveraged, thereby providing an exposure to the underlying benchmark greater than the face amount and increasing the volatility of each note relative to the change in the underlying linked financial instrument. A highly liquid secondary market may not exist for the structured
notes an underlying fund invests in which may make it difficult for that underlying fund to sell the structured notes it holds at an acceptable price or to accurately value them. In addition, structured notes are subject to the risk that the counterparty to the instrument, or issuer, might not pay interest when due or repay principal at maturity of the obligation. Although the Trust will not invest in any structured notes unless Rydex Investments believes that the issuer is creditworthy, an underlying fund does bear the risk of loss of the amount expected to be received in the event of the default or bankruptcy of the issuer.
There are several risks associated with the use of swap agreements that are different from those associated with ordinary portfolio securities transactions. Swap agreements may be considered to be illiquid. Although the Trust will not enter into any swap agreement unless Rydex Investments believes that the other party to the transaction is creditworthy, the underlying funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of the agreement counterparty.
There are several risks associated with credit default swaps. Credit default swaps involve the exchange of a fixed-rate premium for protection against the loss in value of an underlying debt instrument in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a “guarantor,” receiving a periodic payment that is a fixed percentage applied to a notional principal amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the swap. An underlying fund may enter into credit default swaps in which that underlying fund or its counterparty act as guarantors. By acting as the guarantor of a swap, that underlying fund assumes the market and credit risk of the underlying instrument, including liquidity and loss of value.
In conjunction with the use of short sales, options, futures, options on futures, and swap agreements, the underlying funds are required to maintain collateral in various forms. The underlying funds use, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes, or the repurchase agreements allocated to each underlying fund.
The risks inherent in the use of short sales, options, futures contracts, options on futures contracts, and swap agreements include i) adverse changes in the
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
value of such instruments; ii) imperfect correlation between the price of the instruments and movements in the price of the underlying securities, indices, or futures contracts; iii) the possible absence of a liquid secondary market for any particular instrument at any time; and iv) the potential of counterparty default. The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
3. Fees And Other Transactions With Affiliates
Rydex Investments manages the investment and reinvestment of the assets of each of the Funds in accordance with the investment objectives, policies, and limitations of each Fund, however, the Funds do not pay Rydex Investments a management fee. As part of its agreement with the Trust, Rydex Investments will pay all expenses of the Funds, including the cost of transfer agency, fund administration, audit and other services, excluding interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short dividend expenses, and extraordinary expenses.
Each Fund indirectly bears a proportionate share of the total operating expenses (including investment management, shareholder servicing, custody, transfer agency, audit and other expenses) of the underlying funds in which the Fund invests. In addition, some underlying funds charge redemption fees if a shareholder, including a Fund, redeems shares before the end of the funds’ requisite holding period. Therefore, if a Fund sells shares of an underlying fund that is subject to a redemption fee, that Fund will be responsible for paying the redemption fee to the underlying fund.
Rydex Investments provides transfer agent, accounting services and administrative services to the Funds. However, the related fees are paid by Rydex Investments, as noted above.
The Funds have not adopted a Distribution Plan or a Shareholder Services Plan with respect to A-Class shares and H-Class shares. Instead, the Funds invest in underlying funds that have a distribution plan that allows the underlying funds to pay distribution fees to the Distributor and other firms that provide distribution services (“Service Providers”). The underlying funds will pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act, as amended. If a Service Provider provides distribution or
shareholder services, the Distributor will, in turn, pay the Service Provider for the services it provides at an annual rate not to exceed 0.25% of the average daily net assets of a Fund.
The Funds have adopted a Distribution and Shareholder Services Plan applicable to its C-Class shares that allows the Funds to pay annual distribution and service fees of 0.75% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates the shareholder’s financial advisor for providing on-going services to the shareholder. The annual 0.50% distribution fee reimburses the Distributor for paying the shareholder’s financial advisor an ongoing sales commission. The Distributor advances the first year’s service and distribution fees to the financial advisor. The Distributor retains the service and distribution fees on accounts with no authorized dealer of record.
For the period ended September 30, 2009, the Distributor retained sales charges of $2,951,197 relating to sales of A-Class shares of the Trust.
Certain officers and trustees of the Trust are also officers of Rydex Investments and the Distributor.
4. Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all net investment income and capital gains to shareholders. Therefore, no Federal income tax provision has been recorded.
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (fiscal years 2006-2009), and has concluded that no provision for income tax is required in the Funds’ financial statements.
Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for losses deferred due to wash sales, losses deferred due to post-October losses, and excise tax regulations.
Permanent book and tax basis differences, if any, will result in reclassifications. This may include net operating
20 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
losses not utilized during the current period and capital loss carryforward expired. These reclassifications have no effect on net assets or net asset values per share. Any undistributed ordinary income or long-term capital gain remaining at fiscal year end is distributed in the following year.
The Funds’ tax basis capital gains and losses are determined only at the end of each fiscal year. Tax basis capital losses in excess of capital gains are carried forward to offset future net capital gains.
At September 30, 2009, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:
Tax | Tax | Net | ||||||||||||||
Tax | Unrealized | Unrealized | Unrealized | |||||||||||||
Fund | Cost | Gain | Loss | Gain | ||||||||||||
All-Asset Conservative Strategy Fund | $ | 12,419,534 | $ | 1,343,386 | $ | (42,400 | ) | $ | 1,300,986 | |||||||
All-Asset Moderate Strategy Fund | 32,425,554 | 4,378,568 | (133,137 | ) | 4,245,431 | |||||||||||
All-Asset Aggressive Strategy Fund | 14,415,921 | 1,940,526 | (60,542 | ) | 1,879,984 |
5. Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
The repurchase agreements executed by the joint account and outstanding at September 30, 2009, were as follows:
Counterparty | Terms of Agreement | Face Value | Market Value | Repurchase Price | ||||||||||||
Credit Suisse Group | 0.03% due 10/01/09 | $64,021,304 | $64,021,304 | $64,021,358 | ||||||||||||
$64,021,304 | $64,021,358 | |||||||||||||||
At September 30, 2009, the collateral for the repurchase agreements in the joint account was as follows:
Security Type | Maturity Dates | Range of Rates | Par Value | Market Value | ||||||||||||
U.S. Treasury Bill | 12/10/09 - 04/01/10 | — | $65,350,500 | $65,305,760 | ||||||||||||
$65,305,760 | ||||||||||||||||
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert its rights. The Funds’ investment advisor, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the credit worthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
6. Fair Value Measurement
The Funds adopted FASB ASC 820, Fair Value Measurements and Disclosure (ASC 820) (formerly known as FASB 157) effective April 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Funds’ net assets at September 30, 2009:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Investments | Investments | Investments | ||||||||||||||
Fund | In Securities | In Securities | In Securities | Total | ||||||||||||
Assets | ||||||||||||||||
All-Asset Conservative Strategy Fund | $ | 14,028,616 | $ | — | $ | — | $ | 14,028,616 | ||||||||
All-Asset Moderate Strategy Fund | 36,877,974 | — | — | 36,877,974 | ||||||||||||
All-Asset Aggressive Strategy Fund | 16,350,707 | — | — | 16,350,707 |
In April 2009, the “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” ASC 820, provided additional guidance when the volume and level of activity for the asset or liability measured at fair value have significantly decreased. Additionally, ASC 820 expanded disclosure requirements by reporting entities surrounding the major categories of assets and liabilities carried at fair value. ASC 820 is effective for interim and annual periods ending after June 15, 2009. Management has evaluated the impact of adopting ASC 820 on the Funds and has determined that there is no impact to the financial statement disclosures.
7. Securities Transactions
For the period ended September 30, 2009, the cost of purchases and proceeds from sales of investment securities, excluding short-term and temporary cash investments, were:
All-Asset | All-Asset | All-Asset | ||||||||||
Conservative | Moderate | Aggressive | ||||||||||
Strategy Fund | Strategy Fund | Strategy Fund | ||||||||||
Purchases | $ | 14,691,242 | $ | 32,019,775 | $ | 12,787,960 | ||||||
Sales | $ | 12,982,459 | $ | 34,148,223 | $ | 13,231,464 |
22 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
NOTES TO FINANCIAL STATEMENTS (continued)
8. Share Transactions
The Trust is authorized to issue an unlimited number of shares (no par value). Transactions in shares for the periods presented were:
Shares Purchased through | Net Shares | |||||||||||||||||||||||||||||||
Shares Purchased | Dividend Reinvestment | Shares Redeemed | Purchased (Redeemed) | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||||||||
2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | 2009 | † | 2009 | |||||||||||||||||||||
All-Asset Conservative Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 226,125 | 321,202 | — | 8,256 | (199,215 | ) | (478,729 | ) | 26,910 | (149,271 | ) | |||||||||||||||||||||
C-Class | 397,454 | 537,552 | — | 15,730 | (198,861 | ) | (428,353 | ) | 198,593 | 124,929 | ||||||||||||||||||||||
H-Class | 49,190 | 414,698 | — | 12,949 | (58,269 | ) | (730,595 | ) | (9,079 | ) | (302,948 | ) | ||||||||||||||||||||
All-Asset Moderate Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 363,603 | 449,747 | — | 14,252 | (325,566 | ) | (471,088 | ) | 38,037 | (7,089 | ) | |||||||||||||||||||||
C-Class | 473,802 | 851,078 | — | 40,755 | (595,869 | ) | (1,604,713 | ) | (122,067 | ) | (712,880 | ) | ||||||||||||||||||||
H-Class | 125,207 | 799,520 | — | 14,323 | (229,413 | ) | (1,138,670 | ) | (104,206 | ) | (324,827 | ) | ||||||||||||||||||||
All-Asset Aggressive Strategy Fund | ||||||||||||||||||||||||||||||||
A-Class | 74,264 | 186,877 | — | 12,823 | (139,120 | ) | (314,444 | ) | (64,856 | ) | (114,744 | ) | ||||||||||||||||||||
C-Class | 163,612 | 356,718 | — | 16,453 | (110,915 | ) | (335,001 | ) | 52,697 | 38,170 | ||||||||||||||||||||||
H-Class | 86,608 | 357,765 | — | 12,304 | (139,685 | ) | (364,296 | ) | (53,077 | ) | 5,773 |
† | Unaudited |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 23 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
9. Line of Credit
The Trust has secured an uncommitted, $75,000,000 line of credit with U.S. Bank, N.A. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly. The maximum loan amount outstanding should not exceed 331/3% of the market value of the assets of securities belonging to a Fund on any given day. This line of credit expires on June 15, 2010. At September 30, 2009, the Funds did not have any outstanding borrowings under this agreement.
10. New Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification™ (ASC) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with GAAP. The ASC supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The ASC did not change GAAP but rather organized it into a hierarchy where all guidance within the ASC carries an equal level of authority. The ASC become effective for financial statements issued for interim and annual periods ending after September 15, 2009. The ASC did not have a material effect on the Funds’ financial statements.
11. Name Changes
Effective July 1, 2009, the Essential Portfolio Conservative Fund, Essential Portfolio Moderate Fund, and Essential Portfolio Aggressive Fund changed their Fund names to the All-Asset Conservative Strategy Fund, All-Asset Moderate Strategy Fund, and All-Asset Aggressive Strategy Fund, respectively. The name change did not have any impact on the Funds’ investment objectives, tickers and CUSIPS.
12. Subsequent Events
Management has evaluated events or transactions that may have occurred since September 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through November 23, 2009, the date the financial statements were available to be issued and there were no events or transactions to be reported.
24 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
OTHER INFORMATION (Unaudited)
Proxy Voting Information
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended September 30 is available without charge, upon request, by calling 1-800-820-0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Schedules Information
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 1-800-820-0888.
Rydex Investments Board Review and Approval of the Investment Advisory Agreement
The Investment Company Act of 1940 (the “1940 Act”) requires that the initial approval of, as well as the continuation of, a fund’s investment advisory agreement be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. In addition, the Securities and Exchange Commission (the “SEC”) takes the position that, as part of their fiduciary duties with respect to fund fees, fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.
Consistent with these responsibilities, the Rydex Series Funds Board of Trustees (the “Board”) generally calls and holds one meeting each year that is dedicated to considering whether to renew the investment advisory agreement between Rydex Series Funds (the “Trust”) and PADCO Advisors, Inc., which does business under the name Rydex Investments (“Rydex Investments”), (the “Current Agreement”) with respect to existing funds in the Trust, including the funds discussed in this Semi-Annual Report (each a “Fund” and collectively, the “Funds”), and to reviewing certain other agreements pursuant to which Rydex Investments provides investment advisory services to certain other registered investment companies. In preparation for the meeting, the Board requests and reviews a wide variety of materials provided by Rydex Investments, including information about Rydex Investments’ affiliates, personnel and operations. The Board also receives data provided by third parties, especially with regard to fund sub-advisory agreements. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and performance. The Board also receives a memorandum from Fund counsel regarding the responsibilities of the Board for the approval of investment advisory and sub-advisory agreements. In addition, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive session outside the presence of fund management, and participate in question and answer sessions with representatives of Rydex Investments.
At an in-person meeting held on August 25, 2009, called for the purpose of among other things, voting on the renewal of the investment advisory and sub-advisory agreements applicable to the Funds, the Board, including all the Independent Trustees (the “Annual Renewal Meeting”), considered and approved the selection of Rydex Investments as the Funds’ investment advisor and the continuance of the Current Agreement and sub-advisory agreement for an additional one-year period, based on its review of qualitative and quantitative information provided by Rydex Investments.
Board Considerations in Approving the Continuation of the Current Agreement
In preparation for the Annual Renewal Meeting, the Board requested and received written materials from Rydex Investments about: (a) the quality of Rydex Investments’ investment management and other services; (b) Rydex Investments’ investment management personnel; (c) Rydex Investments’ operations and financial condition; (d) Rydex Investments’ brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that Rydex Investments charges the Funds compared with the fees it charges to comparable mutual funds
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 25 |
OTHER INFORMATION (Unaudited) (continued)
or accounts; (f) each Fund’s overall fees and operating expenses compared with similar mutual funds; (g) the level of Rydex Investments’ profitability from its Fund-related operations; (h) Rydex Investments’ compliance systems; (i) Rydex Investments’ policies on and compliance procedures for personal securities transactions; (j) Rydex Investments’ reputation, expertise and resources in the financial markets; and (k) Fund performance compared with similar mutual funds. Certain of these considerations are discussed in more detail below. In its deliberations at the Annual Renewal Meeting, the Board did not identify any single piece of information that was all-important or controlling. Based on the Board’s deliberations and its evaluation of the information referenced above and described in more detail below, the Board, including all of the Independent Trustees, unanimously: (a) concluded that terms of the Current Agreement are fair and reasonable; (b) concluded that Rydex Investments’ fees were reasonable in light of the services that Rydex Investments provides to the Funds; and (c) agreed to renew the Current Agreement for an additional one-year term.
In approving the continuation of the Current Agreement at the Annual Renewal Meeting, the Board, including the Independent Trustees advised by independent counsel, considered the factors discussed below.
Nature, Extent And Quality Of Services Provided By Rydex Investments
At the Annual Renewal Meeting, the Board reviewed the scope of services to be provided by Rydex Investments under the Current Agreement and noted that there would be no significant differences between the scope of services required to be provided by Rydex Investments for the past year and the scope of services required to be provided by Rydex Investments for the upcoming year. In reviewing the scope of services provided to the Funds by Rydex Investments, the Board reviewed and discussed Rydex Investments’ investment experience, noting that Rydex Investments and its affiliates have committed significant resources over time to the support of the Funds. The Board also considered Rydex Investments’ compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that Rydex Investments provides information regarding the portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. In addition to the above considerations, the Board reviewed and considered Rydex Investments’ investment processes and strategies, and matters related to Rydex Investments’ portfolio transaction policies and procedures. With respect to those Funds that invest in unaffiliated ETFs in reliance on exemptive orders pursuant to Section 12(d)(1), the Board considered and determined that the advisory fees charged under the Current Agreements are based on services provided that will be in addition to, rather than duplicative of, the services provides under the investment advisory agreement of any ETF in which the Funds are invested. In particular, the Board recognized that Rydex Investments must manage a Fund’s investment in an unaffiliated ETF in the same manner as other investments in the Fund’s portfolio in order to ensure that the Fund achieves its investment objective. Thus, a Fund’s investment in an unaffiliated ETF does not alleviate Rydex Investments’ duties and responsibilities as investment adviser to the Fund. The Board also noted the substantial volume of portfolio trades and shareholder transaction activity, in general, processed by Rydex Investments due to the unlimited exchange policy of the majority of the Funds. The Board further noted that the Funds have consistently met their investment objectives since their respective inception dates. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by Rydex Investments to the Funds under the Current Agreement were appropriate and continued to support the Board’s original selection of Rydex Investments as investment adviser to the Funds.
Fund Expenses And Performance Of The Funds And Rydex Investments
At the Annual Renewal Meeting, the Board reviewed statistical information prepared by Rydex Investments regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act determined by Rydex Investments to comprise each Fund’s applicable peer group. Because few funds seek to provide unlimited exchange privileges similar to those of the majority of the Funds, some of the Funds’ applicable peer group is generally limited to the funds of two unaffiliated mutual fund families. In addition, the Board reviewed statistical information prepared by Rydex Investments relating to the performance of each Fund, as well as each Fund’s ability to successfully track its benchmark over time, and a comparison of each Fund’s performance to funds with similar investment objectives for the same periods and to appropriate indices/benchmarks, in light of total return, yield and market trends. The Board further noted that despite the unique nature of the Funds, the peer fund information presented to the Board was meaningful because the peer funds’ investment objectives and strategies were closely aligned with those of the Funds. The Board noted that most of the Funds either outperformed their peer funds or performed in line with them over relevant periods. The Board also noted that the investment advisory fees for the Funds were equivalent to those of their peers and that the overall expenses for the Funds were only slightly higher than the total expenses of the peer
26 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
OTHER INFORMATION (Unaudited) (concluded)
funds, due in part to differing share classes and distribution fees. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of the Funds, as managed by Rydex Investments, as compared to the investment advisory fees and expense levels and performance of the peer funds, were satisfactory for the purposes of approving the continuance of the Current Agreement.
Costs Of Services Provided To The Funds And Profits Realized By Rydex Investments And Its Affiliates
At the Annual Renewal Meeting, the Board reviewed information about the profitability of the Funds to Rydex Investments based on the advisory fees payable under the Current Agreement for the last calendar year. Rydex Investments also presented the Board with material discussing its methodology for determining the level of advisory fees assessable to the Funds. The Board analyzed the Funds’ expenses, including the investment advisory fees paid to Rydex Investments. The Board also reviewed information regarding direct revenue received by Rydex Investments and ancillary revenue received by Rydex Investments and/or its affiliates in connection with the services provided to the Funds by Rydex Investments (as discussed below) and/or its affiliates. The Board also discussed Rydex Investments’ profit margin as reflected in Rydex Investments’ profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by Rydex Investments and its affiliates under the Current Agreement and from other relationships between the Funds and Rydex Investments and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
Economies Of Scale
In connection with its review of the Funds’ profitability analysis at the Annual Renewal Meeting, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Board noted that the Current Agreement did not provide for any breakpoints in the investment advisory fees as a result of increases in the asset levels of the Funds. The Board also noted that though Rydex Investments’ assets under management were significant, the amount is spread among more than 100 Funds. Further limiting the realization of economies of scale, is the ability of shareholders of many of the Funds to engage in unlimited trading. The Board also reviewed and considered Rydex Investments’ historic profitability as investment adviser to the Funds and determined that reductions in advisory fees or additions of breakpoints were not warranted at this juncture. Based on this review, the Board, recognizing its responsibility to consider this issue at least annually, determined that the economies of scale, if any, were de minimis.
Other Benefits To Rydex Investments And/Or Its Affiliates
At the Annual Renewal Meeting, in addition to evaluating the services provided by Rydex Investments, the Board also considered the nature, extent, quality and cost of the administrative, distribution, and shareholder services performed by Rydex Investments’ affiliates under separate agreements. The Board noted that Rydex Investments reports its use of soft dollars to the Board on a quarterly basis, as well as any portfolio transactions on behalf of the Funds placed through an affiliate of the Funds or Rydex Investments pursuant to Rule 17e-1 under the 1940 Act. Based on its review, the Board concluded that the nature and quality of the services provided by Rydex Investments’ affiliates to each Trust will benefit the Funds’ shareholders, and that any ancillary benefits would not be disadvantageous to the Funds’ shareholders, particularly in light of the Board’s view that the Funds’ shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment strategies and services.
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 27 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)
A Board of Trustees oversees all Rydex Investments, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 1-800-820-0888.
All Trustees and Officers may be reached c/o Rydex Investments, 9601 Blackwell Rd., Suite 500, Rockville, MD 20850.
INDEPENDENT TRUSTEES
Name, Position and | Length of Service As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
John O. Demaret | Rydex Series Funds – 1997 | 151 | ||
Trustee, Chairman of the | Rydex Variable Trust – 1998 | |||
Board (1940) | Rydex Dynamic Funds – 1999 | |||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Retired | ||||
Corey A. Colehour | Rydex Series Funds – 1993 | 151 | ||
Trustee (1945) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Retired (2006 to present); Owner and President of Schield Management Company, registered investment adviser (2005 to 2006); Senior Vice President of Marketing and Co-Owner of Schield Management Company, registered investment adviser (1985 to 2005) | ||||
J. Kenneth Dalton | Rydex Series Funds – 1995 | 151 | ||
Trustee (1941) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Mortgage Banking Consultant and Investor, The Dalton Group | ||||
Werner E. Keller | Rydex Series Funds – 2005 | 151 | ||
Trustee (1940) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 | ||||
Principal Occupations During Past Five Years: Retired (2001 to present); Chairman, Centurion Capital Management (1991 to 2001) | ||||
Thomas F. Lydon, Jr. | Rydex Series Funds – 2005 | 151 | ||
Trustee (1960) | Rydex Variable Trust – 2005 | |||
Rydex Dynamic Funds – 2005 | ||||
Rydex ETF Trust – 2005 | ||||
Principal Occupations During Past Five Years: President, Global Trends Investments | ||||
Patrick T. McCarville | Rydex Series Funds – 1997 | 151 | ||
Trustee (1942) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Founder and Chief Executive Officer, Par Industries, Inc. | ||||
Roger Somers | Rydex Series Funds – 1993 | 151 | ||
Trustee (1944) | Rydex Variable Trust – 1998 | |||
Rydex Dynamic Funds – 1999 | ||||
Rydex ETF Trust – 2003 | ||||
Principal Occupations During Past Five Years: Owner, Arrow Limousine | ||||
28 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (continued)
TRUSTEE
Name, Position and | Length of Service As Trustee | Number of | ||
Year of Birth | (Year Began) | Funds Overseen | ||
Carl G. Verboncoeur* | Rydex Series Funds – 2004 | 151 | ||
Trustee (1952) | Rydex Variable Trust – 2004 | |||
Rydex Dynamic Funds – 2004 | ||||
Rydex ETF Trust – 2004 |
Principal Occupations During Past Five Years: President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to 2009); Chief Executive Officer of Rydex Investments and Rydex Distributors, Inc. (2003 to 2009); Treasurer of Rydex Investments and Rydex Distributors, Inc. (2002 to 2009); Director of Rydex Investments and Rydex Distributors, Inc. (2008 to 2009); Treasurer of Rydex Specialized Products, LLC (2005 to 2009); Chief Executive Officer of Rydex Specialized Products, LLC (2005 to 2009); Manager, President, and Chief Executive Officer of Rydex Holdings, LLC (2008 to 2009)
EXECUTIVE OFFICERS
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Richard M. Goldman* President (1961) | President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Chief Executive Officer and Director of Rydex Investments (2009 to present); President, Chief Executive Officer and Director of Rydex Distributors, Inc. (2009 to present); President and Chief Executive Officer of Rydex Holdings, LLC (2009 to present); Senior Vice President of Security Benefit Corp. (2007 to present); Director of First Security Benefit Life and Annuity Insurance Company of New York (2007 to present); Director of Security Distributors, Inc. (2007 to present); President of Security Investors, LLC (2007 to present); Manager and President of Security Global Investors, LLC (2007 to present); Managing Member of R.M. Goldman Partners, LLC (2006 to 2007); President and Chief Executive Officer of FortsmannLeff Associates (2003 to 2005) | |
Michael P. Byrum* Vice President (1970) | Vice President of Rydex Series Funds (1997 to present); Vice President of Rydex Variable Trust (1998 to present); Vice President of Rydex Dynamic Funds (1999 to present); President of Rydex Investments (2004 to present); Chief Investment Officer of Rydex Investments (2006 to present); Secretary of Rydex Investments (2002 to present); Director of Rydex Investments (2008 to present); Chief Investment Officer of Rydex Holdings, LLC (2008 to present); Vice President of Rydex Distributors, Inc. (2009 to present); Manager of Rydex Specialized Products, LLC (2005 to present); Secretary of Rydex Specialized Products, LLC (2005 to 2008); Trustee of Rydex Series Funds, Rydex Variable Trust and Rydex Dynamic Funds (2005 to 2009); Vice President of Rydex ETF Trust (2002 to present); President and Trustee of Rydex Capital Partners SPhinX Fund (2003 to 2007) | |
Nick Bonos* Vice President and Treasurer (1963) | Vice President and Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2003 to present); Senior Vice President of Rydex Investments (2006 to present); Chief Executive Officer of Rydex Specialized Products, LLC (2009 to present); Chief Financial Officer of Rydex Specialized Products, LLC (2005 to 2009); Vice President and Treasurer of Rydex Capital Partners SPhinX Fund (2003 to 2006) |
THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT | | | 29 |
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited) (concluded)
EXECUTIVE OFFICERS -concluded
Name, Position and | Principal Occupations | |
Year of Birth | During Past Five Years | |
Joanna M. Haigney* Chief Compliance Officer and Secretary (1966) | Chief Compliance Officer of Rydex Series Funds, Rydex Variable Trust, and Rydex Dynamic Funds (2004 to present); Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds (2000 to present); Secretary of Rydex ETF Trust (2002 to present); Chief Compliance Officer of Rydex Investments (2005 to present) Vice President of Compliance of Rydex Investments (2006 to present); Director of Rydex Distributors, Inc. (2009 to present); Secretary of Rydex Capital Partners SPhinX Fund (2003 to 2006) | |
Keith Fletcher* Vice President (1958) | Vice President of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Vice President of Rydex Investments (2009 to present); Vice President of Rydex Specialized Products, LLC (2009 to present); Vice President and Director of Rydex Distributors, Inc. (2009 to present); Vice President of Security Global Investors, LLC (2009 to present) | |
Amy Lee* Vice President and Assistant Secretary (1960) | Vice President and Assistant Secretary of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2009 to present); Secretary of Rydex Distributors, Inc. (2008 to present); Chief Compliance Officer of Rydex Distributors, Inc. (2008 to 2009); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Corp. (2005 to present); Vice President, Associate General Counsel and Assistant Secretary of Security Benefit Life Insurance Co. (2004 to present); Assistant General Counsel of First Security Benefit Life and Annuity Company of New York (2004 to present); Chief Compliance Officer and Secretary of Security Distributors, Inc. (2004 to present); Secretary of Security Global Investors, Inc. (2007 to present) | |
Joseph Arruda* Assistant Treasurer (1966) | Assistant Treasurer of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Senior Vice President of Rydex Investments (2008 to present); Vice President of Rydex Investments (2004 to 2008); Manager and Chief Financial Officer of Rydex Specialized Products, LLC (2009 to present); Director of Accounting of Rydex Investments (2003 to 2004) | |
Paula Billos* Controller (1974) | Controller of Rydex Series Funds, Rydex Variable Trust, Rydex Dynamic Funds and Rydex ETF Trust (2006 to present); Director of Fund Administration of Rydex Investments (2001 to present) |
* | Officers of the Funds are deemed to be “interested persons” of the Trust, within the meaning of Section 2(a) (19) of the 1940 Act, inasmuch as this person is affiliated with Rydex Investments. |
30 | | | THE RYDEX | SGI SERIES FUNDS SEMI-ANNUAL REPORT |
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Item 2. Code of Ethics.
Not applicable at this time.
Item 3. Audit Committee Financial Expert.
Not applicable at this time.
Item 4. Principal Accountant Fees and Services.
Not applicable at this time.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 11. Controls and Procedures.
(a) Based on their evaluation on December 3, 2009, the President (principal executive officer) and the Treasurer (principal financial officer) of the Rydex Series Funds (the “Trust”) believe that there were no significant deficiencies in the design or operation of the internal controls of the Trust or Rydex Investments (“RI”), the investment advisor and manager of the Trust, or Rydex Distributors, Inc. (“RD”), which acts as distributor for the Trust, including
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) which would have adversely affected the ability of the Trust or RI on behalf of the Trust, to record, process, summarize, and report the subject matter contained in this Report.
There was no fraud, whether or not material, involving officers or employees of RI, RD or the Trust who have a significant role in the Trust’s internal controls, including disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) that has come to the attention of the Advisor or the officers of the Trust, including its President and Treasurer.
(b) There were no significant changes in the Trust’s or RI’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.
(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) is attached.
EX.-12(a)(2)(i)
CERTIFICATIONS
I, Richard M. Goldman, certify that:
1. I have reviewed this report on Form N-CSR of Rydex Series Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: December 3, 2009 | ||||
/s/ Richard M. Goldman | ||||
Richard M. Goldman, | ||||
President | ||||
EX.-12(a)(2)(ii)
CERTIFICATIONS
I, Nick Bonos, certify that:
1. I have reviewed this report on Form N-CSR of Rydex Series Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period |
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: December 3, 2009 | ||||
/s/ Nick Bonos | ||||
Nick Bonos, | ||||
Vice President & Treasurer | ||||
EX.-12(b)(i)
CERTIFICATIONS
I, Richard M. Goldman, President of Rydex Series Funds (the “Trust”), certify that:
1. | The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
Dated: December 3, 2009
/s/ Richard M. Goldman | ||||
Richard M. Goldman, | ||||
President | ||||
EX.-12(b)(ii)
CERTIFICATIONS
I, Nick Bonos, Vice President and Treasurer of Rydex Series Funds (the “Trust”), certify that:
1. | The Form N-CSR of the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
Dated: December 3, 2009
/s/ Nick Bonos | ||||
Nick Bonos, | ||||
Vice President and Treasurer | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Rydex Series Funds | |
By (Signature and Title)* | /s/ Richard M. Goldman | |
Richard M. Goldman, President |
Date | December 3, 2009 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Richard M. Goldman | |||
Richard M. Goldman, President |
Date | December 3, 2009 | |
By (Signature and Title)* | /s/ Nick Bonos | |
Nick Bonos, Vice President and Treasurer |
Date | December 3, 2009 | |
* Print the name and title of each signing officer under his or her signature.